Wall Street analysts expect Apple (AAPL) to post quarterly earnings of $2.65 per share in its upcoming report, which indicates a year-over-year increase of 10.4%. Revenues are expected to be $137.47 billion, up 10.6% from the year-ago quarter.The consensus EPS estimate for the quarter has undergone an upward revision of 0.4% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Before a comp ...

Summary of Apple Inc. (AAPL) F4Q25 Earnings Call Company Overview - **Company**: Apple Inc. (AAPL) - **Quarter**: F4Q25 - **Key Financial Metrics**: - EPS: $1.85 - Total Revenue: $102.4 billion - Services Revenue: $28.8 billion (+15% YoY) - iPhone Revenue: $49.0 billion (+6% YoY) Core Points and Arguments 1. **Earnings Performance**: - AAPL's EPS of $1.85 exceeded Goldman Sachs (GS) and consensus estimates of $1.81 and $1.78 respectively, driven by strong performance in Services and gross profit margins [2][3][7] - Total revenue of $102.4 billion was in line with consensus but below GS's estimate of $103.5 billion [5][6] 2. **Revenue Breakdown**: - Products revenue was $73.7 billion, missing GS and consensus estimates of $75.3 billion and $74.2 billion, primarily due to a miss in iPhone revenue [5][6] - Services revenue of $28.8 billion beat expectations, with most components accelerating year-over-year [2][6] 3. **Gross Margins**: - Product gross margins were 36.2%, beating GS and consensus estimates of 35.6% and 36.1% [7] - Services gross margins were 75.3%, slightly below GS's estimate of 75.5% but above consensus [7] 4. **Future Guidance**: - AAPL guided for 10-12% year-over-year revenue growth for F1Q26, which is better than GS's estimate of 9% [7][8] - Double-digit growth in iPhone revenue is expected, compared to GS's estimate of 10% [7] 5. **AI Developments**: - AAPL confirmed that an updated version of Siri is on track for release next year, with plans for more AI partnerships similar to its existing agreement with ChatGPT [1] Additional Important Insights 1. **Supply Chain Constraints**: - AAPL noted supply constraints for several iPhone 16 and 17 models during the quarter, impacting iPhone revenue [5] 2. **Share Repurchase**: - AAPL repurchased approximately $20 billion of shares during the quarter, which was below GS's expectation of $25 billion [7] 3. **Geographic Revenue Performance**: - Revenue from the Americas was $44.2 billion (-4% YoY), Europe was $28.7 billion (+5% YoY), Greater China was $14.5 billion (-8% YoY), Japan was $6.6 billion (+3% YoY), and Rest of Asia-Pacific was $8.4 billion (+6% YoY) [6][8] 4. **Key Risks**: - Weakening consumer demand, supply chain disruptions, intensifying competition, regulatory risks, and capital allocation execution are highlighted as key risks to AAPL's outlook [9][10][11][12][14] 5. **Investment Rating**: - Goldman Sachs maintains a "Buy" rating on AAPL with a 12-month price target of $279, reflecting a potential upside of 3.4% from the current price of $269.70 [18] Conclusion - AAPL's strong performance in Services and guidance for future growth, despite challenges in product revenue, positions the company favorably in the market. The focus on AI and continued share repurchases further supports its investment thesis. However, potential risks related to consumer demand and supply chain issues warrant close monitoring.

Core Insights - Apple reported fiscal Q4 earnings of $1.85 per share on sales of $102.5 billion, surpassing analyst expectations of $1.78 per share and $102.2 billion in sales [2][4] - Year-over-year, Apple's adjusted earnings increased by 13% and sales rose by 8% [2] - The company anticipates a revenue increase of 10% to 12% for the current quarter, projecting a midpoint revenue of $138 billion [4] Financial Performance - Services revenue grew by 15% year-over-year to $28.75 billion, accounting for 28% of total revenue [3] - iPhone sales increased by 6% to $49 billion, representing 48% of total revenue [3] - Mac computer sales rose by 13% to $8.7 billion, while iPad and Wearables sales remained flat [3] Market Reaction - Following the earnings report, Apple stock rose by 3.5% in after-hours trading, reaching $281.01, after a regular session close of $271.40 [5] - The market capitalization of Apple is now $4.03 trillion, with an intraday record high of $274.14 [5][6] Future Outlook - CEO Tim Cook highlighted a strong product lineup heading into the holiday season [5] - Analysts forecast earnings of $2.54 per share for fiscal Q1, reflecting a 6% increase [4]

Group 1: Apple Q4 Earnings Overview - Apple's Q4 EPS was $1.85, exceeding the Street's estimate of $1.77 [1] - Q4 revenue reached $102.47 billion, slightly above the Street's expectation of $102.19 billion [1] - Greater China revenue was $14.49 billion, below the Street's estimate of $16.43 billion [1] Group 2: Revenue Breakdown - iPhone revenue was $49.03 billion, up 6% year-over-year, but below the consensus of $49.33 billion [2][16] - Mac revenue was $8.73 billion, surpassing the Street's estimate of $8.55 billion [2] - Wearables, home, and accessories revenue reached $9.01 billion, exceeding expectations of around $8.6 billion [2] - Services revenue was $28.75 billion, beating the Street's estimate of $28.18 billion [2][17] Group 3: Analyst Insights - Analysts noted that while the top and bottom lines were acceptable, iPhone sales and China revenue were disappointing [4] - Services growth exceeded expectations, with a projected growth rate of 12-13% going into 2026 [5][19] - The September quarter is typically supply-driven, and the December quarter's commentary will be more critical for future performance [7][10] Group 4: Future Expectations - There is a focus on the upcoming holiday quarter and the performance of the base model iPhone in China [9][10] - Analysts are looking for positive commentary from Tim Cook regarding Apple's AI strategy and its rollout plans for 2026 [14][15] - The company is expected to maintain a consistent growth rate in services, despite earlier concerns about sustainability [19][20]

Summary of Apple, Inc. Conference Call Company Overview - **Company**: Apple, Inc. - **Industry**: IT Hardware - **Market Cap**: $3,468,858 million - **Stock Rating**: Overweight - **Price Target**: $240.00 - **Current Price**: $232.78 - **Fiscal Year Ending**: September 2024 Key Points iPhone Build and Shipment Forecasts - September quarter iPhone builds revised 8% higher from 50 million units to 54 million units, with a forecast of 55 million shipments for the same period, reflecting a flat year-over-year change [1][2][10] - The positive revision is attributed to stronger sell-through in the June quarter and reduced channel inventory, creating a larger fill opportunity for September [1][2] - December quarter iPhone builds are expected to range from 73 million to 92 million units, with a more conservative estimate of 73-81 million builds based on historical seasonality [3] Financial Performance and Projections - Current EPS estimates for fiscal years 2025 and 2026 are $7.36 and $8.00 respectively, with a projected growth of 9.1% and 8.6% year-over-year [6][25] - Total revenue growth is expected to be 6.1% in 2025 and 6.5% in 2026, with iPhone revenue growth at 4.2% and 5.5% respectively [25] - Gross margin is projected to improve slightly from 46.7% in 2025 to 46.9% in 2026 [25] Market Sentiment and Risks - The sentiment around Apple is turning more bullish, with expectations of upward revisions in estimates due to pent-up demand and elongated replacement cycles [4][9] - Risks include potential tariff impacts, regulatory concerns, and competition in the AI space, which could affect future growth [4][9][29] Investment Drivers - Key drivers for growth include the introduction of the iPhone 17, expected acceleration in replacement cycles, and a strong focus on services revenue, which is projected to grow at double-digit rates [20][28] - The company is seen as having significant pricing power, particularly in its services segment, which has not seen price increases in two years [9] Valuation and Price Target - The price target of $240.00 is based on a 7.9x EV/Sales multiple for FY26, implying a P/E of 28.9x on projected EPS of $8.30 [14] - The current valuation is not stretched compared to the S&P 500, trading at a 37% premium, which aligns with historical averages [12][14] Conclusion - Apple is positioned for potential growth driven by new product launches and a recovering demand environment, despite facing some near-term uncertainties. The overall outlook remains positive with a focus on innovation and market expansion.

Core Insights - Apple Inc. reported a revenue of $94.036 billion for Q3 of FY2025, marking a year-over-year increase of approximately 9.63% [1] - The net profit for the same period was $23.434 billion, reflecting a year-over-year growth of about 9.26% [1] Revenue Breakdown - iPhone sales increased from $39.296 billion in the previous fiscal year to $44.582 billion, showing a growth of over 13% [1] - Service revenue rose from $24.213 billion to $27.423 billion, also exceeding a 13% increase [1] - Computer sales grew from $7.009 billion to $8.046 billion [1] - Sales of wearables, home, and accessories decreased from $8.097 billion to $7.404 billion [1] Market Performance - Revenue growth was observed across major markets, including Greater China, the Americas, Japan, and other Asia-Pacific regions [1] - Specifically, revenue in Greater China increased from $14.728 billion to $15.369 billion year-over-year [1] Challenges - CEO Tim Cook indicated that the company faced an $800 million loss in Q3 due to U.S. tariff measures, with an expected loss of $1.1 billion in Q4 attributed to tariffs [1] - Apple is also facing competitive pressures from rivals such as Samsung and Google [1] - Additionally, the company is encountering regulatory pressures from the European Union regarding its business operations [1]

Core Insights - Apple reported $94.04 billion in revenue for the quarter ended June 2025, a year-over-year increase of 9.6%, with an EPS of $1.57 compared to $1.40 a year ago, exceeding Zacks Consensus Estimates for both revenue and EPS [1] Financial Performance - Revenue exceeded the Zacks Consensus Estimate of $88.92 billion by 5.75% [1] - EPS surpassed the consensus estimate of $1.42 by 10.56% [1] Geographic Revenue Breakdown - Greater China: $15.37 billion, +4.4% year-over-year, above the estimate of $15.27 billion [4] - Europe: $24.01 billion, +9.7% year-over-year, exceeding the estimate of $22.75 billion [4] - Rest of Asia Pacific: $7.67 billion, +20.1% year-over-year, above the estimate of $6.64 billion [4] - Japan: $5.78 billion, +13.4% year-over-year, compared to the estimate of $5.63 billion [4] - Americas: $41.2 billion, +9.3% year-over-year, exceeding the estimate of $38.49 billion [4] Net Sales by Category - Total Net Sales: $66.61 billion, +8.2% year-over-year, above the estimate of $61.56 billion [4] - Services: $27.42 billion, +13.3% year-over-year, exceeding the estimate of $26.95 billion [4] - Mac: $8.05 billion, +14.8% year-over-year, above the estimate of $7.16 billion [4] - iPhone: $44.58 billion, +13.5% year-over-year, exceeding the estimate of $40.61 billion [4] - Wearables, Home and Accessories: $7.4 billion, -8.6% year-over-year, slightly above the estimate of $7.34 billion [4] - iPad: $6.58 billion, -8.1% year-over-year, below the estimate of $6.78 billion [4] Stock Performance - Apple shares returned -1.6% over the past month, while the Zacks S&P 500 composite increased by 2.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Core Insights - Apple reported second-quarter fiscal 2025 adjusted earnings of $1.65 per share, exceeding the Zacks Consensus Estimate by 2.48% and reflecting a year-over-year increase of 7.8% [1] - Net sales rose 5.1% year over year to $95.36 billion, surpassing the Zacks Consensus Estimate by 1.16% [1] Sales Performance - Product sales, which constitute 72.1% of total sales, increased by 2.7% year over year to $68.71 billion [1] - Services revenues grew 11.6% year over year to $26.65 billion, accounting for 27.9% of total sales, although it fell short of the consensus mark by 0.43% [2] - iPhone sales rose 1.9% year over year to $46.84 billion, making up 49.1% of total sales and beating the Zacks Consensus Estimate by 0.84% [3] - Greater China sales decreased by 2.3% year over year, while revenues from Japan and the Americas increased by 16.5% and 8.2%, respectively [4] - Non-iPhone revenues (iPad, Mac, and Wearables) collectively increased by 4.5% year over year, with Mac sales at $7.95 billion (up 6.7%) and iPad sales at $6.4 billion (up 15.2%) [5] - Wearables, Home, and Accessories sales declined by 4.9% year over year to $7.52 billion [6] Margin Analysis - Gross margin expanded by 50 basis points year over year to 47.1%, with a sequential increase of 20 basis points due to a favorable product mix [7] - Products' gross margin contracted by 340 basis points sequentially to 35.9% due to unfavorable foreign exchange impacts, while Services' gross margin improved by 70 basis points sequentially to 75.7% [7] - Operating margin increased by 30 basis points year over year to 31% [8] Financial Position - As of March 29, 2025, Apple had cash and marketable securities of $132.92 billion against term debt of $92.2 billion [9] - The company returned nearly $29 billion in the reported quarter through dividend payouts and share repurchases [9] - The board authorized an additional $100 billion for share repurchases and raised dividends by 4% to 26 cents per share [10] Future Outlook - For the third quarter of fiscal 2025, Apple expects net sales to grow low to mid-single digits year over year, with a gross margin forecast of 45.5-46.5% [11] - The Zacks Consensus Estimate for third-quarter fiscal 2025 revenues is $89.22 billion, indicating a 4.02% growth year over year [13]

Core Insights - For the quarter ended March 2025, Apple reported revenue of $95.36 billion, reflecting a year-over-year increase of 5.1% and an EPS of $1.65, up from $1.53 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $94.26 billion by 1.16%, while the EPS surpassed the consensus estimate of $1.61 by 2.48% [1] Revenue Performance - Geographic Revenue: - Americas: $40.32 billion, exceeding the estimate of $39.46 billion, with an 8.2% year-over-year increase [4] - Europe: $24.45 billion, slightly below the estimate of $24.80 billion, with a 1.4% year-over-year increase [4] - Rest of Asia Pacific: $7.29 billion, below the estimate of $7.45 billion, with an 8.4% year-over-year increase [4] - Japan: $7.30 billion, exceeding the estimate of $6.55 billion, with a significant 16.5% year-over-year increase [4] - Greater China: $16 billion, below the estimate of $16.55 billion, reflecting a 2.3% year-over-year decline [4] Sales by Category - Net Sales: - Products: $68.71 billion, exceeding the estimate of $67.61 billion, with a 2.7% year-over-year increase [4] - Services: $26.65 billion, slightly below the estimate of $26.76 billion, with an 11.6% year-over-year increase [4] - Sales by Category: - Mac: $7.95 billion, exceeding the estimate of $7.79 billion, with a 6.7% year-over-year increase [4] - iPhone: $46.84 billion, exceeding the estimate of $46.45 billion, with a 1.9% year-over-year increase [4] - Wearables, Home and Accessories: $7.52 billion, below the estimate of $7.76 billion, with a 4.9% year-over-year decline [4] - iPad: $6.40 billion, exceeding the estimate of $5.92 billion, with a 15.2% year-over-year increase [4] Stock Performance - Over the past month, Apple's shares have returned -5.1%, compared to the Zacks S&P 500 composite's -0.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]