AAPL · Earnings call · 2026Q2T · Full report
Macroeconomic Factors Impact
Apple Inc. · 2026-07-30 · Importance 37 · Surprise 32 · In source text
Apple reported sequential foreign-exchange headwinds in the June quarter and expects FX to reduce the September quarter year-over-year total-company growth rate by approximately 2.5 percentage points. Services are more exposed, with FX expected to create an approximately 5 percentage-point headwind to services growth from the March to September quarter and another 2.5-point sequential headwind from June to September. Management’s September outlook assumes that the global macroeconomic outlook does not worsen from the call date.
Key facts
- Expect foreign exchange to be a sequential headwind of about 2.5 percentage points to year-over-year total company growth from June to September quarter
- Kevan stated they expect foreign exchange to drive about a 5 percentage point headwind to services year-over-year growth from March to September quarter
- Sequentially, services face about a 2.5 percentage point headwind from foreign exchange from June to September quarter
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | negative | committed | — | Expect foreign exchange to be a sequential headwind of about 2.5 percentage points to year-over-year total company growth from June to… |
| revenue | negative | committed | — | Kevan stated they expect foreign exchange to drive about a 5 percentage point headwind to services year-over-year growth from March to… |