Reported quarter
Strip the one-time layer
One-time tariff tailwind and the premium multiple
Non-recurring tariff refunds inflate the June-quarter headline; the forward earnings floor sits at the recurring level below, and the premium multiple rests on that lower floor with the launch catalyst already reflected.
Tariff refunds
one-time ~$0.11 EPS
~2 pts on gross margin
Operating misses
services below consensus
greater china below consensus
reported EPS
50.1% gross margin
forward floor
forward floor - recurring only
Premium multiple
highest trailing P/E
among megacaps
Launch priced in
catalyst already reflected
stock near 52-wk high