Autumn’s tech earnings season hasn’t been a good one for investors so far. A few outliers aside (looking at you, Microsoft), Wall Street has reacted pretty negatively to the financial results from major tech players in the past week.

One big thing that’s upsetting investors is the negative free cash flow from giants like Google and Amazon, driven largely by capital expenditures on AI data centers. The impact of AI has also driven down the stock prices of Reddit and Intel after they announced earnings. 

And today, it’s Apple’s turn to report its latest quarterly results. Here’s what to keep an eye out for.

Today, the most valuable company in the world announces its latest quarterly results. iPhone maker Apple Inc. (Nasdaq: AAPL) will reveal its fourth-quarter financials after the closing bell. 

Apple’s Q4, which ended on September 30, also closes out its fiscal year. But it’s notable for another reason this year, too: it’s the first quarter in which Apple’s new CEO, John Ternus, ran the show—at least partly.

Historically, Apple’s Q4 is its most important—at least when it comes to product launches. It’s when Apple traditionally releases its new iPhones (albeit just a few weeks before the quarter ends).

But this year was a little different. Instead of launching the entire iPhone 18 family lineup during the quarter, Apple only announced the iPhone 18 Pro and iPhone 18 Pro Max. It’s saving its updated iPhone 18 and iPhone Air 2 for Q3 next year.

Investors will want to know how much the new, staggered iPhone release schedule impacted iPhone sales for the quarter, so any word from Ternus or chief financial officer Kevan Parekh on September comparables to last year will likely be closely watched.

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