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Apple Inc. (AAPL) Stock Analysis

TechnologyElectronic Computers

Q2 2026 · +16.6% revenue · −22.7% revenue
Beat the trendvs trailing 3-quarter avg
Revenue▲+5.5 ppvs trend
Net income▼−17.8 ppvs trend
Diluted EPS▼−18.2 ppvs trend
Free cash flow▲+25.5 ppvs trend

Outperformed in 2 of 4 metrics

How the cash was deployedQ2 2026
Operating cash flow$82.63B
$4.34B (5.3 %)
Share buybacks$36.99B (44.8 %)
Dividends paid$7.74B (9.4 %)
Debt repayment$7.91B (9.6 %)
Returned to shareholders this quarter$44.73B▼ −21.7%
Last 8 quarters of revenueLatest quarter highlighted. Q4 reconstructed from the annual filing.
+16.6% −22.7%
85.78B
Q3 24
94.93B
Q4 24*
124.30B
Q1 25
95.36B
Q2 25
94.04B
Q3 25
102.47B
Q4 25*
143.76B
Q1 26
111.18B
Q2 26

* Q4 is reconstructed from the annual filing (FY − Q1 − Q2 − Q3), since the SEC does not require a Q4 10-Q.

RevenueReversal
$111.18B
▲+16.6% ▼−22.7%
119.58B
90.75B
85.78B
94.93B
124.30B
95.36B
94.04B
102.47B
143.76B
111.18B
Direction flipped this quarter — watch for a one-off or a new trend.
Net incomeReversal
$29.58B
▲+19.4% ▼−29.7%
33.92B
23.64B
21.45B
14.74B
36.33B
24.78B
23.43B
27.47B
42.10B
29.58B
Direction flipped this quarter — watch for a one-off or a new trend.
Free cash flowSlowing
$78.28B
▲+63.5% ▲+51.9%
37.50B
58.20B
84.90B
−79.54B
27.00B
47.88B
72.28B
−59.80B
51.55B
78.28B
Still moving the same direction, but at a smaller pace than the prior quarter.
Diluted Reversal
$2.01
▲+21.8% ▼−29.2%
2.18
1.53
1.40
0.97
2.40
1.65
1.57
1.84
2.84
2.01
Direction flipped this quarter — watch for a one-off or a new trend.

Margins

Gross marginAccelerating
49.3 %
▲+2.2 pp ▲+1.1 pp
45.87
46.58
46.26
46.22
46.88
47.05
46.49
47.18
48.16
49.27
Moving faster than the prior quarter — the trend is picking up speed.
Operating marginReversal
32.3 %
▲+1.2 pp ▼−3.1 pp
33.76
30.74
29.56
31.17
34.46
31.03
29.99
31.65
35.37
32.28
Direction flipped this quarter — watch for a one-off or a new trend.
Net marginReversal
26.6 %
▲+0.6 pp ▼−2.7 pp
28.36
26.04
25.00
15.52
29.23
25.99
24.92
26.80
29.28
26.60
Direction flipped this quarter — watch for a one-off or a new trend.
Metric
Q2 2025Same quarter, prior year
Q1 2026Previous quarter
Q2 2026Latest quarter
YoYQoQ
Revenue$95.36B$143.76B$111.18B+16.6%−22.7%
Cost of revenue$50.49B$74.53B$56.40B+11.7%−24.3%
Gross profit$44.87B$69.23B$54.78B+22.1%−20.9%
Operating expenses$15.28B$18.38B$18.90B+23.7%+2.8%
Operating income$29.59B$50.85B$35.88B+21.3%−29.4%
Net income$24.78B$42.10B$29.58B+19.4%−29.7%
Diluted $1.65$2.84$2.01+21.8%−29.2%
Operating cash flow$53.89B$53.92B$82.63B+53.3%+53.2%
$6.01B$2.37B$4.34B−27.7%+83.1%
Free cash flow$47.88B$51.55B$78.28B+63.5%+51.9%
Gross margin47.1 %48.2 %49.3 %+2.2 pp+1.1 pp
Operating margin31.0 %35.4 %32.3 %+1.2 pp−3.1 pp
Net margin26.0 %29.3 %26.6 %+0.6 pp−2.7 pp