Subtext

Apple Inc. AAPL

SectorInformation Technology
Transcripts79
Date range2005-10-13 – 2025-05-01
Calls charted78

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-19-9+0+9+192005 Q42008 Q32011 Q12013 Q32016 Q12018 Q32021 Q12023 Q32005 Q4 · Overall: +6.62006 Q1 · Overall: +0.92006 Q2 · Overall: +2.72006 Q3 · Overall: +5.62006 Q4 · Overall: +5.72007 Q1 · Overall: +6.12007 Q3 · Overall: +5.22007 Q4 · Overall: +3.62008 Q1 · Overall: +8.42008 Q2 · Overall: +5.42008 Q3 · Overall: +7.82008 Q4 · Overall: +2.22009 Q1 · Overall: +7.72009 Q2 · Overall: +6.92009 Q3 · Overall: +3.42009 Q4 · Overall: +9.32010 Q1 · Overall: +4.52010 Q2 · Overall: +8.32010 Q3 · Overall: +5.52010 Q4 · Overall: +10.52011 Q1 · Overall: +11.22011 Q2 · Overall: +6.42011 Q3 · Overall: +10.72011 Q4 · Overall: +9.12012 Q1 · Overall: +10.52012 Q2 · Overall: +9.52012 Q3 · Overall: +9.92012 Q4 · Overall: +7.92013 Q1 · Overall: +13.62013 Q2 · Overall: +13.12013 Q3 · Overall: +9.92013 Q4 · Overall: +13.82014 Q1 · Overall: +16.12014 Q2 · Overall: +15.42014 Q3 · Overall: +12.72014 Q4 · Overall: +11.72015 Q1 · Overall: +12.62015 Q2 · Overall: +13.82015 Q3 · Overall: +15.62015 Q4 · Overall: +10.32016 Q1 · Overall: +6.92016 Q2 · Overall: +7.22016 Q3 · Overall: +13.32016 Q4 · Overall: +13.52017 Q1 · Overall: +16.22017 Q2 · Overall: +16.12017 Q3 · Overall: +13.52017 Q4 · Overall: +16.42018 Q1 · Overall: +10.82018 Q2 · Overall: +14.52018 Q3 · Overall: +11.62018 Q4 · Overall: +13.92019 Q1 · Overall: +9.52019 Q2 · Overall: +12.52019 Q3 · Overall: +13.52019 Q4 · Overall: +14.52020 Q1 · Overall: +10.42020 Q2 · Overall: +4.22020 Q3 · Overall: +10.42020 Q4 · Overall: +12.32021 Q1 · Overall: +11.42021 Q2 · Overall: +11.62021 Q3 · Overall: +16.22021 Q4 · Overall: +7.72022 Q1 · Overall: +12.02022 Q2 · Overall: +6.02022 Q3 · Overall: +5.32022 Q4 · Overall: +12.72023 Q1 · Overall: +6.72023 Q2 · Overall: +10.02023 Q3 · Overall: +12.82023 Q4 · Overall: +9.02024 Q1 · Overall: +12.02024 Q2 · Overall: +10.22024 Q3 · Overall: +11.62024 Q4 · Overall: +10.22025 Q1 · Overall: +13.52025 Q2 · Overall: +5.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-31-16+0+16+312005 Q42008 Q32011 Q12013 Q32016 Q12018 Q32021 Q12023 Q32008 Q4 · CEO: +6.72010 Q4 · CEO: +5.92011 Q4 · CEO: +10.02012 Q1 · CEO: +11.82012 Q2 · CEO: +19.22012 Q3 · CEO: +15.42012 Q4 · CEO: +11.62013 Q1 · CEO: +16.02013 Q2 · CEO: +18.12013 Q3 · CEO: +14.62013 Q4 · CEO: +23.62014 Q1 · CEO: +15.32014 Q2 · CEO: +19.42014 Q3 · CEO: +19.52014 Q4 · CEO: +17.12015 Q1 · CEO: +15.32015 Q2 · CEO: +16.62015 Q3 · CEO: +22.82015 Q4 · CEO: +12.22016 Q1 · CEO: +9.82016 Q2 · CEO: +17.02018 Q1 · CEO: +19.42019 Q2 · CEO: +17.02019 Q3 · CEO: +22.72020 Q3 · CEO: +15.92021 Q4 · CEO: +10.82022 Q1 · CEO: +18.02022 Q2 · CEO: +13.92022 Q3 · CEO: +15.72022 Q4 · CEO: +23.92023 Q1 · CEO: +16.32023 Q2 · CEO: +24.02023 Q3 · CEO: +25.62023 Q4 · CEO: +17.72024 Q1 · CEO: +27.12025 Q2 · CEO: +13.62006 Q1 · CFO: +13.62006 Q2 · CFO: +9.02006 Q3 · CFO: +16.22006 Q4 · CFO: +16.52007 Q1 · CFO: +17.42007 Q3 · CFO: +12.42007 Q4 · CFO: +13.52008 Q1 · CFO: +22.72008 Q2 · CFO: +8.32008 Q3 · CFO: +16.32008 Q4 · CFO: +8.62009 Q1 · CFO: +9.42009 Q2 · CFO: +6.92009 Q3 · CFO: +10.12009 Q4 · CFO: +19.72010 Q1 · CFO: +11.32010 Q2 · CFO: +17.22010 Q3 · CFO: +13.12010 Q4 · CFO: +21.32011 Q1 · CFO: +15.22011 Q2 · CFO: +13.22011 Q3 · CFO: +11.42011 Q4 · CFO: +18.72012 Q1 · CFO: +16.82012 Q2 · CFO: +10.52012 Q3 · CFO: +12.92012 Q4 · CFO: +13.82013 Q1 · CFO: +15.42013 Q2 · CFO: +18.72013 Q3 · CFO: +16.72013 Q4 · CFO: +13.72014 Q1 · CFO: +22.72014 Q2 · CFO: +0.02014 Q3 · CFO: +14.32014 Q4 · CFO: +14.22015 Q1 · CFO: +10.52015 Q2 · CFO: +17.32015 Q3 · CFO: +8.32015 Q4 · CFO: +16.62016 Q1 · CFO: +10.72016 Q3 · CFO: +20.42016 Q4 · CFO: +20.12017 Q1 · CFO: +21.52017 Q2 · CFO: +21.52017 Q3 · CFO: +19.12017 Q4 · CFO: +20.92018 Q1 · CFO: +10.62018 Q2 · CFO: +19.22018 Q3 · CFO: +15.82018 Q4 · CFO: +18.32019 Q1 · CFO: +13.62019 Q2 · CFO: +20.32019 Q3 · CFO: +13.42019 Q4 · CFO: +18.72020 Q1 · CFO: +15.02020 Q2 · CFO: +8.52020 Q3 · CFO: +13.32020 Q4 · CFO: +16.42021 Q1 · CFO: +14.52021 Q2 · CFO: +16.62021 Q3 · CFO: +23.12021 Q4 · CFO: +18.22022 Q1 · CFO: +15.22022 Q2 · CFO: +12.72022 Q3 · CFO: +8.02022 Q4 · CFO: +17.02023 Q1 · CFO: +6.82023 Q2 · CFO: +7.02023 Q3 · CFO: +11.92023 Q4 · CFO: +12.82024 Q1 · CFO: +10.52024 Q2 · CFO: +19.92024 Q3 · CFO: +18.52024 Q4 · CFO: +18.32025 Q1 · CFO: +20.32025 Q2 · CFO: +11.1
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-30-15+0+15+302005 Q42008 Q32011 Q12013 Q32016 Q12018 Q32021 Q12023 Q32005 Q4 · Prepared remarks: +6.62006 Q1 · Prepared remarks: +11.12006 Q2 · Prepared remarks: +13.92006 Q3 · Prepared remarks: +5.72006 Q4 · Prepared remarks: +19.42007 Q1 · Prepared remarks: +6.32007 Q3 · Prepared remarks: +9.12007 Q4 · Prepared remarks: +14.82008 Q1 · Prepared remarks: +17.32008 Q2 · Prepared remarks: +15.62008 Q3 · Prepared remarks: +17.62008 Q4 · Prepared remarks: +5.52009 Q1 · Prepared remarks: +19.02009 Q2 · Prepared remarks: +13.42009 Q3 · Prepared remarks: +10.72009 Q4 · Prepared remarks: +19.22010 Q1 · Prepared remarks: +14.92010 Q2 · Prepared remarks: +18.52010 Q3 · Prepared remarks: +20.12010 Q4 · Prepared remarks: +13.92011 Q1 · Prepared remarks: +13.32011 Q2 · Prepared remarks: +17.02011 Q3 · Prepared remarks: +11.62011 Q4 · Prepared remarks: +9.22012 Q1 · Prepared remarks: +18.72012 Q2 · Prepared remarks: +11.52012 Q3 · Prepared remarks: +13.92012 Q4 · Prepared remarks: +10.32013 Q1 · Prepared remarks: +14.12013 Q2 · Prepared remarks: +13.22013 Q3 · Prepared remarks: +18.92013 Q4 · Prepared remarks: +13.92014 Q1 · Prepared remarks: +18.22014 Q2 · Prepared remarks: +19.82014 Q3 · Prepared remarks: +22.42014 Q4 · Prepared remarks: +16.62015 Q1 · Prepared remarks: +12.62015 Q2 · Prepared remarks: +21.72015 Q3 · Prepared remarks: +15.72015 Q4 · Prepared remarks: +20.32016 Q1 · Prepared remarks: +17.82016 Q2 · Prepared remarks: +7.12016 Q3 · Prepared remarks: +25.42016 Q4 · Prepared remarks: +13.62017 Q1 · Prepared remarks: +26.12017 Q2 · Prepared remarks: +16.22017 Q3 · Prepared remarks: +23.32017 Q4 · Prepared remarks: +16.52018 Q1 · Prepared remarks: +19.92018 Q2 · Prepared remarks: +21.72018 Q3 · Prepared remarks: +19.52018 Q4 · Prepared remarks: +22.12019 Q1 · Prepared remarks: +16.22019 Q2 · Prepared remarks: +19.12019 Q3 · Prepared remarks: +21.22019 Q4 · Prepared remarks: +19.12020 Q1 · Prepared remarks: +10.42020 Q2 · Prepared remarks: +4.92020 Q3 · Prepared remarks: +10.52020 Q4 · Prepared remarks: +12.32021 Q1 · Prepared remarks: +15.42021 Q2 · Prepared remarks: +21.32021 Q3 · Prepared remarks: +25.92021 Q4 · Prepared remarks: +20.32022 Q1 · Prepared remarks: +19.92022 Q2 · Prepared remarks: +18.52022 Q3 · Prepared remarks: +18.82022 Q4 · Prepared remarks: +20.92023 Q1 · Prepared remarks: +13.52023 Q2 · Prepared remarks: +16.92023 Q3 · Prepared remarks: +20.72023 Q4 · Prepared remarks: +17.12024 Q1 · Prepared remarks: +18.92024 Q2 · Prepared remarks: +18.52024 Q3 · Prepared remarks: +20.32024 Q4 · Prepared remarks: +18.72025 Q1 · Prepared remarks: +22.02025 Q2 · Prepared remarks: +16.62006 Q1 · Q&A responses: -2.62006 Q2 · Q&A responses: +2.22006 Q4 · Q&A responses: +5.12007 Q3 · Q&A responses: +7.82007 Q4 · Q&A responses: +0.82008 Q1 · Q&A responses: +7.12008 Q2 · Q&A responses: +2.92008 Q3 · Q&A responses: +5.42008 Q4 · Q&A responses: +1.32009 Q1 · Q&A responses: +5.02009 Q2 · Q&A responses: +5.12009 Q3 · Q&A responses: +2.92009 Q4 · Q&A responses: +9.82010 Q1 · Q&A responses: +5.32010 Q2 · Q&A responses: +13.02010 Q3 · Q&A responses: +1.92010 Q4 · Q&A responses: +9.72011 Q1 · Q&A responses: +10.82011 Q2 · Q&A responses: +2.42011 Q3 · Q&A responses: +10.92012 Q1 · Q&A responses: +7.62012 Q2 · Q&A responses: +9.72012 Q3 · Q&A responses: +8.82012 Q4 · Q&A responses: +7.12013 Q3 · Q&A responses: +5.02014 Q1 · Q&A responses: -5.12014 Q2 · Q&A responses: +12.22014 Q3 · Q&A responses: +6.12014 Q4 · Q&A responses: +9.22015 Q2 · Q&A responses: +9.52015 Q4 · Q&A responses: +3.62016 Q1 · Q&A responses: +0.22016 Q3 · Q&A responses: +5.42017 Q1 · Q&A responses: +10.12017 Q3 · Q&A responses: +6.72018 Q1 · Q&A responses: +5.62018 Q2 · Q&A responses: +10.02018 Q3 · Q&A responses: +6.12018 Q4 · Q&A responses: +7.32019 Q1 · Q&A responses: +5.82019 Q2 · Q&A responses: +7.02019 Q3 · Q&A responses: +8.32019 Q4 · Q&A responses: +8.42020 Q2 · Q&A responses: +5.02021 Q1 · Q&A responses: +8.62021 Q2 · Q&A responses: +9.22021 Q3 · Q&A responses: +14.42021 Q4 · Q&A responses: +2.12022 Q1 · Q&A responses: +8.22022 Q2 · Q&A responses: +1.82022 Q3 · Q&A responses: +3.22022 Q4 · Q&A responses: +9.12023 Q1 · Q&A responses: +6.62023 Q2 · Q&A responses: +13.62023 Q3 · Q&A responses: +12.42023 Q4 · Q&A responses: +6.12024 Q1 · Q&A responses: +13.32024 Q2 · Q&A responses: +11.92024 Q3 · Q&A responses: +9.42024 Q4 · Q&A responses: +5.82025 Q1 · Q&A responses: +9.42025 Q2 · Q&A responses: +1.1
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.11$4.61$8.112005 Q42008 Q32011 Q12013 Q32016 Q12018 Q32021 Q12023 Q32014 Q1: $1.592014 Q2: $1.692014 Q3: $1.792014 Q4: $1.992015 Q1: $2.242015 Q2: $2.382015 Q3: $2.442015 Q4: $2.502016 Q1: $2.382016 Q2: $2.222016 Q3: $2.232016 Q4: $2.312017 Q1: $2.382017 Q2: $2.532017 Q3: $2.742017 Q4: $2.922018 Q1: $3.082018 Q2: $3.202018 Q3: $3.422018 Q4: $3.402019 Q1: $3.022019 Q2: $3.082019 Q3: $3.182019 Q4: $3.382020 Q1: $3.582020 Q2: $3.562020 Q3: $3.872020 Q4: $4.052021 Q1: $4.572021 Q2: $5.312021 Q3: $5.722021 Q4: $5.852022 Q1: $6.362022 Q2: $6.462022 Q3: $6.442022 Q4: $6.342023 Q1: $6.292023 Q2: $6.412023 Q3: $6.592023 Q4: $6.712024 Q1: $6.862024 Q2: $7.112024 Q3: $7.482024 Q4: $7.62

Forward P/E

9.2121.7434.272005 Q42008 Q32011 Q12013 Q32016 Q12018 Q32021 Q12023 Q32014 Q1: 11.892014 Q2: 13.682014 Q3: 14.192014 Q4: 13.742015 Q1: 14.342015 Q2: 13.352015 Q3: 11.932015 Q4: 11.132016 Q1: 11.132016 Q2: 10.942016 Q3: 12.532016 Q4: 12.442017 Q1: 14.732017 Q2: 14.342017 Q3: 14.572017 Q4: 14.782018 Q1: 14.462018 Q2: 14.902018 Q3: 15.962018 Q4: 11.812019 Q1: 15.042019 Q2: 16.072019 Q3: 17.512019 Q4: 20.662020 Q1: 17.252020 Q2: 24.662020 Q3: 28.972020 Q4: 31.522021 Q1: 27.332021 Q2: 24.512021 Q3: 26.052021 Q4: 30.652022 Q1: 25.092022 Q2: 20.982022 Q3: 24.122022 Q4: 22.582023 Q1: 24.342023 Q2: 28.692023 Q3: 26.442023 Q4: 29.482024 Q1: 24.952024 Q2: 30.152024 Q3: 29.502024 Q4: 32.54

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -2.7 fwd EPS ↑ +0.10 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q4 tone ↓ -5.3 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -2.6 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -5.6 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -2.9 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -4.2 fwd EPS ↑ +0.19 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -8.5 fwd EPS ↑ +0.13 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -5.9 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↑ +7.4 fwd EPS ↓ -0.10 Tone rose while the forward EPS estimate was cut.
  • 2023 Q4 tone ↓ -3.8 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q22025-05-01+5.5——View →
2025 Q12025-01-30+13.5——View →
2024 Q42024-10-31+10.2$7.6232.5View →
2024 Q32024-08-01+11.6$7.4829.5View →
2024 Q22024-05-02+10.2$7.1130.1View →
2024 Q12024-02-01+12.0$6.8624.9View →
2023 Q42023-11-02+9.0$6.7129.5View →
2023 Q32023-08-03+12.8$6.5926.4View →