Apple Q3 2026 Earnings Preview: What to Expect from iPhone 17 and AI

When Will Apple Report Its Latest Earnings?

Apple is scheduled to report its third quarter (Q3) 2026 earnings on Friday, 31 July 2026, at 4:30 AM (GMT+8), after the market closes.

Highlights from the Previous Quarter

Apple's second quarter (Q2) 2026 earnings, released on 30 April, showed a solid performance, beating expectations on both revenue and earnings per share (EPS). Key highlights include:

• EPS: $2.01 diluted vs. $1.94 expected
• Revenue: $111.2 billion vs. $109.7 billion expected
• iPhone Revenue: Rose 22% to $57 billion, a new record for the March quarter.
• Services Revenue: Reached an all-time high of $31 billion, up 16% year-on-year.
• Mac Revenue: Increased 6% to $8.4 billion.
• iPad Revenue: Grew 8% to $6.9 billion.
• Wearables, Home & Accessories: Rose 5% to $7.9 billion.
• Gross Margin: Came in at 49.3%, ahead of expectations.

Geographically, Greater China showed remarkable growth of 28% year-on-year, with CEO Tim Cook noting 'extraordinary demand' for the iPhone 17 series.

Q3 2026 Earnings Expectations

For Q3 2026, Apple has guided for revenue growth of 14% to 17% year-on-year, projecting revenue between approximately $107 billion and $110 billion. Key financial expectations from Wall Street include:

• Revenue: ~$108.578 billion
• EPS: ~$1.89 diluted

Key Areas of Focus in the Upcoming Earnings Release

Investors will be particularly focused on the following areas:

• iPhone Performance: Expected to remain the biggest revenue driver, with projections of $55 billion to $57 billion.
• Services Growth: Anticipated to deliver another record quarter, with revenue expected in the $31 billion to $32 billion range.
• Mac & iPad: Mac sales may face supply constraints, while iPad sales could benefit from recent updates.
• Wearables, Home & Accessories: Expected to remain stable.
• Artificial Intelligence (AI): Updates on AI rollout and monetization potential will be closely watched.
• Greater China: Performance in this region remains crucial, especially against Huawei competition.

Guidance and Q4 Outlook

Apple's forward guidance will be critical, especially regarding the holiday quarter and any new initiatives like the 'Upgrade' device leasing program.

Additional watch points include:

• Impact of tariffs and supply chain issues.
• Management of gross margins amid rising costs.
• Effects of recent price increases on demand.
• Signals regarding the upcoming leadership transition to John Ternus.

Analyst Ratings and Technical Analysis

As of 22 July 2026, Apple holds a TipRanks Smart Score of '9 outperform' with 16 'buy', 9 'hold', and 2 'sell' recommendations.

Technically, Apple's share price has surged approximately 20.55% this year, reaching a record high of $334.99. However, some bearish divergence is noted, indicating that the momentum may be fading.

Support levels are identified at $315 and $300-$302, while resistance is at the all-time high of $334.99.