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Apple Inc. (AAPL) Stock Analysis

TechnologyElectronic Computers

Q3 2026 · +16.4% revenue · −1.6% revenue
Beat the trendvs trailing 3-quarter avg
Revenue▲+3.0 ppvs trend
Net income▼−13.4 ppvs trend
Diluted EPS▼−14.6 ppvs trend
Free cash flow▼−24.8 ppvs trend

Outperformed in 1 of 4 metrics

How the cash was deployedQ3 2026
Operating cash flow$117.00B
$6.80B (5.8 %)
Share buybacks$62.09B (53.1 %)
Dividends paid$11.78B (10.1 %)
Debt repayment$8.15B (7.0 %)
Returned to shareholders this quarter$73.87B▼ −10.1%
Last 8 quarters of revenueLatest quarter highlighted. Q4 reconstructed from the annual filing.
+16.4% −1.6%
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
109.42B
Q3 26

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

RevenueSlowing
$109.42B
▲+16.4% ▼−1.6%
90.75B
85.78B
94.93B
124.30B
95.36B
94.04B
102.47B
143.76B
111.18B
109.42B
Still moving the same direction, but at a smaller pace than the prior quarter.
Net incomeReversal
$29.79B
▲+27.1% ▲+0.7%
23.64B
21.45B
14.74B
36.33B
24.78B
23.43B
27.47B
42.10B
29.58B
29.79B
Direction flipped this quarter — watch for a one-off or a new trend.
Free cash flowAccelerating
$110.20B
▲+52.5% ▲+40.8%
58.20B
84.90B
−79.54B
27.00B
47.88B
72.28B
−59.80B
51.55B
78.28B
110.20B
Moving faster than the prior quarter — the trend is picking up speed.
Diluted Reversal
$2.02
▲+28.7% ▲+0.5%
1.53
1.40
0.97
2.40
1.65
1.57
1.84
2.84
2.01
2.02
Direction flipped this quarter — watch for a one-off or a new trend.

Margins

Gross marginSlowing
50.1 %
▲+3.6 pp ▲+0.8 pp
46.58
46.26
46.22
46.88
47.05
46.49
47.18
48.16
49.27
50.06
Still moving the same direction, but at a smaller pace than the prior quarter.
Operating marginReversal
32.6 %
▲+2.6 pp ▲+0.3 pp
30.74
29.56
31.17
34.46
31.03
29.99
31.65
35.37
32.28
32.62
Direction flipped this quarter — watch for a one-off or a new trend.
Net marginReversal
27.2 %
▲+2.3 pp ▲+0.6 pp
26.04
25.00
15.52
29.23
25.99
24.92
26.80
29.28
26.60
27.23
Direction flipped this quarter — watch for a one-off or a new trend.
Metric
Q3 2025Same quarter, prior year
Q2 2026Previous quarter
Q3 2026Latest quarter
YoYQoQ
Revenue$94.04B$111.18B$109.42B+16.4%−1.6%
Cost of revenue$50.32B$56.40B$54.65B+8.6%−3.1%
Gross profit$43.72B$54.78B$54.77B+25.3%−0.0%
Operating expenses$15.52B$18.90B$19.07B+22.9%+0.9%
Operating income$28.20B$35.88B$35.70B+26.6%−0.5%
Net income$23.43B$29.58B$29.79B+27.1%+0.7%
Diluted $1.57$2.01$2.02+28.7%+0.5%
Operating cash flow$81.75B$82.63B$117.00B+43.1%+41.6%
$9.47B$4.34B$6.80B−28.2%+56.5%
Free cash flow$72.28B$78.28B$110.20B+52.5%+40.8%
Gross margin46.5 %49.3 %50.1 %+3.6 pp+0.8 pp
Operating margin30.0 %32.3 %32.6 %+2.6 pp+0.3 pp
Net margin24.9 %26.6 %27.2 %+2.3 pp+0.6 pp