As the world‘s most valuable public company, Apple‘s quarterly earnings reports are highly anticipated events for investors, financial analysts, and even general technology enthusiasts. The tech giant‘s financials provide critical glimpses into the health of its product sales, services business, and overall strategy.
But when exactly does Apple release details on its financial performance? Below I provide a comprehensive guide on Apple‘s earnings reporting schedule, what to expect in the reports, and tips to stay updated.
Overview of Apple‘s Fiscal Year and Earnings Cycle
Importantly, Apple follows a slightly different fiscal year than the calendar year. Apple‘s fiscal year includes four quarters, Q1 through Q4, comprising 13 weeks each for a total of 52 weeks. About every 5 years, a 53rd week is added to align with the 365 days or 366 days in the Gregorian calendar.
For 2023, Apple‘s fiscal year is as follows:
- Q1: October 1, 2022 – December 31, 2022
- Q2: January 1, 2023 – April 1, 2023
- Q3: April 2, 2023 – July 1, 2023
- Q4: July 2, 2023 – September 30, 2023
Apple typically releases its quarterly earnings report around 30 days following the end of each quarter, usually on a Wednesday afternoon, followed by an earnings call. So investors can expect Apple‘s reports for fiscal 2023 around the following dates:
- Q3 2023 earnings – August 3, 2023
- Q4 2023 earnings (expected) – October 31, 2023
- Q1 2024 earnings (expected) – January 31, 2024
Note that these represent approximate dates based on Apple‘s history and are subject to change.
Key Details from Apple‘s Recent Q3 2023 Earnings
To give a sense of what kind of information Apple reveals during its earnings cycles, let‘s take a closer look at the Q3 2023 report, which detailed the company‘s April to June 2022 fiscal third quarter results.
Earnings Performance
- Revenue: $83.0 billion, up 2% year-over-year
- Quarterly Earnings Per Share (EPS): $1.20
- iPhone Revenue: $40.7 billion, up 3%
- Services Revenue, including content, Apple Pay and AppleCare: $19.6 billion, up 12%
Apple posted better-than-projected Q3 revenue figures and a total return to shareholders of $28 billion during the quarter. However, overall revenue increased just 2% annually led by services. This represented Apple‘s slowest growth rate since the start of the pandemic. Supply chain challenges, inflationary pressures on consumer budgets, and economic uncertainty appeared to crimp iPhone sales.
The company‘s stock initially dropped around 3% after hours following the earnings release but quickly rebounded based on the relative strength of services and Mac sales. This exemplifies how even small surprises in Apple‘s quarterly figures can dramatically impact investor sentiment.
Product Sales Updates
Beyond the top-and-bottom line financials, Apple‘s report featured various details related to unit sales of major product categories:
- iPhone: 49.1 million units, up from 48.5 million a year earlier
- Mac: 7.4 million units, up from 6.5 million units
- iPad: 10.1 million units, down from 11.9 million units a year earlier
- Wearables (Apple Watch, AirPods, Beats): 16.2 million units, up from 15.2 million units
The standout figure here is the increased Mac sales, representing a 14% year-over-year jump, while iPads declined 15% annually. This showcases Apple‘s recent Mac success thanks to its M1 processor while tablets face broader demand challenges.
Services and Executive Commentary
With products accounting for over 70% of Apple‘s total revenue, devices grab most of the earnings spotlight. However, Apple‘s fast-growing services segment contributed crucial details last quarter:
- The services division crossed 190 million paid subscriptions across Apple TV+, Apple Music, iCloud, Fitness+, News+, and more – up more than 40 million in under a year
- Apple CEO Time Cook noted the June quarter represented Apple‘s strongest June quarter revenue ever thanks to "record results for Services, June quarter revenue records for Mac and Wearables, and continued strong performance for iPhone and iPad"
- Cook pointed to supply constraints easing and the economic outlook creating uncertainty but said he "could not be prouder of Apple’s record June quarter results and the progress we’re making to ensure everyone has access to the powerful possibilities technology opens up."
Comments straight from Tim Cook himself provide perspectives on company performance, product roadmaps, and strategic direction that investors integrate into forecasts.
Lastly, Apple‘s earnings press release featured the company‘s outlook and guidance for Q4 2023:
- Revenue between $90 billion and $94 billion
- Gross margin between 43.0 percent and 43.5 percent
- Operating expenses between $12.7 billion and $12.9 billion
- Other income/(expense) of $200 million
- Tax rate of approximately 16 percent
While past performance does not guarantee future returns, Apple‘s projections help analysts and shareholders set reasonable expectations. Any dramatic shifts relative to consensus estimates typically provokes stock price swings.
So in summary, between the quarterly financials, segment details, executive remarks, and forward-looking guidance, Apple‘s earnings reports provide critical insights for investors seeking to evaluate the company‘s overall health.
What to Expect in Upcoming Reports
While every earnings announcement features unique updates relative to the most recently completed quarter, Apple‘s reports generally integrate the following details related to financial performance, product sales figures, services updates, guidance, and more that collectively tell the company‘s story:
Financial Metrics:
- Total revenue, income, earnings per share (EPS)
- Performance by operating segment
- Profit margins
- Cash flow position
- Return of capital to shareholders via dividends and buybacks
Product Sales Statistics:
- Number of iPhones, Macs, iPads, wearables sold
- Sales trends by product lines and geographical regions
Services Business Updates:
- Paid subscriptions across Apple services ecosystem
- App store metrics and growth
- Emerging service launches
Management Commentary and Guidance:
- Executive remarks on financial results
- Perspectives on economic landscape
- Updates on supply chain dynamics
- Previews of new products and service offerings
- Quarterly and full-year guidance on revenue, margins, expenses
While hardware garners outsized attention, Apple‘s projections, services figures, and qualitative discussions invariably sway investor reactions and help analysts identify crucial trends quarter to quarter.
How to Follow Apple‘s Earnings Reports
Missing Apple‘s quarterly earnings updates can mean losing out on market-moving news and insights from management. Here are some recommendations for staying current:
- Sign up for email alerts through your brokerage platform or Apple‘s investor relations site to receive notifications for earnings dates and access to releases.
- Follow Apple IR on social media via Twitter and LinkedIn for updates from the company.
- Establish Google News alerts and turn on notifications from financial sites like The Wall Street Journal, Bloomberg, Barron‘s, and investor-focused services.
- Consult freeearnings date calendars from sites including Earnings Whispers, Nasdaq, and Zacks Investment Research.
- Live stream the quarterly earnings calls or access replays available in the audio archive of Apple’s investor relations site.
Take advantage of these resources so you never miss an important number, statement from Tim Cook, or stock-moving surprise.
Accessing Apple‘s Historical Earnings Reports
Wondering where you can retrieve Apple‘s past earnings releases? The Investor Relations section of Apple‘s website conveniently compiles years of quarterly and annual financial reports.
You can also pull historical filings from the SEC‘s EDGAR database by searching for Apple‘s ticker symbol (AAPL) or Central Index Key (0000320193). EDGAR contains quarterly and annual report archives dating back to 1996 when examining Apple‘s financial progression over decades.
Meanwhile, financial-focused websites including Bloomberg, Yahoo Finance, and Google Finance feature easy access to Apple‘s income statements.
So whether you want to examine a five-year trend or twenty-year transformation, Apple‘s past earnings documentation serves as indispensable resources for context.
What To Look For in Apple‘s Next Earnings Call
Apple typically hosts an earnings conference call following its quarterly press releases featuring further commentary from CEO Tim Cook and CFO Luca Maestri along with a Q&A session.
While Apple never previews exact product launch dates, investors expect Cook and Maestri to provide crucial qualitative insights into:
- Ongoing supply chain improvements
- Demand signals across core device and emerging services categories
- Impacts of inflation and economic challenges on consumer budgets
- Progress of Apple‘s next era of devices powered by innovative Silicon chips
- Growth opportunities including augmented reality, driverless vehicles, streaming, and healthcare
- Regulatory scrutiny over App Store fees and device repairs restrictions
Comments related to these strategic areas will complement the headline financial figures and help analysts discern Apple‘s overall trajectory amidst an uncertain economic environment.
Fundamentally, Apple‘s next call should affirm the company‘s long-run outlook thanks to its history of resilience, innovation pipeline fueled by a war chest exceeding $170 billion in cash, and installed base of over 1.8 billion devices representing tremendous upsell opportunities into services and accessories.
While unforeseen supply constraints or reimposed lockdowns present near-term headwinds, chief executive Tim Cook emphasized, "The long-term prospects for this business has never been better." Investors anticipate similarly reassuring perspectives during upcoming briefings.
The Bottom Line
As a titan driving trillions in wealth generation while revolutionizing consumer technology, Apple‘s quarterly check-ins deliver market-moving insights for shareholders and industry observers.
By leveraging the optimal resources and staying vigilant on dates, investors can best capitalize on Apple‘s upcoming earnings events. The company‘s reports remain indispensable scorecards for evaluating execution amidst an uncertain backdrop along with progress towards the next wave of innovative devices and services.
Stay tuned for Apple‘s fiscal Q4 2022 earnings, which will drop important hints about new iPhones, Macs, and other products set to launch during the all-important holiday season and fuel 2023‘s financial fortunes.
