Apple is scheduled to release fiscal fourth-quarter earnings after the stock market closes on Thursday, with most analysts optimistic that the iPhone maker will deliver another set of solid results. Analysts polled by LSEG estimate that Apple, led by CEO Tim Cook, will earn $1.77 per share on revenue of $102.24 billion in the quarter ended Sept. 30. This would represent earnings growth of 7.9% and a revenue rise of 7.7% versus the same period a year ago. Apple beat Wall Street’s forecasts for earnings and revenue in its fiscal third quarter that ended June 30. The company’s total revenue grew 10%, marking Apple’s fastest quarterly revenue growth since December 2021. Even though Apple incurred $800 million in tariff costs in the prior June quarter, that was below the $900 million it had previously estimated in May. Apple’s iPhone sales grew 13% on an annual basis to $44.58 billion, helped by success in China in the quarter, reversing a trend from the two prior quarters of declining sales in the region. Two sore spots in Apple’s lates financials were in iPad sales and its wearables division, consisting of devices such as AirPods and the Apple Watch. Revenue for both units declined last quarter. Even so, Cook was still optimistic about the company’s performance. “It was an exceptional quarter by any measure,” he told CNBC’s Steve Kovach at the time. Although Apple shares have trailed the S & P 500 for all of 2025, delivering only half the index return, they’ve come on strong lately. In the past three months, Apple has soared almost 30% against less than 8% for the S & P 500. AAPL YTD mountain AAPL YTD chart Heading into earnings, Wall Street remains bullish on Apple, with some firms raising their price target. Analysts are especially interested in Apple’s iPhone sales and services revenue figures. LSEG data shows that 33 analysts covering Apple rate it a strong buy or buy, while 15 give it a hold and three rate it underperform or sell. Here’s what analysts at some of Wall Street’s biggest investment banks are saying before Apple’s latest earnings report. TD Cowen: buy rating, $275 price target The bank’s price target implies a 2% upside ahead, based on Apple’s Wednesday closing price of $269.70. “We expect AAPL to report (10/30) Sep Q revs in line/above the Street’s +7.5% Y/Y and guide Dec Q up HSD% with iPhone units up LSD% Y/Y. iPhone 17 demand driven by replacements could progress to an even stronger AI upgrade cycle in CY26+. We model Services +13% Y/Y as GOOG search ad revs remain intact. AAPL stock sentiment is markedly positive given the encouraging consumer reception for the iPhone 17 and search ad revenue stream from GOOG remains intact. Current iOS AI features do help to drive demand, yet we think higher performant hardware features in C2H26 will accelerate iPhone growth further. We expect Dec Q guidance for solid seasonality with revs up HSD% Y/Y.” Goldman Sachs: buy, $279 Goldman Sachs’ price target, up from $266, corresponds to potential upside of 3%. “Apple should deliver a F4Q25E revenue and EPS beat, driven by (1) Product revenue, particularly within iPhone on iPhone 17 family strength, as well as in Mac on continued PC refresh; and (3) gross margins of 46.5%. Services revenue growth should maintain momentum despite weakening App Store spending trends on continued DD% momentum across iCloud+, TAC, AppleCare+, Apple Pay, and other subscription services. Into F2026, we expect continued strength in iPhone demand, supported by both U.S. carrier competition and continued form factor changes with the expected launch of the iPhone 18 foldable.” Baird: outperform, $280 Baird’s price target, raised from $230, implies shares could rise about 4%. “Expect solid FQ4 results/guidance. It’s still early in the iPhone 17 cycle, but early indicators appear to be directionally supportive, including solid upgrade rates posted by AT & T/T-Mobile last week. However, the bigger focus is likely to be the December-quarter outlook, and we’d note that current estimates look potentially conservative based on historical sequential seasonality and current trends. We remain positive on the iPhone upgrade opportunity and long-term ecosystem benefits and would note what continues to be mixed sentiment vs. the other mega caps.” JPMorgan: overweight, $290 Analyst Samik Chatterjee’s target, up from $280, would translate into a gain of 8% for Apple. “Shifting our focus back to the upcoming quarterly results and guidance, we expect robust high-single digit revenue growth in both F4Q25 and for the outlook to be shared for F1Q26E to reinforce to investors a positive product cycle for the company, but the greater surprises and upside revisions to consensus estimates are likely to stem from margin upsides supported by moderating tariff headwinds as well as margin mix benefits from robust Services revenue growth, setting up AAPL shares well for investors who will look forward to owning the visibility into upsides provided through a robust iPhone 17 product cycle and very [likely] to be followed by a strong product cycle with iPhone 18 series which will include the foldable iPhone.” Evercore ISI: outperform, $290 “We think AAPL should report solid upside to Sep-qtr estimates and could guide Dec-qtr higher on the back of what we think is a stronger-than-average iPhone refresh cycle. In addition, AAPL should point to a clearer line of sight for double-digit Services growth going forward following the resolution of a number of headwinds (DOJ/GOOG, AAPL vs. EPIC, etc.).” Wells Fargo: overweight, $290 The bank recently lifted its price target from $245. “Increase estimates into Apple’s F4Q25 results as we expect upgrade-driven iPhone strength, confidence in DD% Services growth (Google TAC payment risks lifted), and new product momentum ahead.” Morgan Stanley: overweight, $298 The bank’s price target implies upside of 10%. “Sept/Dec Q buyside expectations have climbed higher in recent weeks, but we believe Apple will surpass those expects, keeping a bid on the stock. 2026 has more exciting catalysts in store, but with an upward bias to ests and little downside risk thru yearend, we can see shares grinding higher NT.” Bank of America: buy, $320 Analyst Wamsi Mohan’s target, raised from $270, corresponds to a 19% gain over the next year. “Apple’s ecosystem, its brand and its large installed base remains a competitive advantage. We present a l-t (next 5 year) framework for looking at Apple’s performance where we project out both product and services revenues, and also consider new products and services that the company may introduce in that timeframe. We consider the impact of Artificial Intelligence (AI) on Apple’s revenues, enhancing potential new product offerings (AI augmented eye-wear, in-house AI robots/smart home), while potentially being disruptive in other cases (AI impact on traditional search revenues). Reiterate Buy on strong capital returns, eventual winner in AI at the edge & optionality from new products/markets.”
What analysts expect from Apple’s September quarter earnings Thursday
