‘Getting its groove back’: Wall Street expects strong Q4 earnings for Apple as iPhone demand overrides China worries

• Investors are waiting for Apple to report earnings for its fiscal fourth quarter on Thursday.
• Analysts are expecting the iPhone maker to report around $102 billion in revenue for the quarter.
• Here's what to listen for on the call.

Apple is about to face its next big test.

After launching its new product cycle and smashing through a $4 trillion valuation this month, the iPhone maker is on deck to report its earnings for the fourth quarter after the closing bell on Thursday.

Wall Street is gearing up for another strong quarter of results. Analysts expect the firm to have pulled in $102 billion in revenue for the latest reporting period. Earnings per share are expected to be around $0.95.

It's been an exciting year for Apple, which has jockeyed alongside other mega-cap tech firms to be at the center of the AI boom, though some analysts have worried that it could be falling behind other mega-cap peers that are pouring money into the technology.

Demand for the latest slate of iPhones is expected to be a key focus for investors heading into the fourth-quarter results. Other issues, like demand for its products in China and the potential impact of tariffs, will also be on shareholders' radar.

Here's what analysts on Wall Street have to say about the stock:

Bank of America: Long-term growth in focus

Bank of America has a strong outlook for Apple over the next five years. Analysts pointed to revenues potentially increasing due to artificial intelligence and the possible impact of AI on its coming product offerings.

Analysts also said they saw "strength" in new iPhone demand, and estimated that total iPhone unit sales could reach 57 million for the current quarter, compared to consensus estimates of 54 million.

"Reiterate Buy on strong capital returns, eventual winner in AI at the edge & optionality from new products/markets," BofA said on their rating of the stock.

Analysts also lifted their price target on the stock from $270 to $320 a share, implying 7% upside from the stock's current levels.

Goldman Sachs: iPhone-driven earnings beat

Analysts at Goldman Sachs said they expected Apple to beat on earnings for the quarter, driven largely by strong demand for its new slate of iPhones.

The bank estimated that iPhone product revenue could see a 10% year-over-year increase to $50.8 billion, compared to the consensus estimate of $49.8 billion in revenue for the quarter.

Apple could also see its services revenue grow 13% year-over-year for the quarter, thanks to continued momentum across subscription services like iCloud+ and AppleCare+, analysts added.

Still, "key areas of debate" among investors could include where iPhone demand is sustainable due to trade policy uncertainty, as well as risks to the company's App Store revenue, the bank said.

Goldman reiterated its "Buy" rating for the stock and issued a price target of $279 a share, implying 3% upside from current levels.

JPMorgan: Strong outlook through the end of the year

JPMorgan said it expected Apple earnings to "track modestly better" from September through the end of the year, thanks to strong demand for the iPhone 17.

The bank also said it expected Apple to post solid revenue growth in the first quarter of its 2026 fiscal year.

"AAPL shares are heading into the upcoming earnings print with a greater halo of positivity than any time in the past year," analysts wrote in a recent client note, adding that they believed that chatter around Apple's investment thesis had narrowed down to the strength of new iPhone sales.

Melius Research: Company is 'getting its groove back'

Apple stock could be boosted by a few catalysts when it reports earnings for the fourth quarter, Melius Research said.

The research firm said it believed that the company's sales in China would pick up over the near term. Profit margins could also improve on demand for Apple's new lineup of iPhones, it added.

The firm could also report a lower hit than expected from tariffs, analysts wrote in a note to clients this month, adding that they believed Apple was "getting its groove back."

"We think there is more to go as a beat and raise could be on the horizon when it reports," analysts wrote of the stock's momentum."Bottom Line: Apple is on a mission to silence its critics. We see upside to sales in China into CY26 and momentum in new models overall."

The firm reiterated its "Buy" rating on the stock and issued a price target of $290 a share, implying 7% upside from current levels.

CFRA Research: More clarity on tariffs

Apple looks like it's in the best position heading into its upcoming earnings report than it has been in a year, according to Angelo Zino, a senior equity analyst at CFRA Research.

In a recent note, Zino pointed to how investors now have more clarity relating to Apple's regulatory issues and the potential impact of tariffs.

"Recent comments about tariffs tied to the company from the Trump administration make us feel much more comfortable about the margin outlook ahead, he added.

Demand for iPhones also looks solid heading into the print. CFRA said it was "conservatively" estimating that iPhone revenue was on track to grow 6% for the current quarter and 5% for the upcoming quarter.

CFRA issued a "Buy" rating on Apple and a $280 price target, implying 4% upside from the stock's current levels.

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