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Apple’s latest earnings blew away expectations, and the magnitude of the success took almost every analyst by surprise. Here’s what they’re saying now to catch up to the new reality made clear by the blockbuster announcement.
The iPhone 17 lineup is exceedingly popular
For the quarter ended December 27, 2025, Apple reported $143.8 billion in revenue, up 16% year over year, with earnings per share of $2.84. iPhone revenue climbed 23% to $85.3 billion, and Apple told investors to expect March-quarter revenue growth of 13% to 16%, alongside gross margins between 48% and 49%.
Analysts largely agreed on what was driving the results. Demand remains strong across regions and product tiers, but tight supplies of key components are now the main factor limiting how much Apple can grow in the near term.
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