$53.93 billion in Q1 fiscal 2026 operating cash flow gave Apple room to approve a fresh $100 billion share repurchase and lift its dividend 4%.
That cash strength builds on $111.5 billion in fiscal 2025 operating cash flow against just $12.7 billion in capex, underscoring a far lighter investment burden than chipmakers riding the AI buildout.
Services added another cushion: Apple reported a record $30.98 billion in Q2 fiscal 2026 services revenue, supported by an installed base of more than 2.5 billion active devices.
Revenue growth was broad-based as well, with double-digit gains across every geographic segment; Greater China reached $25.53 billion and Tim Cook called it Apple's best March quarter ever with $111.2 billion in revenue.
The report casts Apple as a steadier cash-return story while high-beta AI memory names such as Micron face questions over peak-cycle margins, rising capex and rate-sensitive valuations.