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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Erik Woodring | Morgan Stanley | 14 (14%) |
| Ben Reitzes | Melius Research | 14 (14%) |
| Mike Ng | Goldman Sachs | 14 (0%) |
| Amit Daryanani | Evercore ISI | 14 (7%) |
| Wamsi Mohan | Bank of America | 14 (7%) |
| Samik Chatterjee | JPMorgan | 14 (7%) |
| Dave Vogt | UBS | 12 (17%) |
| Aaron Rakers | Wells Fargo | 11 (0%) |
| Krish Sankar | TD Cowen | 10 (0%) |
| Richard Kramer | Arete Research | 8 (38%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Evercore ISI | 1 | 14 (7%) |
| Bank of America | 1 | 14 (7%) |
| Melius Research | 1 | 14 (14%) |
| Morgan Stanley | 1 |
| 14 (14%) |
| Goldman Sachs | 1 | 14 (0%) |
| JPMorgan | 1 | 14 (7%) |
| UBS | 1 | 12 (17%) |
| Wells Fargo | 1 | 11 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $94.93B | +6.1% | $0.97 | -33.6% | 46.2% | 31.2% | 15.5% | $23.90B |
| FY2025 Q1 | $124.30B | +4.0% | $2.40 | +10.1% | 46.9% | 34.5% | 29.2% | $27.00B |
| FY2025 Q2 | $95.36B | +5.1% | $1.65 | +7.8% | 47.1% | 31.0% | 26.0% | $20.88B |
| FY2025 Q3 | $94.04B | +9.6% | $1.57 | +12.1% | 46.5% | 30.0% | 24.9% | $24.41B |
| FY2025 Q4 | $102.47B | +7.9% | $1.85 | +90.7% | 47.2% | 31.6% | 26.8% | $26.49B |
| FY2026 Q1 | $143.76B | +15.7% | $2.84 | +18.3% | 48.2% | 35.4% | 29.3% | $51.55B |
| FY2026 Q2 | $111.18B | +16.6% | $2.01 | +21.8% | 49.3% | 32.3% | 26.6% | $26.73B |
| FY2026 Q3 | $109.42B | +16.4% | $2.03 | +29.3% | 50.1% | 32.6% | 27.2% | $38.71B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Apple sustained its momentum with revenue up 17% year-over-year and EPS of $2.10 growing 22%, driven by iPhone 17 family strength and Services hitting an all-time quarterly record at $31 billion. Gross margin of 49.3% exceeded guidance range as operational efficiency and product mix offset rising memory costs that management flagged as a margin headwind going forward. Mac faced supply constraints from surging demand, and management guided for 14-17% year-over-year revenue growth in the June quarter.
Demand | Cloud & AI | Innovation & R&D | Supply Chain | Revenue Growth | Trade Tariffs | Margin | Competitive Dynamics | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 11 | 9 | 4 | 1 | 2 | 1 | 4 | 3 |
| 2025Q2 | 5 | 4 | 4 | 5 | 2 | 7 | 2 | 1 |
| 2025Q3 | 6 | 8 | 4 | 3 | 3 | 6 | 4 | |
| 2025Q4 | 10 | 6 | 2 | 3 | 3 | 1 | 3 | 1 |
| 2026Q1 | 6 | 7 | 3 | 5 | 4 | 1 | 4 | 1 |
| 2026Q2 | 4 | 3 | 2 | 2 | 3 | 3 | 4 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|
| Demand | 11 | 5 | 6 | 10 | 6 | 4 |
| Cloud & AI | 9 | 4 | 8 | 6 | 7 | 3 |
| Innovation & R&D | 4 | 4 | 4 | 2 | 3 | 2 |
| Supply Chain | 1 | 5 | 3 | 3 | 5 | 2 |
| Revenue Growth | 2 | 2 | 3 | 3 | 4 | 3 |
| Trade Tariffs | 1 | 7 | 6 | 1 | 1 | |
| Margin | 4 | 2 | 3 | 4 | 3 | |
| Competitive Dynamics | 3 | 1 | 4 | 1 | 1 | 4 |
What AAPL and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“NBA 2 k 26 arcade edition maintaining its top 5 position on the Apple Arcade charts”
Take-Two's NBA 2K26 Arcade Edition holds a top-5 position on Apple Arcade, a read-through on Apple's subscription-gaming platform distribution.
“In terms of Apple product revenue for fiscal '27, we've seen sell-side models in the range of a little over $2 billion in terms of QCT product revenue in the year, and we think that's a reasonable place to model the business.”
Qualcomm reiterated Apple's modem-chip share steps down to 20% for fall launches with no relationship beyond, ~$2B product revenue in FY27.
“We recently added Apple TV in March, and this week we announced Peacock.”
Roku added Apple TV as a Tier 1 premium subscription partner, contributing to 30% subscription revenue growth.
“Consumers can now find licensed Yelp content on Amazon Alexa, Apple Maps, Microsoft Bing, Meta.ai and Yahoo, among many other platforms.”
Licensed Yelp content appears on Apple Maps, a long-standing surface for Yelp's local data.
“we are powering Apple's debut season as the U.S. broadcaster of Formula 1, integrating every feed to their platform”
TKO's IMG is producing and integrating feeds for Apple's debut season as U.S. broadcaster of Formula 1, a services read-through for Apple's sports-streaming push.
“reflecting the move of the Apple portfolio to held for sale”
Goldman is moving the Apple (Apple Card) portfolio to held for sale, a read-through that Goldman is winding down its consumer partnership with Apple.
“we entered an agreement with Apple for Amazon Leo to power satellite services for iPhones and Apple Watches.”
Apple will use Amazon Leo direct-to-device satellite services for iPhones and Apple Watches, a supplier/partner win for Amazon's satellite network.
“our inclusion in Apple's American manufacturing program, recognizing our role as a long-term trusted partner.”
Qnity was included in Apple's American manufacturing program, positioned as a long-term trusted materials partner.
“we are seeing school systems like the Kansas City Public Schools switching from Chromebooks and Windows PCs to the MacBook Neo.”
Apple cites education customers switching away from Windows PCs to MacBook Neo, implying education share loss for Microsoft's Windows platform.
“we are seeing school systems like the Kansas City Public Schools switching from Chromebooks and Windows PCs to the MacBook Neo.”
Apple cites education customers switching away from Google Chromebooks to MacBook Neo, implying education share loss for Google's Chrome OS devices.
“The collaboration with Google is going well. We are happy with where things are, and we are happy with the work we are doing independently as well.”
Apple confirms its foundational-model collaboration with Google (Gemini) is going well, a read-through on Google's role powering Apple Intelligence.
“in India, leading enterprise software provider Freshworks deployed over 5 thousand MacBook Pro and MacBook Air to accelerate their AI development.”
Freshworks deployed 5,000+ MacBooks in India, a named enterprise customer win supporting Apple's Mac growth in emerging markets.
“leading AI developers like Perplexity are choosing Mac as their preferred platform to build enterprise-grade AI assistants that power autonomous agents and boost workplace productivity.”
Perplexity is named as an AI developer standardizing on Mac to build enterprise AI assistants, evidence of Apple silicon's traction with AI builders.
“Marsh, a leading professional services firm, deployed a large-scale refresh of corporate devices to iPhone 17 as part of a commitment to security, alongside adopting Mac for internal AI development.”
Marsh (Marsh McLennan) is cited as an enterprise customer completing a large iPhone 17 refresh and adopting Mac, a win for Apple's enterprise services push.
“At TSMC’s Arizona facility, for example, Apple Inc. is on track to purchase well over 100 million advanced chips.”
Apple is buying well over 100 million advanced chips from TSMC's Arizona fab, signaling large sustained silicon demand for its key foundry supplier.