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Earnings analysis · 10-Q

AAPL earnings analysis

Filed May 1, 2026 · Our reading of the company's report

The latest report

In Q2 2026, Apple reported strong financial results with total revenue of $111.2 billion, exceeding expectations and marking a 17% increase from the previous year. Diluted EPS came in at $2.01, representing a…

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In Q2 2026, Apple reported strong financial results with total revenue of $111.2 billion, exceeding expectations and marking a 17% increase from the previous year. Diluted EPS came in at $2.01, representing a significant 22% year-over-year growth. The performance was bolstered by robust sales in the Americas and Greater China segments, specifically driven by iPhone and Services sales.

Read the original on SEC.gov

Where revenue came from

The business segments reported by the company.

Americas 40.6% Europe 25.3% Greater China 18.4% Rest of Asia Pacific 8.2% Japan 7.6%

Shares of the segments disclosed in this filing, largest first.

Reported figures

Earnings per share
$2.01
Gross margin
49.3%

What stood out

  • Record Revenue in Q2 2026

    Apple reported total revenue of $111.2 billion, surpassing estimates by $1.5 billion and showing a 17% increase year-over-year.

  • Strong EPS Growth

    Diluted EPS was $2.01, exceeding estimates by 7 cents, reflecting a 22% increase from $1.65 in Q2 2025.

  • Improved Gross Margin

    Gross margin increased to 49.3%, up from 47.1% year-over-year, supported by a favorable product mix.

  • Segment Growth Across All Regions

    All geographical segments reported revenue growth, with Greater China seeing a 28% increase year-over-year.

  • Increased Share Repurchase Program

    Authorized an additional $100 billion stock repurchase plan on April 30, 2026, indicating strong capital return strategy.

  • Significant Operating Cash Flow

    Operating cash flow was noted as exceptionally robust, contributing to a free cash flow of $51.55 billion in the previous quarter.

What to watch

  • Supply Chain Constraints

    Management noted escalating costs and constraints in component supply, particularly for semiconductors, which could impact future revenues.

  • Legal and Regulatory Risks

    Apple faces ongoing investigations and lawsuits related to antitrust concerns which could materially affect operations and costs.

  • Macroeconomic Pressures

    Inflation and interest rate challenges may impact consumer spending and demand for Apple's products.

Management's outlook

Outlook deferred to earnings press release / call.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.