Apple Inc.
Apple Inc. · Big Tech (Hardware/Services)
01Wall Street Consensus
02Earnings Results
※ EPS of $2.02 (+29% YoY) came in above the $1.88-$1.89 consensus.
Key Takeaways
- Revenue $109.4B (+16% YoY)
- EPS $2.02 (+29% YoY) — above the $1.885 consensus
- Operating income $35.70B, net income $29.79B
- Services revenue $30.74B — a miss against the $31.22B consensus
- Quarterly capex $2.46B, free cash flow $31.91B
- No annual capex guidance — outside the capex cycle
Key Checkpoints
- 01iPhone revenue and Greater China revenue
- 02Services revenue growth and margin
- 03Companywide gross margin
- 04Apple Intelligence adoption and impact
- 05Q4 (FY26 Q4) guidance
Upside Catalysts
- Continued high-margin services revenue growth
- Apple Intelligence driving device upgrades
- New product cycle expectations
Risk Factors
- Slowing iPhone replacement cycle
- China demand and intensifying competition
- Tariff and supply-chain costs
- Delayed AI feature differentiation
EEPS History (Last 13 Quarters)
Actual EPS vs Consensus — Green Beat · Red Miss
1Our Read
Apple sits somewhere else entirely. While the hyperscalers spend tens of billions a quarter on data centres, Apple's quarterly capital expenditure was $2.46B against $31.91B of free cash flow. It gives no annual capex guidance. This is a company standing outside the capital spending cycle.
The quarter beat consensus. EPS of $2.02 was up 29% year on year. Services revenue came in below consensus, though, and the shares fell after the print. Rising memory costs were flagged as a source of cost pressure.
It kept the most cash of any of them, and the share price went the other way.
SEPS 서프라이즈 히스토리
분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출
컨센서스 대비 실제 EPS/매출 서프라이즈 (%)