Jul 30, 2026 earnings call — Record quarter and Siri AI launch
Apple reported $109.4 billion in revenue, up 16% year-over-year, a June quarter record.
Revenue $109.4B (est $109.0B) · EPS $2.02 (est $1.89)
Key quotes
"Today, Apple is pleased to report $109.4 billion in revenue, up 16% from a year ago and a June quarter record."
"We were tremendously excited to unveil the all-new Siri AI, a completely reimagined version of Siri that is profoundly capable, deeply personal, and integrated seamlessly across our platforms."
"During the June quarter, we did experience supply constraints, primarily on the Mac, and to a lesser extent, on iPhone and iPad."
Analyst Q&A 7
Why growth slows in September
Q (Amit Daryanani · Evercore): He asked how much the September slowdown is from supply limits versus foreign exchange, and what specific supply constraints have broadened beyond advanced SoCs.
A: Management said foreign exchange will be a sequential headwind of about two and a half percentage points. They said supply constraints will increase significantly from June to September and will affect iPhone, Mac, and iPad, driven by limited flexibility and advanced node availability for SoCs.
"First, when we look at going from the June quarter to September quarter, we expect foreign exchange to be a sequential headwind of around two and a half percentage points to the year-over-year total company growth rate." — Kevan Parekh (CFO)
Upgrade plan and Siri AI public beta
Q (Michael Ng · Goldman Sachs): He asked about expected adoption and impact of the Apple Upgrade Program across the device base and whether it shortens replacement cycles for iPhone, Mac, and iPad. He also asked what the iOS 27 public beta taught about Siri AI, whether it will drive iPhone demand, and how compute costs relate to iCloud+.
A: Management said the Apple Upgrade is meant to make it easier to get new products via a leasing plan, it has generally higher residual values, it's offered in retail (U.S. only so far), and early feedback is positive. On Siri AI, they said developer and public beta feedback has been overwhelmingly positive, they see AI as private and integrated across the OS, and compute-cost plans are still early with possible iCloud+ upsell options.
"I think it's a very big idea to have AI that's private, that's based on your personal context, and that's integrated across the operating system." — Tim Cook (CEO)
Supply issues and December outlook
Q (Ben Reitzes · Melius): He wanted to know how much the supply constraints will affect December guidance and whether Apple can broaden silicon suppliers or use new fabs to ease silicon shortages.
A: Management said the main constraint is availability on advanced nodes for SoCs, and the root cause is stronger-than-expected demand for iPhone and Mac rather than a regular supply failure. They said they are not providing guidance beyond September, and noted their Arizona fab is producing and they source over 100 million components there this year.
"It's a demand forecast issue, to be candid, where the iPhone and the Mac are both doing remarkably better than we thought they would do." — Tim Cook (CEO)
Why prices rose and services drivers
Q (Erik Woodring · Morgan Stanley): He asked whether Apple plans multi-year supply agreements to lock prices and whether pricing choices aim to protect dollars or margins. He also asked what explains the services deceleration and whether App Store changes or AI affect it.
A: On pricing, management said they reluctantly raised prices because memory pricing is in a severe spike and they judge units, revenue, and margin together over the long term. On services, management said foreign exchange was the main driver of the sequential slowdown, with additional factors like no theatrical release last year and some mobile gaming softness, and they expect FX to be a notable headwind into September.
"We did it because we're in what I would characterize as a 100-year flood on the memory pricing, with exponential increases in memory prices." — Tim Cook (CEO)
Pull-forward demand and AI chances
Q (Aaron Rakers · Wells Fargo): He asked if current strong demand reflects pull-forward from consumers, enterprise, or education and whether Apple sees new markets opening from AI over time.
A: Management said it's not obvious in the data that demand has been pulled forward, and with 22% year-to-date iPhone growth it's too early to conclude given channel inventory and recent price changes. They also said there are enormous opportunities from AI, they are excited about Siri AI, and on-device compute is a strategic advantage.
"It's not obvious in the data that what you're asking is true." — Tim Cook (CEO)
Siri AI costs and competition
Q (Wamsi Mohan · BofA): He asked whether Siri AI will change Apple's capital intensity and cost profile, and then asked John Ternus for views on competitive threats from other AI-enabled devices.
A: Management said they use a hybrid cloud model with both third-party cloud and their own data centers, and they have been growing OpEx and spending more on AI, with other cost impacts in COGS; the balance of costs and potential iCloud upsells is still uncertain. On competition, management said there is significant opportunity and they are focused on their own plans.
"Generally speaking, as you know, we have been growing our OpEx and spending more in AI in general and quite a bit more." — Tim Cook (CEO)
Siri AI rollout and margin drivers
Q (Samik Chatterjee · JPMorgan): He asked why Siri AI won't initially roll out in China and Europe and what hurdles remain. He also asked what drove the gross margin decline and how much was FX versus memory costs.
A: Management said they want to launch everywhere but have not been able to do that in the EU and are working with the commission to reach a solution; the Mac can be offered in the EU now because it is regulated differently. They said China approved some original Apple Intelligence features and more work is needed for Siri AI. On margins, management said memory cost increases were the main driver of sequential margin decline and FX was a minimal factor.
"We have not been able to do that in the European Union, but we're working closely with them to try to get to something that would allow us to offer Siri AI there." — Tim Cook (CEO)