Apple 2026 FQ3 Review: The Presentation — Asymco Office Hours, 31 July 2026

Apple’s best quarter in years, albeit with a warning label.

July 31, 2026 Asymco One Office Hours, recorded day after Apple’s Fiscal Q3 2026 earnings call, Tim Cook’s last as CEO. Horace Dediu presents his analysis of the quarter and takes questions from Asymco One subscribers. Hosted by Horace Dediu and Farshad Nayeri.

Presentation Summary

Revenue +16%. EPS +29%. Mac +29%, double what most expected; guidance cut growth to 10%.

See inside:

• The 11-cent line item nobody modeled.
• Cook’s concession
• 1.5 billion paid subscriptions, following ACTIVE model.
• R&D nearing 10% of sales, and where it’s going.
• Three visits to 40x earnings. Three pullbacks.
• Apple Upgrade: every lease, priced to the penny.

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Video Recording

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