Recent briefings have highlighted several developments with direct relevance to Apple. On 24 July 2026, President Trump threatened additional tariffs against the European Union in response to approximately $23.5 billion in fines levied by the EU against US technology companies, with Apple named among those affected [Brief - 2026-07-26]. Separately, a broader equity market selloff on 23 July 2026 saw the Magnificent Seven index of large-cap technology stocks shed a combined $767 billion in market capitalisation in a single session [Brief - 2026-07-26]. Ongoing US-Iran military escalation drove crude oil above $100 per barrel during the week ending 26 July 2026, contributing to broad market stress across risk assets [Brief - 2026-07-26].
Apple's most recent quarterly filing reflects a trailing twelve-month revenue of $451.4 billion, representing year-over-year growth of 16.6%. Net income over the same period was $122.6 billion, with a net margin of 27.2% and a gross margin of 47.9%. Operating margin stood at 32.6%. Earnings per share grew 21.8% year-over-year. As of the filing date, the company held $45.6 billion in cash against total debt of $82.7 billion. The stock traded at a price-to-earnings ratio of 40.32, with market capitalisation recorded at approximately $4.88 trillion [SEC 10-Q - AAPL - 2026-03-28].
Institutional ownership data from the most recent 13F reporting period shows divergent activity among notable filers. Bridgewater added approximately 95% to its reported AAPL position, while AQR Capital increased its holdings by 17% and Soros Fund Management added 20% [SEC 13F - Bridgewater - Q2 2026] [SEC 13F - AQR Capital - Q2 2026] [SEC 13F - Soros Fund Mgmt - Q2 2026]. Citadel, by contrast, reduced its position by 7.8% over the same period [SEC 13F - Citadel - Q2 2026]. No insider transactions were available in the provided data for this reporting period.
The prevailing macro environment as of the generation date shows the 10-year US Treasury yield at 4.71% and the 2-year yield at 4.37%, producing a normal yield curve spread of 34 basis points [FRED DGS10] [FRED DGS2]. This report was generated in response to material institutional position changes identified across multiple 13F filers in the most recent disclosure cycle.