Earnings season is delivering a clear read on demand across key sectors, with strong results from Apple, Visa, and Sandisk underscoring continued momentum in consumer technology, global payments, and semiconductors.
While macro uncertainty remains a backdrop, this cluster of reports highlights areas where spending, volumes, and pricing power continue to hold up.
Apple ($AAPL): iPhone Strength and China Rebound Drive Record Quarter
Apple reported a standout fiscal Q1 2026, posting revenue of $143.8 billion, up 16% year over year, alongside diluted EPS of $2.84, a 19% increase—both comfortably ahead of expectations.
The quarter was led by iPhone revenue of $85.27 billion, reflecting an upgrade cycle that exceeded forecasts across every geographic region. A notable surprise came from Greater China, where revenue reached $25.53 billion, well above consensus estimates.
Key operating highlights included:
- Record iPhone demand across all regions
- Services revenue reaching $30.01 billion, extending a steady growth trend
- Installed base exceeding 2.5 billion active devices, reinforcing ecosystem durability
- Operating cash flow near $54 billion, supporting $32 billion in shareholder returns
Management pointed to strong customer engagement and sustained demand as Apple enters the next phase of its product cycle.
Visa ($V): Cross-Border Activity Supports Steady Performance
Visa delivered solid fiscal Q1 2026 results, with adjusted EPS of $3.17 and revenue of $10.90 billion, both ahead of expectations.
Growth was driven primarily by a 12% year-over-year increase in cross-border volumes, reflecting continued recovery in international travel and global commerce.
Additional metrics showed:
- Total payment volume of $3.87 trillion, modestly above forecasts
- 69.4 billion processed transactions, in line with expectations
- Guidance for low double-digit operating expense growth, signaling disciplined investment
The results reinforce Visa’s positioning as global payment flows normalize and digital adoption continues to expand.
Sandisk: Large Beat and Elevated Outlook Reset Expectations
Sandisk delivered the most pronounced upside surprise of the reporting period, posting a sizable beat for fiscal Q2 2026 and issuing guidance that materially exceeded market expectations.
Q2 FY2026 results:
- Adjusted EPS: $6.20 vs $3.62 expected
- Revenue: $3.03 billion vs $2.69 billion expected
Q3 FY2026 guidance:
- Adjusted EPS: $12–$14 vs $4.62 expected
- Revenue: $4.4–$4.8 billion vs $2.84 billion expected
The scale of the guidance suggests a sharp improvement in pricing, demand visibility, and product mix. Attention now turns to how durable these conditions prove to be over subsequent quarters.
Market View
Taken together, this phase of earnings season highlights pockets of sustained strength across different parts of the market. Apple’s consumer demand, Visa’s transaction volumes, and Sandisk’s pricing momentum reflect sector-specific drivers rather than a single macro narrative.
For investors, the focus shifts to execution and follow-through as companies move deeper into 2026.
