Apple Earnings on Monday: A New CEO, a $113 Billion Bar and a Memory-Cost Problem

Apple reports fiscal fourth-quarter earnings after the close on Monday, November 2 — and it is the most anticipated report of the week. Wall Street expects about $1.98 to $1.99 in earnings per share on roughly $113 billion in revenue, the stock is up about 27% this year near record highs, and for the first time the call will be led by new CEO John Ternus. After a week in which AI spending fears knocked 5.3% off the Nasdaq in October, Apple is the next big test of whether investors still pay up for tech.

When does Apple report, and what does Wall Street expect?

Apple reports on Monday, November 2, after the closing bell, with its earnings call at 5 p.m. ET. The consensus estimate is about $1.98 per share on net sales of about $112.95 billion, up roughly 10% from a year earlier, according to Zacks. Other trackers put the bar slightly higher, at about $1.99 per share on about $113.4 billion in revenue, up from $1.85 per share and $102.5 billion a year ago, as TradingKey and MarketPulse both report. Either way, the forecast sits near the top of Apple's own guidance.

What did Apple itself guide?

Apple told investors to expect fourth-quarter revenue growth of 9% to 11% year over year, a gross margin between 47% and 48% — including roughly a one-point benefit from tariff refunds — and operating expenses of $19.1 billion to $19.4 billion. Management also warned that currency moves would shave about 2.5 points off growth and that supply constraints would intensify across iPhone, Mac and iPad, per Zacks. That means simply hitting guidance may not be enough for a stock priced this high.

Why is this report blowing up?

Three things make Monday bigger than a normal Apple quarter. First, it is John Ternus's first earnings call as CEO since taking over from Tim Cook on September 1 — Morningstar, Motley Fool and MarketPulse all flag it as the moment the new leadership sets its tone. Second, Apple just reclaimed the title of the world's most valuable company on Friday, closing at $344.63 with a market value of about $5.03 trillion even as the stock slipped 1.2% in the tech rout. Third, the valuation leaves little room for error: the shares trade at about 35 times forward earnings on Zacks' measure and near 40 times trailing earnings, and Morningstar rates the stock moderately overvalued against its $290 fair-value estimate.

The memory-cost problem

The biggest question is memory. Last quarter, Cook warned of a "100-year flood" in memory pricing, and the Fool notes Apple expects those skyrocketing costs to pressure gross margin and slow iPhone sales growth. Apple raised prices midway through 2026 to offset part of the hit, but Morningstar still expects some margin compression into 2027. Investors will also listen for any update on the iPhone Duo, the $1,999 foldable that went on sale on October 23: because it launched after the September quarter ended, it will not appear in Monday's results — it will show up first in the December-quarter guidance, which is why that guidance matters more than usual.

What happens next?

Apple has beaten the consensus earnings estimate in each of the last four quarters by an average of about 5.1%, Zacks notes, so a headline beat alone may not move the stock. The reaction will likely turn on three numbers: December-quarter revenue guidance, the gross-margin outlook as memory costs bite, and any Duo demand commentary from Ternus. With the midterms on Tuesday and the October jobs report on Friday, Apple's report kicks off a week that will test whether October's tech selloff was a reset or the start of something bigger. This is reporting on expectations, not a recommendation — what Apple actually delivers arrives Monday evening.

FAQ

When does Apple report earnings?

Apple reports fiscal fourth-quarter 2026 results after the close on Monday, November 2, with the earnings call at 5 p.m. ET.

What do analysts expect from Apple's quarter?

Consensus is about $1.98 to $1.99 in earnings per share on roughly $113 billion in revenue, up about 10% from $102.5 billion a year earlier.

Why is this Apple report different?

It is the first earnings call led by CEO John Ternus, who took over from Tim Cook on September 1, and it lands with the stock near record highs after a sharp October tech selloff.

What will investors watch most closely?

December-quarter guidance, the gross-margin outlook under surging memory costs, and any commentary on demand for the new $1,999 iPhone Duo.