AAPL Earnings Preview

Research evidence excerpt

AAPL Earnings Preview

Equity Research

IT Hardware and Communications Equipment

28 July 2026

Apple, Inc.

AAPL is expected to report earnings on Thursday, July 30 after

the close.

AAPL UNDERWEIGHT

IT Hardware and

Last quarter, AAPL had solid results with China and GM strength, and revenue guidance was Communications NEUTRAL

lifted based mostly on iPhones. The stock is up 25% YTD (vs. SPX +8% and NDX +11%), as the Equipment

Price Target USD 253.00stock seems to be running counter to the AI trade. We remain cautious on the stock as we see

Price (24-Jul-26) USD 333.02limited monetization of AI.

Potential Upside/Downside -24.0%

Source: Bloomberg, Barclays Research

Overall, we see June results as in-line to a slight beat. There are a lot more moving parts

heading into the September quarter compared to prior cycles, mostly iPhone related. Given the

increased ASPs across product categories, we expect AAPL to have less visibility into near-term IT Hardware and Communications

results given the uncertainty around price elasticity. Likely higher prices will offset low unit Equipment

shipments to lead to September "guidance" around street consensus. Tim Long

+1 212 526 4043

•• iPhones. We are expecting a much different iPhone dynamic over the next several quarters. A tim.long@barclays.com

few things are different this cycle. Given the starting price of the foldable phone will likely be BCI, US

in the low/mid $2k range, Alyssa Shreves

+1 212 526 7570

°° We are expecting the September launch to include AAPL's first foldable device. We believe alyssa.shreves@barclays.com

the initial run of units will be low, in the 6M - 8M unit range and expect quarterly shipments BCI, US

in the 3M - 5M range for the first few quarters. Mary Lenox

+1 212 526 6277