Apple released its fiscal fourth-quarter earnings report on Nov. 2. Here’s Morningstar’s take on Apple’s earnings and stock.
Key Morningstar Metrics for Apple
- Fair Value Estimate: $290.00
- Morningstar Rating: ★★
- Morningstar Economic Moat Rating: Wide
- Morningstar Uncertainty Rating: Medium
What We Thought of Apple’s Fiscal Q4 Earnings
Apple’s September-quarter revenue beat guidance, rising 12% year on year to $114 billion. Gross margin rose 70 basis points year on year to 47.9%, with a one-time tariff refund benefit. Revenue for iPhone rose 18% year on year. December revenue is guided to high-single-digit year-on-year growth.
Why it matters: Results were good, but the biggest stories are margins and supply. Margins are pressured by…







