APPLE INC. · NASDAQ: AAPL
Apple Inc. (AAPL) Stock Research
Research Apple Inc. (AAPL) earnings, business trends, valuation context, institutional ownership, risks, and the next investor checkpoints.
- Latest financial period
- Q3 FY2026
- Latest filing
- Jul 31, 2026
- Research updated
- Sep 15, 2026
01
Reported evidence
Latest AAPL financial snapshot
Q3 FY2026 · filed Jul 31, 202602
Latest filing analysis
What changed in the latest reported period
Q3 FY2026 net sales reached $109.4 billion, up 16% from $94.0 billion a year earlier.
Diluted EPS rose to $2.02 from $1.57, while net income increased to $29.8 billion.
iPhone revenue increased 22% to $54.3 billion, driven primarily by higher sales of Pro models.
Services revenue increased 12% to $30.7 billion, led primarily by advertising and cloud services.
Total gross margin expanded to 50.1% from 46.5%; product gross margin rose while Services gross margin percentage held at 75.6%.
03
BasisPilot
What matters for AAPL now
iPhone mix and upgrade demand
Q3 iPhone revenue rose 22% to $54.3 billion, with Apple attributing the increase primarily to Pro models. The next checkpoint is whether that mix remains durable.
Evidence checkpointServices growth
Services revenue grew 12% to $30.7 billion, led by advertising and cloud services. Growth and the 75.6% Services gross margin remain central to the earnings mix.
Evidence checkpointGreater China demand
Greater China revenue rose 22% to $18.8 billion, primarily because of higher iPhone sales. Durability beyond one product cycle is the key test.
Evidence checkpointProduct gross margin
Product gross margin increased to 40.1% from 34.5%, helped by product mix and tariff refunds but partly offset by higher costs including memory.
Evidence checkpointCapital returns
Apple repurchased $25.8 billion of stock and paid $4.0 billion of dividends and dividend equivalents in Q3 FY2026. Repurchase pace and price paid affect per-share outcomes.
Evidence checkpoint04
Revenue mix
How Apple Inc. makes money
08
Geographic performance
Apple revenue by region
Q3 FY2026 net sales. Greater China growth was driven primarily by higher iPhone sales.
09
Profitability mix
Products and Services gross margin
Product gross margin rose from 34.5%, helped by product mix and tariff refunds but partly offset by higher costs including memory. Services margin was unchanged year over year.
10
Nine-month cash flow
Cash generation and investment
11
Shareholder returns
Apple capital returns
12
ETF
Explore AAPL through ETFs
AAPL appears in major broad-market and technology funds, but portfolio weights change. Use current fund holdings before comparing exposure; these are research candidates, not live weight claims.
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Comparable context
AAPL peer context
05
Historical filings
AAPL earnings history
| Period | Revenue | YoY | EPS | Filed |
|---|---|---|---|---|
| Q3 FY2026 | $109.4B | 16.4% | 2.02 | Jul 31, 2026 |
| Q2 FY2026 | $111.2B | 17% | 2.01 | Apr 30, 2026 |
| Q1 FY2026 | $143.8B | 15.7% | 2.84 | Jan 29, 2026 |
| Q4 FY2025 | $102.5B | 7.9% | 1.85 | Oct 30, 2025 |
| Q3 FY2025 | $94B | 9.6% | 1.57 | Jul 31, 2025 |
| Q2 FY2025 | $95.4B | 5.1% | 1.65 | May 1, 2025 |
| Q1 FY2025 | $124.3B | 4% | 2.4 | Jan 30, 2025 |
06
Valuation context
AAPL valuation
Evaluate AAPL through revenue growth, margins, cash generation and the expectations implied by the market price. BasisPilot does not display an undated valuation multiple.
07
SEC 13F
Institutional ownership
15
BasisPilot Insights
Latest Apple Inc. research
Sep 10, 2026
Apple iPhone Duo Explained: What the $1,999 Foldable Launch Means for AAPL
Apple launched the $1,999 iPhone Duo and raised iPhone 18 Pro pricing. See what the foldable launch means for AAPL, margins, China demand, AI and upgrade cycles.
Sep 11, 2026Apple After the iPhone Duo Launch: Pricing Power, India Price Hikes and the Real AAPL Test
Apple’s iPhone Duo launch is now a pricing and demand test. India saw some of the steepest iPhone increases, while U.S. Pro prices also rose. Here is what investors should watch.
Sep 9, 2026Apple September 9 Event: What to Watch for the iPhone, Foldable Launch and AAPL Stock
Apple’s September 9 event begins at 10 a.m. PT. Here is what investors should watch in the iPhone lineup, foldable expectations, pricing, AI and the John Ternus era.
Sep 7, 2026Apple September 9 Event Preview: What the iPhone Launch Could Mean for AAPL
Apple has confirmed a September 9 event at 10 a.m. PT. Here is what investors should watch in the next iPhone launch, pricing, AI strategy and John Ternus’s first major product event as CEO.
Sep 6, 2026Apple September 9 Event Preview: What the Next iPhone Launch Means for AAPL Under John Ternus
Apple will hold its next major product event on September 9 under new CEO John Ternus. Here is what investors should watch in the iPhone launch, product mix and AI strategy.
14
Decision support
Risks and next checkpoints
iPhone demand and premium-model mix may normalize; monitor category revenue and geographic mix each quarter.
App Store and platform regulation can affect Services distribution and economics; track official legal and regulatory disclosures.
Tariffs, memory costs and product mix can pressure gross margin; compare product and Services margin disclosures separately.
Greater China results remain exposed to demand, competition, currency and regulatory conditions.
AI investment may raise operating costs before producing measurable device or Services revenue.
Supply-chain concentration and component availability can affect product launches, inventory and costs.
16
FAQ
AAPL investor questions
What was Apple's latest quarterly revenue?
Apple reported $109.42 billion of Q3 FY2026 net sales, up 16% year over year, with $29.79 billion of GAAP net income and $2.02 of diluted EPS.
What were Apple's Services revenue and gross margin?
Services generated $30.74 billion of Q3 FY2026 revenue, up 12% year over year. Services gross margin was 75.6%, unchanged from the prior-year quarter.
Which Apple product category grew fastest?
Mac had the fastest percentage growth, rising 29% to $10.35 billion. iPhone produced the largest dollar increase, adding $9.67 billion to reach $54.25 billion.
Did Apple's Greater China revenue grow?
Yes. Greater China revenue increased 22% to $18.82 billion in Q3 FY2026, primarily because of higher iPhone sales, according to Apple.
How much stock did Apple repurchase in Q3 FY2026?
Apple repurchased $25.8 billion of common stock and paid approximately $4.0 billion of dividends and dividend equivalents during Q3 FY2026. The declared amount was $0.27 per share or RSU.
Can AAPL 13F data show an institution's true cost basis?
No. Form 13F reports delayed quarter-end positions and reported value, not each institution's transaction history. Reported value divided by shares is only a quarter-end implied price.
What should AAPL investors monitor next?
Key checkpoints are iPhone Pro mix, Services growth and margin, Greater China demand, product gross margin, AI spending, and App Store and platform regulation.
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Provenance
Sources and methodology
Primary SEC filings and issuer releases take precedence. Financial, market, ownership and page-update dates are shown separately, while historical values retain their original reporting period.