Reading Between the Lines of Apple’s 2Q26 Earnings Q&A With Analysts, Takeaways From Apple’s 2Q26 10-Q, Subscriber Q&A
Today's Above Avalon Daily update includes the following stories:
Reading Between the Lines of Apple’s 2Q26 Earnings Q&A With Analysts
Takeaways From Apple’s 2Q26 10-Q
Subscriber Q&A
Instead of just recapping the question and answer exchanges that occurred on Apple’s 2Q26 earnings call, we will go over Neil’s thoughts / response to each exchange. This will allow Neil to go beyond what was talked about on the call. The discussion then turns to the most interesting takeaways from Apple’s 2Q26 10-Q. The update concludes with the latest installment of subscriber Q&A in which Neil answers the following questions from Above Avalon Daily subscribers:
Could Apple’s decision to slow down its buyback be due to concerns found with higher memory pricing?
Why would Apple CEO succession lead to a dramatic shift in R&D spending plans? Wouldn’t Tim Cook have relied on John Ternus and others for advice and recommendations on what kind of investment pace was needed?
Is Apple looking to invest in their own semiconductor fabrication plant?
Are there any obvious Apple products that can be deemphasized following these Apple leadership changes?
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Apple Halts Share Buyback, Apple’s Net Cash Trajectory, Net Cash Neutral vs. Excess Cash
Today's Above Avalon Daily update includes the following stories:
Apple Halts Share Buyback
Apple’s Net Cash Trajectory
Net Cash Neutral vs. Excess Cash
Following Apple’s earnings release, the most prevalent incoming question dealt with Apple’s decision to sunset its net cash neutral goal. While we went over my initial thoughts on the topic in last Friday’s update, there’s room to go deeper. Before we get to net cash, we will discuss the latest developments regarding Apple’s share buyback program.
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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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An audio version of this update is available to subscribers who have the Podcasts Package (+$10/month or +$100/year) attached to their Above Avalon Daily subscription.
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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