Apple reported Q2 2026 revenue of $109.4bn, surpassing Wall Street estimates of $108.65bn, with earnings per share of $2.02, driven by iPhone and laptop sales, according to Guardian Business on 30 July 2026 [Brief - 2026-08-02]. Separately, reports from Finnhub and CNBC TOP on 30 July 2026 noted that Apple is confronting rising memory component costs placing pressure on profitability, with supply-side pricing pressures identified as a key challenge heading into a subsequent earnings quarter [Brief - 2026-08-02]. Broader market conditions during the period were shaped by US-Iran military escalation, tanker strikes in the Strait of Hormuz, and a subsequent de-escalation following President Trump's cancellation of a planned strike and resumption of negotiations [Brief - 2026-08-02; Brief - 2026-08-03].
Apple's trailing twelve-month revenue stood at $466.8bn as of 2026-06-27, reflecting year-over-year growth of 16.4%. Net income TTM reached $128.9bn, with a net margin of 27.6% and a gross margin of 48.7%. Operating margin was recorded at 33.2%. EPS grew 28.7% year-over-year. The company held $39.5bn in cash against $82.3bn in total debt, producing a net debt position. The market capitalisation was approximately $4.43 trillion, and the price-to-earnings ratio was 34.84 [SEC 10-Q - AAPL - 2026-06-27].
Four notable institutional position changes were recorded in the most recent 13F reporting period. Bridgewater added 95% to its AAPL position, while AQR Capital added 17% and Soros Fund Management added 20%. Citadel reduced its position by 7.8% [SEC 13F - Bridgewater - Q2 2026; SEC 13F - AQR Capital - Q2 2026; SEC 13F - Soros Fund Mgmt - Q2 2026; SEC 13F - Citadel - Q2 2026]. No insider transaction data was available for this reporting period.
The 10-year US Treasury yield stood at 4.75% and the 2-year yield at 4.28% as of the generation date, representing a normal yield curve configuration with a spread of 47 basis points [FRED DGS10; FRED DGS2]. This rate environment provides context for equity valuation multiples broadly, including AAPL's reported P/E of 34.84 [SEC 10-Q - AAPL - 2026-06-27].
This report was generated in response to a new SEC filing, material changes in institutional ownership across multiple major filers, and elevated news coverage surrounding Apple's Q2 2026 earnings release and component cost reporting.