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The 2026 Q2 earnings season has remained highly positive.
The Mag 7 members have nearly all reported, with MSFT and AAPL delivering solid results.
Of the seven members, NVIDIA remains the only one yet to report.
Six of the beloved members of the Magnificent Seven have delivered their Q2 results, with only the most polarizing of the bunch, NVIDIA (NVDA - Free Report) , reflecting the last on the schedule. NVIDIA will report on August 26th.
Several members of the group, including Microsoft (MSFT - Free Report) and Apple (AAPL - Free Report) , posted solid results overall, though the post-earnings reaction was much stronger for MSFT.
Apple Breaks Records
Apple’s results reflected its strongest June-quarter period ever, with quarterly revenue of $109.4 billion growing 16% year-over-year. Adjusted EPS came in at $2.02, growing an even stronger 29% from the year-ago period.
It also reported double-digit revenue growth across iPhone, Mac, and Services, with similar gains in every geographic segment. Its installed base of active devices reached an all-time high across its major product categories, with its overall gross margin seeing a benefit from tariff refunds.
As usual, the iPhone reflected the mega-cap tech giant’s biggest source of revenue, with sales coming in at $54.3 billion and growing by 21.6% year-over-year.
Image Source: Zacks Investment Research
Though iPhone reflects the greatest portion of sales, the Services category has quickly grown to be another big top line contributor over recent years, with quarterly sales of $30.7 billion reflecting a 12% YoY increase.
Apple’s cash-generating abilities have always been a critical part of investor sentiment surrounding the stock, with it also reporting record operating cash flow for its June-quarter period. The strong cash-generating abilities have allowed shares to trade at a premium, with its dividend payouts pleasing investors looking to obtain top-tier tech exposure paired with paydays.
Microsoft Posts Huge Cloud Growth
Microsoft posted a double-beat relative to our consensus expectations, with sales growing by 18% YoY alongside 23% YoY growth in earnings. Most importantly, the mega-cap heavyweight delivered favorable Intelligent Cloud results, a key benchmark the market has consistently scrutinized amid the billions it’s been investing in AI infrastructure.
Microsoft’s Intelligent Cloud results include Azure, its cloud computing platform that provides AI computing power to businesses. Intelligent Cloud revenue came in at $39.3 billion, beating our consensus estimate handily and growing 32% YoY. The growth rate here is mightily important from a sentiment standpoint, showing an acceleration relative to recent periods.
Image Source: Zacks Investment Research
Enterprise adoption of Copilot surged throughout its FY26 to over 30 million paid seats, further underpinning the momentum the company is enjoying thanks to its AI-related investments.
Bottom Line
Six of beloved Mag 7 members have delivered their results, with just NVIDIA (NVDA - Free Report) the lone player yet to report. Both Microsoft (MSFT - Free Report) and Apple (AAPL - Free Report) posted solid results, with each again seeing strong growth.
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Image: Bigstock
Magnificent Seven Earnings Remain Robust: MSFT, AAPL
Key Takeaways
Six of the beloved members of the Magnificent Seven have delivered their Q2 results, with only the most polarizing of the bunch, NVIDIA (NVDA - Free Report) , reflecting the last on the schedule. NVIDIA will report on August 26th.
Several members of the group, including Microsoft (MSFT - Free Report) and Apple (AAPL - Free Report) , posted solid results overall, though the post-earnings reaction was much stronger for MSFT.
Apple Breaks Records
Apple’s results reflected its strongest June-quarter period ever, with quarterly revenue of $109.4 billion growing 16% year-over-year. Adjusted EPS came in at $2.02, growing an even stronger 29% from the year-ago period.
It also reported double-digit revenue growth across iPhone, Mac, and Services, with similar gains in every geographic segment. Its installed base of active devices reached an all-time high across its major product categories, with its overall gross margin seeing a benefit from tariff refunds.
As usual, the iPhone reflected the mega-cap tech giant’s biggest source of revenue, with sales coming in at $54.3 billion and growing by 21.6% year-over-year.
Image Source: Zacks Investment Research
Though iPhone reflects the greatest portion of sales, the Services category has quickly grown to be another big top line contributor over recent years, with quarterly sales of $30.7 billion reflecting a 12% YoY increase.
Apple’s cash-generating abilities have always been a critical part of investor sentiment surrounding the stock, with it also reporting record operating cash flow for its June-quarter period. The strong cash-generating abilities have allowed shares to trade at a premium, with its dividend payouts pleasing investors looking to obtain top-tier tech exposure paired with paydays.
Microsoft Posts Huge Cloud Growth
Microsoft posted a double-beat relative to our consensus expectations, with sales growing by 18% YoY alongside 23% YoY growth in earnings. Most importantly, the mega-cap heavyweight delivered favorable Intelligent Cloud results, a key benchmark the market has consistently scrutinized amid the billions it’s been investing in AI infrastructure.
Microsoft’s Intelligent Cloud results include Azure, its cloud computing platform that provides AI computing power to businesses. Intelligent Cloud revenue came in at $39.3 billion, beating our consensus estimate handily and growing 32% YoY. The growth rate here is mightily important from a sentiment standpoint, showing an acceleration relative to recent periods.
Image Source: Zacks Investment Research
Enterprise adoption of Copilot surged throughout its FY26 to over 30 million paid seats, further underpinning the momentum the company is enjoying thanks to its AI-related investments.
Bottom Line
Six of beloved Mag 7 members have delivered their results, with just NVIDIA (NVDA - Free Report) the lone player yet to report. Both Microsoft (MSFT - Free Report) and Apple (AAPL - Free Report) posted solid results, with each again seeing strong growth.