Conditional conclusion: weaker Greater China sales and slower Services growth would make Apple’s FY2027 outlook more dependent on iPhone demand elsewhere and cost control. The current consensus still assumes a solid revenue expansion, but a materially slower profit trajectory—consistent with margin pressure rather than a demand collapse.
For
Apple (AAPL)
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, FY2027 consensus calls for revenue of US$527.1 billion , up 10.1% from FY2026, while EBIT is projected to rise only 3.0% to US$162.8 billion and EPS 5.3% to US$9.46 . The implied EBIT margin falls from 33.01% in FY2026 to 30.89% in FY2027 , a 6.42% relative contraction . That is the central issue: revenue growth is expected to translate less efficiently into earnings.
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