Technology giant Apple Inc (NASDAQ:AAPL) could report more records with its first-quarter financial results on Thursday after market close.
Here are the earnings estimates, what analysts are saying and key items to watch.
Apple Q1 Earnings Estimates
Analysts expect Apple to report first-quarter earnings per share of $2.66, up from $2.40 in last year's first quarter, according to data from Benzinga Pro.
The company has beaten analyst estimates for earnings per share in 11 straight quarters.
Analysts expect the company to report first-quarter revenue of $138.07 billion, up from $124.30 billion in last year's first quarter.
The company has beaten analyst revenue estimates for 11 straight quarters.
What Apple Analysts Are Saying
Strong iPhone sales and margins could help Apple show execution while investors wait for new product upside, JPMorgan analyst Samik Chatterjee said in a recent analyst note.
The analyst maintained an Overweight rating on Apple and raised the price target from $305 to $315.
Chatterjee said Apple's strong iPhone 17 demand has been overshadowed by several items, including a rise in memory costs, price concerns on iPhone, and concerns on Services growth.
"The upsides expected in the F1Q26 print and F2Q26 outlook, while modest, are likely to emphasize to investors the reliable execution from the company in a tough macro even as investors await the tailwinds from a more robust product cycle in relation to iPhone 18 series," Chatterjee said.
Wedbush analyst Dan Ives said Apple's earnings are all about the iPhone and the company's artificial intelligence strategy.
The analyst maintained an Outperform rating on Apple with a price target of $350.
"We believe 2026 will be a pivotal year for the tech giant as AAPL will look to transition demand from a strong iPhone 17 sales cycle to the iPhone 18 while managing pressure in key markets like China and keeping the ball rolling on its AI initiatives," Ives said.
The analyst said Street consensus revenue estimate for the first quarter are beatable with a rebound in China, an area of past weakness, likely being shown in the results. Ives expects Apple to beat iPhone and Services revenue estimates in the quarter as well.
"It's time for Apple to lay down the blueprint to accelerate its AI strategy in 2026, which leads up to a much-anticipated Siri refresh this spring."
Ives said an AI premium, which could be $75 to $100 per share, is not factored into Apple's share price currently.
Freedom Capital Markets Chief Market Strategist Jay Woods said Apple shares are 14% below their December highs and are trading down from a major uptrend despite minimal news.
"The company has not announced any major enhancements or roll-outs that have piqued investors' interest," Woods said in a weekly newsletter. "There remains a chorus of critics saying that for them to thrive they need to acquire an established AI platform, but so far that lack of spend hasn't hurt them and is now looked at as a potential positive."
Woods said Apple stock is trading near major support from when the shares broke out in August 2025.
Key Items to Watch for Apple's Q1 Results
There are high expectations for Apple's financial results from investors, analysts, and management.
After setting several records in the fourth quarter, Apple CEO Tim Cook said the first quarter would include more records for the company.
“We are incredibly excited about the strength we’re seeing across our products and services, and we expect the December quarter’s revenue to be the best ever for the company and the best ever for iPhone,” Cook said after the Q4 results.
Apple Chief Financial Officer Kevin Parekh helped quantify what Cook meant when he said the first quarter could set records.
“From today we expect our December quarter total company revenue to grow by 10% to 12% year-over-year, which would be our best quarter ever,” Parekh said.
Apple reported revenue of $124.30 billion in last year’s first quarter, a new company record at the time. The estimated 10% to 12% growth would make this year’s first quarter revenue total $136.73 billion to $139.22 billion.
Parekh said the first quarter would also be “our best iPhone quarter ever,” with iPhone revenue expected to grow “double digits” year over year.
iPhone revenue was $69.14 billion in last year’s first quarter. Based on a 10% growth rate, the total would hit $76.06 billion or more in this year’s first quarter.
For comparison, Apple just reported fourth-quarter iPhone revenue of $49.02 billion.
While a lot of attention will be placed on records in the first quarter and the strength of the iPhone 17, analysts and investors also want to hear more about upcoming products like the iPhone 18, a foldable iPhone and more on the company's AI plans.
With Apple usually having large events to share new products, the earnings results and conference call could be a bit of a letdown for the company's future guidance and more focused on the past quarter.
Apple's earnings and share price reaction could make several stock market indexes and the ETFs that track them volatile on Thursday and after.
Apple is one of the companies that belongs to the Dow Jones Industrial Average, S&P 500 and Magnificent Seven.
The stock is the second largest holding in the SPDR S&P 500 ETF (NYSE:SPY), which tracks the S&P 500, and is the 14th largest holding in the SPDR Dow Jones Industrial Average ETF (NYSE:DIA), which tracks the Dow Jones Industrial Average.
In the Roundhill Magnificent Seven ETF (BATS:MAGS), Apple is currently the lowest holding at 13.4%, with the ETF rebalancing every quarter.
Apple Stock Price
Apple shares are down 1.3% to $254.96 on Wednesday versus a 52-week trading range of $169.21 to $288.61. Apple stock is down 5.9% year-to-date in 2026.
Photo: Andrey-Bayda via Shutterstock
