Technology giant Apple Inc (NASDAQ:AAPL) looks to maintain its lead as the most valuable company in the world with third-quarter financial results coming Thursday after market close.
Here are the earnings estimates, what experts are saying ahead of the report and the key items to watch.
Apple Q3 Earnings Estimates
Analysts expect Apple to report third-quarter revenue of $108.86 billion, up from $94.04 billion in last year’s third quarter, according to data from Benzinga Pro.
The company has beaten analyst estimates for revenue in 13 straight quarters.
Analysts expect Apple to report third-quarter earnings per share of $1.89, up from $1.57 in last year’s third quarter.
The company has beaten analyst estimates for earnings per share in 13 straight quarters.
What Experts are Saying
Bank of America analyst Wamsi Mohan said the newly announced Apple Upgrade program could be a big positive for the company.
"We see this as positive, as the net opportunity is the combo of lease payments, returned-device value, and faster upgrade cycles," Mohan said in a new investor note. "We think Apple Upgrade could also give Apple greater control over customer relationships."
The analyst said the leasing options for the iPhone, Apple Watch, Mac and iPad are better for the company than existing trade-in programs and monthly financing options.
"Under the traditional purchase or installment model, Apple monetizes the full device sale upfront while the customer owns and controls the hardware’s residual value."
Mohan said the new program allows Apple to monetize future value.
Freedom Capital Markets Chief Market Strategist Jay Woods says Apple has been the biggest Magnificent Seven winner in 2026.
"Once criticized for not spending more on AI, they have been able to avoid some of those capex pitfalls," Woods said in a weekly newsletter.
The market expert says this earnings report could be one to watch as the last from CEO Tim Cook before he turns things over to John Ternus.
With several Magnificent Seven companies reporting earnings this week, Woods says Apple’s results will provide a "look at consumer and on-device demand."
Here are other analyst ratings on Apple stock and their price targets:
- Morgan Stanley: Maintained Overweight rating, raised price target from $360 to $364
- HSBC: Upgraded from Hold to Buy, raised price target from $260 to $366
- KeyBanc: Downgraded from Sector Weight to Underweight, with price target of $250
- Citigroup: Maintained Buy rating, raised price target from $315 to $365
Key Items to Watch
With shares at all-time highs and a recent history of beating analyst ratings and reporting some record-breaking numbers for iPhone and other segments, pressure is huge for Apple Thursday.
The company likely needs to beat estimates, provide strong guidance, and have management commentary that is bullish on the future for shares to climb or even hold steady given the recent optimism.
iPhone revenue may not be as big of a story this quarter, given the time since the release of the newest model. Instead, attention could turn to the company’s comments on its new lineup of phones going forward.
The company has hit all-time highs for installed base of devices in recent quarters, and that area could be a key to watch to see if the company’s count continues to climb.
As mentioned above, this is the last earnings call from Cook, who has served in the top role since 2011.
Cook could use his final call as a chance to highlight what he’s accomplished and where the company is headed in the future. Cook could choose to be more bullish than normal, given he won’t have to answer for future results.
Apple’s earnings could create high volatility across the market as the most valuable company in the world. Apple is a key component in the S&P 500, Dow Jones Industrial Average and Nasdaq 100.
Here is Apple’s weighting in ETFs that track the three indexes:
- SPDR S&P 500 ETF Trust (NYSE:SPY): 7.8%, top holding
- Invesco QQQ Trust (NASDAQ:QQQ): 8.4%, top holding
- SPDR Dow Jones Industrial Average ETF (NYSE:DIA): 3.8%, ninth largest holding
A big stock reaction one way or the other for Apple could see these indexes volatile Thursday after market close and into Friday’s trading session.
Apple Stock Price Action
Apple stock is up 1% to $343.56 on Wednesday with shares hitting new all-time highs of $343.67 earlier in the trading session. Apple stock is up 25.8% year-to-date in 2026.
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