Apple Inc
AAPL - Insider Information
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Earnings Call Q4 2026
November 2, 2026 - AI Summary
Strong quarter + records (top-line, EPS, Services)
- Q4 (Sep quarter) revenue: $114.5B (+12% YoY); company September quarter revenue record.
- EPS: $2.10 (+14% YoY); record net income: $30.7B.
- Services revenue: $31.6B (+10% YoY), all-time record (video/cloud/payments/ads strong; music hit a September quarter record).
- Products revenue: $82.9B (+12% YoY); iPhone $57.6B (+17% YoY), Mac $10.8B (+24% YoY); iPad $6.2B (-10% YoY).
- Installed base: 2.5B+ active devices (all-time high across categories/geos).
Gross margin tailwind then expected sequential pressure (tariffs + memory + AI costs) — key watch item
- Reported company gross margin: 47.9%; products GM: 37.2%; services GM: 76% (up ~40 bps sequentially).
- Tariff refunds boosted GM: ~+1 percentage point in September quarter (and EPS had +$0.05 from refunds).
- Without tariff refunds, management said GM would be ~down ~1 point sequentially (mainly higher memory costs).
- December quarter forecast gross margin: 45%–46% (includes higher memory costs and some costs from ramping Siri AI), implying continued sequential pressure.
December quarter outlook (revenue, services growth, margin, OpEx, taxes)
- Revenue growth forecast (Dec quarter): +7% to +10% YoY; expected to be Apple’s best-ever revenue quarter (assumes best view of constrained supply).
- Services growth forecast: +8% to +9% YoY (vs Sep quarter’s +10%); expected sequential headwinds from third-party licensing and FX.
- Operating expenses: $20.4B–$20.8B (R&D investment).
- Operating income & other: ~+$300M (excluding mark-to-market effects on minority investments).
- Tax rate: ~17%.
- Management explicitly assumes tariff rates/policies remain as of the call and macro does not worsen.
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Share Statistics
| Market cap | $5.08 Trillion |
|---|---|
| Enterprise Value | $5.14 Trillion |
| Annual dividend | $1.06 |
| Dividend yield | 0.31% |
| Earnings per Share | $9.01 |
| Beta | 1.07 |
| Outstanding Shares | 14,570,195,000 |
Return
| Return on Equity | 120.20% |
|---|---|
| Return on Assets | 33.31% |
| Return on Invested Capital | 68.73% |
Valuation & Multiples
| P/E Ratio | 38 |
|---|---|
| PEG | 265.8 |
| Price to Sales | 10.56 |
| Price to Book Ratio | 49.81 |
| Enterprise Value to Revenue | 10.67 |
| Enterprise Value to EBIT | 32.31 |
| Enterprise Value to Net Income | 38 |
| Total Debt to Enterprise | 0.02 |
| Debt to Equity | 0.85 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 2, 2026
EPS
$2.05
Est. $1.99Revenue
$114.48 B
Est. $113.40 BNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$2.90
Consensus analyst estimateRevenue Estimate
$156.08 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 3.48, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 3.4840▲ 264.52% |
|---|---|
| Total Calls | 6,501,822▼ 96.54% |
| Total Puts | 22,652,443▼ 85.64% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 11.57%▼ 54.92% |
|---|---|
| Total Invested | $564.85B▼ 80.01% |
| Investors Holding | 4,029▼ 2452.00% |
About Apple Inc
147,000 employees
CEO: Timothy Cook
Apple Inc. is an American multinational technology company headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software, and online services. It is considered one of the Big Five compa...