Analyst Consensus ?
ConsensusBuy109 ratings
Bullish7165.1%
Neutral3027.5%
Bearish87.4%
Apple Inc. · AAPL · FY2026 Q2 · Calendar Q2 2026
Apple Q2 FY26: Record $111.2B Revenue, iPhone +22%, CEO Transition
Apple's Q2 FY2026 results show continued momentum with $111.2B in revenue (up 17% YoY), beating consensus on both EPS ($2.01 vs $1.95 estimate) and revenue ($111.2B vs $109.5B estimate). iPhone grew 22% and Services hit a record $31B. The quarter introduced two significant structural developments: a CEO transition to John Ternus effective September 1 with Tim Cook moving to Executive Chairman, and expansion of ad inventory across the App Store and Apple Maps. Near-term supply constraints on Mac models and rising memory costs temper the outlook, but management tone remained confident and guidance sentiment was maintained. The stock initially underperformed the benchmark post-earnings but subsequently drifted +15%, suggesting the market digested the results favorably over time.
Reported After market closeNASDAQTechnology
$4891.18B market cap
100quality score
Company context
Snapshot as of publicationApple 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.01
Consensus $2
EPS surprise
+3.1%
Reported versus consensus
Reported revenue
$111.18B
Consensus $109.46B
Revenue surprise
+1.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$336.91Previous close
$105Low
$253Average
$400High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 23, 2026 |
| HSBC | Buy | Hold | Upgrade | Jul 17, 2026 |
| Keybanc | Underweight | Sector Weight | Downgrade | Jul 14, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 13, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 25, 2026 |
| KGI Securities | Hold | Outperform | Downgrade | Jun 22, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 18, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jun 9, 2026 |
| Rosenblatt | Neutral | Neutral | Maintain | Jun 9, 2026 |
| Needham | Hold | Hold | Maintain | Jun 9, 2026 |
| Maxim Group | Buy | Buy | Maintain | Jun 9, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Jun 5, 2026 |
| Tigress Financial | Strong Buy | Strong Buy | Maintain | May 14, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | May 1, 2026 |
| UBS | Neutral | Neutral | Maintain | May 1, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | May 1, 2026 |
| Barclays | Underweight | Underweight | Maintain | May 1, 2026 |
| BNP Paribas | Outperform | Neutral | Upgrade | Apr 17, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jan 30, 2026 |
| Jefferies | Hold | Hold | Maintain | Jan 30, 2026 |
| CLSA | Outperform | Outperform | Maintain | Dec 5, 2025 |
| Loop Capital | Buy | Buy | Maintain | Dec 2, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 31, 2025 |
| Argus Research | Buy | Buy | Maintain | Oct 31, 2025 |
| Baird | Outperform | Outperform | Maintain | Oct 28, 2025 |
| Phillip Securities | Reduce | Neutral | Downgrade | Sep 11, 2025 |
| Melius Research | Buy | Buy | Maintain | Sep 10, 2025 |
| MoffettNathanson | Neutral | Sell | Upgrade | Sep 4, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Aug 1, 2025 |
| Piper Sandler | Perform | Outperform | Downgrade | Jan 29, 2025 |
| Oppenheimer | Perform | Outperform | Downgrade | Jan 29, 2025 |
| Bernstein | Outperform | Outperform | Maintain | Jan 3, 2025 |
| Daiwa Capital | Outperform | Outperform | Maintain | Dec 18, 2024 |
| Susquehanna | Positive | Positive | Maintain | Nov 20, 2024 |
| CFRA | Buy | Buy | Maintain | Oct 21, 2024 |
| New Street Research | Neutral | Neutral | Maintain | Sep 25, 2024 |
| Erste Group | Buy | Hold | Upgrade | Jun 14, 2024 |
| Itau BBA | Market Perform | Underperform | Upgrade | May 3, 2024 |
| Canaccord Genuity | Buy | Buy | Maintain | May 3, 2024 |
| DZ Bank | Hold | Buy | Downgrade | Mar 28, 2024 |
| Redburn Atlantic | Neutral | Buy | Downgrade | Jan 10, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Sep 15, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 24, 2023 |
| Monness, Crespi, Hardt | Buy | Buy | Maintain | Jun 16, 2023 |
| Atlantic Equities | Overweight | Overweight | Maintain | May 5, 2023 |
| LightShed Partners | Sell | Neutral | Downgrade | Mar 10, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 3, 2023 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Jan 3, 2023 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Sep 1, 2021 |
| RBC Capital | Outperform | Outperform | Maintain | Jan 28, 2021 |
| Cascend | Buy | Buy | Maintain | Jan 26, 2021 |
| Topeka | Buy | Buy | Maintain | Sep 23, 2020 |
| Telsey Advisory Group | Outperform | Outperform | Maintain | Sep 23, 2020 |
| Sterne Agee | Buy | Buy | Maintain | Sep 23, 2020 |
| Societe Generale | Buy | Hold | Upgrade | Sep 23, 2020 |
| Scotiabank | Perform | Outperform | Downgrade | Sep 23, 2020 |
| PiperJaffray | Outperform | Outperform | Maintain | Sep 23, 2020 |
| Piper Jaffray | Overweight | Overweight | Maintain | Sep 23, 2020 |
| Pacific Crest | Equal Weight | Overweight | Downgrade | Sep 23, 2020 |
| Oracle Investment Research | Buy | Strong Buy | Downgrade | Sep 23, 2020 |
| Nomura Instinet | Neutral | Neutral | Maintain | Sep 23, 2020 |
| Nomura | Neutral | Neutral | Maintain | Sep 23, 2020 |
| Monness Crespi Hardt | Buy | Buy | Maintain | Sep 23, 2020 |
| Mizuho | Neutral | Buy | Downgrade | Sep 23, 2020 |
| Longbow Research | Buy | Neutral | Upgrade | Sep 23, 2020 |
| JMP Securities | Outperform | Outperform | Maintain | Sep 23, 2020 |
| Janney Capital | Buy | Buy | Maintain | Sep 23, 2020 |
| ISI Group | Buy | Strong Buy | Downgrade | Sep 23, 2020 |
| Hudson Square | Buy | Buy | Maintain | Sep 23, 2020 |
| Global Equities Research | Overweight | Overweight | Maintain | Sep 23, 2020 |
| FBR Capital | Outperform | Outperform | Maintain | Sep 23, 2020 |
| FBN Securities | Outperform | Outperform | Maintain | Sep 23, 2020 |
| Evercore Partners | Overweight | Overweight | Maintain | Sep 23, 2020 |
| Crowell, Weedon & Co. | Buy | Buy | Maintain | Sep 23, 2020 |
| Credit Agricole | Outperform | Buy | Maintain | Sep 23, 2020 |
| Citi | Buy | Buy | Maintain | Sep 23, 2020 |
| Cantor Fitzgerald | Buy | Buy | Maintain | Sep 23, 2020 |
| BTIG Research | Buy | Buy | Maintain | Sep 23, 2020 |
| BMO Capital | Perform | Market Perform | Maintain | Sep 23, 2020 |
| Berenberg | Buy | Buy | Maintain | Sep 23, 2020 |
| Argus | Buy | Buy | Maintain | Sep 23, 2020 |
| ABG Sundal Collier | Sell | Hold | Downgrade | Sep 23, 2020 |
| Bank of America | Neutral | Neutral | Maintain | Sep 1, 2020 |
| China Renaissance | Buy | Buy | Maintain | Dec 9, 2019 |
| Macquarie | Neutral | Outperform | Downgrade | Jan 3, 2019 |
| Guggenheim | Neutral | Buy | Downgrade | Nov 14, 2018 |
| Hilliard Lyons | Buy | Long Term Buy | Maintain | Feb 5, 2018 |
| Instinet | Neutral | Buy | Downgrade | Dec 19, 2017 |
| BTIG | Buy | Buy | Maintain | Mar 1, 2017 |
| OTR Global | Sell | Negative | Maintain | Jan 19, 2017 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Oct 26, 2016 |
| Stifel | Hold | Buy | Downgrade | Oct 25, 2016 |
| Drexel Hamilton | Buy | Buy | Maintain | Oct 25, 2016 |
| Brean Capital | Buy | Buy | Maintain | Oct 25, 2016 |
| William Blair | Outperform | Outperform | Maintain | Sep 8, 2016 |
| Sterne Agee CRT | Buy | Buy | Maintain | Sep 28, 2015 |
| BGC FInancial | Hold | Buy | Downgrade | Jan 27, 2014 |
| Standpoint Research | Sell | Hold | Downgrade | Jan 6, 2014 |
| Standpoint | Sell | Hold | Downgrade | Jan 6, 2014 |
| Janney Montgomery Scott | Buy | Buy | Maintain | Oct 29, 2013 |
| Hamburger Sparkasse | Hold | Buy | Downgrade | Apr 24, 2013 |
| Ameriprise Financial | Buy | Buy | Maintain | Apr 24, 2013 |
| Avondale Partners | Market Outperform | Market Perform | Upgrade | Apr 21, 2013 |
| Lazard | Buy | Buy | Maintain | Apr 4, 2013 |
| Cleveland Research | Neutral | Buy | Downgrade | Mar 4, 2013 |
| Topeka Capital | Buy | Buy | Maintain | Jan 23, 2013 |
| Bank oferica | Buy | Buy | Maintain | Apr 25, 2012 |
| Morgan Keegan | Outperform | Outperform | Maintain | Mar 18, 2012 |
| Oxen Group | Buy | Buy | Maintain | Mar 14, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $336.91. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Robert W. Baird | Analyst unavailable | $330 | $321.66 | -2.1% | Jul 24, 2026 |
| Morgan Stanley | Analyst unavailable | $364 | $325.89 | +8.0% | Jul 23, 2026 |
| UBS | Analyst unavailable | $365 | $327.74 | +8.3% | Jul 21, 2026 |
| Raymond James | Analyst unavailable | $380 | $333.74 | +12.8% | Jul 20, 2026 |
| HSBC | Analyst unavailable | $366 | $333.26 | +8.6% | Jul 16, 2026 |
| RBC Capital | Analyst unavailable | $365 | $324.15 | +8.3% | Jul 15, 2026 |
| UBS | Analyst unavailable | $250 | $317.31 | -25.8% | Jul 14, 2026 |
| KGI Securities | Analyst unavailable | $315 | $298.01 | -6.5% | Jun 22, 2026 |
| Maxim Group | Tom Forte | $350 | $296.07 | +3.9% | Jun 9, 2026 |
| Morgan Stanley | Analyst unavailable | $325 | $301.54 | -3.5% | Jun 9, 2026 |
| Morgan Stanley | Erik Woodring | $360 | $301.54 | +6.9% | Jun 9, 2026 |
| Tigress Financial | Analyst unavailable | $375 | $297.82 | +11.3% | May 14, 2026 |
| Evercore ISI | Analyst unavailable | $365 | $298.87 | +8.3% | May 14, 2026 |
| Wedbush | Daniel Ives | $400 | $287.44 | +18.7% | May 8, 2026 |
| Robert W. Baird | William Power | $310 | $282.02 | -8.0% | May 1, 2026 |
| UBS | Analyst unavailable | $296 | $283.42 | -12.1% | May 1, 2026 |
| Wells Fargo | Aaron Rakers | $310 | $271.35 | -8.0% | May 1, 2026 |
| Morgan Stanley | Analyst unavailable | $330 | $271.35 | -2.1% | May 1, 2026 |
| Barclays | Analyst unavailable | $253 | $271.35 | -24.9% | May 1, 2026 |
| UBS | Analyst unavailable | $287 | $267.61 | -14.8% | Apr 28, 2026 |
| BNP Paribas | Analyst unavailable | $300 | $271.41 | -11.0% | Apr 17, 2026 |
| Jefferies | Analyst unavailable | $330 | $263.22 | -2.1% | Mar 4, 2026 |
| UBS | Analyst unavailable | $330 | $263.75 | -2.1% | Mar 3, 2026 |
| Stifel Nicolaus | Analyst unavailable | $330 | $264.66 | -2.1% | Mar 2, 2026 |
| Scotiabank | Analyst unavailable | $330 | $270.01 | -2.1% | Feb 2, 2026 |
| RBC Capital | Analyst unavailable | $325 | $264.24 | -3.5% | Feb 2, 2026 |
| KGI Securities | Rob Chang | $306 | $257.48 | -9.2% | Jan 30, 2026 |
| Maxim Group | Tom Forte | $300 | $254.67 | -11.0% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $239 | $258.28 | -29.1% | Jan 30, 2026 |
| Goldman Sachs | Michael Ng | $330 | $258.28 | -2.1% | Jan 30, 2026 |
| Jefferies | Analyst unavailable | $276.47 | $252.88 | -17.9% | Jan 26, 2026 |
| Stephens | Analyst unavailable | $315 | $254.95 | -6.5% | Jan 26, 2026 |
| Evercore ISI | Analyst unavailable | $330 | $259.04 | -2.1% | Jan 9, 2026 |
| Jefferies | Edison Lee | $283.36 | $272.61 | -15.9% | Dec 17, 2025 |
| Morgan Stanley | Erik Woodring | $315 | $274.61 | -6.5% | Dec 17, 2025 |
| Evercore ISI | Analyst unavailable | $325 | $278 | -3.5% | Dec 8, 2025 |
| Wedbush | Daniel Ives | $350 | $278.78 | +3.9% | Dec 8, 2025 |
| CLSA | Bhavtosh Vajpayee | $330 | $279.91 | -2.1% | Dec 5, 2025 |
| Loop Capital Markets | Analyst unavailable | $325 | $287.26 | -3.5% | Dec 2, 2025 |
| Bernstein | Analyst unavailable | $325 | $270.37 | -3.5% | Nov 3, 2025 |
| Argus Research | Analyst unavailable | $325 | $270.64 | -3.5% | Oct 31, 2025 |
| Evercore ISI | Analyst unavailable | $300 | $276.23 | -11.0% | Oct 31, 2025 |
| D.A. Davidson | Analyst unavailable | $270 | $276.23 | -19.9% | Oct 31, 2025 |
| UBS | Analyst unavailable | $280 | $270.41 | -16.9% | Oct 31, 2025 |
| Robert W. Baird | William Power | $300 | $270.41 | -11.0% | Oct 31, 2025 |
| Goldman Sachs | Michael Ng | $320 | $270.41 | -5.0% | Oct 31, 2025 |
| Jefferies | Edison Lee | $246.99 | $276.23 | -26.7% | Oct 31, 2025 |
| Barclays | Analyst unavailable | $230 | $270.41 | -31.7% | Oct 31, 2025 |
| Wells Fargo | Analyst unavailable | $300 | $271.4 | -11.0% | Oct 31, 2025 |
| Melius Research | Ben Reitzes | $345 | $271.4 | +2.4% | Oct 31, 2025 |
| Bernstein | Analyst unavailable | $290 | $268.32 | -13.9% | Oct 29, 2025 |
| Robert W. Baird | Analyst unavailable | $280 | $268.57 | -16.9% | Oct 28, 2025 |
| Wells Fargo | Analyst unavailable | $290 | $262.05 | -13.9% | Oct 21, 2025 |
| Goldman Sachs | Michael Ng | $279 | $262.24 | -17.2% | Oct 21, 2025 |
| Loop Capital Markets | Ananda Baruah | $315 | $252.29 | -6.5% | Oct 20, 2025 |
| Jefferies | Edison Lee | $205.16 | $257.88 | -39.1% | Oct 3, 2025 |
| Morgan Stanley | Analyst unavailable | $298 | $255.45 | -11.5% | Oct 2, 2025 |
| Seaport Global | Jay Goldberg | $310 | $254.63 | -8.0% | Oct 1, 2025 |
| Evercore ISI | Analyst unavailable | $290 | $256.87 | -13.9% | Sep 26, 2025 |
| Wedbush | Dan Ives | $310 | $245.5 | -8.0% | Sep 22, 2025 |
| Melius Research | Ben Reitzes | $290 | $229.17 | -13.9% | Sep 10, 2025 |
| Jefferies | Edison Lee | $205.82 | $237.88 | -38.9% | Sep 8, 2025 |
| HSBC | Erwan Rambourg | $220 | $239.69 | -34.7% | Sep 8, 2025 |
| MoffettNathanson | Craig Moffett | $225 | $239.78 | -33.2% | Sep 4, 2025 |
| Morgan Stanley | Erik Woodring | $240 | $237.01 | -28.8% | Sep 3, 2025 |
| UBS | Analyst unavailable | $220 | $202.92 | -34.7% | Aug 5, 2025 |
| UBS | David Vogt | $210 | $214.33 | -37.7% | Jul 3, 2025 |
| J.P. Morgan | Analyst unavailable | $230 | $201.56 | -31.7% | Jun 26, 2025 |
| Barclays | Analyst unavailable | $173 | $200.3 | -48.7% | Jun 24, 2025 |
| D.A. Davidson | Gil Luria | $250 | $205.35 | -25.8% | May 2, 2025 |
| Morgan Stanley | Erik Woodring | $252 | $220.94 | -25.2% | Mar 12, 2025 |
| Morgan Stanley | Analyst unavailable | $275 | $232.62 | -18.4% | Feb 11, 2025 |
| D.A. Davidson | Analyst unavailable | $290 | $236 | -13.9% | Jan 31, 2025 |
| Evercore ISI | Analyst unavailable | $260 | $236 | -22.8% | Jan 31, 2025 |
| Redburn Partners | Analyst unavailable | $230 | $236 | -31.7% | Jan 31, 2025 |
| Barclays | Analyst unavailable | $197 | $236 | -41.5% | Jan 31, 2025 |
| UBS | Analyst unavailable | $270 | $236 | -19.9% | Jan 31, 2025 |
| Goldman Sachs | Analyst unavailable | $294 | $236 | -12.7% | Jan 31, 2025 |
| Barclays | Analyst unavailable | $183 | $223.83 | -45.7% | Jan 22, 2025 |
| Loop Capital Markets | Analyst unavailable | $230 | $222.64 | -31.7% | Jan 21, 2025 |
| UBS | Analyst unavailable | $260 | $222.64 | -22.8% | Jan 21, 2025 |
| Jefferies | Edison Lee | $200.75 | $229.98 | -40.4% | Jan 21, 2025 |
| MoffettNathanson | Analyst unavailable | $188 | $242.21 | -44.2% | Jan 7, 2025 |
| Bernstein | Analyst unavailable | $260 | $243.36 | -22.8% | Jan 3, 2025 |
| Daiwa | Analyst unavailable | $275 | $248.05 | -18.4% | Dec 18, 2024 |
| Jefferies | Edison Lee | $211.84 | $239.09 | -37.1% | Dec 2, 2024 |
| KeyBanc | Brandon Nispel | $200 | $216.24 | -40.6% | Nov 19, 2024 |
| Craig-Hallum | Analyst unavailable | $105 | $225.12 | -68.8% | Nov 13, 2024 |
| Loop Capital Markets | Analyst unavailable | $90 | $224.23 | -73.3% | Nov 11, 2024 |
| Maxim Group | Tom Forte | $215 | $222.91 | -36.2% | Nov 1, 2024 |
| D.A. Davidson | Gil Luria | $260 | $222.91 | -22.8% | Nov 1, 2024 |
| Jefferies | Edison Lee | $212.92 | $235 | -36.8% | Oct 21, 2024 |
| UBS | David Vogt | $236 | $225.67 | -30.0% | Oct 4, 2024 |
| J.P. Morgan | Samik Chatterjee | $265 | $233 | -21.3% | Sep 30, 2024 |
| Wedbush | Daniel Ives | $300 | $220.91 | -11.0% | Sep 10, 2024 |
| Goldman Sachs | Michael Ng | $276 | $220.39 | -18.1% | Sep 4, 2024 |
| Bernstein | Toni Sacconaghi | $240 | $224.2 | -28.8% | Sep 3, 2024 |
| Tigress Financial | Ivan Feinseth | $295 | $226.87 | -12.4% | Aug 28, 2024 |
| Wedbush | Daniel Ives | $285 | $228.52 | -15.4% | Aug 27, 2024 |
| Melius Research | Ben Reitzes | $265 | $228.67 | -21.3% | Aug 27, 2024 |
| Citigroup | Atif Malik | $255 | $228.65 | -24.3% | Aug 27, 2024 |
| Bank of America Securities | Wamsi Mohan | $256 | $209.82 | -24.0% | Aug 7, 2024 |
| CFRA | Angelo Zino | $260 | $209.27 | -22.8% | Aug 5, 2024 |
| Goldman Sachs | Rod Hall | $275 | $222.6 | -18.4% | Aug 2, 2024 |
| Maxim Group | Tom Forte | $203 | $218.36 | -39.7% | Aug 2, 2024 |
| Rosenblatt Securities | Barton Crockett | $261 | $218.36 | -22.5% | Aug 2, 2024 |
| Morgan Stanley | Erik Woodring | $273 | $218.36 | -19.0% | Aug 2, 2024 |
| Barclays | Tim Long | $186 | $218.36 | -44.8% | Aug 2, 2024 |
| Raymond James | Srini Pajjuri | $250 | $216.73 | -25.8% | Jul 26, 2024 |
| Robert W. Baird | William Power | $240 | $218.54 | -28.8% | Jul 25, 2024 |
| Loop Capital Markets | Ananda Baruah | $300 | $230.54 | -11.0% | Jul 15, 2024 |
| Needham | Laura Martin | $260 | $228.68 | -22.8% | Jul 10, 2024 |
| Piper Sandler | Matt Farrell | $225 | $227.82 | -33.2% | Jul 9, 2024 |
| Oppenheimer | Martin Yang | $250 | $214.1 | -25.8% | Jun 28, 2024 |
| Rosenblatt Securities | Barton Crockett | $260 | $209.07 | -22.8% | Jun 26, 2024 |
| Evercore ISI | Amit Daryanani | $250 | $208.14 | -25.8% | Jun 25, 2024 |
| Melius Research | Benjamin Reitzes | $260 | $207.49 | -22.8% | Jun 24, 2024 |
| RBC Capital | Brad Erickson | $200 | $205.68 | -40.6% | Jun 11, 2024 |
| D.A. Davidson | Gil Luria | $230 | $193.12 | -31.7% | Jun 11, 2024 |
| Wedbush | Daniel Ives | $275 | $190.54 | -18.4% | May 24, 2024 |
| Rosenblatt Securities | Barton Crockett | $182 | $189.72 | -46.0% | May 15, 2024 |
| Morgan Stanley | Erik Woodring | $216 | $182.34 | -35.9% | May 7, 2024 |
| CFRA | Angelo Zino | $210 | $182.4 | -37.7% | May 7, 2024 |
| D.A. Davidson | Gil Luria | $200 | $185.55 | -40.6% | May 3, 2024 |
| Canaccord Genuity | Michael Walkley | $215 | $173.03 | -36.2% | May 3, 2024 |
| Barclays | Tim Long | $164 | $173.03 | -51.3% | May 3, 2024 |
| Maxim Group | Tom Forte | $178 | $169.38 | -47.2% | Apr 17, 2024 |
| Goldman Sachs | Michael Ng | $226 | $176.55 | -32.9% | Apr 12, 2024 |
| Piper Sandler | Harsh Kumar | $190 | $168.45 | -43.6% | Apr 9, 2024 |
| Loop Capital Markets | Ananda Baruah | $170 | $171.48 | -49.5% | Apr 1, 2024 |
| Evercore ISI | Amit Daryanani | $220 | $170.85 | -34.7% | Mar 25, 2024 |
| HSBC | Erwan Rambourg | $180 | $172.28 | -46.6% | Mar 22, 2024 |
| Jefferies | Andrew Uerkwitz | $205 | $173.23 | -39.2% | Mar 12, 2024 |
| Needham | Laura Martin | $220 | $186.68 | -34.7% | Feb 2, 2024 |
| Oppenheimer | Martin Yang | $200 | $176.33 | -40.6% | Nov 3, 2023 |
| UBS | David Vogt | $190 | $177.19 | -43.6% | Nov 2, 2023 |
| Melius Research | Ben Reitzes | $240 | $178.39 | -28.8% | Oct 11, 2023 |
| Wedbush | Daniel Ives | $240 | $175.01 | -28.8% | Sep 18, 2023 |
| Goldman Sachs | Michael Ng | $216 | $174.21 | -35.9% | Sep 13, 2023 |
| J.P. Morgan | Samik Chatterjee | $230 | $179.36 | -31.7% | Sep 12, 2023 |
| Morgan Stanley | Erik W Woodring | $215 | $179.33 | -36.2% | Sep 8, 2023 |
| Wedbush | Daniel Ives | $230 | $185.26 | -31.7% | Aug 4, 2023 |
| Piper Sandler | Harsh Kumar | $220 | $196.07 | -34.7% | Jul 31, 2023 |
| Morgan Stanley | Erik W Woodring | $220 | $192.91 | -34.7% | Jul 17, 2023 |
| Citigroup | Atif Malik | $240 | $189.59 | -28.8% | Jun 29, 2023 |
| Needham | Laura Martin | $195 | $178.83 | -42.1% | Jun 6, 2023 |
| Wedbush | Dan Ives | $250 | $178.14 | -25.8% | May 31, 2023 |
| Loop Capital Markets | Ananda Baruah | $180 | $174.2 | -46.6% | May 22, 2023 |
| KeyBanc | Brandon Nispel | $180 | $173.39 | -46.6% | May 5, 2023 |
| Loop Capital Markets | John Vinh | $145 | $166.24 | -57.0% | May 4, 2023 |
| Canaccord Genuity | Michael Walkley | $180 | $165.56 | -46.6% | Apr 13, 2023 |
| Wedbush | Daniel Ives | $205 | $164.9 | -39.2% | Apr 2, 2023 |
| Goldman Sachs | Michael Ng | $199 | $151.03 | -40.9% | Mar 5, 2023 |
| Cowen & Co. | Cowen Cowen | $195 | $154.5 | -42.1% | Feb 3, 2023 |
| D.A. Davidson | Analyst unavailable | $173 | $157.09 | -48.7% | Feb 3, 2023 |
| Rosenblatt Securities | Analyst unavailable | $173 | $150.82 | -48.7% | Feb 3, 2023 |
| Wedbush | Analyst unavailable | $180 | $150.82 | -46.6% | Feb 3, 2023 |
| Raymond James | Analyst unavailable | $170 | $150.82 | -49.5% | Feb 3, 2023 |
| Barclays | Analyst unavailable | $145 | $150.82 | -57.0% | Feb 3, 2023 |
| KeyBanc | Brandon Nispel | $177 | $150.82 | -47.5% | Feb 3, 2023 |
| Rosenblatt Securities | Barton Crockett | $165 | $145.43 | -51.0% | Feb 2, 2023 |
| Barclays | Analyst unavailable | $133 | $130.73 | -60.5% | Jan 11, 2023 |
| Loop Capital Markets | Brandon Nispel | $177 | $130.73 | -47.5% | Jan 11, 2023 |
| KeyBanc | Brandon Nispel | $165 | $126.07 | -51.0% | Jan 5, 2023 |
| Wedbush | Analyst unavailable | $175 | $125.07 | -48.1% | Jan 4, 2023 |
| BNP Paribas | Jerome Ramel | $140 | $125.07 | -58.4% | Jan 3, 2023 |
| J.P. Morgan | Analyst unavailable | $190 | $132.37 | -43.6% | Dec 20, 2022 |
| Morgan Stanley | Erik Woodring | $175 | $141.92 | -48.1% | Dec 7, 2022 |
| Morgan Stanley | Erik Woodring | $177 | $155.74 | -47.5% | Oct 28, 2022 |
| Rosenblatt Securities | Barton Crockett | $189 | $155.74 | -43.9% | Oct 28, 2022 |
| Needham | Laura Martin | $170 | $155.74 | -49.5% | Oct 28, 2022 |
| New Street | Pierre Ferragu | $155 | $155.74 | -54.0% | Oct 28, 2022 |
| Morgan Stanley | Ben Swinburne | $177 | $152.15 | -47.5% | Oct 25, 2022 |
| Citigroup | Brandon Nispel | $177 | $156.9 | -47.5% | Sep 21, 2022 |
| Evercore ISI | Analyst unavailable | $190 | $156.7 | -43.6% | Sep 20, 2022 |
| Wedbush | Dan Ives | $220 | $155.96 | -34.7% | Sep 8, 2022 |
| Morgan Stanley | Erik Woodring | $180 | $155.96 | -46.6% | Sep 8, 2022 |
| Oppenheimer | Martin Yang | $190 | $155.96 | -43.6% | Sep 8, 2022 |
| Mizuho Securities | Vijay Rakesh | $175 | $167.53 | -48.1% | Aug 24, 2022 |
| Credit Suisse | Shannon Cross | $201 | $174.55 | -40.3% | Aug 17, 2022 |
| Raymond James | Melissa Fairbanks | $185 | $162.64 | -45.1% | Jul 29, 2022 |
| Barclays | Analyst unavailable | $169 | $157.35 | -49.8% | Jul 29, 2022 |
| Morgan Stanley | Katy Huberty | $180 | $154.32 | -46.6% | Jul 27, 2022 |
| Wells Fargo | Aaron Rakers | $185 | $153.04 | -45.1% | Jul 20, 2022 |
| Barclays | Analyst unavailable | $166 | $145.86 | -50.7% | Jul 13, 2022 |
| Citigroup | Analyst unavailable | $175 | $145.86 | -48.1% | Jul 13, 2022 |
| Morgan Stanley | Katy Huberty | $185 | $145.86 | -45.1% | Jul 12, 2022 |
| Goldman Sachs | Rod Hall | $82 | $141.56 | -75.7% | Jul 6, 2022 |
| Deutsche Bank | Sidney Ho | $175 | $132.76 | -48.1% | Jun 14, 2022 |
| KeyBanc | Brandon Nispel | $147.22 | $147.32 | -56.3% | Jun 7, 2022 |
| UBS | David Vogt | $185 | $148.71 | -45.1% | Jun 7, 2022 |
| Bank of America Securities | Wamsi Mohan | $200 | $148.71 | -40.6% | Jun 7, 2022 |
| Citigroup | Jim Suva | $200 | $148.71 | -40.6% | Jun 7, 2022 |
| Needham | Laura Martin | $170 | $148.71 | -49.5% | Jun 7, 2022 |
| Evercore ISI | Amit Daryanani | $210 | $146.14 | -37.7% | Jun 6, 2022 |
| Goldman Sachs | Rod Hall | $157 | $151.21 | -53.4% | Jun 2, 2022 |
| HSBC | Nicolas Cote Colisson | $160 | $152.17 | -52.5% | May 11, 2022 |
| Rosenblatt Securities | Barton Crockett | $168 | $157.96 | -50.1% | May 3, 2022 |
| Morgan Stanley | Katy Huberty | $195 | $157.96 | -42.1% | May 2, 2022 |
| Deutsche Bank | Sidney Ho | $200 | $157.65 | -40.6% | May 1, 2022 |
| Loop Capital Markets | Brandon Nispel | $191 | $159.75 | -43.3% | Apr 29, 2022 |
| J.P. Morgan | Analyst unavailable | $200 | $163.64 | -40.6% | Apr 29, 2022 |
| Piper Sandler | Harsh Kumar | $195 | $163.64 | -42.1% | Apr 29, 2022 |
| Citigroup | Jim Suva | $200 | $157.65 | -40.6% | Apr 29, 2022 |
| Oppenheimer | Martin Yang | $190 | $157.65 | -43.6% | Apr 29, 2022 |
| Evercore ISI | Amit Daryanani | $210 | $157.65 | -37.7% | Apr 29, 2022 |
| Jefferies | Kyle McNealy | $200 | $157.65 | -40.6% | Apr 29, 2022 |
| Needham | Laura Martin | $170 | $157.65 | -49.5% | Apr 29, 2022 |
| Credit Suisse | Sami Badri | $169 | $157.65 | -49.8% | Apr 29, 2022 |
| Rosenblatt Securities | Barton Crockett | $184 | $161.79 | -45.4% | Apr 24, 2022 |
| Deutsche Bank | Sidney Ho | $210 | $170.09 | -37.7% | Apr 8, 2022 |
| Piper Sandler | Harsh Kumar | $200 | $171.83 | -40.6% | Apr 6, 2022 |
| UBS | David Vogt | $185 | $178.44 | -45.1% | Apr 4, 2022 |
| Bank of America Securities | Wamsi Mohan | $215 | $174.31 | -36.2% | Apr 2, 2022 |
| Wedbush | Dan Ives | $200 | $174.31 | -40.6% | Apr 1, 2022 |
| Loop Capital Markets | John Donovan | $210 | $163.98 | -37.7% | Mar 20, 2022 |
| KeyBanc | Brandon Nispel | $191 | $150.62 | -43.3% | Mar 14, 2022 |
| Evercore ISI | Amit Daryanani | $210 | $154.73 | -37.7% | Mar 13, 2022 |
| Barclays | Tim Long | $170 | $158.52 | -49.5% | Mar 10, 2022 |
| Needham | Laura Martin | $170 | $157.44 | -49.5% | Mar 8, 2022 |
| Tigress Financial | Ivan Feinseth | $210 | $172.79 | -37.7% | Feb 15, 2022 |
| Wells Fargo | Aaron Rakers | $205 | $176.28 | -39.2% | Feb 9, 2022 |
| Bernstein | Toni Sacconaghi | $170 | $172.39 | -49.5% | Feb 6, 2022 |
| Goldman Sachs | Rod Hall | $161 | $172.39 | -52.2% | Feb 4, 2022 |
| Credit Suisse | Sami Badri | $168 | $170.11 | -50.1% | Jan 29, 2022 |
| Raymond James | Chris Caso | $190 | $170.11 | -43.6% | Jan 28, 2022 |
| New Street | Pierre Ferragu | $165 | $170.11 | -51.0% | Jan 28, 2022 |
| Oppenheimer | Martin Yang | $190 | $170.11 | -43.6% | Jan 28, 2022 |
| D.A. Davidson | Tom Forte | $185 | $170.11 | -45.1% | Jan 28, 2022 |
| CFRA | Angelo Zino | $200 | $170.11 | -40.6% | Jan 28, 2022 |
| Robert W. Baird | William Power | $190 | $170.11 | -43.6% | Jan 28, 2022 |
| Citigroup | Jim Suva | $200 | $170.11 | -40.6% | Jan 28, 2022 |
| Jefferies | Kyle McNealy | $200 | $170.11 | -40.6% | Jan 28, 2022 |
| Canaccord Genuity | Michael Walkley | $200 | $170.11 | -40.6% | Jan 28, 2022 |
| Monness | Brian White | $199 | $170.11 | -40.9% | Jan 28, 2022 |
| Cowen & Co. | Krish Sankar | $200 | $170.11 | -40.6% | Jan 28, 2022 |
| Morgan Stanley | Katy Huberty | $200 | $171.18 | -40.6% | Dec 7, 2021 |
| Wolfe Research | Jeff Kvaal | $155 | $152.09 | -54.0% | Sep 1, 2021 |
| Argus Research | Jim Kelleher | $165 | $126.81 | -51.0% | Jun 11, 2021 |
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Try FN2 freeTranscript intelligence
What changed
From Q1 to Q2, revenue continued at a strong pace but at a lower seasonal base ($111.2B vs $143.8B). Services grew from $30B to a new record of $31B. The CEO transition announcement is a major structural change not present in Q1. New ad monetization (Apple Maps ads, expanded App Store ads) represents a fresh revenue stream not previously disclosed. Supply constraints flagged as a risk in Q1 materialized this quarter, particularly affecting Mac availability. The buyback authorization was raised by an additional $100B and the dividend increased 4%, building on Q1's capital return framework. The MacBook Neo launch generated off-the-chart demand, a new product story not present in Q1.
Guidance delta
Management maintained guidance sentiment, consistent with the prior quarter's maintained posture. Capex outlook was not mentioned this quarter versus stable in Q1. No explicit change in forward revenue or margin guidance ranges was provided beyond the maintained tone.
Key takeaways
- Revenue of $111.2B beat estimates by 1.6%; EPS of $2.01 beat by 3.1%
- iPhone revenue grew 22% YoY, continuing the iPhone 17 upgrade cycle
- Services hit a record $31B, with new ad inventory expansion announced for App Store and Apple Maps
- CEO transition announced: John Ternus to succeed Tim Cook as CEO on September 1, with Cook moving to Executive Chairman
- Capital returns: $15B returned this quarter, dividend raised 4%, buyback authorization increased by $100B
- MacBook Neo launched with demand exceeding expectations, expanding Mac adoption in education and emerging markets
Management priorities
- Execute CEO transition smoothly to John Ternus by September 1
- Scale Apple Intelligence and on-device AI across the product ecosystem
- Expand Services monetization through new ad inventory on App Store and Apple Maps
- Grow emerging market penetration, especially India and Greater China
- Advance US manufacturing investments including Houston facility and domestic Mac mini production
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T00:21:35.362284+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T00:21:35.359031+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 . For educational purposes only; not investment advice.