Apple is gearing up to report earnings for its fiscal second quarter on Thursday, and it’ll be the first report since Tim Cook announced he would step down as CEO later this year.
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John Ternus was announced as Cook’s successor. As Apple stock soared roughly 1,946% during Cook’s time as CEO, investors want to know how he plans to ensure growth continues when he takes over.
Apple is expected to post $109.5 billion in revenue with adjusted earnings per share of $1.92. Analysts have noted that they expect ongoing iPhone demand to spur growth in the coming quarter, but they also want clues about what the company may look like under Ternus’ leadership.
While Apple stock enjoyed a strong 2025, shares are down about 1% so far this year.
Here’s what Wall Street analysts say they’ll be watching for during Apple’s Q2 earnings call
Goldman Sachs
Goldman analyst Michael Ng maintains a bullish $330 Apple stock price target, implying 22% upside potential. His team believes that concerns about Apple are overblown as the company maintains a dominant position in the smartphone market.
The analysts wrote that they expect Apple’s EPS to come in at $2, above the Wall Street consensus and predicts an overall outperformance on both iPhone revenue and Mac revenue, as well as gross margins.
JPMorgan
According to JPMorgan analyst Samik Chatterjee, the upcoming Apple earnings call will center around Ternus and his plans for spurring growth. While his team maintains a bullish $325 price target for Apple stock, and anticipates strong demand for the iPhone and Mac family, they remain focused on the leadership transition.
“Center stage on the earnings call will be the planned transition of the CEO role to John Ternus on September 1 and the potential implications of the change in Apple’s strategy relative to Hardware vs. Services,” Chatterjee wrote in a note to investors.
UBS
Heading into the earnings report, UBS analyst David Vogt maintains a neutral rating on Apple stock and a $287 price target, up from $280. His team expects to see Apple come in slightly above estimates and forecasts a positive outlook for June.
“Rising memory prices and Apple’s ability to secure adequate supply is driving smartphone share gains for the iPhone product line at the expense of the broader Android ecosystem in our view,” Vogt wrote.
He added that his team expects to see demand for the Mac portfolio devices continue to rise, driven in part by the Mac Mini’s ability to run popular AI agents such as OpenClaw, making them one of the season’s hottest tech items.
Bank of America
BofA has a $325 price target for Apple, and predicts a strong earnings beat. The bank notes that it expects strong growth from both iPhone demand and services.
“Upcoming catalysts include expected new buyback authorization, [Worldwide Developers Conference] WWDC in June, and launch of a foldable iPhone in the fall & launch of an enhanced Siri with integration with Gemini AI which can drive higher upgrades,” BofA analysts wrote.
Wedbush Securities
Wedbush’s Dan Ives previously laid out three things investors will be looking for from John Ternus. He remains optimistic that Apple’s earnings won’t disappoint investors and shares BofA’s sentiment that WWDC will bring positive updates. But like many of his peers, he’ll be watching for updates on its new CEO and what his plans are when he officially takes over.
“With Cook leaving as CEO this will be a monumental conference call for Apple,” Ives noted. “Investors will be laser focused on Cook’s comments around leaving and breadcrumbs around the much anticipated AI strategy now under Ternus.”
