Apple Inc. (AAPL) reports fiscal second-quarter results after the close Thursday, the final Magnificent 7 print of the cycle and the first full quarter to incorporate the Apple Intelligence platform launched October 2025 in U.S. English and February 2026 in international markets. The Wall Street consensus calls for adjusted earnings per share of $1.45 (up 8% year-on-year) on revenue of $93.8 billion (up 5%).
iPhone is the central question. Consensus calls for $52.4 billion of iPhone revenue, up 6% year-on-year, with the iPhone 17 family — which launched September 2025 with on-device Apple Intelligence as the headline feature — driving the upgrade cycle. Wedbush's Dan Ives projects iPhone unit growth of 8% in the quarter, while Morgan Stanley's Erik Woodring is more cautious at 4%. Greater China iPhone revenue is the principal point of sensitivity.
Services and Mac Setup
Services revenue is forecast at $26.4 billion, up 13% year-on-year, with the App Store, advertising, and Apple TV+ all expected to contribute. The April 5 Apple TV+ relaunch with the F1: The Movie blockbuster window is expected to provide a modest contribution. Mac revenue should be in the $7.8 billion area on the strength of the M5 MacBook Air and MacBook Pro refresh cycle that hit shelves in March.
iPad revenue at $7.4 billion is set to be the segment of greatest year-on-year growth at +14%, reflecting the new iPad Pro M5 cycle launched in April. Wearables, Home and Accessories at $7.6 billion is the segment most exposed to gross-margin compression as Vision Pro 2 manufacturing ramp progresses. Apple Vision Pro 2, which launched in February at $2,999, is estimated by Bloomberg Intelligence to have shipped approximately 740,000 units in Q2 globally — meaningfully higher than the Vision Pro 1 trajectory.
Cash Return and Setup
Apple is widely expected to expand its share-repurchase authorization. The company authorized $110 billion of buybacks in the prior fiscal year; consensus expects a $115 billion-$125 billion authorization at this print. The dividend is expected to be raised by 4-6%. Apple's net-cash position stood at $66 billion at the end of December 2025; the long-stated objective of being net-cash neutral remains.