Apple stock faces Monday earnings test as margin outlook sharpens

Apple is heading into its fiscal fourth-quarter report on Monday, November 2, with investors focused on revenue growth, gross margin and the outlook for the holiday quarter. The results are due after the US close, followed by Apple's conference call. iThinkDiff reported the scheduled release and the main operating targets in an earnings preview published October 26 and updated October 27.

Revenue guidance meets cost pressure

Management guided for September-quarter revenue growth of 9% to 11%, implying revenue of $111.7 billion to $113.7 billion against $102.5 billion a year earlier. Wall Street consensus stands near $113.3 billion in revenue and $1.99 in earnings per share, placing expectations near the upper end of the company's range.

Gross margin is another key test. Apple guided to 47% to 48%, including roughly one percentage point from tariff refunds. That benefit is smaller than in the June quarter, while higher memory costs could put further pressure on profitability. The report should therefore show whether strong demand is offsetting a less favorable cost backdrop.

iPhone and services set the outlook

The September quarter included only nine days of iPhone 18 Pro and iPhone 18 Pro Max sales. The iPhone Duo launched on October 23, so its contribution will mainly appear in the December quarter. Investors are likely to focus on supply capacity, the pace of iPhone demand and the next quarter's revenue outlook.

Services also remain important after revenue grew 12% to $30.7 billion in the June quarter. A sustained services contribution would support the broader earnings profile, while commentary on gaming, App Store regulation and product availability could influence expectations for the holiday period.

The real-time quote of Apple stock was 308.95 euros on Lang & Schwarz at 5:30 p.m. CET on Sunday, November 1, 2026.

US equities will set the broader market backdrop for the earnings reaction; see the current S&P 500 market coverage.

For more company-specific developments, see more news and analyses on Apple stock.