Apple FQ2 2026 Earnings Review

Office Hours 24 April 2026 · 4 comments

Join us live for a comprehensive review of Apple's FQ2 2026 Earnings Report by Horace Dediu during our May 2026 Asymco Office Hours.

What we’ll cover:

The Q2 print: did Apple beat its own guidance? JPM thinks yes; Goldman forecasts $2.00 EPS.
"Net cash neutral" & implications.
The composition of 2.5B active devices. What changes when half the base is non-iPhone.
The Ternus succession and what it means for the next decade.
Whatever questions you bring.

📅 Friday, May 1, 2026 · 12:00pm ET / 9:00am PT

Asymco One subscribers can participate live:

Zoom link: https://us02web.zoom.us/j/87550652958

Have a question? Drop it in the comments below — we’ll prioritize subscriber questions submitted in advance, or email events@asymco.com.

Not an Asymco One subscriber: Subscribe today & attend live.

Still not sure? Watch a livecast on asymco.com/live .

The series so far:

Mar 4, 2026 with Ben Bajarin: implications of Apple’s March 4 rollout.
Apr 8, 2026: with Gene Munster: China concentration, AI narrative shift, hardware → services → Personal AI.
May 1, 2026: fiscal Q2 results & succession.

Office Hours is a benefit of Asymco One. Recordings and transcripts are archived for Asymco One subscribers only.

4 comments

FredHS · 26 April 2026, 21:02

Is the recent demand surge for Mac Mini's to run always-on OpenClaw an anomaly (short supply of Mac Mini 3% of Apple's Mac) or a major trend?

Are these buyers, the innovators, the start of 'crossing the chasm', who represent 2.5% of the market per Geoffrey Moore's model.

Might this diffuse up and out, as in up to high-end Macs configured at $20K each for developers; And out to MacBook and iPhone 'it just works' users.

farshad · 27 April 2026, 21:33

(I will be queuing up some of the questions as they arrive.)

Q: Will the ascension of John Ternus to become the new CEO lower the tone from the perennial “Apple haters” who populate the tech press, analysts’ corps, and social media pundits for a while? In other words, will they give him a “honeymoon period"?

farshad · 27 April 2026, 21:34

Q: Last time I asked whether  will do more in transportation than CarPlay Ultra. Horace answered with regards to automobiles. That isn’t my question. My question refers to transportation.

AAPL · 1 May 2026, 09:05

While Apple announced yesterday the board authorized another $100B for buybacks they also said they are backing away from getting to 'net cash neutral.' Net cash has hung around $50 billion the past 5 years so this shouldn't be news. Is this announcement (and the lower than average $11B in buybacks) a sign they've found better use for the money inside the company than by giving it back to shareholders?

FredHS · 26 April 2026, 21:02

Is the recent demand surge for Mac Mini's to run always-on OpenClaw an anomaly (short supply of Mac Mini 3% of Apple's Mac) or a major trend?
Are these buyers, the innovators, the start of 'crossing the chasm', who represent 2.5% of the market per Geoffrey Moore's model.
Might this diffuse up and out, as in up to high-end Macs configured at $20K each for developers; And out to MacBook and iPhone 'it just works' users.
farshad · 27 April 2026, 21:33

(I will be queuing up some of the questions as they arrive.)
Q: Will the ascension of John Ternus to become the new CEO lower the tone from the perennial “Apple haters” who populate the tech press, analysts’ corps, and social media pundits for a while? In other words, will they give him a “honeymoon period"?
farshad · 27 April 2026, 21:34

Q: Last time I asked whether  will do more in transportation than CarPlay Ultra. Horace answered with regards to automobiles. That isn’t my question. My question refers to transportation.
AAPL · 1 May 2026, 09:05

While Apple announced yesterday the board authorized another $100B for buybacks they also said they are backing away from getting to 'net cash neutral.' Net cash has hung around $50 billion the past 5 years so this shouldn't be news. Is this announcement (and the lower than average $11B in buybacks) a sign they've found better use for the money inside the company than by giving it back to shareholders?

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