May 1, 2026
$AAPL Q2 FY2026 Deep Dive: Cook Hands the Baton, iPhone Supercycle, China +28% — Apple Hits Records Without the AI Capex Card
Apple Q2 FY2026: clean beat across the board — revenue $111.2B (+17%), iPhone $57B (+22%), Greater China +28%, gross margin 49.3% record, $100B additional buyback. Sept 1 transition: Cook → Ternus, biggest leadership change in 15 years. While the four mega-caps burn $700B on AI capex, Apple just showed you can hit all-time-high records without playing that card.