Apple Beats Across the Board, iPhone In Line, Services Hits Record

$Apple (AAPL.US)$ delivered a strong FY26 Q2 beat on both revenue and earnings, though shares slipped slightly after hours.

Earnings Snapshot:

• Revenue: $111.2B (vs. $109.7B est.)

• EPS: $2.01 (vs. $1.96 est.)

• iPhone: $57.0B (in line)

• Services: $31.0B (beat)

• Greater China: $20.5B (vs. $18.9B est.)

CEO Tim Cook highlighted record March-quarter revenue, driven by strong iPhone 17 demand and continued Services growth. Apple also posted record operating cash flow and expanded its installed base to an all-time high.

The company raised its dividend by 4% to $0.27 and authorized a new $100B buyback program.

JPMorgan notes Apple is evolving from an iPhone-driven growth story into a higher-quality compounder led by Services and margins, with upside hinging on sustained margin expansion.