Apple Earnings Preview iPhone Growth

Apple Inc. (AAPL) will report fiscal second-quarter 2026 earnings after the market close on April 30, 2026 (ET). This will be the company’s first report since the CEO transition from Tim Cook to John Ternus and comes amid analyst upgrades and forecasts for rising iPhone revenue.

Consensus Estimates and iPhone Outlook

Wall Street expects Apple’s fiscal second-quarter revenue to reach $109.5 billion, a 15.0% increase year-over-year from $95.4 billion. Earnings per share (EPS) are projected at $1.95, up about 18.0% from $1.65, with the EPS estimate revised 3.2% higher over the past 30 days. iPhone revenue is forecast at $56.5 billion, a 21.0% jump year-over-year, making it the key indicator of demand.

Beneath the headline, Mac revenue is expected near $8.1 billion, while wearables, home, and accessories are projected at about $7.7 billion. Product net sales are estimated around $79.2 billion. Greater China sales are forecast at $19.0 billion, implying high-teens growth in that region and highlighting why analysts also watch regional trends.

Analyst Projections and Leadership Change

Broker projections vary. One high-end forecast sets revenue at $112.7 billion and EPS at $2.05, with product and iPhone sales near $82.3 billion and $59.5 billion, respectively. Another projects June-quarter revenue closer to $102.0 billion, an 8.5% increase year-over-year, with iPhone revenue rising about 20.0%, driven by U.S. and Chinese demand. A separate analysis expects revenue and EPS to exceed consensus by 1–2 percentage points and sees Apple’s core strategy remaining intact after the CEO transition.

Longer-term analyst models anticipate annual earnings growth near 7.8%, revenue growth around 7.4%, and EPS expansion close to 9.9%, framing this quarter as a test of whether near-term strength can extend into a multi-year trajectory. A late-April broker action raised Apple’s price target, citing strong demand for the iPhone 17 series and modeling roughly 20.0% iPhone revenue growth as a basis for near-term optimism.

Analysts also note risks including supply-chain disruptions, a slowdown in iPhone unit sales, and economic pressure in China. These factors could prompt revisions if the after-hours report does not confirm recent momentum.

The accumulation of upward estimate revisions and elevated handset forecasts sets a high bar for Apple’s after-hours release. Investor focus will be on demand confirmation, segment and regional breakdowns, and whether the current estimate trajectory can be sustained into the fiscal second half.