Apple (AAPL) will report its second quarter (Mar) earnings tonight after the close. There is a conference call scheduled for 17:00 ET.

Q2 FactSet consensus calls for EPS of $1.62 (versus $1.53 last year) on revenue of $94.2 bln (+3.7% yr/yr).

On the last conference call, the company said that it expects total company revenues to grow low to mid-single digits (FactSet consensus +3.7%). Apple is expected Q2 services revenue to grow low double digits. Finally, the company said it sees Q2 gross margin of 46.5%-47.5%.

This quarter, tariff impacts are a key concern for Apple (AAPL). Typically, Apple offers qualitative guidance during its earnings call, but speculation suggests it may skip this due to tariff uncertainties. FactSet projects Q3 2025 EPS at $1.46 and revenue at $88.9B.

There has been reporting that the company will move most of its iPhone manufacturing to India by the end of 2026, which will help with tariff impacts (China's tariff rate is currently 145%, while India's is currently 10%).

Expectations:

The Street is expecting Q2 iPhone revenue of $45.8 bln vs. $46.0 bln last year.
The Street is expecting Q2 wearables revenue of $8.1 bln vs. $7.9 bln last year
The Street is expecting Q2 services revenue of $26.3 bln vs. $23.9 bln last year.

TECHS:

AAPL has a $3.18 trillion valuation and currently trades at 29 times FY25 earnings.

Based on the weekly AAPL Weekly May02 $210.0 straddle, the options market is currently pricing in a move of ~6% in either direction by weekly expiration (Friday).

Suppliers to keep on note include: SWKS, CRUS, AVGO, QRVO, TSM, and QCOM.

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