Apple CEO Tim Cook holds a new iPhone 17 Pro during an Apple Special event at Apple headquarters in Cupertino, California on September 9, 2025.
Justin Sullivan | getty images
Apple The company reports fiscal second-quarter earnings Thursday, the first to face Wall Street since last week’s announcement that Tim Cook will step down as CEO after 15 years on the job.
Here’s what investors are expecting, according to the LSEG Consensus Estimate.
- EPS: $1.95
- Income: $109.7 billion
Wall Street is also looking at these key areas:
- iPhone Revenue: According to StreetAccount, $56.7 billion is expected
- MAC Revenue: According to StreetAccount, $8.16 billion is expected
- iPad Revenue: $6.71 billion is expected, according to StreetAccount
- Wearables, Home & Accessories Revenue: According to StreetAccount, $7.8 billion is expected
- Service Revenue: $30.4 billion expected according to StreetAccount
- gross margin: 48.4%
Analysts expect Apple’s revenue to rise 15% year over year, from $95.4 billion a year earlier. The main driver is the iPhone, with Wall Street expecting a 20% increase in annual sales, largely thanks to the popularity of the iPhone 17, which went on sale last year.
In March, Apple announced several new products, including its iPhone 17e, a refreshed iPad Air laptop with the M4 chip in 11-inch and 13-inch sizes. But the biggest surprise was the MacBook Neo, a low-cost laptop priced at $599 and aimed at students and budget-conscious consumers.
While device sales are always important to Apple’s results, the most important thing for Wall Street is what to expect from incoming CEO John Ternes. Apple announced last week that Ternes was replacing Cook, who will become executive chairman on September 1. Turnus is a longtime Apple executive who is running hardware.
One of the first things Turnus has to do is figure out where Apple is going with artificial intelligence. At the beginning of the quarter, Apple announced it would partner with Google to use its Gemini AI model to power its Siri product.
Apple has spent much less on AI technology than its peers meta, Amazon, alphabet And MicrosoftWho are collectively spending more than half a trillion dollars on AI infrastructure this year.
The global memory crisis could also be a big topic on the earnings call.
All of Apple’s devices, including the iPhone, Mac, and iPad, use a lot of storage and memory, raising questions about how the company plans to handle increased memory prices from AI demand. Meta and Microsoft said Wednesday that higher memory prices contributed to their increased capital spending forecasts for the year.
Apple has been able to hold off on any significant price increases for its flagship devices so far.
“We believe Apple’s memory costs remain well under control based on recent product launches,” Evercore ISI analysts wrote in a note this week.
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