Apple Product Price Increases Announced, with Magnitude Tracking More than Our Expectations

Research evidence excerpt

Apple Product Price Increases Announced, with Magnitude Tracking More than Our Expectations

J P M O R G A N North America Equity Research

25 June 2026

Apple Overweight

AAPL, AAPL US

Product Price Increases Announced, with Magnitude Price (24 Jun 26):$293.08

Tracking More than Our Expectations

Software - Large Cap / Mid & Small

After highlighting an impending price increase recently, Apple announced price Cap

increases across many of its products to offset the impact of rising cost of memory Samik Chatterjee, CFA AC

(DRAM and NAND), although notably leaving iPhone, Apple Watch, and AirPods (1-212) 622-0798

unchanged. The increases are global and range from $30 to $500 in absolute terms, samik.x.chatterjee@jpmorgan.com

with price increases for most high-volume SKUs in the range of 15%-20%. While Jaiden R Patel

the increase in memory costs has been unprecedented in recent years, the (1-212) 270-6953

jaiden.patel@jpmchase.com

magnitude of the increase on the announced SKUs is higher than we anticipated,

Arti Vula, CFA

with our earlier expectations more geared towards the opportunity for Apple to find

(1-415) 315-5919

more offsets and limit the magnitude of price increases. arti.vula@jpmchase.com

Brian Hyska

From the standpoint of financials and takeaways for investors, we highlight (1-212) 622-2883

the following: brian.hyska@jpmchase.com

Mashu Nishi

1) Higher-than-expected magnitude of price increases on announced SKUs could (1-212) 622-0078

drive pressure on volume expectations for Macs and iPads, which have been able mashu.nishi@jpmorgan.com

to deliver robust share gains recently with Apple delaying price increases relative J.P. Morgan Securities LLC

to competition.

2) The magnitude of the price increases announced leads us to believe that our