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Apple (AAPL) is scheduled to report results of the first fiscal quarter of FY26 after the market close on Thursday, January 29, with a conference call scheduled for 5:00 pm ET. What to watch for:

EXPECTATIONS: Last quarter, Apple beat consensus sales and earnings expectations, reporting EPS of $1.85 on Q4 revenue of $102.47B in what CEO Tim Cook highlighted as “a September quarter revenue record for iPhone and an all-time revenue record for Services.”

Cook also highlighted the launch of the iPhone 17, iPhone 17 Pro and Pro Max, and iPhone Air, calling it the “best iPhone lineup ever.”

Current consensus EPS and revenue forecasts for Apple’s December-end quarter stand at $2.67 and $138.52B, respectively, according to data provided by S&P Global Market Intelligence.

Consensus EPS and revenue forecasts for Apple’s March-end quarter stand at $1.85 and $105.06B, respectively, according to S&P Global.

Among analysts tracked by Bloomberg that have updated their views on Apple within the last twelve months, 39 have Buy or equivalent ratings, 19 have Hold or equivalent ratings and three have Sell or equivalent ratings. The average twelve month price target of 45 of those analysts is $290.91.

SIRI PLUS GEMINI: On January 12, Alphabet’s (GOOGL) Google stated in a post to its X account: “Apple and Google have entered into a multi-year collaboration under which the next generation of Apple Foundation Models will be based on Google’s Gemini models and cloud technology. These models will help power future Apple Intelligence features, including a more personalized Siri coming this year. After careful evaluation, Apple determined that Google’s Al technology provides the most capable foundation for Apple Foundation Models and is excited about the innovative new experiences it will unlock for Apple users. Apple Intelligence will continue to run on Apple devices and Private Cloud Compute, while maintaining Apple’s industry-leading privacy standards.”

Following that announcement, Wedbush analyst Daniel Ives said “this is what the Street has been waiting for” with “the elephant in the room” for Apple revolving around its invisible AI strategy. The firm believes this is an incremental positive to both as a major validation moment for Google as a premier foundation model and for Apple as a stepping stone to accelerate its AI strategy into 2026 and beyond. The firm has an Outperform rating on Apple with a price target of $350. Wedbush keeps the stock on its Best Ideas List and the Ives AI 30 List.

ANALYST VIEWS: On the day after the company’s last earnings report, Jefferies upgraded Apple to Hold from Underperform with a price target of $246.99, up from $203.07. September quarter revenue grew about 8% and gross margin came in at 47.2%, or about 0.5% better than expected including a $1.1B tariff. “Strong” fiscal Q1 guidance for 10%-12% revenue growth and hope for the iPhone 18 Fold will likely limit downside, the analyst told investors.

More recently, Jefferies lowered the firm’s price target on Apple to $276.47 from $283.36 and kept a Hold rating on the shares. Even though the firm has trimmed its service revenue forecasts, noting that Sensor Tower data shows App Store revenue grew only about 7% in the December-end quarter, which would mark the slowest in the last seven quarters, the analyst believes strong iPhone sales could likely drive a 3% beat in both revenue and EPS in the upcoming report.

On the same day, JPMorgan raised the firm’s price target on Apple to $315 from $305 and keeps an Overweight rating on the shares as part of a fiscal Q1 earnings preview. Apple shares have underperformed the S&P 500 Index over the last two months as positive data points around “robust” iPhone 17 demand have been overshadowed by margin concerns from the “unprecedented rise” in memory costs, the analyst tells investors. JPMorgan, however, sees a positive set up for the shares heading into the earnings print. Apple is trading below the peak multiple that is typical for the shares heading into a key iPhone product cycle, contends the firm.

In its own preview on January 20, Evercore ISI said it continues to have a positive stance on shares of Apple heading into the December-end quarter report, telling investors that checks suggest that there’s near-term upside to Street estimates. As such, the firm added Apple to its “Tactical Outperform” list ahead of earnings, adding that Apple remains the analyst’s “Top Pick for CY26.” The analyst, who views Apple as well positioned to sustain mid-to-high single digit top-line growth and double-digit EPS growth on the back of a strong product refresh cycle, has an Outperform rating and $330 price target on shares.

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