AAPL earnings

Apple Inc. reported Q3 FY2026. EPS came in at $2.02 against a $1.89 consensus, beat by 6.9%. Revenue was $109.4B versus $109.0B expected, in line. Gross margin was 50.1%, up 80 bps from last quarter.

Apple Inc. reported a strong Q2 FY2026, with revenue and EPS both exceeding street estimates. The company's revenue of $111.2 billion and EPS of $2.01 represent a 1.6% and 3.1% surprise, respectively. This print underscores Apple's continued resilience and growth, driven by strong performance across its product lines and services.

Apple Inc. did not merely clear a low bar: the $143,756.0 million print and $2.85 street-basis EPS exposed a demand curve the market was still discounting too cautiously. The variant view is that constrained March-quarter iPhone supply makes the 13% to 16% revenue guide more credible, not less, because December’s upside, 48.2% gross margin, and $53.9 billion of operating cash flow show Apple is allocating scarce product into the most profitable parts of the stack.

Apple Inc. printed only a +0.2% revenue surprise, but the market should not treat this as a tired hardware quarter: the actionable signal is that iPhone demand exceeded supply into the launch window while Services and mix held gross margin above guide. The variant view is that the December guide embeds both a demand acceleration and a tariff drag, so the risk is less “no AI cycle” and more that consensus underestimates how much unit availability and mix can move earnings power when revenue growth steps into the 10% to 12% range.

Apple Inc. beat because the product cycle reaccelerated where investors had stopped paying for it, while Services kept the earnings floor intact. The market was likely priced for incremental iPhone caution and tariff dilution; the variant view is that the $94.04 billion revenue print and 46.5% gross margin show demand recovered before the cost headwind peaked.