Apple CEO John Ternus to host first earnings call on 2 November 2026

The call and the results

Apple will report results for its fiscal fourth quarter, which ran from 28 June to 26 September 2026, after the market closes on 2 November. MacRumors describes the same period as the third quarter of the 2026 calendar year. CEO John Ternus and CFO Kevan Parekh will read prepared remarks on a live-streamed conference call that starts at 2 p.m. PT / 5 p.m. ET. Anyone can listen for free on Apple's Investor Relations website without registration, and the call should last around an hour before analysts ask questions. A recording will be available for replay later in the day.

A first test for Ternus

Ternus took over from Tim Cook in September, so this is his first earnings call as chief executive. The quarter includes only a few days of sales of the iPhone 18 Pro and iPhone 18 Pro Max, which launched on 18 September. The iPhone Duo was announced during the quarter, but pre-orders did not open until 16 October, so the period contains no revenue from that device. Analysts will focus more on the outlook for the current quarter, which covers the iPhone Duo, a new touchscreen MacBook Pro and the HomeView smart home hub. Apple's previous forecast pointed to revenue growth of 9% to 11% year over year, despite supply constraints on the iPhone, Mac and iPad. Hardware price increases and continuing component shortages are expected to play a large part in the holiday-season outlook.

What analysts expect

Analysts expect revenue to rise nearly 11% to $113.39 billion for the July-September quarter, according to LSEG data. Net profit is forecast to rise about 6% to $29.04 billion. iPhone sales are projected to climb about 15% to $56.54 billion, slowing from growth of about 22% in the previous three months. Services revenue should grow almost 10% to $31.56 billion, its slowest pace in more than three years. Memory-chip costs are expected to pull quarterly profit growth down to its weakest rate in six quarters.

Total revenue113.39

iPhone sales56.54

Services31.56

Net profit29.04

Total revenue

113.39 USD billion

iPhone sales

56.54 USD billion

Services

31.56 USD billion

Net profit

29.04 USD billion

Data from the article text

Valuation and the iPhone Duo

Apple shares have climbed about 25% from a late-June low, adding roughly $1 trillion in market value, according to Bloomberg Business. Bloomberg data puts the forward price-earnings ratio at 36, almost double that of the broad S&P index. Ben Carew, co-chief investment officer at Tandem Investment Advisors, said Apple was priced higher than 99% of its historical comparables, and he warned that a disappointment could push the share price sharply lower. Apple says a screen problem dubbed 'crackgate' by some early owners affects only a small number of iPhone Duo units. An internal memo to Apple Stores, first reported by MacRumors, gave staff guidance on handling the issue.

Questions investors will press

Investors will look at three issues: the outlook for the Christmas quarter, Ternus's remarks on AI and the revamped Siri, and rising memory-chip costs. Apple is aiming its AI systems at everyday users rather than Silicon Valley insiders, and it is positioning them differently from Meta Platforms' Muse agent. Dan Morgan, a portfolio manager at Synovus Trust, said investors want to know whether Apple could profit by distributing third-party AI agents through its App Store and taking a cut of their business. Apple is suing OpenAI over alleged trade-secret theft, and rivals including OpenAI are building devices meant to displace the iPhone. Apple's shares are up about 27% this year, outperforming Microsoft, Alphabet, Meta and Amazon.