Apple Q2 FY2026 Earnings Preview: iPhone Beat Expected, But Q3 Guidance Is the Only Number That Matters

# Apple Q2 FY2026 Earnings Preview: iPhone Beat Expected, But Q3 Guidance Is the Only Number That Matters

> **Quick answer:** Apple reports Q2 FY2026 earnings after close on April 30, 2026 (~5:00pm ET / 23:00 Athens). Consensus calls for $109.7B revenue and $1.95 EPS — both likely to beat. The stock will move on Q3 guidance, where tariff exposure, memory cost headwinds, and the Tim Cook succession timeline collide. As the last Mag-7 name to report, Apple is the market's final verdict on the AI capex cycle.

Apple is the last Mag-7 domino to fall. With Microsoft, Alphabet, Meta, and Amazon all reporting in the prior session — all beating estimates, all falling in after-hours — the Apple Q2 FY2026 earnings report carries unusual weight. Tonight's results arrive at a moment when investor patience with Big Tech's AI spending is openly fracturing, and when Apple's own leadership story is about to enter its most consequential transition in over a decade.

> **Disclaimer:** This article is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor for personal financial decisions.

## What the Street Expects: The Q2 FY2026 Consensus Numbers

Wall Street consensus from 31 analysts (Yahoo Finance) puts Q2 FY2026 at: