Management remarks
Call period: 2026 Q3 · 2026-07-30
Guidance: Kevan Parekh: As a result, we expect our September quarter total company revenue to grow between 9%-11% year-over-year.Demand and orders: Tim Cook: We continue to see enormous customer enthusiasm for our most popular lineup ever, with iPhone revenue growing 22% from a year ago to reach a June quarter record.Margins: Kevan Parekh: We expect gross margin to be between 47%-48%. This includes an expected benefit of approximately one percentage point related to tariff refunds.Analyst Q&A
Analyst Amit Daryanani asked: Tim, best of luck. It's been a pleasure working with you over the years. Maybe to start with, if I think about the 9%-11% sort of growth that's guided for September, it's about a 500 basis point or so deceleration versus what we've seen really in June quarter, even through this year, I would say. Can you just talk about how much of this decel is really supply constraint versus other factors like FX? Management Kevan Parekh answered: I think, as I mentioned in my prepared remarks, we expect the September quarter total revenue to grow by 9%-11% year-over-year. We expect that to be impacted by two main factors. First, when we look at going from the June quarter to September quarter, we expect foreign exchange to be a sequential headwind of around two and a half percentage points to the year-over-year total company growth rate. The second impact is that the impact from supply constraints is we expect that to increase significantly when we go sequentially from June to September.管理层陈述
电话会期间：2026 Q3 · 2026-07-30
指引：凯万·帕雷克：我们预计九月当季公司整体营收同比增长率介于9%至11%之间。需求与订单：蒂姆·库克：我们持续看到客户对我们史上最热门的机型阵容抱有极大热情，iPhone营收同比增长22%，创下六月当季的新纪录。利润率：凯万·帕雷克：我们预计毛利率介于47%至48%之间，其中包含约一个百分点的关税退税预期收益。分析师问答
分析师阿米特·达里亚拉尼提问：蒂姆，祝一切顺利。我想谈谈公司给出的9%-11%的9月季度增长指引，其较6月季度增速放缓约500个基点，能否请您说明此次放缓有多少源于供应限制，又有多少来自外汇等其他因素？管理层凯万·帕雷克回应：正如我在准备好的发言中提到的，我们预计9月季度总营收同比增长9%-11%，受两大因素影响：一是从6月到9月季度，外汇将给总营收同比增速带来约2.5个百分点的连续逆风；二是供应限制的影响预计将显著加剧。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
