MacDailyNews presents live notes from Apple’s Q226 Conference Call with analysts starting at 2pm PDT / 5pm EDT today, April 30, 2026.
This stream is best experienced on an iPhone 7 or later, iPad (5th generation or later), or iPod touch (7th generation) using Safari on iOS 12 or later; or a Mac using Safari on macOS Mojave 10.14 or later. Streaming to your TV requires an AirPlay 2–capable device, or via AirPlay to an Apple TV (2nd generation or later) with the latest Apple TV software or tvOS. Other platforms may also be able to access the stream using recent versions of Chrome, Firefox, or Microsoft Edge (MSE, H.264, and AAC required).
Apple’s live conference call webcast will begin at 2pm PDT / 5pm EDT here.
Apple today posted record second quarter revenue of $111.2 billion, up a whopping 17% year over year, and quarterly diluted earnings per share (EPS) of $2.01, up a staggering 22% year over year.
According to LSEG consensus estimates compiled from Wall Street analysts called for Apple to post revenue of $109.5 billion and EPS of $1.95.
Live notes in reverse chronological order:
• AAPL @ 6:01:08 PM EDT: $282.16, +$10.81, (+3.98%) (AAPL all-time high: $288.62, set on Dec. 3, 2025) 🙂
• End of conference call
• The majority of customers in Indi are new to all products: Mac, iPhone, Apple Wtach, iPad, etc.
• Cook: I think India is a huge opportunity for Apple; we have a modest share, so a huge opportunity
• Q: India market?
• Apple Retail Stores in China traffic is up strongly
• Cook: We are thrilled with Greater China performance; driven by iPhone, Mac mini, MacBook Air
• Q: Greater China market?
• Cook: Gross margin June projection includes tariff costs; we plan to reinvest any tariff refunds received into NEW American investments, over and above the $600 billion already announced
• Parekh: Decreased due to seasonal loss of leverage and memory costs
• Q: On products gross margin?
• Cook: We are investing more in Apple Intelligence; collaboration with Goole is going well as is out independent work
• Q: Focus on Apple Foundation Models and Google Gemini?
• Parekh: Services has a wide range of components; we are encouraged and have a wide portfolio
• Q: Services growth to get more challenging?
• Cook: Current constraint in March and Jun quarter is the availability of advanced nodes for Apple Silicon, not memory (TSMC) because we under-called the demand and, given the lead times required, it takes time to adjust to that
• Q: iPhone constrained in June quarter? Thinking about using alternative memory suppliers?
• Cook: What I told him was one of the most important decisions is where to spend your time; keep following Apple’s north star: making the best products and services that enrich customers’ lives
• Q: CEO transition? Advice to John Ternus?
• We are seeing double-digit growth in the majority of markets that we track; new March record for upgraders
• Cook: It’s the iPhone 17 family that is driving it; design, performance, durability, camera
• Q: What is driving this impressive iPhone performance?
• Cook: We are clearly investing more in AI and R&D, which is accelerating; Apple is investing in products and services
• Q: Artificial intelligence investment?
• Cook: We will look at a range of options
• Q: How to deal with increased memory costs?
• Parekh: We saw double-digit revenue gains in advertising while still delivering a great experience and maintaining privacy
• Q: Ads on App Store contribution to quarter’s revenue?
• MacBook Neo has brought in record “new-to-Mac” users; school systems and consumers are switching from Chromebooks and Windows PC to MacBook Neo
• Cook: Right now we are supply constrained on MacBook Neo; we under-called the level of enthusiasm
• MacBook Neo driving new markets?
• Cook: Memory in Dec. quarter, there was a minimal impact due to supply constraints. We saw higher memory costs in March quarter; we expect significantly higher memory costs in the June quarter; beyone June, we believe memory costs will drive an increasing impact; we will look at a range of options
• What happens to margins after the June quarter given memory constraints?
• Cook: We don’t get into our future roadmap, but I would say that we’re thrilled with how iPhone is doing; the strongest cycle we’ve ever had in our history from launch thru Mach quarter
• Q: Agentic smartphones?
• Parekh: Our goal of net cash neutral has served Apple well since 2018; company is not evaluation cash and debt portfolios to supor the business; Apple remains very committed to returning excess cash to shareholders
• Q: Net Cash Neutral no longer being reported?
• Cook: We think Mac mini and Mac Studio may take several months to reach supply/demand balance
• Customer response to MacBook Neo has been off the charts
• Cook: We were constrained primarily on iPhone and to a lesser extent, Mac, due to availability of advance nodes (TSMC stamping Apple Silicon)
• Q: Supply constraints for iPhone and Mac?
• Analysts’ questions begin
• Tax rate around 17%
• 47.5%-48.5% gross margin expected
• Apple guidance: June quarter total company revenue to grow 14-17% YoY
• The board of directors has also authorized an additional program to repurchase up to $100 billion of the company’s common stock
• The dividend is payable on May 14, 2026, to shareholders of record as of the close of business on May 11, 2026
• Apple’s board of directors has declared a cash dividend of $0.27 per share of the company’s common stock, an increase of 4 percent
• Going forward Apple will no longer provide net cash neutral publicly
• 42 million AAPL shares repurchased during the quarter
• MacBook Neo is resonating strongly in Enterprise and Education
• Enterprises are choosing Apple devices to enhance productivity
• Parekh: Apple devices install base is over 2.5 billion
• 451 Research: U.S. customer satisfaction for Apple Watch: 96%
• 451 Research: U.S. customer satisfaction for iPad: 98%
• 451 Research: U.S. customer satisfaction for Mac: 97%
• 451 Research: U.S. customer satisfaction for iPhone: 99%
• Parekh reiterates net sales by category and by reportable segment
• 76.7% services gross margin
• 38.7% products gross margin
• New March quarter records for both operating cash flow and EPS
• Over $28 billion in operating cash flow
• Kevan Parekh: During quarter, Apple faced supply constraints on iPhone and to a lesser extent on Mac
• Apple is investing in American jobs and American businesses
• Cook touts Apple’s $600 billion commitment to American production, including Mac mini production
• Cook touts Apple recycling and environmental initiatives
• Apple Retail Stores saw March quarter record
• Cook touts Apple TV’s plethora of quality series, Formula 1, MLS, and more
• Apple Silicon is powerful for agentic AI; “Apple platforms are the best place to experience AI”
• Cook: A more personalized Siri is coming this year
• Cook touts AirPods Pro with Live Translation powered by Apple Intelligence
• Cook touts individual products, including MacBook Pro, iPhone 17e, MacBook Neo, AirPods Max 2, and more
• Americas: $45.093 billion (vs. $40.315 billion YoY)
• Europe: $28.055 billion (vs. $24,454 billion YoY)
• Greater China: $20.497 billion (vs. $16.002 billion YoY)
• Japan: $8.401 billion (vs. $7.298 billion YoY)
• Rest of Asia Pacific: $9.138 billion (vs. $7.290 billion YoY)
• AAPL @ $268.70, -$2.65, (-0.98%)
• iPhone: $56.994 billion (vs. $48.841 billion YoY)
• Mac: $8.399 billion (vs. $7.949 billion YoY)
• iPad: $6.914 billion (vs. $6.402 billion YoY)
• Wearables, Home and Accessories: $7.901 billion (vs. $7.522 billion YoY)
• Services: $30.976 billion (vs> $26.645 billion YoY)
• Quarterly diluted earnings per share (EPS) of $2.01, up 22% year over year, is a new March quarter record
• Apple today posted record second quarter revenue of $111.2 billion, up 17% year over year; a March quarter record despite supply constraints
• This is an especially exciting moment at Apple.
• Thank you, Apple customers!
• John Ternus: Stepping into the role of Apple CEO is a great honor
• Cook: I look forward to setting into the role of Executive Chairman on September 1st
• Cook: This moment for the transition is the right one for a number of reasons: strong business, strong roadmap, right leader ready to set into this role.
• Outgoing Apple CEO Tim Cook: I just celebrated 15 yers as CEO. This is my 89th earnings call.
• AAPL @ 5:01:26 PM EDT: $269.99, -1.36, (-0.50%)
• Incoming Apple CEO John Ternus will join today with a brief set of remarks
• Apple’s Q226 conference call begins
• Anyone, or any bot, selling AAPL after hours on these results is handing us a discount. Thanks, chumps!
• AAPL @ 4:45:44 PM EDT: $268.41, -$2.94, (-1.08%)
• AAPL @ 4:36:10 PM EDT: $271.25, -$0.10, (-0.04%)
• AAPL @ 4:28:07 PM EDT: $272.53, +$1.18, (+0.43%)
