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Apple Inc.

Q2 FY26Technology Hardware, Storage and Peripherals

Apple Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹308

Market cap₹45.3L Cr

P/E37.3

Updated29 May 2026

Read5 min read

What the Q2 FY26 call signalled

2 of 4 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

Order bookOrder book rising

The short version

- 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.

Revenue & Sales Performance

Moderate growth

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.

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Profitability & Margins

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.

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Capital Expenditure Plans

Capex planned

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.

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Fundraising & Capital Structure

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.

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Order Book & Pipeline

Order book rising

The primary supply constraints currently are related to the availability of advanced nodes for SoCs (System on Chips), not memory.
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.

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What Apple Inc.'s management said in earlier quarters

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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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.