What‘s New in the 10-Q, Including 2 Post-Earnings Thoughts

研报英文原文证据摘录

What‘s New in the 10-Q, Including 2 Post-Earnings Thoughts

Update

August 3, 2026 01:11 PM GMT

Morgan Stanley & Co. LLCMApple, Inc. | North America Erik W Woodring

Equity Analyst

What's New in the 10-Q, Erik.Woodring@morganstanley.comDylan Liu +1 212 296-8083

Research Associate

Dylan.Liu@morganstanley.com +1 212 761-4519

Including 2 Post-Earnings Maya C Neuman

Maya.Neuman@morganstanley.com +1 212 761-1946

Thoughts Rauf Ural

Rauf.Ural@morganstanley.com +1 212 761-5958

Could Apple be setting an overly conservative bar for Sept Q

earnings in 3 months? Perhaps. Why isn't the market as focused Apple, Inc. (AAPL.O, AAPL US)

on Apple shifting to a subscription model? Too early. And what IT Hardware | United States of America

Stock Rating Overweight

are 3 clear observations from Apple's 10-Q? Rising inventory, Industry View Cautious

Price target $360.00

rising AI costs, and slowing App Store growth. Shr price, close (Jul 31, 2026) $308.91

Mkt cap, curr (mm) $4,536,148

52-Week Range $344.57-201.50

Key Takeaways Fiscal Year Ending 09/25 09/26e 09/27e 09/28e

Apple's 7.5% drop reflected high expectations after a strong run; at ~30x P/E, EPS ($)** 7.46 8.84 10.00 10.83

valuation remains well above levels typically seen in bearish markets. Prior EPS ($)** - - - -

P/E 34.1 34.9 30.9 28.5

Apple's September outlook may be intentionally conservative, with supply EPS ($)§ - - - -

Div yld (%) 0.4 0.3 0.4 0.4

constraints potentially overstated, creating room for an upside earnings beat.

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

Apple's $1/day iPhone leasing model could accelerate its shift to subscriptions, framework** = Based on consensus methodology

supporting higher customer lifetime value and valuation.