AAPL reports Q2 FY26 revenue of $111.18B, EPS of $2.01, and authorizes a $100B share repurchase amid restrained capex.
Apple reported Q2 FY26 revenue of $111.18 billion, up 16.6% year-over-year, and earnings per share of $2.01, beating estimates for the eighth consecutive quarter. The company also authorized a $100 billion share buyback while limiting capital expenditures to $12.7 billion, contrasting with AI-focused peers projected to spend $2.1 trillion through 2027.
Full fiscal 2025 revenue reached $416.16 billion, with net income of $112.01 billion and operating cash flow of $111.48 billion. Buybacks consumed $90.71 billion of that cash, underscoring Apple’s focus on returning value to shareholders rather than aggressive AI infrastructure investments.
While AI hyperscalers allocate nearly 95% of operating cash flows to capex, Apple leverages its 2.5 billion active devices to monetize intelligence without heavy data center spending. The company’s installed base and recurring cash generation remain key drivers of its financial strategy.