Apple Inc.: Tim Cook’s last earnings call as CEO; iPhone launch cadence changes ahead

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Apple Inc.: Tim Cook’s last earnings call as CEO; iPhone launch cadence changes ahead

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Apple Inc.

Tim Cook’s last earnings call as CEO;

iPhone launch cadence changes ahead

Reiterate Rating: BUY | PO: 380.00 USD | Price: 333.74 USD

Focus on gross margins but also launch cadence; Reit Buy 20 July 2026

As we head into F3Q26 (Jun Q) earnings after market close on Thur July 30th, investor Equity

focus will be on component cost inflation, durability of gross margins and the end of an

era with Tim Cook as CEO. We expect AAPL to beat consensus in the June qtr. While the

Key ChangesiPhone build plans remain extremely robust (including Pro Models), we have incorporated

a more conservative outlook overall given the staggered launch of iPhones (Pro, ProMax (US$) Previous Current

and Fold in Sep and base model, Air in March) and higher prices. For product GMs, we 2027E EPS 9.89 9.91

model a decline sequentially in the June (-190bps q/q to 36.8%) and Sep qtrs (-280bps 2028E EPS 10.85 10.89

q/q to 34.1%). We see this as transitory and see product margins recovering to 38.5% in

the Dec quarter as new iPhones launch at higher prices (including foldable) and potential Wamsi Mohan

Research Analyst

benefit from tariff recovery ($3bn). Our F3Q rev/EPS are $109bn/$1.89 vs. Street BofAS

$108bn/$1.87 (we model rev +16% y/y vs guidance 14-17% y/y). We model GM of +1 646 855 3854 wamsi.mohan@bofa.com

48.2% (vs. guidance 47.5-48.5%) but see sequentially lower margins in F4Q (Sep Q) on Ruplu Bhattacharya

mix and higher component costs, offset somewhat by price increases. Reit Buy. Research Analyst

BofAS

Services revenue strong, despite weaker App Store +1ruplu.bhattacharya@bofa.com646 855 0315