Can Apple’s (AAPL) Record Quarter Justify Its Multiple?

What happened: Apple reported fiscal third-quarter 2026 revenue of $109.4 billion, up 16 percent, with June-quarter records for revenue, EPS and operating cash flow. It also introduced a new Siri AI and child safety features. Key numbers: Revenue $109.4 billion, up 16 percent. Why it matters: Analysts question whether the multiple is justified, since tariff refunds lifted margin and EPS, making the 29 percent EPS growth look non-repeatable. Apple said iPhone, Mac and Services grew double digits and its installed base hit an all-time high.

Apple reported fiscal third-quarter 2026 revenue of $109.4 billion, up 16 percent, with June-quarter records for revenue, EPS and operating cash flow. It also introduced a new Siri AI and child safety features.

Analysts question whether the multiple is justified, since tariff refunds lifted margin and EPS, making the 29 percent EPS growth look non-repeatable. Apple said iPhone, Mac and Services grew double digits and its installed base hit an all-time high.