Earnings · $AAPL
Apple Reports Monday With Margins and iPhone Supply in Focus After Tech Selloff
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Wall Street expects about $113 billion in fiscal fourth-quarter revenue as investors weigh tighter margins and supply constraints.
By Emma Cruz ·
Apple reports results for its fiscal fourth quarter on Monday, November 2, opening a week of Big Tech earnings that also brings the midterm elections and the October jobs report [1][2]. The results follow a sharp selloff in technology shares, putting extra weight on how Apple describes demand, costs and its outlook for the holiday period [2].
The company will hold its conference call at 2 p.m. Pacific time, or 5 p.m. Eastern, following the release, according to 9to5Mac [1]. The quarter covers the three months that ended in late September. Chief executive John Ternus is expected to join the call for the first time in that role, alongside chief financial officer Kevan Parekh, the outlet reported [1].
Expectations are framed by the guidance Apple gave in July. The company forecast revenue growth of 9% to 11% from a year earlier, including an expected foreign exchange headwind of about 2.5 percentage points, and flagged greater supply constraints on iPhone, Mac and iPad [1]. That range implies revenue of roughly $111.7 billion to $113.7 billion, according to 9to5Mac's calculation [1]. Analysts surveyed by Zacks Investment Research expect revenue of about $112.95 billion, up 10.2%, and earnings of $1.98 per share, about 7% higher than a year earlier [3].
Gross margin is a central question. Apple guided to a gross margin of 47% to 48% for the quarter, which includes a benefit of about 1 percentage point from tariff refunds, according to Zacks [3]. That would be a step down from 50.1% in the June quarter, a figure that included about 2 percentage points from tariff refunds, the company said in its July results [4].
The June quarter set a high bar. Apple reported revenue of $109.4 billion, up 16%, and diluted earnings of $2.02 per share, up 29%, with records for iPhone, Mac and Services revenue for a June quarter [4]. The company described it as its "strongest June quarter ever" [4]. For the September quarter, analysts at Zacks expect iPhone revenue to grow in the mid-teens percent range on a reported basis, slower than the 22% pace of the June quarter, and Services growth broadly in line with the prior quarter after adjusting for currency moves [3].
The quarter will also give the first full read on price increases Apple applied in late June to much of its hardware lineup, 9to5Mac noted [1]. The iPhone 18 Pro models, which also carry higher prices, went on sale on September 18, too late to contribute much to the period being reported, so comments on early demand and supply for those phones may matter more than the quarter's iPhone total [1].
Apple shares entered the report up about 26.5% for the year as of Zacks' October 29 preview, trading at roughly 35 times expected earnings for the next 12 months [3]. Apple had beaten the consensus earnings estimate in each of the previous four quarters, according to Zacks [3].
The report lands in a crowded week. Palantir is also scheduled to report on Monday, and Advanced Micro Devices follows on Tuesday, according to Yahoo Finance's weekly calendar [2].
What to watch next: Apple's revenue and margin outlook for the December quarter, any update on iPhone supply constraints and component costs, the size of the Services business, and how the shares trade in after-hours action on Monday.
Sources:
[1] 9to5Mac, "Apple sets Q4 2026 earnings release for November 2", October 6, 2026. https://9to5mac.com/2026/10/06/apple-sets-q4-2026-earnings-release-for-november-2/
[2] Yahoo Finance, "A big sell-off collides with more Big Tech earnings and a midterm election: What to watch this week", November 1, 2026. https://finance.yahoo.com/markets/article/a-big-sell-off-collides-with-more-big-tech-earnings-and-a-midterm-election-what-to-watch-this-week-110000657.html
[3] Zacks Investment Research (via Yahoo Finance), "Apple's Q4 Earnings Loom: Buy or Sell AAPL Stock Ahead of Results?", October 29, 2026. https://finance.yahoo.com/markets/stocks/articles/apples-q4-earnings-loom-buy-173000032.html
[4] Apple, "Apple reports third quarter results", July 30, 2026. https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.