Apple Expected to Report Fiscal Q4 Results In Line With Consensus, UBS Says

11:47 AM EDT, 10/20/2026 (MT Newswires) -- Apple (AAPL) is expected to report fiscal Q4 results broadly in line with estimates, but higher memory costs pose a risk to gross margins, and an in-line quarter and outlook may not be enough to drive share-price outperformance, UBS Securities said. The company is expected to report quarterly iPhone revenue of $56 billion and total revenue of $112.8 billion, compared with consensus estimates of $56.2 billion and $113.6 billion, respectively. iPhone revenue growth of 14% year over year would mark a deceleration from the 22% to 23% growth recorded in each of the prior three quarters, according to the note Monday. UBS expects diluted EPS of $1.97, compared with consensus of $1.99, and said a few cents of upside is possible if Apple tightens spending and operating expenses fall below its estimate of $19.4 billion. Gross margin is expected to be 47.5%, including an approximately 100-basis-point benefit from a tariff refund, down from 50.1% in the June quarter, which included a 250-basis-point uplift from tariff refunds. Apple is scheduled to report its fiscal Q4 results on Nov. 2. UBS maintained its neutral rating on Apple, with a $296 price target. Price: 340.13, Change: -2.81, Percent Change: -0.82