Apple After Q4: From an iPhone Beat to Durable Growth — Can Vision, AI‑Powered Services and Buybacks Carry the Next Leg?
Apple capped fiscal 2025 with an earnings print that re‑anchored the bull case on three pillars: a stronger‑than‑expected iPhone cycle, record‑high Services growth at premium margins, and disciplined capital returns. The company beat on both revenue and EPS for its September quarter and, crucially, telegraphed a best‑ever December period with double‑digit year‑over‑year growth. Management’s tone was confident, citing off‑the‑charts reception for iPhone 17, improving store traffic and a broadening Services flywheel. Investors now face the central question for 2026: Can the combination of Vision‑led platform extensions, AI‑driven engagement and a well‑funded buyback program carry Apple through tariff headwinds, competitive pressures in China and an AI narrative increasingly defined by hyperscalers? With Apple briefly joining the $4 trillion market‑cap club and a valuation premium again in focus, the next leg depends on the durability of high‑margin Services growth, the sustainability of the iPhone 17 cycle, and execution on Apple Intelligence and Siri.