⚡ Earnings Analysis

NASDAQ

Report: May 1, 2026

$AAPLQ2 FY2026

Apple Inc.

Apple — Q2 FY2026 Earnings Analysis

iPhone demand signals in a competitive AI device cycle, Services revenue trajectory, and management commentary on Apple Intelligence adoption and India market expansion.

↑EPS Beat

—Rev In-Line

vs. consensus

Key metrics from this quarter

Services revenue

$24.2B

+14% YoY

iPhone revenue

$45.8B

+2% YoY

Gross margin

46.6%

+90 bps

India revenue

All-time high

+38% YoY

MNPI Screened

PII Redacted

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Companies discussed

$AAPLApple

Free Preview — Analysis Summary

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Apple beat EPS on Services margin expansion (gross margin >70%, double-digit growth), iPhone revenue in line with consensus despite mix shift to AI-capable devices, Apple Intelligence adoption metrics encouraging in pilot geographies, India revenue at all-time high. Capital return programme accelerating.

Full Analysis — EPS vs. Consensus

Adjusted EPS vs. consensus breakdown — primary performance driver, segment revenue contribution, and gross margin trajectory relative to prior guidance...

Revenue Breakdown & Segment Analysis

Segment-by-segment revenue analysis, margin profile, and management commentary on demand trajectory vs. consensus range expectations...

Guidance & Read-throughs

Forward guidance implications for the sector, supply chain read-throughs, and investment implications for the broader competitive landscape...

Full analysis locked

24 pages — EPS breakdown, segment analysis, guidance read-throughs, investment implications

$AAPLQ2 FY2026

Apple Inc. · NASDAQ

↑ EPS Beat— Rev In-Line

Services revenue$24.2B+14% YoY

iPhone revenue$45.8B+2% YoY

Gross margin46.6%+90 bps

India revenueAll-time high+38% YoY

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Full earnings analysis PDF · 24 pages

EPS & revenue vs. consensus breakdown

Key management commentary themes

Guidance read-throughs & investment implications

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