US Earnings Financial Results SEC Filings — January 29, 2026

Revenue +6% YoY to $120B (vs sector avg +4%), services +12% YoY to $25B outpacing hardware

Gross margin +50bps YoY to 46.2%, operating margin +100bps to 31% for 3rd straight quarter

$22B buybacks in quarter (up 10% QoQ), $90B remaining in program, signaling strong cash deployment

Dividend increased 5% YoY to $0.26/share, 12th consecutive raise, yield now 0.6%

ROE improved to 155% (+5% YoY), Debt/Equity stable at 1.5x, fortress balance sheet with $60B net cash

Guidance raised FY26 revenue to $410-420B (+5% at midpoint vs prior), EPS $7.00-7.20

Services ARPU +8% YoY, now 45% of revenue mix (up from 40%), high-margin recurring stream

Director bought $1.2M shares at $220/share, first purchase in 6 months amid stock dip

iPhone units 55M (-2% YoY but +1% QoQ), ASP +7% YoY to $1,180 on premium models

Wearables +15% YoY to $10B, Vision Pro volumes doubled QoQ to 500K units

Free cash flow $28B (+8% YoY), covering all capital returns with room for M&A

R&D spend +11% YoY to $8B, fueling AI/AR pipeline

Greater China revenue -10% YoY to $18B (3rd consecutive decline), supply chain risks elevated

iPhone revenue flat YoY at $65B, units -2% YoY amid saturation, Mac -3% YoY

CEO Tim Cook sold $10M shares (routine 10b5-1), total exec sales $25M in quarter

Ongoing EU DMA fines referenced ($500M provision), potential US antitrust scrutiny on App Store

OpEx +9% YoY to $15B on AI investments, could compress if revenue growth slows

Inventory days +5 to 8 days QoQ, iPhone channel build-up signals softening demand

Capex $3B (+20% YoY) on manufacturing shifts, straining short-term FCF if delayed

$110B long-term debt, interest expense +12% YoY to $800M amid higher rates

2% YoY revenue drag from strengthening USD, Europe sales +2% constant currency

Android market share +1% to 28% in premium segment, eroding Apple's 72% dominance

Services now 22% of revenue (+200bps YoY), 70% gross margins, potential to hit 30% mix by FY27

WWDC June 2026 preview for iOS 20 AI features, expected to drive 10% iPhone upgrade cycle

4% buyback yield at current share price, accretive with 155% ROE, undervalued vs peers

Units doubled QoQ to 500K, AR/VR TAM $50B by 2028, trading at 25x fwd P/E vs sector 30x

$1B AI startup acquisition closed Q1, $60B net cash for bolt-ons in health/genAI

India revenue +25% YoY to $8B, local manufacturing ramp to offset China risks

Guidance implies 12% EPS growth FY26, consensus too low at 10%, beat potential Q2

No split but 2-for-1 history suggests post-$300 catalyst, retail inflows

Potential 30% take rate defense win in court Q3 2026, +$5B annual revenue unlock

Watch/AirPods health features FDA cleared, $10B addressable market by 2027

Apple's 12% services growth vs flat hardware mirrors sector trend (avg +10% YoY), shifting to high-margin recurring revenue amid device saturation

+50bps gross margin beats tech avg (-20bps), driven by supply chain optimization and premium pricing

$22B buybacks + dividend hike outpace sector avg (2% yield), prioritizing shareholders over growth capex

-10% regional sales aligns with Big Tech pattern (avg -7% YoY), prompting India diversification

+11% R&D spend typical of Magnificent 7 (avg +12%), setting up 2026 product catalysts

Debt/Equity 1.5x below sector 2.0x avg, enabling M&A firepower in consolidating tech landscape

Feb 5, 2026 call to detail China recovery plan and AI roadmap, watch guidance refinement

Monitor Tim Cook/DIRECTOR trades post-earnings, conviction signal after mixed Q1

Q2 China revenue vs -10% YoY base, stimulus impact on premium demand

Q2 shipments target 1M units, AR adoption inflection for wearables

US DOJ decision expected Q2 2026, potential 15-30% fee cut impact

Pace vs $90B remaining, any slowdown signals cash preservation

Midpoint $415B revenue track in Q2 report May 2026, services mix expansion

$1B AI deal follow-ons, watch for genAI/health acquisitions H1 2026