AAPL Apple Inc.

What the last report said

Thu, Apr 30, 2026

AAPL Q2 beat on revenue and EPS, driven by iPhone and Services records; Mac supply constraints intensify and memory cost pressure mounts; after excluding one-time SG&A expense, core operations slightly above consensus

• iPhone revenue $57B (+22% YoY), March record, driven by iPhone 17 family; US customer satisfaction 99%; top-selling model in US, urban China, UK, Australia, Japan
• Services revenue $31B (+16% YoY), all-time record, fueled by expanded App Store ad inventory and upcoming Maps ads (US/Canada summer launch); transacting and paid accounts both hit all-time highs
• Mac revenue $8.4B (+6% YoY), driven by MacBook Neo demand surge; record new-user share; accelerated penetration in education (e.g., Kansas City Public Schools) and emerging markets
• Gross margin 49.3% (+2.2pp YoY, +1.1pp QoQ), driven by favorable mix (higher Services weight) and lower tariff-related costs, partially offsetting higher memory costs and seasonal leverage loss
• Operating expenses $18.9B (+24% YoY), slightly above guidance high end due to one-time SG&A expense

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