This report does not constitute a rating action. We expect revenue growth near 15% in fiscal 2026, reflecting continued momentum in iPhone and services revenues, ongoing product refreshes, favorable mix toward premium devices, and improving demand trends across key international markets, including China and India. We expect iPhone revenue to grow more than 20% year over year. The higher-margin services segment should continue growing at a low-teens percent as installed base and user engagement increases, further enhancing recurring revenue visibility. We also expect low- to mid-single-digit percent growth in iPad and Mac, supported by upcoming product launches and annual Apple Watch refreshes. We expect revenue growth to decelerate to high-single-digit percent in fiscal 2027. We forecast broadly flat S&P Global
