Apple

AAPL · Q2 2026 · reported 2026-07-30 · revenue $109.42bn

Assessment

Apple introduced Siri AI in the quarter and for the first time described how it pays for AI compute, but it still gives no dollar, share or bound for any AI channel. The CEO says the company uses a hybrid of third-party cloud and its own data centers running Private Cloud Compute, and that AI expenditures sit in cost of sales as well as operating expenses; the 10-Q names investments in artificial intelligence inside the infrastructure-related costs that raised research and development by , beside headcount. The compute channel opens this quarter, described and unsized, and so does a capital channel for the advanced AI servers the CEO says Apple assembles in Houston, with no amount; the research and development channel stays a joint-cause reading with that rise as its ceiling.

On the revenue side the quarter is quieter than its AI talk. iPhone growth of is credited to the product family and Pro models, Mac growth of to MacBook Neo and MacBook Pro, and no source credits any part of either to AI. Siri AI was in beta and carries no price; the CEO says heavy users may later move up an iCloud+ plan, which would be the first priced AI product. The Mac channel rests on descriptions and customer examples, one of them a customer's own processing-time result of , which is the customer's saving, not Apple's revenue.

Memory costs and App Store softness, the second raised by an analyst as a possible AI effect, are not read as tolls, because Apple does not name AI as the cause of either: the CEO calls memory pricing a once-a-century flood that drives the guided margin decline (claim c29), and the CFO put App Store softness down to foreign exchange, a film comparison, mobile gaming and business model changes (claim c30). The 10-Q does name AI infrastructure demand as raising compute costs, recorded on the compute channel. Payments for property, plant and equipment fell to over the first nine months from ; no source ties any part of them to AI.

Paid for AI3 channels · 3 not sized

research

AI investment in research and development (models, features, talent and development infrastructure)

Not sized

The 10-Q names AI inside infrastructure-related costs beside headcount-related expenses as the causes of the rise in research and development (claim c1), and the CEO's quite a bit more is not a phrase the words table converts. Nothing separates AI's part; the rise of is the ceiling, and no ballpark is built on a judgment share.

described, no sizedisclosure: direction only· motive: exploratory· before LLMs: expanded

Research and development rose , or , to , and total operating expenses . For the first time in coverage the 10-Q names AI on this line, as part of infrastructure-related costs; the call adds that AI spending has grown quite a bit. The state is unchanged from Q1: direction, no level.

Evidence: 3 quotes, 6 figures, 1 confound, 3 from before coverage

What Apple spends on AI inside research and development: engineers, the infrastructure used to build and train models and features, and the independent model work the CEO sets beside the collaboration with Google. The CFO calls AI an important investment area made incrementally on top of the normal product roadmap, and the CEO points to research and development growing faster than the company; the Q3 FY2026 10-Q explains the rise in research and development by infrastructure-related costs, including investments in artificial intelligence, and by headcount-related expenses. AI is named beside other causes and nothing separates its part, so the channel stays unsized with the rise in research and development quoted as the ceiling. Boundary: this channel holds developing and training models and features (engineers and the infrastructure they build and train on, which the 10-Q puts on the research and development line); serving user requests is the compute channel, mostly in cost of sales, and cash spent buying or assembling AI servers is the capital channel. If this channel is ever sized from the research and development line, an overlap with the compute channel is recorded for any serving cost the line carries. Payers' counterparts are Apple's own staff, infrastructure suppliers and cloud providers (counterparty mixed). The collaboration with Google, which the CEO confirmed in Q2 FY2026 with no money or term, is context, not a channel; Google is Alphabet (GOOGL on this ledger), whose exhibits name no Apple channel.

Why this motive

The CEO says the company has been spending quite a bit more on AI (claim c4) and the 10-Q places investments in artificial intelligence inside infrastructure-related research and development costs (claim c1); investment framing with no revenue or saving attached is the exploratory tell, carried from Q1.

Before LLMs: expanded

At the anchor the CEO said on the Q1 FY2024 call that the company had a lot of work going on internally in generative AI (claim aapl-anchor-c3), and the fiscal 2024 10-K explained research and development growth by headcount-related expenses without naming AI (claim aapl-anchor-c4); research and development was for fiscal 2024. A budget redirected to AI work is expanded by the cohort's reading; no AI part of the anchor's research and development is traced, so the level has no baseline. The size is the whole of an activity that existed before.

“In terms of generative AI, which I would guess is your focus, we have a lot of work going on internally, as I've alluded to before.”

CEO, qa, earnings call, 2024-02-01

“The growth in R&D expense during 2024 compared to 2023 was driven primarily by increases in headcount-related expenses.”

Filing, mdna, 10-K periodic report, 2024-11-01

“We've always said we will never underinvest in the business, so we are making all the investments that are necessary throughout our product development, software development, services development.”

CFO, qa, earnings call, 2024-02-01

Figures

Research and development · 2026-CQ2
Research and development, prior-year quarter · 2025-CQ2
Change in research and development on the prior-year quarter · 2026-CQ2
Research and development growth on the prior-year quarter · 2026-CQ2
Total operating expenses · 2026-CQ2
Total operating expenses growth on the prior-year quarter · 2026-CQ2

What else could explain it

line composition: The 10-Q names investments in artificial intelligence as part of higher infrastructure-related costs, beside headcount-related expenses (claim c1); research and development also carries all other hardware and software work.

Quotes

“Research and development (“R&D”) expense increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 primarily due to higher infrastructure-related costs, including investments in artificial intelligence, and headcount-related expenses.”

c1 · Filing, mdna, 10-Q periodic report, 2026-07-31

“Operating expenses came in at $19.1 billion, up 23% year-over-year, driven by investments in R&D.”

c2 · CFO, prepared remarks, earnings call, 2026-07-30

“Generally speaking, as you know, we have been growing our OpEx and spending more in AI in general and quite a bit more. There are other locations on the P&L other than OpEx, like COGS etc., that also have AI expenditures.”

c4 · CEO, qa, earnings call, 2026-07-30

By quarter

Q1 2026direction only · described, no size · exploratory
Q2 2026direction only · described, no size · exploratory

cost of-revenue

Compute for Apple Intelligence: operating cost of Private Cloud Compute in Apple's own data centres and of third-party cloud

Not sized

The company gives no amount, share or bound for its AI compute, own or rented, and says it has no complete plan for the cost yet (claim c6). Each half falls under its own rule. For the own data centres, the build's own costs carry an AI share only where the company bounds AI's part of the build, and it does not. For the rented third-party cloud, no provider, volume or price is given and no reference class fits, so no ballpark is built.

described, no sizedisclosure: described· motive: product-defensive· before LLMs: expanded

New this quarter. The CEO describes a hybrid of third-party cloud and Apple's own data centers running Private Cloud Compute, and says AI expenditures sit in cost of sales as well as operating expenses. The 10-Q adds a risk factor on securing compute from its own data center infrastructure and third-party cloud service providers as AI infrastructure demand raises costs. No provider is named. The cash spent on the servers themselves is read on the capital channel; this channel is the operating cost of serving requests.

Evidence: 8 quotes, 3 figures, 2 confounds, 2 from before coverage

The operating cost of the server compute that answers Apple Intelligence and Siri AI requests that do not run on the device: depreciation, power and space for the Private Cloud Compute servers in Apple's own data centres, and bills from unnamed third-party cloud service providers. The CEO calls it a hybrid model and says AI expenditures sit in cost of sales as well as operating expenses; the Q3 FY2026 10-Q adds that AI infrastructure demand across the industry is raising compute costs. No amount, share or bound is given, so the channel stays unsized: for the own data centres, the build's own costs carry an AI share only where the company bounds AI's part of the build, and it does not; for the rented cloud, no provider, volume or price is given and no reference class fits. Boundary: this channel is serving user requests, an operating cost read mostly in cost of sales; cash spent buying or assembling the AI servers and data-centre infrastructure is the capital channel (ai-server-capital), traced and left out of flow totals, and reaches this channel only as depreciation; developing and training models, which the 10-Q puts in infrastructure-related research and development costs, is the research and development channel. Counterparty mixed: Apple's own build (power and space suppliers) and third-party cloud providers, none named.

Why this motive

The CEO places AI expenditures in cost of sales as well as operating expenses and says it is early to know what Siri AI costs to serve (claims c4, c6), while the features carry no price: inference cost in cost of revenue with no price change is the product-defensive tell.

Before LLMs: expanded

At the anchor the fiscal 2024 10-K already showed owned or leased data centers (claim aapl-anchor-c5) and server-backed services bundled with each device, Siri among them (claim aapl-anchor-c6), with no AI compute named or sized. Serving assistant requests from Apple's data centres existed before LLMs; generative models changed its size, so the channel is expanded, with no traced baseline. The size is the whole of an activity that existed before.

“As of September 28, 2024, the Company owned or leased facilities and land for corporate functions, R&D, data centers, retail and other purposes at locations throughout the U.S. and in various places outside the U.S.”

Filing, business, 10-K periodic report, 2024-11-01

“The second material performance obligation is the right to receive certain product-related bundled services, which include iCloud®, Siri® and Maps.”

Filing, notes, 10-K periodic report, 2024-11-01

Figures

Cost of sales · 2026-CQ2
Cost of sales, prior-year quarter · 2025-CQ2
Change in cost of sales on the prior-year quarter · 2026-CQ2

What else could explain it

line composition: The cost sits in cost of sales and in infrastructure-related research and development costs (claims c4, c1), lines that hold product components, services delivery and all other engineering infrastructure.
other: The 10-Q says industry demand for AI infrastructure has raised compute costs and lengthened lead times (claim c8); a price rise and a volume rise in this channel cannot be told apart.

Quotes

“We use a hybrid model, as I know Kevan has reviewed with you earlier. We use some third-party cloud, and we do our own data centers. There will be a mix.”

c3 · CEO, qa, earnings call, 2026-07-30

“Generally speaking, as you know, we have been growing our OpEx and spending more in AI in general and quite a bit more. There are other locations on the P&L other than OpEx, like COGS etc., that also have AI expenditures.”

c4 · CEO, qa, earnings call, 2026-07-30

“We'll see what Siri AI does from the cost side of it. There's also the ability when people use it a lot for them to move up on an iCloud Plan as well. What the balance of that is a bit uncertain at the moment.”

c5 · CEO, qa, earnings call, 2026-07-30

“In terms of what it means for compute cost, it's obviously early going for us. I don't want to say that we have a complete plan for that.”

c6 · CEO, qa, earnings call, 2026-07-30

“The Company’s business, including its artificial intelligence and machine learning offerings, also depends on access to sufficient computing resources. Demand for cloud computing and artificial intelligence infrastructure has increased substantially across the technology industry, resulting in constrained supply, extended lead times, and increasing costs.”

c8 · Filing, risk factors, 10-Q periodic report, 2026-07-31

“In addition to its own data center infrastructure, the Company relies on third-party cloud service providers to meet these compute needs, and the Company may be unable to secure sufficient capacity on commercially reasonable terms, or at all, to meet customer demand.”

c9 · Filing, risk factors, 10-Q periodic report, 2026-07-31

“These experiences are intuitive and useful, while also deeply integrated in a way that's personal and private with the latest models running on-device and on servers using private cloud compute.”

c10 · CEO, prepared remarks, earnings call, 2026-07-30

“Of course, the ability to run some percentage of request on device is also very strategic and sort of a competitive weapon, if you will.”

c12 · CEO, qa, earnings call, 2026-07-30

other

Capital spending on AI servers and Apple's own data-centre infrastructure

Not sized

The CEO says Apple assembles advanced AI servers and runs its own data centers (claims c11, c3), and the 10-Q names its own data center infrastructure (claim c9), but no source gives a capital amount, share or bound for AI. Payments for property, plant and equipment, in the first nine months of fiscal 2026 against a year earlier, are context, not a size; no ballpark is built.

described, no sizedisclosure: described· motive: exploratory· before LLMs: expanded

New this quarter. The CEO says the Houston facility currently assembles advanced AI servers, and that Apple runs its own data centers beside third-party cloud. No source says where the servers are installed or what they cost. Payments for property, plant and equipment fell to over the first nine months from ; no source ties any part of them to AI. Capital spending is traced and left out of flow totals.

Evidence: 3 quotes, 2 figures, 1 confound, 2 from before coverage

Cash Apple spends buying and assembling AI servers and the data-centre infrastructure that runs Private Cloud Compute. The CEO says the Houston facility currently assembles advanced AI servers and that Apple runs its own data centers beside third-party cloud, and the Q3 FY2026 10-Q names its own data center infrastructure among the ways it meets AI compute needs. No source says where the Houston servers are installed, what silicon they use, or how much is spent; no capital amount, share or bound is tied to AI, so the channel reads described, unsized. Payments for property, plant and equipment are quoted as context: they cover every facility, retail store and piece of manufacturing equipment as well, and no source ties any part of them to AI. Capitalized spending is traced and shown and left out of flow totals (methodology, capital spending); it reaches the income statement as depreciation, which is read on the compute channel when it serves requests and on the research and development channel when it serves development and training. Payees are server-part and equipment suppliers and builders, none named.

Why this motive

The AI servers are mentioned in passing, in a sentence about the Houston manufacturing centre (claim c11), with no amount, measure or line attributed to them: AI named with no measure and no line moving is the exploratory tell. The less durable reading is taken over the compute channel's product-defensive one.

Before LLMs: expanded

At the anchor the fiscal 2024 10-K already showed owned or leased data centers (claim aapl-anchor-c5), and on the Q1 FY2024 call the CFO answered a question about capital spending for generative AI by saying the company makes the investments necessary across its development work, with no AI amount (claim aapl-anchor-c7). Capital spending on an AI build is expanded by the cohort's reading; no AI part of the anchor's capital spending is traced, so the level has no baseline. The size is the whole of an activity that existed before.

“As of September 28, 2024, the Company owned or leased facilities and land for corporate functions, R&D, data centers, retail and other purposes at locations throughout the U.S. and in various places outside the U.S.”

Filing, business, 10-K periodic report, 2024-11-01

“We've always said we will never underinvest in the business, so we are making all the investments that are necessary throughout our product development, software development, services development.”

CFO, qa, earnings call, 2024-02-01

Figures

Payments for acquisition of property, plant and equipment, first nine months of fiscal 2026 · 2025-09-28..2026-06-27
Payments for acquisition of property, plant and equipment, first nine months of fiscal 2025 · 2024-09-29..2025-06-28

What else could explain it

line composition: Payments for property, plant and equipment cover every facility, retail store and piece of manufacturing equipment as well as servers, and no source ties any part of them to AI.

Quotes

“The center is located in a facility where we currently assemble advanced AI servers. Later this year, we'll make Mac mini there, too.”

c11 · CEO, prepared remarks, earnings call, 2026-07-30

“We use a hybrid model, as I know Kevan has reviewed with you earlier. We use some third-party cloud, and we do our own data centers. There will be a mix.”

c3 · CEO, qa, earnings call, 2026-07-30

“In addition to its own data center infrastructure, the Company relies on third-party cloud service providers to meet these compute needs, and the Company may be unable to secure sufficient capacity on commercially reasonable terms, or at all, to meet customer demand.”

c9 · Filing, risk factors, 10-Q periodic report, 2026-07-31

Revenue arriving through AI2 channels · 2 not sized

product revenue

Apple Intelligence and Siri AI built into Apple devices (device demand)

Not sized

No source credits any part of iPhone or device sales to AI in the quarter; iPhone growth is credited to the current iPhone family and Pro models (claims c16, c17). The features carry no price, and Siri AI, introduced in the quarter, was in developer and public beta, not launched (claims c13, c14). iPhone net sales of are the ceiling; no ballpark is built on a judgment share.

described, no sizedisclosure: described· motive: product-defensive· before LLMs: relabelled

Siri AI was introduced at WWDC and went to public beta during the quarter; it is not offered on iPhone in the European Union, and China has approved only the original features (claims c31, c18). The CEO says heavy users may later move up an iCloud+ plan (claim c7), which would be the first price on the channel. iPhone net sales rose to , credited to the product family, not to AI.

Evidence: 12 quotes, 3 figures, 3 confounds, 2 from before coverage

Device revenue, iPhone above all, that arrives because Apple Intelligence (live translation, visual intelligence, cleanup in photos, and from the Q3 2026 betas Siri AI) is built into the operating systems at no separate price. The CEO lists Apple Intelligence among the reasons customers choose the current iPhone family, beside design, performance, durability, the camera and Center Stage, and the 10-Q explains iPhone growth by higher sales of Pro models; nothing separates AI's part, so the channel is a joint-cause channel and stays unsized, with iPhone net sales quoted as the ceiling. The features carry no price, so their cost sits on the spend channels; the CEO has said heavy users may later be able to move up an iCloud+ plan, and a price would open a size. Payers are households and businesses paying for devices (counterparty mixed). Siri AI was introduced at WWDC in June 2026 and was in developer and public beta during Q3 2026, with launch set for the fall; it is read inside this channel as the next generation of Apple Intelligence, not as its own channel.

Why this motive

Siri AI and the Apple Intelligence features are given away inside the operating systems, and the cost of serving them sits in cost of sales with no price yet (claims c4, c7); a feature customers receive at no added price is the product-defensive tell, as in Q1. The possible iCloud+ upgrade has no price or date, so the offensive tell is not met.

Before LLMs: relabelled

At the anchor the fiscal 2024 10-K already listed Apple Intelligence, a personal intelligence system that uses generative models, among the year's announcements (claim aapl-anchor-c1), and counted Siri among the services bundled with each device (claim aapl-anchor-c6); iPhone net sales were for fiscal 2024 out of total net sales of . No covered source gives a measure of device demand that moves because of AI, so by the cohort's reading of AI-attributed demand for existing products the activity is read as relabelled, the less durable of the two supportable tags.

“•Apple Intelligence™, a personal intelligence system that uses generative models.”

Filing, mdna, 10-K periodic report, 2024-11-01

“The second material performance obligation is the right to receive certain product-related bundled services, which include iCloud®, Siri® and Maps.”

Filing, notes, 10-K periodic report, 2024-11-01

Figures

iPhone net sales · 2026-CQ2
iPhone net sales, prior-year quarter · 2025-CQ2
iPhone net sales growth on the prior-year quarter · 2026-CQ2

What else could explain it

mix shift: The 10-Q explains iPhone growth primarily by higher sales of Pro models and the CFO by the current iPhone family (claims c17, c16); neither names AI.
bundling: The features are folded into the devices and operating systems with no separate price.
other: Supply constraints on advanced nodes limited iPhone and Mac in the quarter, and price increases on iPad and Mac followed memory costs.

Quotes

“We'll see what Siri AI does from the cost side of it. There's also the ability when people use it a lot for them to move up on an iCloud Plan as well. What the balance of that is a bit uncertain at the moment.”

c5 · CEO, qa, earnings call, 2026-07-30

“We do believe there will be people that want to use it a lot. We will have some kind of upgrade possibilities on iCloud+ where people can buy up the stack on iCloud+. We'll see how the pickup for that is.”

c7 · CEO, qa, earnings call, 2026-07-30

“These experiences are intuitive and useful, while also deeply integrated in a way that's personal and private with the latest models running on-device and on servers using private cloud compute.”

c10 · CEO, prepared remarks, earnings call, 2026-07-30

“We were tremendously excited to unveil the all-new Siri AI, a completely reimagined version of Siri that is profoundly capable, deeply personal, and integrated seamlessly across our platforms. We've been absolutely thrilled by the response from people who've been using Siri AI in the developer and public betas.”

c13 · CEO, prepared remarks, earnings call, 2026-07-30

“During the third quarter of 2026, the Company announced iOS 27, macOS® 27 Golden Gate, iPadOS® 27, watchOS® 27, visionOS® 27 and tvOS® 27, and introduced Siri AI.”

c14 · Filing, mdna, 10-Q periodic report, 2026-07-31

“More people are relying on iPhone every day for AI, powered by the outstanding performance of A19 and A19 Pro.”

c15 · CEO, prepared remarks, earnings call, 2026-07-30

“iPhone revenue was $54.3 billion, up 22% year-over-year, driven by the iPhone 17 family.”

c16 · CFO, prepared remarks, earnings call, 2026-07-30

“iPhone net sales increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 primarily due to higher net sales of Pro models.”

c17 · Filing, mdna, 10-Q periodic report, 2026-07-31

“You look at China, last week we received approval to ship sort of the original features of Apple Intelligence, things like cleanup and so forth.”

c18 · CEO, qa, earnings call, 2026-07-30

“At WWDC26, we were thrilled to introduce the all-new Siri AI, alongside all of Apple’s latest software innovations and important new child safety features.”

c19 · CEO, press release, 8-K earnings release, 2026-07-30

“We have not been able to do that in the European Union, but we're working closely with them to try to get to something that would allow us to offer Siri AI there. It is offered or will be offered for the Mac there, because the Mac is not covered by the same regulations as the iPhone and the iPad.”

c31 · CEO, qa, earnings call, 2026-07-30

“With live translation powered by Apple Intelligence, people are crossing language barriers and connecting like never before. As I mentioned earlier, we're excited about the work we're doing on the next generation of Apple Intelligence, including Siri AI and the AI features we're developing across our platforms.”

c32 · CEO, prepared remarks, earnings call, 2026-07-30

By quarter

Q1 2026described · described, no size · product-defensive
Q2 2026described · described, no size · product-defensive

product revenue

Macs bought to run AI models and agents locally

Not sized

Mac growth is credited to MacBook Neo and MacBook Pro, with AI named only as one use of MacBook Pro beside creative work; nothing separates the AI part of Mac net sales, , which are the ceiling. The customer examples are counts and a customer's own processing-time result, , which is not Apple's money.

described, no sizedisclosure: direction only· motive: exploratory· before LLMs: relabelled

Mac net sales rose to . The CEO describes Mac mini used for agentic AI and Mac Studio clusters running frontier-class models, and the CFO cites Disney and Crédit Agricole; Disney's stated aim, lower cloud token costs, places local Macs as a substitute for cloud AI spend at the customer. The direction is stated; no level is.

Evidence: 9 quotes, 4 figures, 2 confounds, 1 from before coverage

Mac revenue from customers who choose Mac mini, Mac Studio and MacBook Pro to run AI models and agentic tools on the device: developers, AI companies such as Perplexity, enterprises such as Marsh, Freshworks and Disney, and individual users. The CEO names AI and agentic tools as a reason Mac mini and Mac Studio demand ran above plan in Q2 FY2026, beside MacBook Neo, and the 10-Q explains Mac growth by higher sales of laptops; nothing separates AI's part of Mac net sales, which are quoted as the ceiling. Customer counts and a customer's own processing-time result are recorded as counts, not sizes. Layer end-use: the Mac is the user's own device, though Mac Studio clusters running frontier-class models sit close to the hardware layer.

Why this motive

Management describes customers increasingly using Macs for local models and agents (claims c21, c24) and credits Mac growth to MacBook Neo and MacBook Pro (claims c22, c26), giving no measure of the AI part. As in Q1, AI named with no measure of its own is the exploratory tell; the less durable reading is kept.

Before LLMs: relabelled

At the anchor the fiscal 2024 10-K already listed Mac mini, Mac Studio, MacBook Pro and MacBook Air in the Mac line (claim aapl-anchor-c2), with Mac net sales of for fiscal 2024. No covered source measures demand that moves because of AI, so the channel is read as relabelled.

“The Mac line includes laptops MacBook Air® and MacBook Pro®, as well as desktops iMac®, Mac mini®, Mac Studio® and Mac Pro®.”

Filing, business, 10-K periodic report, 2024-11-01

Figures

Mac net sales · 2026-CQ2
Mac net sales, prior-year quarter · 2025-CQ2
Mac net sales growth on the prior-year quarter · 2026-CQ2
Reduction in manual processing time a customer reports from on-device AI on MacBook Pro, a floor (the customer's own result, not Apple's money) · 2026-CQ2

What else could explain it

mix shift: Mac growth is credited to MacBook Neo, which management says is popular for its value and is being deployed in school districts, and to MacBook Pro (claims c22, c26), and the 10-Q to laptops (claim c27); AI is named only for MacBook Pro beside creative work (claim c23).
other: Significant supply constraints on Mac and price increases on Mac after memory costs blur what demand would have been.

Quotes

“Mac continues to be the ultimate AI powerhouse, excelling at high throughput, on-device inference, and creation across a broad range of AI workloads.”

c20 · CEO, prepared remarks, earnings call, 2026-07-30

“We're seeing customers increasingly put those capabilities to work, from using Mac mini as a powerful platform for agentic AI to deploying clusters of Mac Studio systems to run frontier class models locally.”

c21 · CEO, prepared remarks, earnings call, 2026-07-30

“This revenue growth was driven by the incredible strength of our latest lineup with MacBook Pro and the all-new MacBook Neo.”

c22 · CEO, prepared remarks, earnings call, 2026-07-30

“MacBook Pro, powered by M5 Pro and M5 Max, remains a go-to choice for professionals tackling the most demanding AI development and creative workflows.”

c23 · CEO, prepared remarks, earnings call, 2026-07-30

“More companies are choosing Mac for on-device AI advantages, including lower costs, better performance, and enhanced privacy and security. At Disney, creative teams are increasingly turning to Mac for on-device AI workflows that reduce overall cloud token costs and keep their IP secure.”

c24 · CFO, prepared remarks, earnings call, 2026-07-30

“Crédit Agricole, France's leading retail bank, is using on-device AI on MacBook Pro to streamline regulatory workflows, reducing manual processing time by over 80%.”

c25 · CFO, prepared remarks, earnings call, 2026-07-30

“Mac revenue was $10.4 billion, up 29% year-over-year, a new June quarter record, driven by the strength of MacBook Neo and MacBook Pro.”

c26 · CFO, prepared remarks, earnings call, 2026-07-30

“Mac net sales increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 due to higher net sales of laptops.”

c27 · Filing, mdna, 10-Q periodic report, 2026-07-31

“That's why developers and researchers are increasingly using Apple devices to build ever more advanced tools and models.”

c28 · CEO, prepared remarks, earnings call, 2026-07-30

By quarter

Q1 2026direction only · described, no size · exploratory
Q2 2026direction only · described, no size · exploratory

Reported lines, year-over-year growth

Revenue +16.4%

Q2 2026. Growing slower than revenue: cost of sales (+8.6%), selling, general and administrative (+10.5%). A displaced cost shows up as a line that stays under the dashed revenue line. These are the audited lines, as first reported; nothing here is attributed to AI by the filing.

Cost of salesResearch and developmentSelling, general and administrativeTotal operating expensesRevenue

Reported values and filings

Line	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Net sales	$95.36bn	$94.04bn	$102.47bn	$143.76bn	$111.18bn	$109.42bn
Cost of sales	$50.49bn	$50.32bn	$54.13bn	$74.53bn	$56.40bn	$54.65bn
Research and development	$8.55bn	$8.87bn	$8.87bn	$10.89bn	$11.42bn	$11.73bn
Selling, general and administrative	$6.73bn	$6.65bn	$7.05bn	$7.49bn	$7.48bn	$7.35bn
Total operating expenses	$15.28bn	$15.52bn	$15.91bn	$18.38bn	$18.90bn	$19.07bn