Apple (AAPL) Q4 2026 (USD): EPS 2.10 (exp. 1.99), Revenue 114.5bln (exp. 113.4bln); Net income 30.7bln (exp. 29bln); Operating income 35.6bln (exp. 34.6bln); Operating expenses 19.2bln

• Products revenue 82.90bln (exp. 81.85bln)
• Services revenue 31.57bln (exp. 31.58bln)
• iPhone revenue 57.58bln (exp. 56.49bln)
• Mac revenue 10.79bln (exp. 9.70bln)
• iPad revenue 6.23bln (exp. 6.89bln)
• Wearables, Home & Accessories revenue 8.30bln (exp. 9.00bln)
• Americas revenue 48.68bln (exp. 48.51bln)
• Greater China revenue 17.54bln (exp. 18.75bln)

A headline beat on EPS and revenue with in-line Services is the pattern that has tended to produce the mildest initial reaction for this name: the quality of the beat matters more than its size, and Apple's post-print moves have historically been driven by iPhone mix, Services trajectory, and Greater China rather than the consolidated numbers. The split here is instructive: iPhone and Mac beat while iPad, Wearables, and Greater China missed, a combination that in past cycles has left the stock's direction hostage to the call rather than the release, since management commentary on China demand and the installed base has been the recurring swing factor. Services printing exactly on consensus keeps the high-margin growth narrative intact without adding to it; the distinction worth drawing is between hardware beats, which are lower-margin and cyclical, and Services shortfalls, which have historically been penalised more heavily given their weight in the valuation case. The usual sequence applies: modest after-hours move on the print, then re-rating or fade on the guidance language and any commentary on the next iPhone cycle and China. Watch items are gross margin, the buyback and capital return announcement that typically accompanies this quarter, and whether the China miss is framed as demand or timing. As the largest index weight, the print mechanically transmits into index futures regardless of the single-name read.