Apple Inc. (AAPL) — FY3Q 2026 Earnings Preview

Company	Apple Inc.	Earnings Date	July 30, 2026 (After Market Close)
Ticker	AAPL US	Reporting Period	FY3Q 2026 (Quarter ended June 28, 2026)
Prepared	July 29, 2026	Sector ETF Benchmark	XLK (Technology Select Sector SPDR)

1. Earnings Preview

Key Takeaway: The setup favors a beat on revenue and EPS — consensus sits below the midpoint of management’s own 14–17% growth guidance — but the single biggest swing factor is whether gross margin can hold above 48% despite the “significantly higher” memory costs management explicitly flagged for the June quarter.

Heading into the FY3Q print, Apple carries strong momentum from its best-ever March quarter ($111.2B revenue, +17% YoY; EPS $2.01, +22% YoY) and a stock that has re-rated sharply higher since April 30 earnings, now trading at ~36x NTM P/E versus a 10-year average in the mid-20s. The bar is not low — consensus revenue of ~$108.2B implies ~14% YoY growth, sitting at the low end of management’s 14–17% guidance range, suggesting the Street is pricing in supply-constraint headwinds rather than a clean beat. Gross margin is the key variable: management guided 47.5–48.5% for the June quarter, embedding “significantly higher” memory costs partially offset by carry-in inventory benefits; consensus at ~48.0% sits near the midpoint, leaving room for upside if memory cost timing is more favorable than feared or downside if the DRAM shortage bites harder. WWDC 2026 (June 8) delivered the long-awaited Siri AI overhaul powered by Google Gemini, but the initial investor reaction was negative — shares sold off ~8–10% in the days following the keynote before recovering — reflecting skepticism about the pace of AI monetization and the geographic constraints (Siri AI unavailable in EU and China at launch). The wildcard heading into the print is the China AI approval: Apple Intelligence was approved for launch in China on July 16 (integrating Alibaba’s Qwen and Baidu), which could meaningfully accelerate the upgrade cycle narrative in Apple’s most strategically important growth market and drive upward estimate revisions for FY4Q and FY2027.

2. KPIs & Consensus Expectations

Key Takeaway: Consensus sits at the low end of management’s revenue guidance range, implying the Street is already pricing in supply constraints — making revenue a potential upside catalyst. Gross margin is the bigger swing factor: memory cost timing could push the result to either end of the 47.5–48.5% guidance range, with meaningful EPS implications.

Table 1 — FY3Q 2026 Current Quarter Snapshot

KPI	Last Quarter Actual (FY2Q 2026)	Prior Year Period (FY3Q 2025 Actual)	FY3Q 2026 Consensus Estimate	YoY Change (Cons. vs. PY)	Management Guidance	Consensus vs. Guidance Midpoint
Total Revenue ($B)	$111.2B	$94.0B	$108.2B	+15.1%	+14% to +17% YoY (~$107–$110B)	~−1.2% (low end of range)
EPS — Diluted, Operating ($)	$2.01	$1.57	$1.87	+19.1%	Not explicitly guided	N/A
iPhone Revenue ($B)	$57.0B	$44.6B	$53.1B	+19.1%	Not explicitly guided (supply constraints noted)	N/A
Services Revenue ($B)	$31.0B	$27.4B	$31.4B	+14.5%	Similar YoY rate to FY2Q ex-FX (~13–14% organic)	~+1.3% above implied organic guidance
Gross Margin (%)	49.3%	46.5%	~48.0%	+150 bps YoY	47.5% – 48.5%	At midpoint
Greater China Revenue ($B)	$20.5B	$15.4B	$19.7B	+28.0%	Not explicitly guided	N/A
Operating Expenses ($B)	$18.9B	~$16.5B (est.)	N/A — not in VA	N/A	$18.8B – $19.1B	N/A

Sources: Visible Alpha Consensus and Actuals Data — Total Revenue, EPS-Diluted, iPhone Revenue, Services Revenue, Gross Margin, Greater China Revenue. Management guidance from FY2Q 2026 earnings call (April 30, 2026). Prior year actuals from Visible Alpha.

Table 2 — Beat/Miss History (Last 8 Quarters)

iPhone Revenue

Quarter	Reported ($B)	Consensus ($B)	Surprise %	Result
FY2Q 2026	$57.0B	$56.5B	+0.9%	Slight Beat
FY1Q 2026	$85.3B	$78.6B	+8.5%	Strong Beat
FY4Q 2025	$49.0B	$49.3B	−0.6%	Slight Miss
FY3Q 2025	$44.6B	$40.4B	+10.3%	Strong Beat
FY2Q 2025	$46.8B	$46.3B	+1.1%	Slight Beat
FY1Q 2025	$69.1B	$70.7B	−2.3%	Miss
FY4Q 2024	$46.2B	$45.2B	+2.2%	Beat
FY3Q 2024	$39.3B (est.)	~$38.8B (est.)	~+1.3%	Slight Beat

Gross Margin (%)

Quarter	Reported (%)	Consensus (%)	Surprise (bps)	Result
FY2Q 2026	49.3%	48.3%	+94 bps	Beat
FY1Q 2026	48.2%	47.5%	+70 bps	Beat
FY4Q 2025	47.2%	46.6%	+60 bps	Beat
FY3Q 2025	46.5%	46.0%	+50 bps	Beat
FY2Q 2025	47.1%	47.2%	−10 bps	In-line / Slight Miss
FY1Q 2025	46.9%	46.5%	+40 bps	Beat
FY4Q 2024	46.2%	46.1%	+10 bps	In-line
FY3Q 2024	46.3% (est.)	~46.0% (est.)	~+30 bps	Beat

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Since the April 30 earnings call, FY3Q 2026 revenue estimates have been revised down slightly (from ~$108.5B to ~$108.2B) while EPS estimates have been revised up modestly, reflecting the market’s confidence in Apple’s margin management even as supply constraints weigh on the top line. Full-year FY2026 estimates are essentially flat, suggesting the Street is not yet pricing in the China AI approval as a meaningful demand catalyst.

KPI (Period)	Estimate ~5 Days Post Last Earnings (May 7, 2026)	Current Consensus (July 29, 2026)	Estimate Δ (%)	Initial Guidance (April 30 Call)	Current Guidance	Guidance Δ	Consensus vs. Guidance (%)
Total Revenue — FY3Q 2026	$108.5B	$108.2B	−0.3%	+14% to +17% YoY	Unchanged	—	−1.2% vs. midpoint
EPS (Diluted) — FY3Q 2026	$1.88	$1.87	−0.5%	Not guided	Not guided	—	N/A
iPhone Revenue — FY3Q 2026	$53.5B	$53.1B	−0.7%	Not guided	Not guided	—	N/A
Services Revenue — FY3Q 2026	$31.4B	$31.4B	Flat	Similar YoY rate to FY2Q ex-FX	Unchanged	—	~+1.3% above implied organic guidance
Gross Margin — FY3Q 2026	48.1%	48.0%	−10 bps	47.5% – 48.5%	Unchanged	—	At midpoint
Total Revenue — FY2026 Full Year	$477.8B	$477.7B	Flat	Not guided (FY level)	Not guided	—	N/A
EPS (Diluted) — FY2026 Full Year	$8.74	$8.71	−0.3%	Not guided (FY level)	Not guided	—	N/A

Source: Visible Alpha Consensus and Actuals Data. Baseline estimates as of May 7, 2026 (5 trading days post-April 30 earnings). Current estimates as of July 29, 2026. Estimate revisions are modest and directionally consistent with guidance — the Street has not materially re-rated estimates up or down since the print, suggesting the China AI approval (July 16) has not yet been fully incorporated into consensus models.

5. Stock Performance

Key Takeaway: AAPL has significantly outperformed both XLK and the S&P 500 since the April 30 earnings print (+24.6% vs. +4.4% for XLK and +1.5% for SPY), driven almost entirely by multiple expansion rather than estimate revisions — the NTM P/E has expanded from ~30x to ~36x. The WWDC-driven selloff (June 8–25) was a notable interruption, but the stock recovered sharply in July, aided by the China AI approval on July 16.

AAPL vs. XLK vs. S&P 500 — Indexed to 100 at April 30, 2026 (Last Earnings Date). Source: Yahoo Finance / Stock Price Data.

Performance Summary (April 30 – July 29, 2026):

Security	Price at Last Earnings (Apr 30)	Price (Jul 29, 2026)	Return Since Earnings
AAPL	$271.35	$338.19	+24.6%
XLK (Technology Select Sector SPDR)	$159.50	$166.57	+4.4%
SPY (S&P 500)	$718.66	$729.46	+1.5%

Key Events Since April 30 Earnings:

April 30: FY2Q 2026 earnings beat — stock opened sharply higher, establishing the base for the post-earnings rally.
May 6–8: Stock continued to rally on strong earnings momentum, reaching ~$293 before consolidating.
June 8: WWDC 2026 keynote — Siri AI unveiled, powered by Google Gemini. Initial investor reaction was negative; stock sold off ~8–10% over the following week (June 8–25), with shares falling from ~$315 to ~$275.
June 17: Tim Cook WSJ interview confirming “unavoidable” price increases due to memory costs — added to near-term margin concern.
July 2: Stock began recovering, breaking back above $308 as broader tech sentiment improved.
July 16: Apple Intelligence approved for launch in China (Alibaba Qwen + Baidu integration) — significant positive catalyst; stock surged to $333, a new post-earnings high.
July 28: Stock reached $340.08, the highest level since the April 30 earnings date, ahead of the July 30 print.

Valuation Context: AAPL’s NTM P/E has expanded from ~30x at the April 30 earnings date to ~36x today, well above the 10-year historical average of mid-20s. The 12-month stock return of +58% has been driven by roughly equal contributions from earnings growth and multiple expansion (+28% and +25% respectively on EV/EBITDA basis). At 36x NTM P/E, the stock is pricing in continued strong execution and AI-driven upgrade cycle acceleration — leaving limited room for disappointment on the July 30 print.

Source: Yahoo Finance / Stock Price Data; Visible Alpha (NTM multiples).

6. Peer Commentaries & Read-Throughs

Key Takeaway: Peer commentary from TSMC (July 16) and Texas Instruments (July 22) — both reporting on their own June-quarter results — presents a mixed read-through for Apple’s FY3Q print: TSMC’s explosive AI-driven demand and aggressive capacity expansion are structurally positive for Apple’s silicon roadmap, but both companies flagged challenges in the broader consumer electronics market and confirmed that rising memory/component costs are real and ongoing.

Methodology Note: Only commentary published after Apple’s April 30, 2026 earnings call that addresses conditions during the June 2026 quarter (Apple’s FY3Q) or the forward outlook is included below. Prior-quarter results commentary from peers (e.g., TXN’s March-quarter results) has been excluded. All peer companies below reported their own June-quarter results during July 2026.

TSMC (TSM) — FY2Q 2026 Earnings Call, July 16, 2026

Theme	TSMC Commentary (June Quarter / Forward)	Read-Through to AAPL	Signal	Limitations
Advanced-Node Supply & Capacity	Q3 2026 revenue guided $44.6–45.8B (+37% YoY at midpoint), supported by “steep ramp of 2nm technology.” Full-year 2026 capex raised to $60–64B (70–80% for advanced nodes). Additional $100B Arizona investment announced. CEO: demand-supply gap for 3nm and below is “very big” and TSMC is “working very hard to narrow the gap.”	Positive for Apple’s silicon roadmap. TSMC’s aggressive capacity expansion for leading-edge nodes (2nm, 3nm) directly supports Apple’s A-series and M-series chip production. The “very big” demand-supply gap confirms Apple’s supply constraints on advanced-node SoCs are real and industry-wide, not Apple-specific.	Positive	Tight supply at 3nm and below could limit Apple’s ability to fully resolve Mac supply constraints in FY3Q; capacity expansion benefits are multi-year, not immediate.
Consumer Electronics Demand	“Consumer and price-sensitive end market segments are being challenged due to the impact of rising component prices and macroeconomic uncertainties.” “Consumer product is not in high demand” in mature nodes.	Negative read-through for Apple’s device volumes. Broad consumer electronics weakness could weigh on iPhone and Mac demand, particularly in price-sensitive emerging markets.	Negative	Apple operates primarily in the premium segment, which is less price-sensitive than the consumer electronics market TSMC references. Apple’s iPhone 17 cycle has shown strong demand despite macro headwinds.
AI Demand	“AI-related demand continues to be extremely robust.” “The AI megatrend continues to drive the need for more and more computation.” CEO: AI demand is “stronger and stronger and stronger.” Full-year 2026 revenue growth guided “slightly above 40% YoY.”	Positive for Apple’s AI narrative and Services segment. Robust AI infrastructure demand validates Apple’s strategic pivot to on-device AI (Apple Intelligence) and supports the cloud services ecosystem that underpins Apple’s Services revenue.	Positive	TSMC’s AI demand is primarily from cloud/HPC customers (hyperscalers), not directly from Apple’s consumer device business. Indirect benefit only.
Memory / Component Costs	CEO expressed “jealousy” over memory companies achieving 86% gross margins, implying high memory prices. “Rising component prices” cited as a challenge for consumer segments. 2nm ramp expected to dilute TSMC gross margin by 3–4 percentage points.	Negative for Apple’s gross margin. Confirms that memory cost pressures are real and industry-wide. High memory company margins (86%) imply sustained pricing power for DRAM suppliers, consistent with Apple management’s warning of “increasing impact” beyond FY3Q.	Negative	TSMC’s margin dilution from 2nm ramp is specific to TSMC’s own P&L; Apple’s memory cost exposure is to DRAM/NAND suppliers (SK Hynix, Samsung, Micron), not TSMC directly.

Texas Instruments (TXN) — FY2Q 2026 Earnings Call, July 22, 2026

Theme	TXN Commentary (June Quarter / Forward)	Read-Through to AAPL	Signal	Limitations
Personal Electronics Demand (June Quarter)	Personal electronics was “flat year on year and grew upper single digits sequentially” in Q2 2026 (Apple’s FY3Q). CEO: “We are seeing challenges in PE. Some shortages are putting pressure on our customers.”	Mixed. Flat YoY personal electronics demand suggests the broader consumer device market did not accelerate during Apple’s June quarter. “Shortages putting pressure on customers” is consistent with Apple’s own supply constraint narrative.	Mixed	TXN’s personal electronics segment is broad (not iPhone-specific) and includes many non-premium devices. Apple’s iPhone 17 cycle has shown premium demand resilience that may not be captured in TXN’s aggregate.
Personal Electronics Demand (September Quarter Outlook)	CEO expects personal electronics to “grow sequentially, but maybe at a lower level” than the typical mid-teens seasonal growth in Q3. “Challenges in PE” persist. When asked if Q3 would be down YoY, management indicated Q2’s characterization was a “good representation.”	Modestly negative for Apple’s FY4Q 2026 (September quarter) setup. Below-seasonal personal electronics growth in the July–September period could weigh on iPhone 18 launch expectations, though Apple’s AI upgrade cycle narrative may differentiate it from the broader market.	Negative	TXN’s Q3 outlook covers the July–September period, which is Apple’s FY4Q (iPhone launch quarter) — not the FY3Q being reported July 30. The read-through is more relevant to the FY4Q setup than the current print.
Component Supply & Lead Times	TXN’s factory loadings “increased from Q1 to Q2 and continued to increase throughout Q2.” Lead times “a little bit of an uptick” (a few weeks higher) due to growing demand. TXN claims “most competitive lead times in the market” vs. competitors at 52-week lead times.	Positive for Apple’s analog/embedded component supply. TXN’s strong supply position and competitive lead times suggest Apple can source these specific components reliably. However, TXN’s components are not the bottleneck Apple has identified (advanced-node SoCs and memory are the constraints).	Positive	TXN supplies analog and embedded processing chips — important but not the primary supply constraint Apple has flagged. The advanced-node SoC and DRAM shortages are sourced from TSMC and memory companies, not TXN.
Data Center / AI Demand	Data center revenue “doubled year on year and grew ~20% sequentially.” TXN expects “strong demand in the data center market to continue in the foreseeable future.” Price increases being executed, with contribution starting in Q3 but “almost insignificant” in Q3 — majority of growth from unit volume.	Indirectly positive for Apple’s Services segment. Robust data center demand driven by AI validates the infrastructure buildout that supports Apple’s cloud services ecosystem. TXN’s price increases are not expected to materially impact Apple’s cost structure in the near term.	Positive	TXN’s data center exposure is to power management and analog components for AI servers — not directly related to Apple’s device or services business. The read-through is indirect.

Overall Peer Read-Through Assessment: The combined TSMC and TXN commentary is mixed but net slightly negative for Apple’s near-term gross margin and positive for the longer-term AI/silicon roadmap. The most actionable read-through is TSMC’s confirmation that memory company margins are at 86% — directly corroborating Apple management’s warning that memory costs will have an “increasing impact” beyond FY3Q. TXN’s below-seasonal personal electronics outlook for the September quarter is more relevant to Apple’s FY4Q setup than the current FY3Q print.

7. Material News & Developments

Key Takeaway: The most important development since April 30 earnings is the July 16 approval of Apple Intelligence in China — a market where Apple had explicitly flagged AI unavailability as a constraint on the upgrade cycle. This single event materially improves the FY4Q and FY2027 demand narrative and has not yet been fully incorporated into consensus estimates.

July 16, 2026 — Apple Intelligence Approved in China: Apple Intelligence received regulatory approval for launch in China, integrating Alibaba’s Qwen AI and partnering with Baidu for local features. Alibaba shares rose 4% on the news. Implication: Unlocks the AI upgrade cycle in Apple’s most strategically important growth market; China was explicitly flagged as an AI-unavailable region on the April 30 call. This is the single most positive post-earnings development for the FY4Q and FY2027 demand outlook.
June 17, 2026 — Tim Cook Confirms Price Increases (WSJ Interview): CEO Tim Cook told the Wall Street Journal that Apple plans to raise product prices to offset surging memory and storage chip costs, describing the increases as “unavoidable.” Followed by additional WSJ reporting on June 21 confirming iPhones, Macs, and iPads are all affected. Implication: Confirms management’s April 30 warning that memory costs will have an “increasing impact” beyond FY3Q; pricing action is now a confirmed tool to offset margin headwinds. Positive for gross margin trajectory beyond FY3Q but raises demand elasticity risk.
June 8, 2026 — WWDC 2026 / Siri AI Unveiled: Apple formally unveiled “Siri AI” — a rebuilt assistant powered by Apple Foundation models and Google Gemini — alongside iOS 27 and macOS Golden Gate (macOS 27, dropping Intel Mac support). Initial investor reaction was negative; stock sold off ~8–10% over the following week. Implication: Siri AI is unavailable in EU (DMA) and was unavailable in China at launch (now resolved July 16). Morgan Stanley warned that Siri AI features will be inaccessible to 850M+ older iPhones due to hardware constraints (12GB DRAM requirement). The AI upgrade cycle narrative is real but geographically constrained and hardware-gated.
July 14, 2026 — iOS 27 Public Beta Released: Apple opened its new Siri AI to the public via the iOS 27 public beta, marking the first broad consumer exposure to the rebuilt assistant. Implication: Early user feedback will shape upgrade cycle expectations heading into the iPhone 18 launch this fall. Positive if reception is strong; could dampen enthusiasm if Siri AI underdelivers on real-world use.
July 8, 2026 — Apple Testing CXMT Memory Chips for China Devices (FT): Apple is reportedly testing memory chips from CXMT (a Chinese memory company on the US restricted entity list) for devices sold in China, per the Financial Times. Followed by June 27 FT report that Apple was seeking to buy memory from a blacklisted Chinese company. Implication: Signals the severity of the global DRAM shortage — Apple is exploring unconventional supply sources. Regulatory risk if US authorities object to sourcing from restricted entities.
July 3, 2026 — Tim Cook Racing to Fix Memory Problem Before CEO Handoff (CNBC): CNBC reported that Tim Cook is personally engaged in securing memory supply for Apple’s AI iPhones before his September 1 CEO transition to John Ternus. Implication: Underscores the strategic priority of the memory supply issue and the urgency of resolution before the iPhone 18 launch cycle.
July 1, 2026 — EU-Apple ‘Constructive’ Talks on Siri AI (Reuters): EU officials and Tim Cook held “constructive” talks following the clash over Siri AI availability in the bloc. Apple cited privacy concerns regarding EU standards as the reason for non-availability. Implication: EU resolution remains uncertain; Siri AI unavailability in Europe is a meaningful constraint on the AI upgrade cycle in Apple’s second-largest geographic segment.
June 25, 2026 — Apple Raises Prices Amid Memory Shortage (Bloomberg): Bloomberg reported Apple is raising prices as the AI-driven memory chip shortage creates an “AI cost reality check” for tech stocks. Apple shares fell ~6% on June 25 as the market digested the pricing news alongside broader tech weakness. Implication: Price increases are now confirmed and being implemented; the market’s initial negative reaction has since reversed as investors view pricing power as a margin-protective tool.
June 16, 2026 — Citi Maintains Buy, $315 PT Post-WWDC (Barron’s): Citi analysts described Apple’s AI strategy (including Gemini integration) as a “foundational step” with significant monetization potential, maintaining a Buy rating despite the post-WWDC stock dip. Implication: Sell-side broadly constructive on Apple’s AI strategy despite near-term skepticism; $315 PT now well below current trading levels (~$338), suggesting the market has moved ahead of analyst targets.
April 20, 2026 — CEO Transition Announced (8-K, effective September 1, 2026): Apple filed an 8-K on April 20, 2026 (effective date: September 1, 2026) announcing Tim Cook’s transition to Executive Chair and John Ternus (SVP Hardware Engineering) becoming CEO. Art Levinson transitions to Lead Independent Director. Implication: The July 30 earnings call will be Tim Cook’s penultimate as CEO (final will be FY4Q). John Ternus has pledged continuity on financial discipline. The transition is well-telegraphed and unlikely to be a market-moving event on July 30, but analysts will probe Ternus on his strategic priorities.
April 30, 2026 — $100B Buyback Authorization + 4% Dividend Increase: Apple’s board authorized an additional $100B share repurchase program and raised the quarterly dividend by 4% to $0.27/share (payable May 14, 2026 to shareholders of record May 11, 2026). The company also formally abandoned the “net cash neutral” capital structure target. Implication: Signals confidence in cash generation; the new capital allocation framework (evaluating cash and debt independently) provides more flexibility for future M&A or accelerated buybacks.

8. Insider Transaction Activity

Key Takeaway: The most notable transaction is a large discretionary open-market sale by Director Arthur Levinson (250,000 shares, ~$70M at execution price) on May 6, 2026 — notably not under a 10b5-1 plan. This is a meaningful discretionary sale by a long-tenured director who is transitioning to Lead Independent Director on September 1. The two Ben Borders transactions are routine 10b5-1 planned sales by the Principal Accounting Officer and carry no informational signal.

Name	Title	Transaction Type	Shares	Approx. Value	Transaction Date	Disclosure Date	Note
Arthur D. Levinson	Director (Chair; transitioning to Lead Independent Director Sept. 1, 2026)	Open Market Sale	250,000	~$70M (est. at ~$280/share)	May 6, 2026	May 8, 2026	Discretionary sale (NOT under 10b5-1 plan). Levinson retains 3,814,576 shares post-transaction. Largest insider sale in the period; notable given discretionary nature and timing shortly after earnings beat.
Ben Borders	Principal Accounting Officer	10b5-1 Planned Sale	1,274	~$360K (est. at ~$283/share)	May 8, 2026	May 12, 2026	Pre-planned 10b5-1 sale. Routine; no informational signal.
Ben Borders	Principal Accounting Officer	10b5-1 Planned Sale	116	~$35K (est. at ~$299/share)	June 16, 2026	June 17, 2026	Pre-planned 10b5-1 sale. Routine; no informational signal.

Analysis: The Levinson sale warrants attention. At 250,000 shares (~$70M), it is a large discretionary transaction by a director who has been on Apple’s board since 2000 and has deep institutional knowledge of the company’s trajectory. The sale occurred on May 6 — six days after the strong FY2Q earnings beat — at a price of approximately $280/share, well below the current ~$338 level. Levinson retains 3.8M shares, so this represents a ~6% reduction in his position. The discretionary nature (no 10b5-1 plan) is the key flag; however, the sale could also reflect personal portfolio management or the upcoming role transition to Lead Independent Director. No open-market purchases were recorded in the period. The absence of executive-level buying (CEO, CFO, or other C-suite) is notable but not unusual for Apple, where compensation is heavily equity-based and executives typically sell on pre-planned schedules.

Source: SEC Form 4 Filings Database (Insider Transaction Data). Transaction dates reflect actual execution dates; disclosure dates reflect Form 4 filing dates with the SEC. Values are estimated based on approximate share prices at transaction dates.

Disclosures & Data Sources

Visible Alpha Consensus and Actuals Data: All KPI consensus estimates and actuals sourced from Visible Alpha (https://insights.visiblealpha.com/mex/AAPL/NMV/IS and /SG and /Geo). Consensus as of July 29, 2026; baseline estimates as of May 7, 2026 (5 trading days post-April 30 earnings).
Stock Price Data: Yahoo Finance. Prices as of July 29, 2026 close.
Insider Transaction Data: SEC Form 4 Filings Database. Transaction dates are actual execution dates; disclosure dates are Form 4 filing dates.
Company Filings: Apple FY2Q 2026 Earnings Press Release (April 30, 2026); Apple FY2Q 2026 Earnings Call Transcript (April 30, 2026); Apple 8-K CEO Transition (filed April 17, 2026; effective September 1, 2026).
Peer Transcripts: TSMC FY2Q 2026 Earnings Call (July 16, 2026); Texas Instruments FY2Q 2026 Earnings Call (July 22, 2026).
News Sources: Wall Street Journal, CNBC, TechCrunch, Reuters, Bloomberg, Barron’s, The Information, Financial Times (various dates May–July 2026).
This document is prepared for informational purposes only and does not constitute investment advice. All estimates and consensus figures are subject to change.