E
Evolve Financial
AAPL
Nasdaq · Consumer Tech
Apple
Inc.
The world's most valuable consumer hardware franchise, increasingly underwritten by a $109B Services business and a 2.5B-device installed base. Re-rated in 2026 on iPhone 17 strength and a "supply-chase" cycle.
$293.86
+40.2% 1Y
Last close · 52w range $193.46 – $294.76
Market Cap
$4.31T
P/E (TTM)
~35.5x
Dividend
$1.04 / yr
FY25 Revenue
$416.2B
01
Summary
Apple closed FY2025 (ending September) at a record $416.2B in revenue and $112.0B in net income, then opened FY2026 with two consecutive blowout quarters: $143.8B in Q1 (+16% YoY) and $111.2B in Q2 (+17% YoY). Both quarters were paced by an "extraordinary" iPhone 17 cycle that re-accelerated the franchise after a flat-ish FY24 and, notably, re-ignited Greater China (+38% YoY in Q1).
Services has become the structural margin engine — $109B annualized, growing mid-teens, at ~76% gross margin vs. ~40% on Products. Combined gross margin expanded to a 49.3% record in Q2 FY26, despite a tougher tariff and memory-cost backdrop. The installed base crossed 2.5B active devices, expanding the surface area for Services monetization.
The setup is unusually dual-edged: hardware demand is the strongest in years and the AI/foldable cycle in 2H 2026 could extend it, while concurrent regulatory threats (DOJ, EU DMA, Google search remedy) and a new 15% electronics tariff create real downside paths. Tim Cook will hand the CEO role to John Ternus on Sept. 1, 2026.
Installed Base
2.5B+ devices
Cash & Mkt Sec
$145B
Services GM
76.7%
Products GM
38.7%
FY25 Net Income
$112.0B
FY25 Op. Cash Flow
~$54B (Q1 alone)
02
Key revenue contributors
Geographic mix — Q1 FY2026
Greater China rebounded sharply in the iPhone 17 cycle after a difficult FY25, and India set fresh records as Apple shifted a growing share of US-bound iPhone production there.
Americas
~$63B all-time record
Europe
~$36B all-time record
Greater China
~$24B +38% YoY
Japan
~$8B all-time record
Rest of Asia Pacific
~$13B all-time record
03
Key bets & key risks
Key bets
LLM-powered Siri & Apple Intelligence
Long-term
Major Siri rebuild slated for iOS 26.4 (Spring 2026), reportedly leveraging Google Gemini under Apple's privacy infrastructure plus on-device models. Bull case turns Siri from a feature into the connective layer across iPhone, iPad, Mac, smart home and wearables.
First foldable iPhone — fall 2026
Near-term
Book-style "iPhone Fold" targeting a September 2026 launch alongside iPhone 18 Pro, on the 2nm A20 chip. Estimated ~$2,400 ASP; positioned by Bloomberg as "the most significant overhaul in iPhone's history."
Smart home expansion (HomePad & HomeOS)
Near-term
Wall-mount/desktop hub with HomeOS expected Spring 2026, paired with new HomePod and Apple TV refreshes. Strategic anchor for Siri 2.0 to demonstrate value in daily home contexts and open a 5th device category.
Smart glasses & AI wearables
Long-term
Display-less, Visual-Intelligence-led glasses targeted for late 2026 preview / 2027 production, plus AirPods with cameras and a possible AI pin. Repositioning beyond the bulky Vision Pro toward Meta Ray-Ban-class form factors.
India manufacturing & market
Near-term
India now ~25% of global iPhone production (vs. <5% four years ago), with a goal of majority of US-bound iPhones from India by end of 2026 — partial offset to the new tariff regime, plus a fast-growing consumer market.
Apple Silicon & in-house modems
Near-term
M5 already shipping in MacBook Pro, iPad Pro, Vision Pro; M5 Pro/Max/Ultra and the 2nm A20 expected through 2026. iPhone 18 Pro slated to use Apple's own C1X/C2 modem, displacing Qualcomm and tightening vertical integration.
Key risks
Google search payment ("TAC") at risk
High
The Google search default deal (~$15–20B/yr, near-pure margin) is the single largest line-item exposure. JPMorgan estimates up to $12.5B in annual revenue at risk from DOJ remedies in U.S. v. Google; a "moderate" outcome (non-exclusive payments) is the more likely base case.
DOJ antitrust & the "walled garden"
High
Pending DOJ case alleges smartphone monopolization. Sought remedies include third-party app stores, third-party tap-to-pay wallets and cross-platform messaging — all of which would compress App Store and Services economics. Samsung was subpoenaed in 2026, broadening the case.
Tariffs & supply chain politicization
High
Following the Feb 2026 Supreme Court ruling on executive trade powers, a new 15% Section 122 tariff applies to imported electronics. Sell-side estimates ~$3.3B annual margin headwind absent pass-through, plus retaliation risk from China.
EU Digital Markets Act & global regulation
Medium
€500M EU DMA fine (April 2025), India CCI investigation citing global-turnover penalties (potentially up to $38B), Supreme Court rejection of App Store appeal forcing external payment links — a multi-jurisdiction tax on Services growth.
Memory pricing & advanced-node supply
Medium
NAND/DRAM prices rising sharply; Apple guided "significantly higher memory costs" for Q3 FY26 and beyond. iPhone supply constrained by TSMC 3nm capacity overlap with AI chip demand — a margin and unit-volume drag.
CEO transition & AI execution
Medium
Tim Cook becomes Executive Chairman on Sept. 1, 2026; John Ternus takes over as CEO in the same window as the foldable launch and Siri rebuild. AI org has seen leadership churn (Giannandrea retirement, Siri moved under Mike Rockwell).
China demand & geopolitical concentration
Medium
Greater China rebounded +38% in Q1 FY26 but is the most policy-sensitive segment, and the high-end component ecosystem still relies heavily on Chinese facilities even as final assembly diversifies.
04
Financials
Q2 FY26 Revenue
$111.2B
Mar quarter ended 3/28/26
+17% YoY
Q2 FY26 Net Income
$29.6B
Diluted EPS $2.01
+22% YoY EPS
Q2 FY26 Gross Margin
49.3%
Products 38.7% · Services 76.7%
+110 bps Q/Q
Cash & Mkt Securities
$145B
As of Q1 FY26
Investment-grade balance sheet
Quarterly & annual results
USD billions unless noted. Apple's fiscal year ends late September.
| Metric | FY24 (Sep '24) | FY25 (Sep '25) | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|
| Total revenue | $391.0 | $416.2 | $102.5 | $143.8 | $111.2 |
| YoY growth | ~+2% | +6.4% | +8% | +16% | +17% |
| iPhone | $201.2 | $209.6 | $49.0 | $85.3 | $57.0 |
| Services | $96.2 | $109.2 | $28.8 | $30.0 | $31.0 |
| Mac | $30.0 | $33.7 | $8.7 | $8.4 | $8.4 |
| iPad | $26.7 | $28.0 | $7.0 | $8.6 | $6.9 |
| Wearables, Home & Acc. | $37.0 | $35.7 | $9.0 | $11.5 | $7.9 |
| Gross margin % | ~46% | ~46.7% | 47.2% | 48.2% | 49.3% |
| Net income | ~$94 | $112.0 | $27.5 | $42.1 | $29.6 |
| Diluted EPS ($) | ~$6.10 | ~$7.30 | $1.85 | $2.84 | $2.01 |
05
Uncertainties & data caveats
Where this dashboard is less than fully confident
Anything below was either approximated, derived, or sourced from secondary reporting rather than Apple's filings directly. Verify before quoting in any client-facing context.
01
FY24 figures (revenue, net income, EPS, segment totals) are pulled from secondary sources comparing FY24 vs FY25, not directly from Apple's FY24 10-K. The FY24 net income (~$94B) and EPS (~$6.10) are approximations and should be re-verified against the 10-K.
02
FY25 gross margin (~46.7%) is implied from quarterly disclosures, not stated as an annual number in any single source I found.
03
Q1 FY26 segment numbers for iPhone ($85.3B), Services ($30.0B), Mac ($8.4B), iPad ($8.6B), Wearables ($11.5B) come from CNBC's reporting of LSEG-aligned figures — a small variance vs. Apple's filing is possible.
04
Q2 FY26 iPhone revenue is reported as $57.0B in the earnings call and $56.99B / $57.99B across two sources — I used $57.0B as the consensus rounded figure.
05
Geographic Q1 FY26 dollar values (Americas ~$63B, Europe ~$36B, etc.) are my estimates based on Apple's stated double-digit growth across all regions and historical mix. The "all-time record" labels are from Apple's commentary; the dollar figures are illustrative scale, not reported numbers.
06
P/E multiple (~35.5x TTM) sourced from Robinhood; depending on whether you use trailing GAAP or forward consensus EPS, the figure ranges roughly 32–37x. The "35.5% dividend yield" shown in that same Robinhood snippet is clearly a data error — actual dividend yield is ~0.35% ($1.04/$293.86).
07
Market cap figures diverge across sources on the same day: Robinhood $4.31T, companiesmarketcap.com $4.308T, Macrotrends $3.82T. I used $4.31T as it aligns with the current $293.86 share price × ~14.7B shares outstanding.
08
Tariff exposure ($3.3B annual) and the "$12.5B Google TAC at risk" figures are sell-side estimates (Capstone, JPMorgan), not company-disclosed numbers. Real outcomes depend on remedies still being litigated.
09
2026 product roadmap items (foldable iPhone, smart glasses, HomePad/HomeOS, AI pin) are based on supply-chain and analyst reporting (Bloomberg/Gurman, Kuo, MacRumors). Apple has not officially confirmed launch dates, pricing, or specs for any of these.
10
Cook → Ternus CEO transition is reported by Variety citing Apple's announcement; I did not independently verify the press release.
11
The "WHA −3.6% YoY" segment figure is from one source (Bullfincher); a separate AppleMagazine recap implied modest growth in Q4 FY25 driven by Apple Watch and AirPods. The two are reconcilable (full-year decline despite Q4 strength) but worth verifying against the 10-K.
12
Nothing in this dashboard is investment advice. All data points are public reporting current as of May 9, 2026 and may have moved by the time you read this.