What changed
EPS of $2.02 beat consensus by $0.12 (+6.3%), while revenue of $109.4B topped estimates by ~$2.1B (+2.0%). Both set June quarter records, with iPhone, Mac, and Services all posting double-digit growth. Guidance is qualitative but bullish, citing record operating cash flow and an all-time high installed base. Key driver: gross margin of 50.1% included a ~2pt tailwind from tariff refunds ($0.11 EPS boost); ex that, core operating strength remains solid but slightly less spectacular.
Why it matters
EPS of $2.02 beat consensus by $0.12 (+6.3%), while revenue of $109.4B topped estimates by ~$2.1B (+2.0%). Both set June quarter records, with iPhone, Mac, and Services all posting double-digit growth. Guidance is qualitative but bullish, citing record operating cash flow and an all-time high installed base. Key driver: gross margin of 50.1% included a ~2pt tailwind from tariff refunds ($0.11 EPS boost); ex that, core operating strength remains solid but slightly less spectacular.
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Jul 31, 2026 10:48 AM ET