Apple Inc. Q2 FY26 Results — Earnings Call Analysis
Published 29 May 2026 | Technology Hardware, Storage and Peripherals | Market Cap: ₹45.3L Cr
- June quarter total company revenue expected to grow 14% to 17% year-over-year, considering supply constraints. - Services revenue expected to grow at a rate similar to March quarter, excluding foreign exchange tailwinds. - iPhone sales momentum is strong, driven by the iPhone 17 family, with double-digit growth in most key markets. - MacBook Neo is supply constrained but showing strong demand, contributing to Mac growth, especially in education and enterprise. - Emerging markets like India and Greater China show significant growth potential with increasing customer bases. - Broad market adoption with new product users across iPhone, Mac, iPad, and wearables. - Ongoing investment in innovation and U.S. - June quarter revenue expected to grow 14% to 17% year-over-year, factoring supply constraints.
From Apple Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.
Price
₹308.33
Market Cap
₹45.3L Cr
P/E Ratio
37.3
Revenue Rank
Margin Rank
How does Apple Inc. rank in Technology Hardware, Storage and Peripherals?
Compare Apple Inc. against every Technology Hardware, Storage and Peripherals company this quarter on revenue, margins and earnings-call signals.
📊 Revenue & Sales Performance
Rank 3- →June quarter total company revenue expected to grow 14% to 17% year-over-year, considering supply constraints.
- →Services revenue expected to grow at a rate similar to March quarter, excluding foreign exchange tailwinds.
- →iPhone sales momentum is strong, driven by the iPhone 17 family, with double-digit growth in most key markets.
- →MacBook Neo is supply constrained but showing strong demand, contributing to Mac growth, especially in education and enterprise.
- →Emerging markets like India and Greater China show significant growth potential with increasing customer bases.
- →Broad market adoption with new product users across iPhone, Mac, iPad, and wearables.
- →Ongoing investment in innovation and U.S. manufacturing expected to support long-term growth.
- →Supply constraints remain a consideration but do not limit positive growth outlook in major product lines.
📈 Profitability & Margins
Rank 3- →June quarter revenue expected to grow 14% to 17% year-over-year, factoring supply constraints.
- →Services revenue growth expected to be similar to March quarter after removing FX tailwinds.
- →Gross margin forecasted between 47.5% and 48.5% for June quarter.
- →Operating expenses projected between $18.8 billion and $19.1 billion for June quarter.
- →Other income and expense (OI&E) around $250 million, excluding mark-to-market impacts.
- →Tax rate expected to be approximately 17%.
- →Impact from ongoing supply constraints considered in guidance, especially for iPhone and Mac.
- →Memory costs anticipated to significantly increase gross margin pressure in June quarter and beyond.
- →Capital returns remain important, with $100 billion additional share repurchase authorization and a 4% dividend increase.
🏗️ Capital Expenditure Plans
Yes- →Apple is investing more in R&D, with significant year-over-year scaling, particularly in AI and product innovation.
- →Collaboration with Google on foundational models is ongoing and progressing well, alongside independent development.
- →Any refunded tariffs paid under IEEPA and Section 122 will be reinvested into U.S. innovation and advanced manufacturing as new investments, beyond prior commitments.
- →Capital allocation philosophy prioritizes necessary business investments first, then returning excess cash to shareholders.
- →Apple ended the quarter with $147 billion in cash and marketable securities, and net cash of $62 billion.
- →The company is no longer formally targeting net cash neutrality, opting to evaluate cash and debt independently for optimal economic decisions.
- →Board authorized an additional $100 billion for share repurchases.
- →Apple is clearly increasing investment related to AI and new products, reflected in higher OpEx and R&D spending.
💰 Fundraising & Capital Structure
No information- →Apple ended the quarter with $147 billion in cash and marketable securities and $85 billion in total debt.
- →Net cash was $62 billion at quarter-end.
- →The company returned $15 billion to shareholders during the quarter, including $11 billion through share repurchases.
- →Apple is no longer providing net cash neutral as a formal target and will evaluate cash and debt independently.
- →The Board authorized an additional $100 billion for share repurchases.
- →Apple remains committed to returning excess cash to shareholders.
- →There is no explicit mention of new fundraising through debt or equity in the current or future outlook.
📋 Order Book & Pipeline
Yes- →The primary supply constraints currently are related to the availability of advanced nodes for SoCs (System on Chips), not memory.
- →iPhone supply is not constrained for the June quarter, but Mac models—specifically Mac Mini, Mac Studio, and MacBook Neo—are facing supply constraints due to higher-than-expected demand.
- →It may take several months for Mac supply-demand balance to be achieved.
- →Supply constraints were significant in the March quarter, especially for iPhone and to a lesser extent Mac.
- →The June quarter guidance reflects the expected supply constraints, particularly on Mac products.
- →Demand has outpaced supply, particularly for Mac products that are strong platforms for AI and have seen unexpectedly high enthusiasm.
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were Apple Inc. Q2 FY26 results?
- June quarter total company revenue expected to grow 14% to 17% year-over-year, considering supply constraints. - Services revenue expected to grow at a rate similar to March quarter, excluding foreign exchange tailwinds. - iPhone sales momentum is strong, driven by the iPhone 17 family, with double-digit growth in most key markets. - MacBook Neo is supply constrained but showing strong demand, contributing to Mac growth, especially in education and enterprise. - Emerging markets like India and Greater China show significant growth potential with increasing customer bases. - Broad market adoption with new product users across iPhone, Mac, iPad, and wearables. - Ongoing investment in innovation and U.S. - June quarter revenue expected to grow 14% to 17% year-over-year, factoring supply constraints.
What is Apple Inc. share price analysis?
Apple Inc. currently shows a below-average growth signal. The stock trades at a P/E of 37.3 with a market cap of $4,528,552. Investors should review the full earnings analysis for detailed insights.
Is Apple Inc. planning capital expenditure?
- Apple is investing more in R&D, with significant year-over-year scaling, particularly in AI and product innovation. - Collaboration with Google on foundational models is ongoing and progressing well, alongside independent development. - Any refunded tariffs paid under IEEPA and Section 122 will be reinvested into U.S.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.