Apple Inc. · AAPL · FY2026 Q1 · Calendar Q1 2026

Apple Posts Record Quarter as AI and Services Expansion Continue

The supplied analysis supports a constructive operating picture: record revenue, strong iPhone and services growth, broad geographic momentum and continued AI investment. The main test is whether demand and ecosystem expansion can offset memory-cost pressure, supply constraints and the time required to monetize AI features.

Reported After market closeNASDAQTechnology $4838.02B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.85 Consensus $2.67
EPS surprise +6.7% Reported versus consensus
Reported revenue $143.76B Consensus $138.39B
Revenue surprise +3.9% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +0.5% Event window
SPY move -0.3% Same window
Abnormal move +0.8% Stock minus SPY
Volume 1.9× Versus trailing sessions
Subsequent drift +2.0% Up to 20 sessions
AAPLSPY benchmark

Ask FN2 about AAPL FY2026 Q1

Transcript, numbers and history already loaded
Why did AAPL rise 0.5% after beating EPS estimates in FY2026 Q1?What changed in AAPL's guidance and outlook in FY2026 Q1?Give me the bull and bear case for AAPL after FY2026 Q1 earnings.

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Transcript intelligence

What changed

Compared with the prior analysis, the latest quarter showed a higher revenue base, stronger emphasis on services and emerging-market growth, and a newly identified Google partnership for Apple foundation models and a more personalized Siri. Guidance sentiment moved from raised to maintained, while memory pricing and advanced-node supply became more prominent concerns.

Guidance delta

Maintained; the analysis says management projected March revenue growth of 13–16% year over year and gross margin of 48–49%.

Key takeaways

  • Revenue reached an all-time high, led by iPhone and services growth
  • Services growth was supported by Apple TV originals, Apple Pay and the App Store ecosystem
  • Emerging markets, including India and Greater China, were highlighted as growth areas
  • Apple expanded its AI roadmap through on-device capabilities, private cloud and a Google foundation-model partnership
  • The next-quarter outlook remained constructive, while memory costs and supply constraints remain watch items

Management priorities

  • Expand Apple Intelligence across devices and develop a more personalized Siri
  • Develop on-device and private-cloud AI capabilities
  • Continue services expansion through content, Apple Pay and the App Store
  • Grow the installed base in emerging markets, including India and Greater China
  • Expand manufacturing and domestic silicon supply-chain initiatives

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Earnings History

Estimate Beat Miss Match
AAPL EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q2 '24 estimate $1.50 Q2 '24 actual $1.53, beat Q3 '24 estimate $1.35 Q3 '24 actual $1.40, beat Q4 '24 estimate $1.60 Q4 '24 actual $1.64, beat Q3 '25 estimate $1.44 Q3 '25 actual $1.57, beat Q4 '25 estimate $1.73 Q4 '25 actual $1.85, beat Q1 '26 estimate $2.67 Q1 '26 actual $2.85, beat Q2 '26 estimate $1.95 Q2 '26 actual $2.01, beat Q3 '26 estimate $1.89 Q3 '26 actual $2.02, beat Q4 '26 estimate $1.98 Q1 '27 estimate $2.98 Q2 '27 estimate $2.25
Show 1 more >

Analyst Consensus ?

ConsensusBuy110 ratings
Bullish7164.5%
Neutral3027.3%
Bearish98.2%

Analyst 52W Price Targets

$338.54Current
$105Low
$258.01Average
$400High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 30, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
B of A Securities Buy BuyMaintainSep 23, 2026
Evercore ISI Group Outperform OutperformMaintainSep 18, 2026
TD Cowen Buy BuyMaintainSep 10, 2026
Rosenblatt Neutral NeutralMaintainSep 10, 2026
Needham Hold HoldMaintainSep 8, 2026
Show 105 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $338.54. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Evercore ISIAnalyst unavailable$380$337 +12.2%Sep 18, 2026
Loop Capital MarketsAnalyst unavailable$380$337 +12.2%Sep 18, 2026
MoffettNathansonAnalyst unavailable$304$319.97 -10.2%Sep 8, 2026
Redburn PartnersTimm Schulze-Melander$400$305.93 +18.2%Aug 17, 2026
JefferiesAnalyst unavailable$263.66$313.33 -22.1%Aug 10, 2026
See 243 more

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Company context

Snapshot as of publication

Apple Inc. is a global technology corporation that specializes in the conceptualization, production, and sale of a diverse suite of electronic devices. Its comprehensive hardware lineup features the well-known iPhone smartphones, Mac personal computers, and versatile iPad tablets. The company also supplies a range of wearables, smart home products, and accessories, including AirPods, Apple TV, Apple Watch, items from the Beats brand, and HomePod speakers. Beyond its device offerings, Apple delivers essential support services like AppleCare and robust cloud solutions. It oversees key digital platforms, prominently the App Store, which acts as a central hub for customers to discover and download countless applications and digital content, from e-books and music to videos, games, and podcasts. The company also generates revenue via advertising, leveraging both its proprietary ad platforms and third-party licensing deals.…

Historical context

All AAPL earnings
-7.4%FY2026 Q3 · Calendar Q3 2026+0.4%FY2026 Q2 · Calendar Q2 2026

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
SNX TD Synnex Corp FY2026 Q3 · Calendar Q3 2026 +20.9% -9.9% TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter
ADBE Adobe Inc. FY2026 Q3 · Calendar Q3 2026 +0.8% +1.4% Adobe raises FY26 outlook as AI strategy broadens
ORCL Oracle Corporation FY2027 Q1 · Calendar Q3 2026 +10.3% -1.7% Oracle raises FY27 outlook as AI demand accelerates cloud growth
SAIL SailPoint, Inc. FY2027 Q2 · Calendar Q3 2026 +13.8% -1.2% SailPoint pairs 25% ARR growth with accelerating AI-driven adoption
CIEN Ciena Corporation FY2026 Q3 · Calendar Q3 2026 +22.0% -10.4% Ciena raises outlook as AI networking demand lifts backlog
DOCU DocuSign, Inc. FY2027 Q2 · Calendar Q3 2026 +6.4% +3.7% DocuSign Q2 FY27: IAM momentum supports a raised outlook

Latest beats and misses

Who reports next

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Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
  3. Polygon adjusted daily market bars · 2026-09-30T14:06:13.711321+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T14:06:13.708669+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-30. For educational purposes only; not investment advice.