Apple’s stock (AAPL) has been one of the outperformance stories so far in calendar 2026, adding 24.79% ahead of today’s earnings, and having hit fresh ATHs during Wednesday’s session at $344.57. With earnings due after the closing bell, all eyes are on the largest listed market cap name, with the $5trillion level within touching distance.
Expectations are unsurprisingly high after Apple’s share price rallied 61% over the past 12 months, with the Street looking for EPS of $1.89 on revenue of $108.96 billion. The consensus marks a solid 21% increase from the year-ago quarter, when Apple earned $1.57 per share, with revenue expected to have grown 15.87% Y/Y.
The key operating lines to watch include iPhone revenue and unit mix, Services segment margins, and any commentary around installed base growth and recurring revenue trends. Apple’s Services business has been a margin tailwind over the past several quarters, and investors will want confirmation that pricing power and subscription momentum remain intact.
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Gross margin expectations and guidance will also draw attention. Management commentary on supply chain conditions, component costs, and geographic mix could provide clues about profitability trends heading into the September quarter.
The earnings print comes at a delicate moment for technology stocks, with Apple putting up impressive outperformance. Semiconductor sentiment has turned cautious, with Intel shares down 41% in July alone despite expectations for stronger Q2 results.
Capital expenditure trends have become a focal point, and with Apple having chosen a different path, that is now paying dividends after having missed out on some of the earlier exuberance in the sector. Big Tech companies are reportedly sitting on $1.65 trillion in off-balance-sheet debt related to data centre leases and GPU contracts, and while Apple’s AI capex has been more measured than peers, any indication of increased spending could draw scrutiny.
Options markets are pricing a move of ~4% in Apple’s stock price following the print, potentially setting out new ATHs, or tests of support following the run up. With a 24.79% YTD gain standing firm against the Nasdaq 100’s own gain of 7.88% on the period, plenty of attention will be on AAPL to provide some strength.
