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SemiconductorsUS EQUITIES

NVDA.

What comes after the AI infrastructure buildout?

What changed

Compare a new earnings release with the assumptions in your original research.

Evidence to check: current and prior earnings releases.
Explore NVIDIA
Illustrative workflow · No live AI analysis or portfolio data
02 The idea

01Market data tells you what happened. 02Connected research helps you understand why it matters— 03and what deserves a closer look.

From information to investment intelligence.
03 Follow the source

An insight is only
as strong as
its sources.

Move from a conclusion to the evidence behind it. Connect company disclosures, market context and your own research so every idea has a starting point you can examine.

Explore market news

Revenue growth in the latest annual filings

From source to perspectiveFiled company data
The evidence

A company files its annual report. Start with what it actually disclosed.

Revenue
$303.2B
Revenue growth
+10.1%
Net margin
3.0%

Costco Wholesale · fiscal year ended August 30, 2026

Form 10-KSEC EDGAR
The research question

Does the new information support your original thesis—or change the assumptions behind it?

A question to investigate, not an automated recommendation.
Explore the research process

One report.
One reading.

Latest quarter, key positives and risks, and what to check next.

AAPLAppleQ3 FY2026
Total revenue
$109.42B+16.4% YoY
Net income
$29.79B+27.1% YoY
Diluted EPS
$2.02+28.7% YoY

Apple Q3 FY2026: growth, margin gains and supply risk

Headline results

  • Revenue was $109.417B vs $94.036B (+16.4%); net income $29.789B vs $23.434B (+27.1%, calculated); diluted EPS $2.02 vs $1.57 (+29%, reported).

    Total revenue $109.42B+16.4% YoYNet income $29.79B+27.1% YoYDiluted EPS $2.02+28.7% YoY

  • Operating income was $35.695B vs $28.202B (+26.6%, calculated).

    Operating income $35.7B+26.6% YoY

Bullish signals

  • Revenue rose 16%; all five regions grew double digits, with higher reported operating income in each.

    Total revenue $109.42B+16.4% YoYAmericas revenue $45.78B+11.1% YoYEurope revenue $29.4B+22.4% YoYGreater China revenue $18.82B+22.4% YoYJapan revenue $6.55B+13.4% YoYRest of Asia Pacific revenue $8.87B+15.6% YoYAmericas segment operating income $21.7B+31.4% YoYEurope segment operating income $13.44B+28.0% YoYGreater China segment operating income $7.41B+27.2% YoYJapan segment operating income $3B+4.6% YoYRest of Asia Pacific segment operating income $4.18B+29.0% YoY

  • Analyst-estimated ex-refund gross margin (~48.1% vs 46.5%) and EPS (~$1.91 vs $1.57) still rose; Services grew 12% at 75.6% margin.

    Services revenue $30.74B+12.1% YoYDiluted EPS $2.02+28.7% YoYGross margin 50.1%+360 bp YoYServices gross margin 75.6%0 bp YoYQ3 tariff-refund gross-margin contribution 2 percentage pointsEstimated EPS benefit from tariff refunds $0.11

  • Calculated free cash flow rose 31% to $31.9B, exceeding $29.14B in capital returns; post-quarter iPhone 18 Pro launch and Siri AI beta are potential catalysts, with demand unquantified.

    Free cash flow (calculated quarter) $31.91B+30.8% YoYShare repurchases paid (calculated quarter) $25.11B+19.1% YoYDividends paid (calculated quarter) $4.04B+2.3% YoYiPhone revenue $54.25B+21.7% YoYSeptember-quarter iPhone revenue growth guidance (mid-teens, approximate) 15%

Bearish signals

  • Tariff refunds added ~2pp to Q3 gross margin and $0.11 to EPS; September guidance assumes ~1pp benefit and 47%–48% gross margin.

    Q3 tariff-refund gross-margin contribution 2 percentage pointsEstimated EPS benefit from tariff refunds $0.11September-quarter gross-margin guidance (low) 47%September-quarter gross-margin guidance (high) 48%September-quarter tariff-refund gross-margin contribution (guidance) 1 percentage point

  • Operating expenses rose 23% and R&D 32%, above revenue’s 16% growth. The 10-Q warns component constraints and costs may hurt revenue and margins; price rises may dampen demand.

    Total revenue $109.42B+16.4% YoYProducts gross margin 40.1%+560 bp YoYOperating expenses $19.08B+22.9% YoYResearch and development expense $11.73B+32.3% YoYManufacturing purchase obligations at June 27, 2026 $57B

  • September revenue growth slows to 9%–11%; iPad fell 6%. FX was expected to trim YoY growth ~2.5pp more than in June; supply constraints expected to increase significantly across iPhone, Mac and iPad.

    Total revenue $109.42B+16.4% YoYiPad revenue $6.19B-5.9% YoYSeptember-quarter revenue growth guidance (low) 9%September-quarter revenue growth guidance (high) 11%Sequential FX impact on reported growth -2.5 percentage points
Financial detailsMargins, cash flow, segments, regions and guidance

Segment performance

  • iPhone revenue was $54.252B (+22%), led by Pro models; Mac revenue was $10.352B (+29%), on higher laptop sales.

    iPhone revenue $54.25B+21.7% YoYMac revenue $10.35B+28.7% YoY

  • iPad revenue fell 6% to $6.191B; Wearables, Home and Accessories rose 6% to $7.883B.

    iPad revenue $6.19B-5.9% YoYWearables, Home and Accessories revenue $7.88B+6.5% YoY

  • Services rose 12% to $30.739B, led by advertising and cloud; total Products revenue was $78.678B.

    Products revenue $78.68B+18.1% YoYServices revenue $30.74B+12.1% YoY

Filings report category revenue and gross margins but omit unit volumes, average selling prices and product-level operating income.

Geographic trends

  • Revenue/segment operating-income growth: Americas 11%/31%, Europe 22%/28%, Greater China 22%/27%, Rest Asia-Pacific 16%/29%, Japan 13%/5%; Japan margin fell to 45.8% from 49.7%.

    Americas revenue $45.78B+11.1% YoYEurope revenue $29.4B+22.4% YoYGreater China revenue $18.82B+22.4% YoYJapan revenue $6.55B+13.4% YoYRest of Asia Pacific revenue $8.87B+15.6% YoYAmericas segment operating income $21.7B+31.4% YoYEurope segment operating income $13.44B+28.0% YoYGreater China segment operating income $7.41B+27.2% YoYJapan segment operating income $3B+4.6% YoYJapan calculated segment operating margin 45.83%-384 bp YoYRest of Asia Pacific segment operating income $4.18B+29.0% YoY

  • Regional operating income totaled $49.736B before a $14.041B corporate loss. FX aided Greater China and Rest of Asia Pacific in Q3 and Europe over nine months; weaker yen hurt Japan.

    Europe revenue $29.4B+22.4% YoYGreater China revenue $18.82B+22.4% YoYJapan revenue $6.55B+13.4% YoYRest of Asia Pacific revenue $8.87B+15.6% YoYAmericas segment operating income $21.7B+31.4% YoYEurope segment operating income $13.44B+28.0% YoYGreater China segment operating income $7.41B+27.2% YoYJapan segment operating income $3B+4.6% YoYRest of Asia Pacific segment operating income $4.18B+29.0% YoYCorporate operating loss -$14.04B

Apple reports segment revenue and operating income but no constant-currency growth; currency effects are qualitative.

Margin changes

  • Gross margin rose to 50.1% from 46.5%, including ~2pp from tariff refunds; ~48.1% excluding refunds is an analyst calculation, not an Apple-reported figure.

    Gross profit $54.77B+25.3% YoYGross margin 50.1%+360 bp YoYQ3 tariff-refund gross-margin contribution 2 percentage points

  • Products gross margin rose to 40.1% from 34.5% on mix and refunds, partly offset by higher costs including memory; Services held at 75.6%.

    Products gross margin 40.1%+560 bp YoYServices gross margin 75.6%0 bp YoYQ3 tariff-refund gross-margin contribution 2 percentage points

  • Operating expenses rose ~23% to $19.075B: R&D +32%, SG&A +10%. Calculated operating/net margins rose to 32.6%/27.2% from 30.0%/24.9%.

    Operating expenses $19.08B+22.9% YoYResearch and development expense $11.73B+32.3% YoYSelling, general and administrative expense $7.35B+10.5% YoYCalculated operating margin 32.62%+263 bp YoYCalculated net margin 27.23%+230 bp YoY

Q3 gross margin includes a ~2pp tariff-refund benefit; ex-refund figures are analyst calculations, not company-reported results.

Cash flow

  • Standalone Q3 operating cash flow was $34.369B vs $27.867B; capex was $2.455B vs $3.462B. Both are calculated from year-to-date filings.

    Operating cash flow (calculated quarter) $34.37B+23.3% YoYCapital expenditures (calculated quarter) $2.46B-29.1% YoY

  • Calculated free cash flow rose ~31% to $31.914B, above $29.14B combined buybacks ($25.105B) and dividends ($4.035B).

    Operating cash flow (calculated quarter) $34.37B+23.3% YoYCapital expenditures (calculated quarter) $2.46B-29.1% YoYFree cash flow (calculated quarter) $31.91B+30.8% YoYShare repurchases paid (calculated quarter) $25.11B+19.1% YoYDividends paid (calculated quarter) $4.04B+2.3% YoY

Standalone Q3 cash flow, capex, free cash flow and returns are calculated from nine-month Q3 less six-month Q2 filings.

Guidance

  • Management guided September-quarter revenue growth of 9%–11%, iPhone revenue growth in the mid-teens, and operating expenses of $19.1B–$19.4B; from the call transcript, not the written release.

    September-quarter revenue growth guidance (low) 9%September-quarter revenue growth guidance (high) 11%September-quarter iPhone revenue growth guidance (mid-teens, approximate) 15%September-quarter operating-expense guidance (low) $19.1BSeptember-quarter operating-expense guidance (high) $19.4B

  • Gross margin guidance: 47%–48%, including ~1pp tariff benefit; Services growth broadly similar to Q3 after FX. FX was expected to trim YoY growth ~2.5pp more than in June; constraints expected to increase significantly.

    Services revenue $30.74B+12.1% YoYGross margin 50.1%+360 bp YoYSeptember-quarter gross-margin guidance (low) 47%September-quarter gross-margin guidance (high) 48%Sequential FX impact on reported growth -2.5 percentage pointsSeptember-quarter tariff-refund gross-margin contribution (guidance) 1 percentage point

Apple’s release has no numerical outlook; September guidance reflects management call comments per a transcript hosted by StockAnalysis. Results were pending October 17, 2026; no later outlook.

Gaps & uncertaintiesCoverage limits and open questions

Questions raised by the figures

  • September-quarter results were pending on October 17, 2026; Apple scheduled its call for November 2. No September-quarter results are included.

    September-quarter revenue growth guidance (low) 9%September-quarter revenue growth guidance (high) 11%

  • Manufacturing obligations were $57.0B ($56.2B due within a year); cost impact, iPhone 18 Pro/Siri AI beta adoption and post-September tariff benefits remain uncertain.

    Gross margin 50.1%+360 bp YoYiPhone revenue $54.25B+21.7% YoYQ3 tariff-refund gross-margin contribution 2 percentage pointsSeptember-quarter iPhone revenue growth guidance (mid-teens, approximate) 15%Manufacturing purchase obligations at June 27, 2026 $57BManufacturing purchase obligations payable within 12 months $56.2B

  • StockAnalysis data at October 16 close: $343.46/share, 39.40× trailing P/E, 37.34× forward P/E, ~$5.01T market cap; dated context, not a price target.

    Share price at October 16, 2026 close $343.46Trailing P/E at October 16, 2026 close 39.4×Forward P/E at October 16, 2026 close 37.34×Market capitalization at October 16, 2026 close $5.01T

Input coverage

Coverage notes describe this report’s inputs; a gap alone does not imply company nondisclosure.

  • Filings report category revenue and gross margins but omit unit volumes, average selling prices and product-level operating income.

  • Apple reports segment revenue and operating income but no constant-currency growth; currency effects are qualitative.

  • Q3 gross margin includes a ~2pp tariff-refund benefit; ex-refund figures are analyst calculations, not company-reported results.

  • Standalone Q3 cash flow, capex, free cash flow and returns are calculated from nine-month Q3 less six-month Q2 filings.

  • Apple’s release has no numerical outlook; September guidance reflects management call comments per a transcript hosted by StockAnalysis. Results were pending October 17, 2026; no later outlook.

  • Third-party price, market cap and P/E data are dated to the October 16, 2026 close; they fluctuate and are not a price target or intrinsic-value estimate.

  • Filings omit smartphone shipments and market share; use independent data to assess competition.

Prioritized review checklist5 areas to test before updating an investment view
  1. Supply chain

    Track memory/advanced-chip costs, supply constraints and committed purchases.

    Why review it: Management expects tighter supply; $56.2B of manufacturing obligations fall due within 12 months.

    Products gross margin 40.1%+560 bp YoYSeptember-quarter gross-margin guidance (low) 47%Manufacturing purchase obligations payable within 12 months $56.2B
  2. Product cycles

    Compare iPhone growth with mid-teens guidance; monitor iPhone 18 Pro and Siri AI adoption.

    Why review it: iPhone 18 Pro launched after Q3; Siri AI is in beta; adoption and financial contribution remain unquantified.

    iPhone revenue $54.25B+21.7% YoYSeptember-quarter iPhone revenue growth guidance (mid-teens, approximate) 15%
  3. Macro sensitivity

    Separate tariff and FX effects from revenue growth and margin trends.

    Why review it: September outlook: ~1pp gross-margin tariff benefit; FX expected to trim YoY growth ~2.5pp more than June-quarter levels.

    September-quarter gross-margin guidance (low) 47%September-quarter gross-margin guidance (high) 48%Sequential FX impact on reported growth -2.5 percentage pointsSeptember-quarter tariff-refund gross-margin contribution (guidance) 1 percentage point
  4. Competitive landscape

    Cross-check iPhone, iPad and China against independent shipment and market-share data.

    Why review it: Apple discloses revenue, not unit volumes or market share.

    iPhone revenue $54.25B+21.7% YoYiPad revenue $6.19B-5.9% YoYGreater China revenue $18.82B+22.4% YoY
  5. Valuation implications

    Refresh trailing and forward multiples after September-quarter results.

    Why review it: The October 16 snapshot predates results; guidance points to slower growth and a smaller refund benefit.

    Share price at October 16, 2026 close $343.46Trailing P/E at October 16, 2026 close 39.4×Forward P/E at October 16, 2026 close 37.34×Market capitalization at October 16, 2026 close $5.01T

AI analysis generated by Manual report (2026-10-17) from the filed figures above. This report covers supplied SEC filing data, which may follow an earnings release. Earnings-call commentary, consensus expectations and live valuation inputs require separate review.

04 Your decision trail

Your history.
Your next insight.

This concept shows how portfolio history could reconnect an earlier thesis with new company information, helping you revisit the assumptions behind future decisions.

Get started with Stockpedia
Your decision trailIllustrative workflow
  1. Original thesis

    What did you believe when you made the decision?

  2. New information

    What changed in the company or the market?

  3. Next review

    Which assumptions should you revisit now?

Illustrative portfolio-history workflow
Q Before you begin

A clearer
picture.

About the workspace and what’s available.

What can I use today?

Company pages, news, community discussions and watchlists are available today. The workspace and portfolio-history examples on this page are illustrative. Filing reports are AI-written from SEC data; automated AI answers and portfolio-history tools are not available in the current app.

What is Stockpedia?

Stockpedia is a research workspace for investors. It brings company information, news and public filings together so you can examine the evidence and decide what to review next.

What does source-backed intelligence mean?

An insight should be traceable to the evidence behind it: a company filing, an earnings release, market data or your prior research. The goal is to let you review the context and form your own judgment.

Does Stockpedia make investment decisions for me?

No. Stockpedia is designed to support research and review. You remain in control of your decisions. It does not place trades or provide personalized investment advice.

05 Make your next move

Your next decision starts with understanding.

Know what changed. Understand why. Decide what to review next.

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