Apple reports Q2 revenue up 17% YoY to $111.18B, vs. $109.66B est., net income up 19% YoY to $29.58B, and China revenue up 28% YoY to $20.5B, vs. $18.9B est.

March quarter records for total company revenue, iPhone revenue, and EPS — Services revenue reaches new all-time high

Apple 2026-05-01

Discussion

@munster_gene Gene Munster on x
$AAPL up 4% does not reflect how good the guide was. In a vacuum, I would have expected the stock to be up closer to 10% on that guide. I believe the reason is investors are thinking about what's after this super cycle. The answer is growth will move back to 5-10%, but all of
@munster_gene Gene Munster on x
Tim and John kick off the $AAPL call. John assures investors that he will be thoughtful and deliberate around financial decisions. As for products, he previewed he would not talk about upcoming product details, and says its the most exciting times to build products. My take,
@neilcybart Neil Cybart on x
Let's see how Wall Street analysts handle John Ternus sitting in on the call with Tim Cook and Kevan Parekh. We may be store for some truly bad questions aimed at Ternus (i.e. questions that Apple would never answer on an earnings call). Counter to this is some analysts won't
@munster_gene Gene Munster on x
Cook says the iPhone would have been stronger if not for supply constraints. I'm surprised the stock did not move higher. $AAPL
@munster_gene Gene Munster on x
Question comes up on why the iPhone 17 has been so strong. Cook calls it “amazing” across the world. Cooks says they set a new record for upgraders, which underscores some of what we are seeing in these strong numbers is the benefit of that 39% iPhone growth spike in FY21.
@greengart Avi Greengart on x
AAPL earnings out. Everything is up. If there's a surprise, it's that iPhone growth is outpacing Services.
@neilcybart Neil Cybart on x
On the call, Apple management commentary implied supply issues (iPhone and Mac) dinged overall revenue growth by at least 200 basis points.
@garyblack00 Gary Black on x
$AAPL +4% AH after forecasting much higher than expected 3Q revs and delivering solid 2Q results led by iPhone 17 and strong Greater China sales. 3Q guide: - Revs +14-17% YoY vs +9.1% est - Gross margin 47.5%-48.5% vs 47.6% est 2Q results: - Revs $111.2B +17% y/y vs $109.7B
@mweinbach Max Weinbach on x
Tim Cook just said on earnings they underestimated demand for the MacBook Neo, even they were bullish internally this was just more than expected
@munster_gene Gene Munster on x
Cooks says if they get a tariff refund, which I estimate would be close to $5B, they would reinvest it into the US.
@greengart Avi Greengart on x
Also despite MacBook Neo, which some think is lower margin (it's not). Apple is starting to pay more for memory, but it has supply locked in well in advance. Apple isn't cutting margins on iPhone and Mac to gain share. It's gaining share with incredible margins.
@munster_gene Gene Munster on x
The reason why shares of $AAPL are not up more is investors wonder if the new Siri can power an encore to iPhone super cycle that wraps up this quarter. I believe the answer is yes. [video]
Emil Protalinski Emil Protalinski on linkedin
Apple's Q2 2026 earnings report was mixed. — Here are the year-over-year numbers: — Revenue up 17% to $111.2 billion — Net income up 19% to $29.58 billion …
@neilcybart Neil Cybart on x
Apple revenue growth by segment: - Americas: +12% - Europe (includes India): +15% - Greater China: +28% - Japan: +15% - Rest of Asia Pacific: +25% Results very clearly show China and emerging markets strength.
@stocksavvyshay Shay Boloor on x
$AAPL Q3 GUIDANCE • Revenue: 16% vs. Est. 9% • Gross Margin: 48% vs. Est. 48% Guidance “comprehends our best view of constrained supply” on iPhone [image]
@benbajarin Ben Bajarin on x
$AAPL this is a clean beat with broad strength. iPhone +22%, Services +16%, China +28%, gross margin 49.3%, and the $100B buyback. If management's call commentary does not walk down June-quarter expectations, this should read bullish.
@munster_gene Gene Munster on x
Did the iPhone miss? Depends on what number you're looking at. They reported $56.99B, up 22% y/y vs 23%. Factset was at $56.66B Whisper was $57.5B My take: They made the iPhone number. $AAPL
@munster_gene Gene Munster on x
Overall the Apple numbers looked great. ➡️The stock is down 0.5% which is noise. ➡️The guide is what counts. I expect revenue guide higher than the 9% that the Street is looking for in June. ➡️Revenue growth was 17%, Street looking for 15%. ➡️Mac and iPad better.
@lexnfx Alexei Oreskovic on x
Memory crunch update from Apple: For the June quarter, we expect significantly higher memory costs. Beyond June quarter we believe memory costs will drive an increasing impact on costs to our business
@neilcybart Neil Cybart on x
Apple's results comfortably beat consensus for both revenue and EPS. Apple revenue came in roughly 1.5% below my estimate as iPhone and Mac supply issues dinged 2Q26 revenue more than I expected.
@htsfhickey Fred Hickey on x
Apple misses iPhone revenue estimates (iPhone revenue: $56.99 billion vs $57.21 billion expected) - not good in a quarter where there was lots of channel filling ahead of likely price hikes. Research house Omdia (today) noted: “Vendor-led front-loading - as Samsung, Apple, and
@vadimyuryev Vadim Yuryev on x
Apple's choice to NOT raise Mac prices to match the rise in memory prices was the right choice.
@asymco Horace Dediu on x
Mac revenue growth was 6%. Slightly less than I expected.
@munster_gene Gene Munster on x
For the $AAPL call. Revenue guide for June: I expect 10-12% ($104B-$106B) This has been a super cycle. Whats the encore in CY27? Margins: How will the component environment impact margins in the back half? Last quarter, Cook said changes are likely and it's too early to
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Apple reports earnings and revenue beat, boosted by services business
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Apple reports earnings and revenue beat, boosted by services business
@parkerortolani Parker Ortolani on x
I do wonder if this unusually high iPhone 17 demand will hamper foldable sales this fall. Major redesigns YoY like this can be a double edged sword. How many people bought 17 Pros planning to keep them for years who otherwise would've bought the foldable?
@mweinbach Max Weinbach on x
So what I'm hearing from Tim Cook here is the Mac Studio and Mac Mini will take several months for a supply demand balance Demand is from AI and agentic AI, that's insane and definitely unexpected for them
@munster_gene Gene Munster on x
More on the constraints. Cook says the availability of advanced modes in System on Chips (SoCs), not memory. The majority is on the Mac mini, Mac Studio and Mac Neo. Those products collectively account for about 3% of revenue. The bottom line is if not for the supply on the
@tgod34748 @tgod34748 on x
Yep, Mac mini and Mac Studio are seeing the worst of it. May take “several months” to reach supply balance. Also, Tim accidentally called the MacBook Neo the “Mac Neo” 😂

Chronicles

Apple reports Q2 revenue up 17% YoY to $111.18B, vs. $109.66B est., net income up 19% YoY to $29.58B, and China revenue up 28% YoY to $20.5B, vs. $18.9B est.

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