To The Moon

$Apple (AAPL) $It is expected to beThe first quarter financial report for fiscal year 2026 will be released after the U.S. stock market closes on January 29, covering the holiday quarter of October-December 2025. The market consensus expects revenue to be about$137-$13.85 billion, a year-on-year increase of 10-12%, and earnings per share (EPS) of aboutUS $2.65-2.70, gross profit margin is expected to remain at47–48%Interval. The core focus of the financial report lies in iPhone sales and the performance of the service business. In the holiday quarter, revenue growth is usually driven by the iPhone, and the service business, as a high-margin segment, will provide support for the overall profit margin if it continues to maintain double-digit growth.

Investors will also pay attention to Apple'sAI strategy and future product layoutThe statement on the market, especially the driving force for the implementation of AI functions and innovative services, will affect the market's expectations for the company's medium and long-term growth. At the same time, the demand situation in China and the global market is also the focus of the financial report, especially in iPhone and hardware sales.

Options market hints that after earnings, stock prices may haveAbout ± 4% fluctuation, reflecting investors' uncertainty about the financial report. If revenue or EPS is higher than expected, the stock price may rise in the short term; If it is lower than expected, the market may be under pressure. Overall, this quarter's financial report is not only a test of holiday sales performance, but also a signal window for Apple's future strategies in AI and service growth.

Income Analysis of AAPL Selling Iron Eagle Options Strategy

1. Strategy structure

Investors inApple Inc (AAPL)Build aShort Iron Condor Strategy。 The strategy is defined bySell Put Spread + Sell Call SpreadCombined, belonging toLimited benefits, limited risksNeutral strategy, suitable for judgmentAAPL maintains range-bound fluctuations before expiration, without big rises or fallsSituation.

(1) Put side: Sell call spread (Bull Put Spread)

1 ️ ⃣ Sell higher strike price Put (main source of income)

• Sell 1 strike priceK ₂ = 250Put of

• Premium received$2.47/Share

This Put is closer to the current stock price and is the main source of premium on the Put side. As long as the AAPL expiration price≥ $250, the Put will be completely invalidated, and premium will receive all revenues.

2 ️ ⃣ Buy lower strike price Put (downside risk protection)

• Buy 1 share strike priceK ₁ = 245Put of

• Payment premium$1.28/share

This Put is used to provide protection in the event of a sharp drop in AAPL, therebyLock in the maximum loss and avoid the huge downside risk of naked selling Put。

3 ️ ⃣ Put-side net income (per share)

Net premium = Sell Put − Buy Put = 2.47 − 1.28 =$1.19/share

(2) Call side: Sell put spread (Bear Call Spread)

1 ️ ⃣ Sell lower strike price Call (main source of income)

• Sell 1 strike priceK ₃ = 265Call

• Premium received$1.82/Share

As long as the AAPL expiration price≤ US $265, the Call will be completely invalidated, and premium will receive all revenues.

2 ️ ⃣ Buy higher strike price Call (upside risk protection)

• Buy 1 share strike priceK ₄ = 270Call

• Payment premium$0.84/Share

This Call is used to provide protection in the event of a significant rise in AAPL, therebyLock in the maximum loss and avoid the unlimited upside risk of naked selling Call。

3 ️ ⃣ Call-side net income (per share)

Net premium = Sell Call − Buy Call = 1.82 − 0.84 =$0.98/Share

2. Overall initial net income (Iron Eagle style)

Net premium (per share)

Net income on Put side + Net income on Call side = 1.19 + 0.98 =$2.17/share

Initial net income (per contract, 100 shares)

= 2.17 × 100 =$217/contract

👉 The initial net income isThe maximum potential profit of selling the Iron Eagle strategy。

3. Maximum profit

When the AAPL expiration price isWithin the range of $250 ~ $265Time:

• Put side and Call side optionsAll out of the price

• All four options lapsed

Investors get maximum profits:

• Per share:$2.17

• Per contract:$217

4. Maximum loss

Iron Eagle strategy is inThe Put side or Call side is fully triggeredThe maximum loss will occur.

Strike spread width

• Put end: 250 − 245 = $5

• Call side: 270 − 265 = $5

(Same width on both sides)

Maximum loss (per share)

= Strike spread − Net premium = 5 − 2.17 =$2.83/Share

Maximum loss (per contract)

= 2.83 × 100 =$283/contract

📉 Conditions of occurrence:

• AAPL ≤ $245 (Put side fully triggered) or

• AAPL ≥ $270 (Call side fully triggered)

5. Break-even point (two)

Lower break-even point

= Put Sell Strike Price − Net premium = 250 − 2.17 =$247.83

Above break-even point

= Call Sell Strike Price + Net premium = 265 + 2.17 =$267.17

Maturity judgment rules

• 247.83 < AAPL < 267.17 → Earnings

• AAPL = 247.83 or 267.17 → No Profit, No Loss

• AAPL< 247.83 或 >267.17 → Loss

6. Risk and return characteristics

• Maximum benefit:$217/Contract (Limited)

• Maximum loss:$283/Contract (Limited)

• Profit and loss ratio:Gain: Loss ≈ 217: 283 ≈ 1: 1.30

7. Strategic characteristics and applicable situations

Strategy Characteristics

• Neutral biased oscillation strategy

• Does not require AAPL to rise or fall

• Core revenue comes fromTime Value Decay (Theta)

• When opening a position, you can clarify the maximum return and maximum risk

• Compared with naked selling bilateral options, the risk is highly controllable

Applicable situations

When investors judge:

• AAPL Short TermMaintain range shock

• Before expirationLow probability of breaking below 245 or breaking 270

• Hope inDefine the upper limit of riskUnder the premise of stable collection of premium income