Apple’s 2Q26 In Three Charts
Today's Above Avalon Daily update includes the following story:
Apple’s 2Q26 In Three Charts
Hello everyone. Welcome to a new week. We will continue our Apple 2Q26 earnings review by focusing on three data points that did a great job of telling the subplots underpinning the quarterly numbers. The iPhone was responsible for 60% of Apple’s revenue growth, the Mac is on track to see the strongest unit sales growth of any Apple product category, while R&D expense as a percent of revenue reflects change in the air.
Let’s discuss.
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Apple Earnings, Stellar iPhone Demand, Apple Sunsets Net Cash Neutral Target
Today's Above Avalon Daily update includes the following stories:
Apple Earnings
Stellar iPhone Demand
Apple Sunsets Net Cash Neutral Target
Hello everyone. Welcome to May. This is a special Friday edition of the Above Avalon Daily as we analyze Apple’s 2Q26 results and 3Q26 guidance.
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Previewing Apple’s 2Q26 Earnings: Above Avalon Estimates
Today's Above Avalon Daily update includes the following story:
Previewing Apple’s 2Q26 Earnings: Above Avalon Estimates
Today’s update will conclude our Apple 2Q26 earnings preview. Apple reports earnings tomorrow (Thursday) at 4:30 pm ET. The next update will go out Friday in the AM.
My updated Apple earnings model (works with Excel and Numbers) with revised 2Q26 and FY26 estimates is now available to those of you who have an Above Avalon Models subscription attached to your Above Avalon Daily subscription. To access the earnings model, log into the Above Avalon payer portal (here). Once signed in, go to the "Digital Package" tab which will bring you to your personalized page where the model can be downloaded. If you are interested in subscribing to Above Avalon Models, learn more about the subscription and accompanying bundle savings at this page.
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Previewing Apple’s 2Q26: It’s All About Product Supply
Today's Above Avalon Daily update includes the following story:
Previewing Apple’s 2Q26: It’s All About Product Supply
Hello everyone.
Our attention will shift to Apple earnings. Apple will report FY2Q26 earnings on Thursday. Today’s update will kick off our earnings preview while tomorrow’s update (Wednesday PM) will include my granular estimates.
My updated Apple earnings model will also go live tomorrow (Wednesday PM) for those subscribed to Above Avalon Models (more information is available here).
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Where Apple Is Headed
Today's Above Avalon Daily update includes the following story:
Where Apple Is Headed
Hello everyone. This is shaping up to a busy week.
Apple reports FY2Q26 earnings on Thursday. We will utilize tomorrow’s update to begin going over my expectations heading into earnings. Each Apple earnings report has its unique characteristics and tone. This week’s earnings release has the potential of being quite unusual.
For today’s update, we will wrap up the initial wave of analysis regarding Apple’s next leadership era. Given last week’s Apple CEO transition news, much attention is being placed on where the company is headed from a product perspective.
To recap the past few updates:
Tuesday (April 21st): Apple’s next leadership era (what Apple announced, Tim Cook’s new role, announcement timing)
Thursday (April 23rd): What Apple may look like with John Ternus as CEO.
Today: Where Apple is headed (from a product perspective).
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What Apple May Look Like With John Ternus as CEO
Today's Above Avalon Daily update includes the following story:
What Apple May Look Like With John Ternus as CEO
Hello everyone. We will continue our discussion from Tuesday.
Today’s update essentially combines what would have been two updates. Given the amount to digest, there may be some follow-up next week.
After reading today’s update, if you have questions that you would like addressed or featured, send them my way.
As people continue to digest this week’s Apple leadership transition news, there has been a desire to contemplate how Ternus will lead Apple.
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Apple's Next Leadership Era
Today's Above Avalon Daily update includes the following stories:
John Ternus to Succeed Tim Cook as Apple CEO
Cook to Become Apple Executive Chairman
Timing Looks Perfect
Hello everyone. We are going to jump straight into today’s update dedicated to the big news regarding Apple CEO succession.
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Amazon to Acquire Globalstar, Apple to Partner With Amazon Leo, The Big Picture
Today's Above Avalon Daily update includes the following stories:
Amazon to Acquire Globalstar
Apple to Partner With Amazon Leo
The Big Picture
Hello everyone. It feels good to be back after a week off. We have big news to discuss: Apple has announced its CEO succession plans. John Ternus will succeed Tim Cook as CEO with Cook moving over to the executive chairman role. Given how the news came out just a few hours ago, we will dedicate tomorrow’s update (available here) (and possibly Wednesday’s) to the leadership changes.
For today’s update, we will go over big news in the satellite space that will have a direct impact on Apple. Let’s jump in.
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There Isn’t a MacBook Neo “Dilemma”
Today's Above Avalon Daily update includes the following story:
There Isn’t a MacBook Neo “Dilemma”
Happy Friday. Today’s update will be dedicated to discussing MacBook Neo. There is a new narrative circulating around the Apple rumor blogosphere that Apple is facing some kind of “dilemma” with Neo. The update ended up taking longer than expected to write as a few corollaries needed proper investigation.
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New iPhone Demand Clues, iPhone 17 Sales Strength, iPhone Air Popularity by Country
Today's Above Avalon Daily update includes the following stories:
New iPhone Demand Clues
iPhone 17 Sales Strength
iPhone Air Popularity by Country
Hello everyone. Today's update will take us to iPhone land.
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iPhone Circles the Moon, Shot on iPhone, The Big Picture
Today's Above Avalon Daily update includes the following stories:
iPhone Circles the Moon
Shot on iPhone
The Big Picture
Hello everyone. We will jump into today’s update with an intriguing storyline involving Apple and Artemis II.
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Apple Will Never Be Replicated
Today's Above Avalon Daily update includes the following story:
Apple Will Never Be Replicated
After going through the various interviews that Apple executives gave to mark the company’s 50th anniversary, the most interesting one occurred a few weeks back. Tim Cook sat down with David Pogue for CBS Sunday Morning (the 20-minute video is available here). There was one question and answer exchange regarding why no other company has been able to copy Apple that grabbed my attention. Let’s discuss.
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Apple at 50 Years: Failure Was Needed to Succeed
Today's Above Avalon Daily update includes the following story:
Apple at 50 Years: Failure Was Needed to Succeed
Today’s update will be dedicated to talking about Apple at 50 years.
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Mac Pro Discontinued, Mac Pro Nostalgia, The (Evolving) Mac Line
Today's Above Avalon Daily update includes the following stories:
Mac Pro Discontinued
Mac Pro Nostalgia
The (Evolving) Mac Line
Today’s update will take us to Mac land. Let’s jump in.
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Why Apple Sells Ads, Apple Place Cards, Playing Devil’s Advocate
Today's Above Avalon Daily update includes the following stories:
Why Apple Sells Ads
Apple Place Cards
Playing Devil’s Advocate
In today’s update, we will pursue a few follow-ups regarding Apple advertising and the Apple Business platform.
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Ads Coming to Apple Maps, Apple’s Privacy Pitch, Apple Business
Today's Above Avalon Daily update includes the following stories:
Ads Coming to Apple Maps
Apple’s Privacy Pitch
Apple Business
Last week, we talked about a few levers Apple can pull when it came to Apple Maps monetization. Apple is officially pulling one of those monetization levers. Advertising will begin appearing in Apple Maps this summer in the U.S. and Canada.
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Mac Sets Launch Record, iPhone Supply Remains Constrained, Demand vs. Supply
Today's Above Avalon Daily update includes the following stories:
Mac Sets Launch Record
iPhone Supply Remains Constrained
Demand vs. Supply
Hello everyone. Welcome to a new week. We will jump into today’s update with Tim Cook announcing a new Mac record. Attention then shifts to iPhone and ongoing supply constraints.
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Apple’s 50th Anniversary Is Approaching, Tim Cook’s Apple 50th Anniversary Letter, Thoughts on Apple’s Anniversary Events
Today's Above Avalon Daily update includes the following topics:
Apple’s 50th Anniversary Is Approaching
Tim Cook’s Apple 50th Anniversary Letter
Thoughts on Apple’s Anniversary Events
With an open question as to how Apple would approach the 50th anniversary of its founding (April 1st, 1976), we began to get some answers last week. Today’s discussion will look at why Apple is not huge into retrospection. We then examine how such a stance impacts the company’s approach to marking its upcoming anniversary. The update includes Neil’s thoughts on Tim Cook’s “50 Years of Thinking Different” letter and Apple’s celebration plans.
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Smartphone Fallout From Memory Shock, Monetizing Apple Maps, Apple’s Sports App Gaining Momentum
Today's Above Avalon Daily update includes the following topics:
Smartphone Fallout From Memory Shock
Monetizing Apple Maps
Apple’s Sports App Gaining Momentum
For the past few months, memory volatility has captured quite a bit of attention within tech circles. In this update, we look at why there is reason to believe that consensus has not correctly mapped potential impacts arising from the memory shock. We then look at various monetization options that Apple will likely have with Apple Maps in mind. The update concludes with the Apple Sports app. The pace of new features being brought to the Apple Sports app continues to impress.
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Subscriber Privileges and Benefits
Exclusive Analysis. Receive the Above Avalon Daily newsletter, widely-recognized as the leading daily newsletter dedicated to Apple. Now in its tenth year.
Archive Access. Access previous updates sent to subscribers in an easy-to-navigate archive built in Ghost.
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2025 Smartphone Shipments Data, iPhone vs. Mac Sales Share, Amazon Launches Prime Video Ultra
Today's Above Avalon Daily update includes the following topics:
2025 Smartphone Shipments Data
iPhone vs. Mac Sales Share
Amazon Launches Prime Video Ultra
We begin today’s email with Neil’s thoughts on 2025 smartphone shipments data. We then compare iPhone sales share to Mac sales share. There are a few explanations for the difference in share. We conclude with Amazon launching a rebranded tier to Amazon Prime Video.
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Subscriber Privileges and Benefits
Exclusive Analysis. Receive the Above Avalon Daily newsletter, widely-recognized as the leading daily newsletter dedicated to Apple. Now in its tenth year.
Archive Access. Access previous updates sent to subscribers in an easy-to-navigate archive built in Ghost.
Full Access to Above Avalon Forum. Access exclusive channels in the Above Avalon forum in Discord.
Email Access to Neil Cybart. Receive timely responses from Neil to email inquiries.
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Above Avalon Support. Play an active role in supporting Above Avalon as an independent voice and resource. Above Avalon is 100% funded by subscribers.