Apple Inc. · 2026 Q2
ReportedJul 30, 2026
Period endedJun 30, 2026
Rule of 40+46
Consensus vs reported
EPS · ADJUSTED
BEAT +2%
$1.91
vs $1.88 expected
QoQ-5.0%
YoY—
Revenue
BEAT +1%
$109.42B
vs $108.78B expected
QoQ-1.6%
YoY+16.4%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
Reported this quarter
Revenue
$109.42B
QoQ -1.6%
YoY +16.4%
EPS
$2.02
QoQ +0.5%
YoY +28.7%
Free Cash Flow
$31.91B
QoQ +19.4%
YoY +30.8%
Gross Margin
50.1%
QoQ +0.8 pp
YoY +3.6 pp
FCF Margin
29.2%
QoQ +5.1 pp
YoY +3.2 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- About $0.11 of the $2.02 EPS was a tariff refund. Roughly two points of the 50.1% gross margin came from the Supreme Court ruling that invalidated some tariffs Apple had paid.
- The two soft lines were the two that carry the bull case. Services revenue of $30.74B missed a $31.22B estimate , decelerating to about 12% growth from 16.3%. Greater China grew 22% to $18.82B and still disappointed against last quarter's 28%.
- The drop was about the guide, not the quarter. Q4 FY2026 revenue growth guided to 9–11% against roughly 12% expected , gross margin to 47–48%, with FX taking 2.5 points off growth.
- Apple's own CEO called the memory shortage a "hundred-year flood." Management said supply constraints on advanced-node chips and memory costs will "significantly intensify" for iPhone, iPad and Mac — and the same day, US senators asked Apple to abandon qualifying CXMT or YMTC memory,…
- The 6% fall did not make the stock cheaper against its growth. Roughly 39x trailing earnings on a 14–17% guide before, roughly 36x on a 9–11% guide after. The price fell about 6%; the guided growth rate fell about a third.
Coverage around this release
R40
We Said Buffett's Apple Selling Was the Statement. Apple Then Became the Most Valuable Company in the World.
News · Aug 1, 2026
R40
Apple Q3 FY2026: Tim Cook's Final Quarter as CEO — a Beat That Still Cost Investors Billions
News · Jul 30, 2026
R40
The AI Capex Bet, Six Months In: What the Mag 7 Actually Spent (and What the Market Learned)
News · Jul 30, 2026
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $0.97 | — |
| 2024 Q4 | — | $2.40 | — |
| 2025 Q1 | — | $1.65 | — |
| 2025 Q2 | — | $1.57 | — |
| 2025 Q3 | — | $1.84 | — |
| 2025 Q4 | — | $2.84 | — |
| 2026 Q1 | — | $2.01 | — |
| 2026 Q2 | $1.88 | $1.91 | +2% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 320193.
HTML
8-K results announcement
Filed Jul 30, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
169 KB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
HTML
10-Q quarterly report
Period ended Jun 27, 2026, filed Jul 31, 2026
ZIP
XBRL data bundle
Structured financial statements from the 10-Q
JSON
Company facts (XBRL)
Every figure AAPL has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for 2026 Q2, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings