NASDAQ · AAPL

Apple

Devices · services · platforms

Earnings release date: 2026.07.30
Market data date: 2026.10.13
Last checked: 2026.10.13

PUBLICATION GATEOfficial Facts MatchedThe key facts shown on this page match issuer IR/SEC materials and market data.

View Matched Facts

Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched

EARNINGS & GROWTH

Revenue · Profitability · Key Metrics

Revenue$109.417B

YoY+$15.381B · +16.4%

QoQ−$1.767B · −1.6%

iPhone Revenue$54.252B

YoY+$9.670B · +21.7%

QoQ−$2.742B · −4.8%

Services Revenue$30.739B

YoY+$3.316B · +12.1%

QoQ−$0.237B · −0.8%

GAAP Gross Margin50.1%

YoY+3.6%p

QoQ+0.8%p

EARNINGS ANALYSIS

Stock Analysis · Growth Drivers · Business Model

Revenue

Growth Broadened Across the Business

Growth extended beyond iPhone to Mac and Services, with strength across multiple geographic markets. The broader contribution makes the quarter less dependent on a single product category.

iPhone Revenue

Premium Mix Drove iPhone Growth

Higher sales of Pro models were a key driver of iPhone growth. The result points to premium demand and product mix, not just unit volume, as important supports for the hardware franchise.

Services Revenue

Services Monetization Broadened

Advertising and cloud services contributed to growth, broadening the ways Apple monetizes its installed base. Recurring Services economics help reduce dependence on hardware replacement cycles.

GAAP Gross Margin

Gross Margin Included a One-Time Benefit

Reported gross margin included a favorable tariff-refund benefit. The improvement should not be viewed entirely as underlying margin expansion, as product mix and component costs also shaped the quarter’s economics.

VALUATION · RETURN CALCULATOR

P/E · Multiples · Long-Term Investing

Current market cap$4.98T

$341.27 × 14.59B

TTM revenue$466.823B

See calculation

FY2025 Q4 Revenue $102.466B
+ FY2026 Q1 Revenue $143.756B
+ FY2026 Q2 Revenue $111.184B
+ FY2026 Q3 Revenue $109.417B
= TTM $466.823B

Current P/S10.7x

Current market cap: $4.98T
TTM revenue: $466.823B

$4.98T ÷ $466.823B = 10.7x

Current P/E38.6x

Current market cap: $4.98T
GAAP TTM net income: $128.930B

$4.98T ÷ $128.930B = 38.6x

GAAP TTM net margin 27.6%

TTM vs. Annualized Revenue

Trailing twelve monthsTTM revenue$466.823B

FY2026 Q3Annualized latest-quarter revenue$437.668BQuarter revenue $109.417B ×4

FY2026 Q4Annualized Revenue Guidance$450.850BGuidance revenue midpoint $112.713B ×4

Recent-quarter and guidance annualizations are simple quarter-revenue ×4 comparisons, not forecasts for the next 12 months.

View high-point comparison

HIGH-POINT COMPARISON

All-Time Closing High

2026-09-25

Sources and calculations checked

Peak close$341.07

Market cap at peak$4.98T

P/S at peak10.7x

P/E at peak38.6x

Trailing twelve months at the peakTTM revenue at the peak$466.823B

FY2026 Q3Annualized latest quarter at the peak$437.668B

Quarter revenue $109.417B ×4

FY2026 Q4Annualized public guidance at the peak$450.850B

Guidance revenue midpoint $112.713B ×4

At peakCurrentChange

TTM revenue$466.823B$466.823B+0.0%

Latest quarter$109.417B$109.417B+0.0%

Public guidance$112.713B$112.713B+0.0%

Only information available at the peak is used. Only FY2026 Q3 results and FY2026 Q4 company guidance available at the September 25, 2026 peak are used.

Key Variables at the Peak

The key variables were iPhone replacement demand, Services growth, installed-base monetization, expectations for AI devices, and share repurchases.

Growth and Profitability Conditions Implied by the Peak Multiple

The peak multiple implied that Services mix expansion and lower shares outstanding from repurchases, not hardware growth alone, would also translate into strong per-share earnings growth.

Close $341.07 × 14.59B shares outstanding = approximately $4.98T market cap at the peak.

CURRENT MARKET CAP REQUIREMENTS

Requirements Implied by the Current Market Cap

Current Market Cap Basis

Implied 2030 Revenue CAGR8.4% annuallyTTM revenue growth +14.2% YoY

Current market cap$4.98T

Assumed 2030 P/S7.7x26.0% assumed net margin × 29.7x assumed P/E

Required 2030 revenue$644.7B

This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions.

Share-count changes and dividends are not included in this calculation.

Conditional Business Scenarios

Conservative · Base · Optimistic

AAPL assumptions

Current TTM$466.823B

Latest-quarter annualized$437.668B

Guidance-midpoint annualized$450.850B

Conservative

Assumed 2030 revenue$580.0BRevenue CAGR from TTM 5.6%

CAGR from annualized latest-quarter revenue 7.3%CAGR from annualized guidance midpoint 6.5%

Assumed 2030 net margin: 25.5%Current 27.6%
Assumed 2030 P/E: 28.0xCurrent 38.6x
Converted P/S: 7.1x

Conditional Shareholder Return Bridge

Conditional Market Cap$4.14TVs. current -16.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares13.26BVs. current -9.1%Reflects company-specific share-count changes, including repurchases and issuance.

Conditional Implied Share Value$312.21Current $341.27 · -8.5%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return-7.2%Implied Share Value Change -8.5% · Dividend Contribution +1.3 ppAnnualized -1.8%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $4.98T$4.14T
Shares: 14.59B13.26B
Implied Share Value Change: -8.5%

Shareholder Return Components

Implied Share Value Change: -8.5%
Dividend Contribution: +1.3 pp
Conditional Total Shareholder Return: -7.2%

Device growth remains modest given iPhone's large revenue base and mature end markets, while component costs limit margin expansion. Services growth and share repurchases continue to support per-share results.

Base

Assumed 2030 revenue$635.0BRevenue CAGR from TTM 8.0%

CAGR from annualized latest-quarter revenue 9.8%CAGR from annualized guidance midpoint 8.9%

Assumed 2030 net margin: 26.0%Current 27.6%
Assumed 2030 P/E: 29.0xCurrent 38.6x
Converted P/S: 7.5x

Conditional Shareholder Return Bridge

Conditional Market Cap$4.79TVs. current -3.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares13.20BVs. current -9.5%Reflects company-specific share-count changes, including repurchases and issuance.

Conditional Implied Share Value$362.70Current $341.27 · +6.3%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+7.6%Implied Share Value Change +6.3% · Dividend Contribution +1.3 ppAnnualized +1.9%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $4.98T$4.79T
Shares: 14.59B13.20B
Implied Share Value Change: +6.3%

Shareholder Return Components

Implied Share Value Change: +6.3%
Dividend Contribution: +1.3 pp
Conditional Total Shareholder Return: +7.6%

Device replacement and Services growth continue without extrapolating an AI device cycle in a straight line. Memory and component cost pressure, ecosystem monetization, cash generation and conditional net share-count reduction are reflected together.

Optimistic

Assumed 2030 revenue$690.0BRevenue CAGR from TTM 10.3%

CAGR from annualized latest-quarter revenue 12.1%CAGR from annualized guidance midpoint 11.2%

Assumed 2030 net margin: 27.5%Current 27.6%
Assumed 2030 P/E: 33.0xCurrent 38.6x
Converted P/S: 9.1x

Conditional Shareholder Return Bridge

Conditional Market Cap$6.26TVs. current +25.7%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares13.25BVs. current -9.2%Reflects company-specific share-count changes, including repurchases and issuance.

Conditional Implied Share Value$472.61Current $341.27 · +38.5%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+39.8%Implied Share Value Change +38.5% · Dividend Contribution +1.3 ppAnnualized +8.7%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $4.98T$6.26T
Shares: 14.59B13.25B
Implied Share Value Change: +38.5%

Shareholder Return Components

Implied Share Value Change: +38.5%
Dividend Contribution: +1.3 pp
Conditional Total Shareholder Return: +39.8%

The AI and device-replacement cycle and Services mix remain stronger than expected, profitability absorbs memory and component cost pressure, and conditional net share-count reduction provides additional support to per-share value growth.

This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.

Conditional Shareholder Return Calculator

P/E and P/S are linked through the assumed net margin.

Assumed 2030 revenue635B

450B750B

Assumed 2030 net margin26%

20%35%

Assumed 2030 P/E29.0x

26.0x32.0x

Conditional Shareholder Return Bridge

Conditional Market Cap$4.79TVs. current -3.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares13.20BVs. current -9.5%Reflects company-specific share-count changes, including repurchases and issuance.

Conditional Implied Share Value$362.70Current $341.27 · +6.3%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+7.6%Implied Share Value Change +6.3% · Dividend Contribution +1.3 ppAnnualized +1.9%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $4.98T$4.79T
Shares: 14.59B13.20B
Implied Share Value Change: +6.3%

Shareholder Return Components

Implied Share Value Change: +6.3%
Dividend Contribution: +1.3 pp
Conditional Total Shareholder Return: +7.6%

This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.

Original Sources

Apple FY2026 Q3 earnings release ↗

Official Apple IR/SEC materials and market data.

Methodology, Terms and Operating Principles

What is GAAP?

GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.

Company-Specific Valuation Assumptions

VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.

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