Apple Past Earnings Performance
Past criteria checks 6/6
Apple has been growing earnings at an average annual rate of 4.4%, while the Tech industry saw earnings growing at 11.1% annually. Revenues have been growing at an average rate of 3.7% per year. Apple's return on equity is 115.1%, and it has net margins of 27.2%.
Key information
4.39%
Earnings growth rate
7.16%
EPS growth rate
| Tech Industry Growth | 14.32% |
| Revenue growth rate | 3.69% |
| Return on equity | 115.10% |
| Net Margin | 27.15% |
| Last Earnings Update | 28 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 15
AAPL: AI Spending And Rising Input Costs Will Pressure Future Margins
Analysts have raised the implied fair value for Apple stock from about $231.03 to roughly $235.23, citing confidence in the company's AI powered ecosystem, higher margin Services mix, resilient cash generation, and earnings compounding potential supported by premium hardware and an expanding product breadth. Analyst Commentary Across recent research, Apple continues to attract a wide range of views, with several firms lifting price targets and highlighting the role of AI, Services and cash generation.Seeking Alpha • May 14
Apple: Why I Am Bullish Again In The Post-Cook Era
Summary Apple delivered record Q2 results, with $111.18B revenue (+16.6% YoY), $2.01 EPS, and robust beats on both top and bottom lines. I am upgrading AAPL to bullish, citing accelerating operational cash flow, a $100B buyback, and renewed R&D focus, especially in AI. Guidance for Q3 revenue growth (14%-17% YoY) far exceeds consensus, signaling management's confidence in sustained momentum amid margin headwinds. John Ternus assumes CEO role as AAPL enters an AI-driven era; a successful Siri overhaul and product cycle execution are key upside catalysts. Read the full article on Seeking Alpha
Narrative Update • Apr 29
AAPL: Services Strength And AI Execution Will Support Earnings Resilience Under New Leadership
The analyst price target for Apple has been lifted by about $1 to reflect slightly higher modeled fair value, modestly stronger revenue growth and margins, and a slightly lower assumed future P/E, in line with recent Street research citing App Store trends, new MacBook Neo momentum, and views that the CEO transition comes from a position of strength. Analyst Commentary Recent Street research around Apple clusters around three key themes: the App Store and Services trajectory, the MacBook Neo and broader hardware lineup, and the early CEO transition.Narrative Update • Apr 15
AAPL: Services Breadth And AI Partnerships Will Support Long Term Earnings Resilience
Apple's analyst price target is rising by about $1 to just over $296, as analysts factor in steadier App Store growth, expectations that new MacBook Neo and iPhone refreshes can support revenue, and updated views on margins and future P/E multiples. Analyst Commentary Recent research around Apple clusters into two clear camps, with bullish analysts pointing to product breadth and services resilience, while bearish analysts focus on cost pressures, China exposure, and premium valuation.Narrative Update • Apr 01
AAPL: Gemini AI Deal And Services Strength Will Balance Margin Pressures
Apple's analyst fair value estimate edges up from $216.94 to $231.03 as analysts weigh higher expected memory and input costs against resilient Services trends, early readthroughs from new lower priced hardware like MacBook Neo and iPhone 17e, and a slightly higher assumed forward P/E of about 30x. Analyst Commentary Recent Street research on Apple reflects a mix of optimism around new products and AI, balanced against practical concerns about costs, regional demand trends, and valuation.
New Narrative • Mar 26
Buy now, I don't see this stock going much lower-too many improvements making quiet waves...
Well, folks, my experience is personal, as such my hope is that experience will help you decide if what I did yesterday with Apple (AAPL) is for you as well: Mine was something few believe, robocalls on this iphone, before that the landlines associated with it-but for the last 8 years, I have been the robocall king with over 28,000 calls-it ruined pretty much everything, as imagine if you had a phone, but could rarely use it because there was so much spam, it never allowed an open line-much less clients to call in-it was an impossible scenario, and then, very quietly, Apple just solved this for everyone with an Iphone-call screening. Now, after all of this interference, that problem is somewhat simply solved by Apple, I cannot stress enough how little this is up played so far.Narrative Update • Mar 17
AAPL: AI Partnership And Services Engine Will Support Future Earnings Resilience
Apple's analyst fair value target edges up to $295.44 from $291.65, as analysts factor in slightly higher revenue growth expectations, a modestly richer future P/E multiple, and ongoing margin pressure from higher memory costs. Analyst Commentary Recent research on Apple clusters around two core themes: valuation support from new products and services, and concern about rising component costs and regional demand swings.
New Narrative • Mar 09
Apple will shine with a 6% revenue growth in the next 5 years
Apple Inc. (AAPL) – Investment Narrative Company Overview Apple Inc.
Narrative Update • Mar 03
AAPL: Gemini Agreement And AI Features Will Shape Next Upside Phase
Analysts have nudged their Apple price targets higher, with moves such as Barclays' increase to $248 and multiple firms lifting forecasts as they cite healthier App Store trends, planned iPhone portfolio refreshes, and growing confidence in Apple's AI roadmap supported by the Google Gemini partnership. Analyst Commentary Recent research updates show a cluster of supportive views around Apple that revolve around three main themes: services momentum, product refreshes, and the AI roadmap anchored by the Google Gemini agreement.Narrative Update • Feb 17
AAPL: Gemini Partnership And AI Roadmap Will Drive Future Upside
Analysts have raised their Apple fair value estimate to $350 from about $283.66, citing Street research that characterizes the recent selloff as unwarranted and highlights a clearer AI roadmap supported by the Google Gemini partnership as well as ongoing checks on demand and margins. Analyst Commentary Recent research points to a generally constructive backdrop around Apple, with many bullish analysts emphasizing AI execution, the Google Gemini partnership, and supportive checks on demand and margins.
New Narrative • Feb 16
The Privacy Fortress: Apple’s Lean AI Path and the $100 Billion Buyback Engine
Apple is the "anti-Amazon" of 2026. While the rest of Big Tech is in a capex arms race, Apple is being rewarded for fiscal restraint.Narrative Update • Feb 03
AAPL: AI Partnership And Services Engine Will Support Measured Long-Term Risk Reward
The analyst price target for Apple nudged higher to around $292 from about $287 as analysts factor in firmer App Store trends and a series of recent target hikes tied to services strength and the Google Gemini partnership, while also trimming long term revenue growth and P/E assumptions, but slightly lifting profit margin expectations. Analyst Commentary Recent research on Apple has centered on two main themes: the pace of services growth, particularly in the App Store, and the implications of the Google Gemini partnership and rising memory costs for margins and valuation.
Narrative Update • Jan 21
Maintaining FV - it's all coming true
Am maintaining my FV on this one. This video does a great job of explaining the many years of weak product innovation, which will be hard to recover from.Narrative Update • Jan 20
AAPL: Gemini AI Spending Will Pressure Margins And Cap Share Upside
Analysts have inched their fair value estimate for Apple slightly lower to about $217 from $218, reflecting a marginally higher discount rate and modestly stronger assumptions for revenue growth, profit margins and future P/E, supported by recent research highlighting robust iPhone demand, an expanded AI roadmap through the Gemini partnership, and continued confidence in Apple Intelligence. Analyst Commentary Recent research on Apple has centered on two main themes: the long term potential of Apple Intelligence, especially through the Gemini partnership, and the durability of iPhone driven cash flows that support the current valuation.Narrative Update • Jan 06
AAPL: AI Hardware Ambitions Will Strain Margins And Justify Only Limited Upside
Analysts have lifted their Apple fair value estimate from about $175 to roughly $218, as they factor in Street research that highlights stronger expected revenue growth, firmer profit margins, and ongoing interest in Apple's role across iPhone demand, custom silicon, and AI related opportunities. Analyst Commentary Recent Street research around Apple has tilted more constructive, with several firms lifting price targets and some moving to more positive ratings.Narrative Update • Dec 14
AAPL: AI Roadmap And Devices Expansion Will Support Balanced Long-Term Risk Reward
Analysts have modestly raised their fair value estimate for Apple to approximately $287, up from about $282, as they factor in slightly faster revenue growth, resilient margins, and a higher forward earnings multiple supported by robust iPhone 17 demand, an emerging AI and devices roadmap, and a wave of recent price target hikes skewed toward Buy and Overweight ratings, despite some mixed near term iPhone data points. Analyst Commentary Bullish analysts remain broadly constructive on Apple, pointing to a healthier multiyear growth and monetization profile that they believe is not yet fully reflected in the share price.Narrative Update • Nov 30
AAPL: Ongoing Product Pipeline And Ecosystem Expansion Will Balance Near-Term Competitive Risks
Apple's analyst price target has increased slightly to $281.75, with analysts citing steady revenue growth forecasts as well as ongoing confidence in the company's future product momentum and services expansion. Analyst Commentary Recent commentary from Wall Street reflects a mix of bullish anticipation and lingering caution surrounding Apple's trajectory.Narrative Update • Nov 16
AAPL: Future Revenue Growth Will Depend On Sustained Demand And Ecosystem Expansion
Apple's fair value estimate has been raised from $275.21 to $281.07, as analysts cite stronger-than-expected iPhone demand, improved multi-year outlooks, and increased confidence in future revenue growth. This comes despite slight shifts in margins and discount rate assumptions.Narrative Update • Nov 02
AAPL: Momentum in Product Cycle and Services Will Offset Regulatory Headwinds Going Forward
Apple's fair value estimate has been raised from $248.12 to $275.21. Analysts cite stronger revenue growth, an improved profit margin outlook, and robust price target increases driven by positive iPhone cycle momentum and an expanding services business.Narrative Update • Oct 18
Emerging Markets And AI Integration Will Expand Global Reach
Apple's fair value estimate has increased slightly, rising from $246.23 to $248.12. Analysts point to modestly stronger revenue growth expectations and an improved profit margin outlook as factors supporting the higher price target.Narrative Update • Oct 04
Emerging Markets And AI Integration Will Expand Global Reach
Apple's fair value estimate has risen by approximately $5.54 to $246.23. Analysts point to slightly improved revenue growth expectations, which offset concerns about margin pressure and a higher future earnings multiple.Narrative Update • Sep 19
Emerging Markets And AI Integration Will Expand Global Reach
Apple’s consensus price target has risen to $240.69 as analysts cite accelerating services growth, positive regulatory outcomes, and easing China risks, though hardware demand and innovation concerns temper the outlook. Analyst Commentary Bullish analysts highlight accelerating services growth, expecting Apple's ecosystem and shift toward services to drive further upside and justify higher valuation multiples.Narrative Update • Sep 04
Emerging Markets And AI Integration Will Expand Global Reach
Analysts remain constructive on Apple given the positive implications of the Google antitrust ruling for Services revenue, growing confidence in Services' gross profit contribution, and medium-term catalysts from anticipated hardware innovation, though muted iPhone momentum and a cautious reception to AI integration temper near-term enthusiasm; as a result, the consensus price target is unchanged at $235.53. Analyst Commentary The recent Google antitrust ruling is seen as a major positive for Apple, allowing continued substantial payments from Google for default Safari search placement, annual renegotiation rights, and providing leverage for future search engine or AI partnerships; the outcome was less restrictive than feared and supports stronger Services revenue confidence.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Apple makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 28 Mar 26 | 451,442 | 122,575 | 28,667 | 40,038 |
| 27 Dec 25 | 435,617 | 117,777 | 27,918 | 37,169 |
| 27 Sep 25 | 416,161 | 112,010 | 27,601 | 34,550 |
| 28 Jun 25 | 408,625 | 99,280 | 27,076 | 33,449 |
| 29 Mar 25 | 400,366 | 97,294 | 26,746 | 32,589 |
| 28 Dec 24 | 395,760 | 96,150 | 26,486 | 31,942 |
| 28 Sep 24 | 391,035 | 93,736 | 26,097 | 31,370 |
| 29 Jun 24 | 385,603 | 101,956 | 25,725 | 30,912 |
| 30 Mar 24 | 381,623 | 100,389 | 25,378 | 30,348 |
| 30 Dec 23 | 385,706 | 100,913 | 25,111 | 29,902 |
| 30 Sep 23 | 383,285 | 96,995 | 24,932 | 29,915 |
| 01 Jul 23 | 383,933 | 94,760 | 25,221 | 29,369 |
| 01 Apr 23 | 385,095 | 94,321 | 25,260 | 28,724 |
| 31 Dec 22 | 387,537 | 95,171 | 25,252 | 27,654 |
| 24 Sep 22 | 394,328 | 99,803 | 25,094 | 26,251 |
| 25 Jun 22 | 387,542 | 99,633 | 24,270 | 25,262 |
| 26 Mar 22 | 386,017 | 101,935 | 23,670 | 24,182 |
| 25 Dec 21 | 378,323 | 100,555 | 22,791 | 23,057 |
| 25 Sep 21 | 365,817 | 94,680 | 21,973 | 21,914 |
| 26 Jun 21 | 347,155 | 86,802 | 21,293 | 21,120 |
| 27 Mar 21 | 325,406 | 76,311 | 20,712 | 20,161 |
| 26 Dec 20 | 294,135 | 63,930 | 20,350 | 19,464 |
| 26 Sep 20 | 274,515 | 57,411 | 19,916 | 18,752 |
| 27 Jun 20 | 273,857 | 58,424 | 19,558 | 17,884 |
| 28 Mar 20 | 267,981 | 57,215 | 19,153 | 17,383 |
| 28 Dec 19 | 267,683 | 57,527 | 18,659 | 16,766 |
| 28 Sep 19 | 260,174 | 55,256 | 18,245 | 16,217 |
| 29 Jun 19 | 259,034 | 55,695 | 17,883 | 15,857 |
| 30 Mar 19 | 258,490 | 57,170 | 17,565 | 15,301 |
| 29 Dec 18 | 261,612 | 59,431 | 17,257 | 14,731 |
| 29 Sep 18 | 265,595 | 59,531 | 16,705 | 14,236 |
| 30 Jun 18 | 255,274 | 56,120 | 16,303 | 13,483 |
| 31 Mar 18 | 247,417 | 53,318 | 15,978 | 12,719 |
| 30 Dec 17 | 239,176 | 50,525 | 15,546 | 12,117 |
| 30 Sep 17 | 229,234 | 48,351 | 15,261 | 11,581 |
| 01 Jul 17 | 223,507 | 46,651 | 14,929 | 11,154 |
| 01 Apr 17 | 220,457 | 45,730 | 14,587 | 10,777 |
| 31 Dec 16 | 218,118 | 45,217 | 14,292 | 10,512 |
| 24 Sep 16 | 215,639 | 45,687 | 14,194 | 10,045 |
| 25 Jun 16 | 220,288 | 47,797 | 14,417 | 9,695 |
| 26 Mar 16 | 227,535 | 50,678 | 14,540 | 9,169 |
| 26 Dec 15 | 234,988 | 53,731 | 14,577 | 8,576 |
| 26 Sep 15 | 233,715 | 53,394 | 14,329 | 8,067 |
| 27 Jun 15 | 224,337 | 50,737 | 13,782 | 7,533 |
Quality Earnings: AAPL has high quality earnings.
Growing Profit Margin: AAPL's current net profit margins (27.2%) are higher than last year (24.3%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: AAPL's earnings have grown by 4.4% per year over the past 5 years.
Accelerating Growth: AAPL's earnings growth over the past year (26%) exceeds its 5-year average (4.4% per year).
Earnings vs Industry: AAPL earnings growth over the past year (26%) exceeded the Tech industry 17.2%.
Return on Equity
High ROE: AAPL's Return on Equity (115.1%) is considered outstanding.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/17 01:32 |
| End of Day Share Price | 2026/05/15 00:00 |
| Earnings | 2026/03/28 |
| Annual Earnings | 2025/09/27 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Apple Inc. is covered by 94 analysts. 42 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Amman Saeed | Accountability Research Corporation |
| Warren Lau | Aletheia Analyst Network Limited |
| Rocco Strauss | Arete Research Services LLP |