In the US 30 index, prices are testing the support level and may break below it, which would signal the beginning of a downtrend. The US 30 forecast for today is negative.

US 30 forecast: key takeaways

• Recent data: US manufacturing PMI came in at 51.2 in February
• Market impact: the data has a mixed impact on the stock market

US 30 fundamental analysis

The release of the US manufacturing PMI at 51.2 points, below expectations of 52.4 and the previous reading of 52.4, is moderately negative for short-term sentiment, as it indicates a slowdown in the pace of industrial activity growth. However, the indicator remains above the 50-point threshold, meaning the sector is still formally expanding; the issue is more about a loss of momentum than a shift into contraction. Such a combination is typically perceived by the market as a signal of more cautious demand and order dynamics in the manufacturing segment of the economy.

For the US 30, the impact is typically reflected in moderate pressure, as the index has significant exposure to industrial and cyclical companies, for which production rates, orders, and business confidence are key drivers of financial performance. A weaker-than-expected PMI reading may reinforce doubts about companies’ ability to maintain strong revenue growth in the coming quarters, limiting the index’s upside potential. At the same time, the fact that the PMI remains above 50 partially mitigates the negative effect, as it does not confirm a scenario of sharp economic deterioration.

US 30 technical analysis

The US 30 index has entered an uptrend, with a key support level at 48,790.0 and a resistance level at 50,550.0. The price is currently testing the support level and gearing up to break below it. The nearest downside target is located near 47,900.0.

The US 30 price forecast considers the following scenarios:

• Pessimistic US 30 scenario: a breakout below the 48,790.0 support level could push the index down to 47,900.0
• Optimistic US 30 scenario: a breakout above the 50,550.0 resistance level could drive the index to 51,110.0

Summary

The data is moderately unfavourable for the US 30 but does not signal a large-scale downturn, as the PMI remains in expansion territory. The most likely market reaction is restrained price action with increased attention to upcoming data on demand, inflation, and the labour market. The nearest downside target may be 47,900.0.

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This weekly technical analysis highlights the key chart patterns and levels for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, gold (XAUUSD), and Brent crude oil to forecast market moves for the upcoming week (23–27 February 2026).

Major technical levels to watch this week

• EURUSD: Support: 1.1715, 1.1645. Resistance: 1.1825, 1.1965
• USDJPY: Support: 153.95, 152.25. Resistance: 155.85, 157.45
• GBPUSD: Support: 1.3435, 1.3325. Resistance: 1.3595, 1.3695
• AUDUSD: Support: 0.6945, 0.6865. Resistance: 0.7125, 0.7275
• USDCAD: Support: 1.3605, 1.3485. Resistance: 1.3725, 1.3835
• Gold: Support: 4,815, 4,565. Resistance: 5,105, 5,285
• Brent: Support: 70.05, 66.85. Resistance: 72.95, 74.95

EURUSD forecast

The EURUSD pair ended the week lower, with prices currently testing the upper boundary of the previously broken Triangle pattern. This technical setup suggests an attempt at recovery and a corrective rise at the start of the trading week if the level is confirmed as support.

The US dollar remains resilient thanks to the Fed’s hawkish commentary and strong US macroeconomic data. The latest meeting minutes showed that disagreements persist within the Federal Reserve regarding the future interest rate path. This increased uncertainty about the timing of any potential policy easing and further bolstered the US dollar.

In the eurozone, by contrast, macroeconomic data improved. Private sector business activity accelerated at the fastest pace since November, industrial production posted the strongest increase since August 2025, and the service sector strengthened its expansion momentum.

EURUSD technical analysis

On the daily EURUSD chart, quotes have moved very close to the EMA-85, increasing the importance of the current resistance area. Despite the recent correction, the current price structure retains upside potential towards 1.1985 as the Triangle pattern begins to play out.

MACD points to a consolidation phase. The histogram continues to decline, reflecting slowing momentum and has nearly approached the zero line, suggesting a balance of power between buyers and sellers. A key condition for the bullish scenario this week is consolidation above 1.1825. This would confirm a breakout above the upper boundary of the descending corrective channel and open the door for further recovery.

The alternative scenario will activate if the 1.1695 support level is broken. In this case, selling pressure will intensify, and prices will return to the Triangle pattern, creating prerequisites for a decline towards 1.1545 and a resumption of a full-fledged downtrend.

EURUSD forecast scenarios

Bullish scenario (baseline): renewed bullish momentum is expected if there is a confident rebound from the upper boundary of the Triangle pattern, followed by growth towards 1.1985.

Bearish scenario (alternative): a breakout below the 1.1695 support level would signal a return to the Triangle pattern and indicate a downward correction, with a target near 1.1545.

USDJPY forecast

The USDJPY pair posted a sharp and aggressive rise last week after rebounding from the key support level at 152.25. Pressure on the yen intensified amid expectations of Federal Reserve actions, as well as a slowdown in both headline and core inflation in Japan in January, creating favourable conditions for the dollar to strengthen. Headline inflation fell from 2.1% to 1.5%, the lowest since March 2022, while core inflation remained at the Bank of Japan’s 2% target, showing the slowest growth in two years.

These figures give the Bank of Japan more room to manoeuvre and reduce pressure to accelerate rate hikes. Overall, the fundamental backdrop remains bearish for the yen, which continues to support the USDJPY pair in the short term.

USDJPY technical analysis

On the daily USDJPY chart, prices continue to rise, increasing the likelihood of completing a Double Bottom reversal pattern. Buyers have already gained a foothold above the EMA-85, strengthening bullish pressure. If the upward move continues, the advance may develop within the Double Bottom pattern, with a potential target near the key resistance level at 161.05 and above.

MACD confirms reversal signs: the histogram is rising actively, and the signal line has moved out of the histogram area, indicating renewed bullish momentum. A key condition to confirm the bullish scenario this week is consolidation above the 156.15 resistance level, which would signal a breakout above the upper boundary of the descending channel.

The alternative scenario will activate if the 151.65 support level is broken. In this case, prices would move below the lower boundary of the bullish channel, creating conditions for a more aggressive decline.

USDJPY forecast scenarios

Bullish scenario (main): a breakout above the upper boundary of the descending corrective channel would open the way for further growth towards 161.05.

Bearish scenario (alternative): if prices fall and break below the lower boundary of the reversal pattern with consolidation below 152.05, the likelihood of a deeper decline increases.

GBPUSD forecast

The GBPUSD rate continues to decline, with sellers attempting to consolidate below the EMA-85, but so far unsuccessfully. Despite robust UK economic indicators, the pound remains under pressure due to continued USD strength amid the Fed’s hawkish rhetoric.

The latest report showed that private sector activity in February rose at the fastest pace since April 2024, beating expectations thanks to stable growth in manufacturing and services. Retail sales also came in above forecasts: in January, they increased by 1.8% including fuel and by 2% excluding fuel.

Minutes from the latest Federal Reserve meeting showed ongoing disagreements among policymakers regarding the future rate path, which increases uncertainty about potential rate cuts and continues to bolster the US dollar.

GBPUSD technical analysis

On the daily GBPUSD chart, the market continues to hold near the EMA-85 support line while remaining within the long-term bullish channel. This week, bullish momentum could resume with upside potential towards 1.3695 if buyers maintain support.

MACD indicates a correction phase: the histogram is declining and has crossed the zero line, signalling slowing momentum. A key condition for the bullish scenario is consolidation above the local resistance level at 1.3545. This would confirm a recovery by moving beyond the descending corrective channel and increase the likelihood of a move towards the target level at 1.3925.

The alternative scenario will activate if the lower boundary of the channel is broken and the price consolidates below 1.3355. In this case, the risk of an extended decline towards 1.3225 increases after breaking below the lower boundary of the long-term bullish channel.

GBPUSD forecast scenarios

Bullish scenario (main): if the price rebounds from the lower boundary of the bullish channel and consolidates above the EMA-85, renewed bullish momentum is expected with a target at 1.3695.

Bearish scenario (alternative): continued downside with consolidation below 1.3355 would cancel the recovery scenario and indicate the development of a full-fledged downtrend.

AUDUSD forecast

The AUDUSD pair ended a six-week rally and fell under pressure from a stronger US dollar and weak Australian PMI data. February figures showed slowing activity across all sectors, pointing to slower growth while inflation pressure persists. Manufacturing, service, and composite indices declined from January, but each remained above 50, indicating the economy is still expanding.

The US dollar received additional support from strong macroeconomic data and the Federal Reserve’s hawkish commentary, increasing pressure on the Australian currency.

Amid improving domestic indicators and more hawkish signals from policymakers, the probability of a rate hike in Australia as early as March is increasing. Markets are pricing in an 80% likelihood of a key rate hike by May, while the probability of an earlier hike in March is around 30%.

AUDUSD technical analysis

On the daily AUDUSD chart, despite the current correction, prices remain within the bullish channel, with selling pressure preventing the price from breaking below the 0.6965 support level. The price is holding comfortably above the EMA-85, indicating the medium-term bullish momentum remains intact. This week, growth could resume after a rebound from the lower boundary of the bullish channel, followed by a move towards 0.7345.

MACD confirms the correction phase: the histogram is declining after a local peak, reflecting slowing momentum, while the signal line has moved out of the histogram area. During the subsequent rise, buyers will likely have to overcome a bearish divergence. A key condition for the bullish scenario is consolidation above 0.7145. A breakout of this level would confirm the market’s readiness to continue its upward movement.

The alternative scenario will come into play if the 0.6905 support level is broken. Consolidation below the lower boundary of the bullish channel would create conditions for a decline towards 0.6745 as part of a Double Top reversal pattern.

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Bullish scenario (baseline): a rebound from the lower boundary of the bullish channel at current levels would indicate a continued upward move towards 0.7345, while a breakout above the local resistance level would only strengthen this scenario.

Bearish scenario (alternative): a breakout below the support level with consolidation below 0.6905 would signal a bearish correction in the pair and may indicate a reversal pattern with the prospect of further decline towards deeper target levels.

USDCAD forecast

The USDCAD pair ended the week higher, but prices remain within a consolidation channel with an upper boundary at 1.3715 and a lower boundary at 1.3495. The Canadian dollar came under pressure due to slowing domestic inflation: the CPI fell to 2.3% in January, while cooling housing inflation confirms easing price pressure and reduces the likelihood of renewed monetary tightening.

With the policy rate at current levels and Bank of Canada officials stating that policy settings remain appropriate, the market is adjusting expectations for further rate hikes, which reduces the Canadian dollar’s attractiveness relative to other currencies.

USDCAD technical analysis

On the daily USDCAD chart, prices continue to correct within a Triangle pattern. Buying pressure weakened after the price tested the upper boundary of the pattern. The weekly outlook suggests a pullback from the Triangle’s upper boundary, followed by a decline towards 1.3445.

MACD confirms the dominance of buying pressure and points to the likelihood of another test of the Triangle’s upper boundary before the decline resumes. The histogram continues to rise, supporting expectations of a temporary strengthening of the US dollar. A key condition for the downside scenario is consolidation below 1.3505. Such a breakout would confirm a move below the pattern’s lower boundary and strengthen the signal for continued decline towards lower targets.

The alternative scenario will activate if the 1.3715 resistance level is broken. This would signal a breakout above the Triangle’s upper boundary and point to a bullish scenario with upside potential towards higher targets.

USDCAD forecast scenarios

Bearish scenario (main): if the price rebounds from the upper boundary of the Triangle pattern, the pair is expected to resume its downward movement, with a target at 1.3445.

Bullish scenario (alternative): if the price rises decisively, breaks above the upper boundary of the Triangle pattern, and consolidates above 1.3715, the market will receive a signal to continue its upward momentum.

XAUUSD forecast

While XAUUSD has been rising for the third consecutive week, buyers have yet to break the strong resistance level at 5,105. The situation remains uncertain amid a mix of geopolitical risks and the outlook for the Federal Reserve’s monetary policy.

The minutes of the January FOMC meeting showed a split among policymakers: some participants pointed to the possibility of further rate hikes if inflation remains high, limiting demand for gold. Fed Governor Stephen Miran also lowered expectations for rate cuts this year, citing stronger-than-expected economic performance.

Despite the current uncertainty, the bullish trend remains in place, and gold still has good chances to continue moving higher.

XAUUSD technical analysis

On the daily XAUUSD chart, prices continue to correct, but buying pressure is gradually increasing, and buyers still have a chance to test the key 5,105 USD resistance level. Renewed growth remains likely at the start of the week, with a potential target at 5,575 USD.

MACD confirms the correction phase: the histogram continues to decline, reflecting slowing momentum and pointing to continued consolidation. A key condition for the bullish scenario is consolidation above the nearest resistance level at 5,105 USD. A breakout above this level would open the door for a full-fledged bullish momentum.

The alternative scenario will activate if the price breaks below the lower boundary of the bullish channel and consolidates below 4,805 USD. Such a signal would indicate a move outside the long-term channel and a test of the EMA-85, while the decline could lead to a deeper correction.

XAUUSD forecast scenarios

Bullish scenario (main): there is still the potential for prices to resume growth after rebounding from the lower boundary of the bullish channel, with a target at 5,575 USD; however, a breakout above the key resistance level is required to confirm this scenario.

Bearish scenario (alternative): if prices drop sharply and consolidate below 4,805 USD, this would open the way for a deeper correction.

Brent forecast

Brent prices are rising actively, attempting to consolidate above the key resistance level at 70.00 USD per barrel.

The market is supported by geopolitical factors: the US president set a strict deadline for progress in nuclear talks with Iran – substantial results must be achieved within a few days. At the same time, the US has deployed its largest military grouping in the Middle East, increasing fears of potential supply disruptions.

A conflict with Iran could restrict movement through the Strait of Hormuz, a key transport corridor for oil exports from the region. An additional boost to bullish sentiment came from data showing a drop in US oil inventories, the largest draw since early September.

Brent technical analysis

On the daily Brent chart, prices have consolidated above the upper boundary of a Triangle pattern, which may indicate continued growth this week. The outlook suggests a rebound from the support level, followed by a move towards 76.95 USD.

MACD confirms the growth phase: the histogram is rising actively, although buyers may face the formation of a bearish divergence. A key condition for the bullish scenario this week is consolidation above 72.90 USD.

The bullish scenario will be cancelled if the support level is broken and prices consolidate below 68.05 USD. This would confirm a return to the descending channel and a breakout of the Triangle pattern’s upper boundary.

Brent forecast scenarios

Bullish scenario (main): a rebound from the upper boundary of the Triangle pattern within the bullish channel would open the potential for continued growth with a target at 76.95 USD.

Bearish scenario (alternative): if prices fall sharply and consolidate below 68.05 USD, the downward movement in the oil market is expected to continue.

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Apple delivered its strongest quarterly results on record, exceeding expectations for revenue and earnings. However, its premium valuation leaves the shares highly sensitive to growth forecasts for 2026

Apple Inc. (NASDAQ: AAPL) delivered record results for the Q1 2026 financial year (quarter ended 27 December 2025). Revenue reached 143.8 billion USD (+16% year-on-year), net income totalled 42.10 billion USD, and earnings per share came in at 2.84 USD (+19% year-on-year). Market expectations had been more conservative – around 138.4 billion USD in revenue and 2.68 USD in EPS – making the report significantly stronger than forecasts.

The primary driver of growth was the iPhone, which generated 85.27 billion USD in revenue (+23% year-on-year), alongside Services, which rose to 30.01 billion USD (+14% year-on-year). Mac sales declined to 8.39 billion USD (–7% year-on-year), while iPad revenue increased to 8.60 billion USD (+6% year-on-year). The Wearables, Home and Accessories segment amounted to 11.49 billion USD (–2% year-on-year). Management noted that the iPhone delivered the strongest quarter in its history, Services reached a new record, and the installed base exceeded 2.5 billion active devices, reinforcing the stability of recurring ecosystem revenue.

Apple also demonstrated robust cash generation, with operating cash flow reaching 54 billion USD during the quarter. Around 32 billion USD was returned to shareholders through dividends and share buybacks.

For the Q2 2026 financial year, management expects total revenue growth of 13–16% year-on-year and gross margin of 48–49%, anticipating that Services growth will remain broadly in line with the December quarter.

This article reviews Apple Inc., provides a fundamental analysis of its financial reports, and presents a technical analysis of Apple shares, forming the basis for the Apple 2026 stock forecast.

About Apple Inc.

Apple Inc. is a US company founded in 1976 by Steve Jobs, Stephen Wozniak, and Ronald Wayne. Initially, it focused on manufacturing personal computers but later expanded its operations to become the leader in the consumer electronics industry. Apple is renowned for its innovative devices – the iPhone, iPad, Mac, Apple Watch, and AirPods – and its unique ecosystem, which integrates these products into its existing services.

Apple went public on the NASDAQ on 12 December 1980 under the AAPL ticker symbol. The company raised approximately 100 million USD, marking it as one of the largest and most successful initial public offerings of its time.

Consistent investor demand drove up Apple’s share value, eventually limiting the number of participants who could afford them. As a result, the company has conducted four stock splits in its history, each time lowering the share value and increasing the number of shares. In 1980, there were approximately 4.6 million shares in circulation; by 2024, this figure had exceeded 15 billion.

In addition to investor demand, Apple generates market demand for its stock through share buybacks. This strategy enables the company to reduce the total number of outstanding shares, thereby increasing earnings per share for the remaining stock and making the securities more appealing to investors. Since Apple introduced its share buyback program in 2012, it has allocated approximately 700 billion USD to this initiative, making it one of the world’s leading companies in terms of buyback volume, surpassing major corporations across other sectors.

The stock buyback is financed through free cash flow and low-interest loans.

Apple Inc.’s main revenue streams

In 2025, the company’s revenue came from the following streams:

• iPhone: the primary source of income, generating about half of the company’s total revenue due to its popular smartphone models.
• iPad and Mac: earnings from tablet and computer sales for both personal and business use. Although their share of total revenue has declined, they remain a vital part of Apple’s business model.
• Wearables, Home and Accessories: revenue from sales of Apple Watch, AirPods, and other accessories, including MagSafe and apps for iPhone, Mac, and iPad.
• Services: a rapidly expanding area that includes subscriptions to Apple Music, Apple TV+, iCloud, App Store, and other services. Services have become one of the company’s most profitable revenue streams.
• Financial services: Apple is constantly improving its financial products, such as the Apple Pay payment system and Apple Card credit cards, and actively expanding its offerings in this area in 2024.
• Products for businesses and corporate services: Apple offers a range of devices and services tailored for corporate clients, including businesses, educational institutions, and healthcare organisations.

Conclusion: based on the above, Apple generates revenue from manufacturing and selling hardware devices, as well as earning from digital service subscriptions and commissions on App Store transactions.

Apple Inc. Q4 2024 financial results

Apple reported strong financial results for Q4 of the 2024 fiscal year. Below are the key figures from the report:(https://investor.apple.com/investor-relations/default.aspx):

• Revenue: 94.93 billion USD (+6%)
• Net income: 14.73 billion USD (–36%)
• Earnings per share: 0.97 USD (–34%)
• Operating profit: 29.59 billion USD (+9%)

Revenue by segment:

• iPhone: 46.22 billion USD (+5%)
• Mac: 7.74 billion USD (+2%)
• iPad: 6.95 billion USD (+8%)
• Wearables, Home and Accessories: 9.04 billion USD (–3%)
• Services: 24.97 billion USD (+12%)

Revenue by region:

• Americas: 41.66 billion USD (+4%)
• Europe: 24.92 billion USD (+11%)
• Greater China: 15.03 billion USD (–1%)
• Japan: 5.92 billion USD (+8%)
• Rest of Asia Pacific: 7.38 billion USD (+16%)

Nearly all metrics, except for data from the Wearables, Home and Accessories segments, demonstrated growth. However, the company’s net profit still dropped by 36%. This decline was due to a 10.2 billion USD fine imposed by the European Union. Excluding this one-off payment, the net profit growth in Q4 2024 would have been 8%.

The company provided a conservative forecast for the next quarter. Revenue is expected to grow in the low to mid-single digits year-on-year, service income is anticipated to reach double-digit figures, and gross profit is forecast to be 46–47%, 1–2% higher than the previous quarter.

Apple Inc. Q1 2025 financial results

Apple released its Q1 2025 earnings report on 30 January 2025. The key report data is outlined below: (https://investor.apple.com/investor-relations/default.aspx):

• Revenue: 124.30 billion USD (+4%)
• Net income: 36.33 billion USD (+7%)
• Earnings per share: 2.40 USD (+10%)
• Operating profit: 42.83 billion USD (+6%)

Revenue by segment:

• iPhone: 69.13 billion USD (–1%)
• Mac: 8.99 billion USD (+15%)
• iPad: 8.09 billion USD (+15%)
• Wearables, Home and Accessories: 11.75 billion USD (–2%)
• Services: 26.34 billion USD (+14%)

Revenue by region:

• Americas: 52.44 billion USD (+4%)
• Europe: 33.86 billion USD (+11%)
• Greater China: 18.51 billion USD (–11%)
• Japan: 8.98 billion USD (+15%)
• Rest of Asia Pacific: 10.29 billion USD (+1%)

In its Q2 2025 forecast, Apple anticipates revenue growth in the low to mid-single digits year-on-year. Given the Q2 2024 revenue of 95 billion USD, this suggests a range of approximately 98 to 100 billion USD. Services revenue was expected to grow in the low single digits.

Based on the report data, Apple delivered record financial results in Q1 2025 despite challenges in certain segments. Total revenue rose by 4% to an all-time high of 124.3 billion USD, while EPS increased by 10% to 2.40 USD, exceeding analysts’ expectations.

The iPhone segment saw a modest decline in revenue, suggesting stagnant demand or a weaker-than-expected reception for the new iPhone 16 line-up. Mac sales grew, driven by new models featuring M4 chips. The iPad segment also expanded, benefiting from model upgrades. Conversely, the Wearables, Home and Accessories segment declined, possibly indicating market saturation or intensifying competition. Apple’s services, including the App Store, Apple Music, iCloud, and AppleCare, posted strong growth, highlighting the company’s strategic shift towards diversifying revenue through subscriptions and services.

Sales in China fell sharply by 11%, reflecting difficulties in this market due to local competition and potential geopolitical factors. However, growth in other regions, including the Americas, Europe, and Asia-Pacific, helped offset some losses. Overall, Apple reaffirmed its resilience and growth potential despite various market challenges.

Apple Inc. Q2 2025 financial results

Apple released its Q2 2025 financial year results on 1 May 2025. Below are the key figures from the report compared with the same period in 2024: (https://investor.apple.com/investor-relations/default.aspx):

• Revenue: 95.35 billion USD (+5%)
• Net income: 24.78 billion USD (+5%)
• Earnings per share: 1.65 USD (+8%)
• Operating profit: 29.58 billion USD (+6%)

Revenue by segment:

• Net sales Products: 68.71 billion USD (+3%)
• Net sales Services: 26.65 billion USD (+12%)
• iPhone: 46.84 billion USD (+2%)
• Mac: 7.95 billion USD (+7%)
• iPad: 6.40 billion USD (+15%)
• Wearables, Home and Accessories: 7.52 billion USD (–5%)

Revenue by region:

• Americas: 40.31 billion USD (+8%)
• Europe: 24.45 billion USD (+1%)
• Greater China: 16.00 billion USD (–2%)
• Japan: 7.30 billion USD (+16%)
• Rest of Asia Pacific: 7.29 billion USD (+8%)

Apple Inc.’s report Q2 2025 report for the financial year revealed a combination of solid growth and emerging challenges. Revenue reached 95.4 billion USD, a 5% increase compared to the same period last year, while earnings per share rose by 8% to 1.65 USD.

The services division performed particularly well, achieving record figures. Revenue amounted to 26.65 billion USD, up 12% year-on-year, underscoring Apple’s successful strategic shift towards stable, recurring income streams. As of May 2025, the number of paid subscriptions exceeded 1 billion. iPhone sales also demonstrated resilience, increasing by 2% to 46.84 billion USD despite a 2% decline in sales in China, offset by growth in the Americas and Japan.

Nevertheless, the company encountered several notable challenges. First, the potential imposition of new tariffs in the US, particularly on products assembled in China, could significantly impact the Q3 2025 results of the financial year. Apple estimates that if the proposed package of tariff measures within the revised US trade policy is implemented, the company’s total costs could reach 900 million USD as early as the June quarter. These expenses are related to the rising costs of components manufactured or assembled in China, including key device categories such as the iPhone, MacBook, and accessories. This increase in expenses could reduce margins and affect retail prices, potentially impacting demand. Apple’s management has openly expressed concern, particularly amid ongoing geopolitical tensions and uncertainty in US-China trade relations. The company is accelerating the reorganisation of its supply chain, including shifting iPhone assembly for the US market to India, though this transition requires time and investment.

Secondly, the ongoing antitrust investigation and legal proceedings concerning the App Store’s structure and terms for third-party developers could potentially affect the services business, as the App Store is a key component of this rapidly growing revenue category.

Thirdly, Apple is experiencing delays in launching the updated version of its voice assistant Siri, which was highly anticipated in the context of generative AI development. These difficulties created uncertainty around the company’s upcoming innovations in user experience and artificial intelligence.

Looking ahead, Apple forecast Q3 2025 revenue growth in the low- to mid- single-digit range, with an expected gross margin between 45.5% and 46.5%. This projection reflected the company’s cautious optimism amid market pressure and internal challenges.

A positive development for Apple shareholders was the announcement of a substantial share buyback program worth 110 billion USD, alongside a 4% increase in quarterly dividends to 0.26 USD per share.

Apple Inc. Q3 2025 financial results

Apple released its results for Q3 of the 2025 financial year on 31 July 2025. Below are the key figures compared to the same period in 2024: (https://investor.apple.com/investor-relations/default.aspx):

• Revenue: 94.03 billion USD (+10%)
• Net income: 23.43 billion USD (+10%)
• Earnings per share: 1.57 USD (+12%)
• Operating profit: 28.20 billion USD (+11%)

Revenue by segment:

• Net sales Products: 66.61 billion USD (+8%)
• Net sales Services: 27.42 billion USD (+13%)
• iPhone: 44.58 billion USD (+13%)
• Mac: 8.05 billion USD (+15%)
• iPad: 6.58 billion USD (–8%)
• Wearables, Home and Accessories: 7.40 billion USD (–8%)

Revenue by region:

• Americas: 41.20 billion USD (+9%)
• Europe: 24.01 billion USD (+10%)
• Greater China: 15.37 billion USD (+4%)
• Japan: 5.78 billion USD (+13%)
• Rest of Asia Pacific: 7.67 billion USD (+20%)

Apple’s Q3 2025 financial report set a record for this period. Revenue rose to 94 billion USD, up 10% year-on-year and exceeding consensus expectations. Net income reached 23.4 billion USD, while earnings per share grew 12% year-on-year to 1.57 USD. iPhone sales increased by 13% to 44.6 billion USD, with services achieving an all-time high of 27.4 billion USD.

Apple management issued an optimistic outlook for the next reporting period. For Q4 2025, total revenue growth was projected to be in the mid- to high-single-digit range compared with the previous year. The gross margin was expected to remain within the 46–47% range, despite the company setting aside nearly 1.1 billion USD for new tariffs.

Apple Inc. Q4 2025 financial results

On 30 October 2025, Apple released its Q4 earnings report for fiscal year 2025. The key figures compared with the same period of fiscal 2024 are as follows:

• Revenue: 102.47 billion USD (+8%)
• Net income: 27.47 billion USD (+10%)*
• Earnings per share (EPS): 1.85 USD (+13%)*
• Operating profit: 32.43 billion USD (+10%)

Revenue by segment:

• Net sales – Products: 73.72 billion USD (+5%)
• Net sales – Services: 28.75 billion USD (+15%)
• iPhone: 49.03 billion USD (+6%)
• Mac: 8.73 billion USD (+13%)
• iPad: 6.95 billion USD (0%)
• Wearables, Home and Accessories: 9.01 billion USD (0%)

Revenue by region:

• Americas: 44.19 billion USD (+6%)
• Europe: 28.70 billion USD (+15%)
• Greater China: 14.49 billion USD (−4%)
• Japan: 6.64 billion USD (+12%)
• Rest of Asia Pacific: 8.44 billion USD (+14%)

*Growth in net income and EPS is calculated on a non-GAAP basis, with 2024 adjusted for the one-off EC tax penalty.

Apple closed fiscal Q4 2025 with a robust quarter: revenue rose 8% year-on-year, and adjusted EPS increased 13% year-on-year (excluding the one-off EC tax charge).

This was a record September quarter for revenue, iPhone sales, and earnings per share – effectively a successful finish to a record-breaking year, with annual revenue of around 416 billion USD and double-digit EPS growth. Gross margin rose to 47.2%, at the upper end of guidance, showing that the company not only returned to growth but also strengthened profitability despite tariff pressures and increasing investment costs.

Within the quarter, performance appeared well balanced. iPhone revenue reached around 49 billion USD, showing solid growth following the launch of the iPhone 17 line-up – even though only a week of sales was included in the reporting period.

Mac revenue totalled 8.7 billion USD, delivering double-digit growth driven by the rollout of M5-based models. In contrast, iPad remained flat.

The main growth driver was Services, with revenue reaching a record 28.8 billion USD, up about 15% year-on-year. For the full year, Services revenue approached 110 billion USD and now contributes a disproportionately large share of profit, thanks to margins above 70%.

Geographically, China remained the weak spot, with regional revenue down roughly 4% amid tougher competition from local brands and temporary supply constraints.

Meanwhile, sales in several emerging markets – including India – continued to grow rapidly, and the active device base reached new highs across all categories, underscoring the strength of Apple’s ecosystem.

In fiscal Q4 2025, capital expenditure rose to 12.7 billion USD, up 35% year-on-year, largely due to spending on AI infrastructure, chip development, and new data centres. While competitors were investing far more aggressively, Apple remained relatively disciplined. Management openly highlighted the significant increase in capital expenditure due to AI initiatives and outlined plans to launch a more advanced Siri and other AI-powered features in 2026. Financially, this poses no challenge: even with annual capex of around 14 billion USD or higher in fiscal 2026, Apple maintains a vast liquidity buffer and strong free cash flow, meaning the risk of balance-sheet strain remains minimal.

The main risks lie in how quickly these investments will start generating new service revenues and monetisable features.

Management provided an aggressive outlook for the next quarter (Q1 of fiscal 2026), with CEO Tim Cook expecting total revenue to grow by 10–12% year-on-year, alongside double-digit iPhone sales growth, which is significantly above the pre-report consensus. He also guided for a gross margin in the 47–48% range, that is, at or above the current quarter’s level. Management also expects China to return to growth in Q1, while Services will maintain double-digit growth rates.

Apple Inc. Q1 2026 financial results

On 29 January 2025, Apple released its report for Q1 2026 (financial year ended 27 December 2025). Below are the key figures from the report compared to the same period in the 2025 financial year:

• Revenue: 143.75 billion USD (+16%)
• Net income: 42.10 billion USD (+15%)
• Earnings per share: 2.84 USD (+19%)
• Operating profit: 50.85 billion USD (+19%)

Revenue by segment:

• Net sales – Products: 113.74 billion USD (+16%)
• Net sales – Services: 30.01 billion USD (+14%)
• iPhone: 85.27 billion USD (+23%)
• Mac: 8.39 billion USD (–7%)

#. iPad: 8.60 billion USD (+6%)

• Wearables, Home, and Accessories: 11.49 billion USD (–2%)

Revenue by region:

• Americas: 58.53 billion USD (+11%)
• Europe: 38.15 billion USD (+12%)
• Greater China: 25.53 billion USD (+38%)
• Japan: 9.41 billion USD (+5%)
• Rest of Asia Pacific: 12.14 billion USD (+18%)

Apple delivered one of the strongest quarters in its history in Q1 2026, confirming the resilience of its business model even amid a slowdown in global consumer demand. Record revenue and a clear beat versus consensus forecasts suggest that the market had underestimated both demand for flagship products and the scale of ecosystem monetisation.

The key driver of performance was the iPhone, which posted the strongest quarter in the segment’s history. This is particularly significant given the maturity of the global smartphone market. Services also set a new all-time high, reinforcing Apple’s strategic shift towards more predictable and higher-margin revenue streams. An installed base of over 2.5 billion active devices further strengthens this trend, making Services growth structural rather than cyclical.

At the same time, weakness in certain hardware categories, such as Mac and wearables, does not appear critical. These segments remain secondary to iPhone and Services and are more exposed to demand fluctuations between upgrade cycles. Importantly, the broader ecosystem continues to generate substantial operating cash flow, enabling Apple to invest in long-term development and to aggressively return capital to shareholders through dividends and share buybacks.

In its outlook for Q2 2026, Apple expects year-on-year total revenue growth in the 13–16% range, implying sustained demand following the record December quarter. Gross margin is forecast at 48–49%, remaining close to the upper end of Apple’s historical range. Management also specifically noted that Services revenue in Q2 2026 is expected to grow at a pace comparable to the December quarter, approximately 14% year-on-year.

On the hardware side, the forecast implies a more normalised trajectory following an exceptionally strong iPhone quarter. The company does not assume a repeat of record growth rates, but equally does not signal a sharp cooling in demand.

Overall, Apple’s Q2 2026 outlook appears well balanced, combining double-digit revenue growth, very strong gross margins, and continued expansion of the Services business.

Analysis of key valuation multiples for Apple Inc.

Below are the key valuation multiples for Apple Inc. based on Q1 2026 results, calculated using a share price of 276 USD.

Apple valuation multiples analysis – conclusion

Apple remains a business of exceptionally high quality, with strong operating profit, substantial free cash flow, and a low debt burden. However, based on valuation multiples, the stock is already at a premium – the market has already priced in the continuation of high margins and strong growth dynamics, which increases sensitivity to any signs of a slowdown in revenue or earnings. Even a strong report may fail to drive the share price higher if expectations exceed the actual results.

An important mitigator of this risk is Apple’s large-scale share buyback program. The company is systematically reducing its share count, which supports EPS and creates consistent market demand. Over the next year, this increases the stock’s resilience and the likelihood of a quicker recovery after corrections. However, buybacks do not negate the risk of multiple compression: if growth and margins begin to disappoint significantly, the buyback will likely cushion the decline rather than prevent it entirely.

Expert forecasts for Apple Inc. shares in 2025

• Barchart: 22 out of 42 analysts rated Apple shares as Strong Buy, 3 as Moderate Buy, 16 as Hold, and 1 as Strong Sell. The upper price target is 350 USD, while the lower bound is 230 USD.
• MarketBeat: 24 out of 36 analysts assigned a Buy rating to the shares, 11 recommended Hold, and 1 recommended Sell. The upper price target is 350 USD, and the lower bound is 170 USD.
• TipRanks: 17 out of 27 analysts recommended Buy, 9 recommended Hold, and 1 recommended Sell. The upper price target is 350 USD, with the lower bound at 239 USD.
• Stock Analysis: 10 out of 29 analysts rated the shares as Strong Buy, 9 as Buy, 8 as Hold, and 2 as Sell. The upper price target is 350 USD, while the lower bound is 200 USD.

Technical analysis and 2026 forecast for Apple Inc. stock

On the weekly chart, Apple shares are trading within an ascending channel. After reaching the upper boundary of the channel, the stock moved lower, correcting to the support level at 243 USD. The publication of the quarterly report helped to complete the correction and subsequent price growth, bringing the stock price closer to its all-time high of 289 USD. Based on the current performance of Apple shares, the possible price scenarios for 2026 are as follows:

The base-case forecast for Apple shares suggests a breakout above the 289 USD resistance level. In this case, further price growth towards 363 USD is expected. This level was determined using Fibonacci retracement lines.

The alternative forecast for Apple stock suggests a rejection at the 289 USD resistance level. This may indicate weak investor interest in the company’s shares at this level, leading to a potential decline in AAPL prices towards 214 USD, from which a recovery to the historical high is expected.

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