Date: Monday, November 10, 2025 (U.S. market open preview)
Summary
• Apple (AAPL) trades ex‑dividend today at $0.26 per share. All else equal, shares typically open lower by approximately the dividend amount. Record date is today and the payout arrives Thursday, November 13. Under the post‑T+1 rules, most U.S. cash dividends now go ex on the same business day as the record date. [1]
• Last close (Friday, Nov. 7): $268.47; 52‑week range: $169.21–$277.32; market cap ~$3.97T. Keep the dividend adjustment in mind when comparing this morning’s prints to Friday’s close. [2]
• On October 30, Apple reported fiscal Q4 (September quarter) revenue of $102.5B (+8% y/y) and diluted EPS of $1.85 (+13% y/y on an adjusted basis), with Services at an all‑time high. The board declared the $0.26 quarterly dividend (today’s ex‑date; Nov. 13 payable). [3]
• Demand checks into the holiday quarter are mixed‑to‑positive: early iPhone 17 sell‑through in the first 10 days ran ~14% ahead of last year’s lineup in the U.S. and China, while China Q3 shipments ticked up year over year. [4]
• Regulatory overhangs remain: the U.S. DOJ antitrust case proceeds after a June 30 ruling denied Apple’s motion to dismiss; in the EU, Apple was fined €500M under the Digital Markets Act and has been revising App Store terms while appealing. [5]
Why Today Matters: It’s Ex‑Dividend Day
Apple’s $0.26 quarterly dividend goes “ex” today (meaning new buyers won’t receive the upcoming payment). With the SEC’s shift to T+1 settlement, major U.S. venues aligned ex‑date mechanics so that for typical cash dividends the ex‑date and record date are the same business day. Practically, traders often expect a mechanical price adjustment near the dividend amount at the open—though broader market moves and stock‑specific news can overwhelm it. Payment hits accounts on Thursday, November 13. [6]
The Latest Numbers From Q4 FY2025
Apple posted September‑quarter revenue of $102.5 billion (+8% y/y), with diluted EPS of $1.85 (+13% y/y on an adjusted basis). Management highlighted iPhone and Services revenue records and declared the $0.26 dividend (record date Nov. 10, payable Nov. 13). Apple didn’t issue formal numerical guidance, but the print and commentary set the stage for holiday‑quarter focus on product mix and Services momentum. [7]
Holiday Quarter Watch: iPhone 17 Mix, China, and Supply
Independent checks point to firmer early demand versus last year’s iPhone 16 cycle. Counterpoint Research and subsequent coverage indicate the iPhone 17 family sold roughly 14% more units in its first 10 days across the U.S. and China, with strength skewing to higher‑margin Pro models. Separate shipment data show Apple’s China units modestly higher year over year in Q3 despite a soft market. Investors will watch whether that outperformance sustains through November promotions. [8]
Legal and Regulatory Backdrop
• United States: The Department of Justice’s smartphone antitrust case continues; on June 30, 2025, a federal court let the suit proceed by denying Apple’s motion to dismiss. Remedies, timing, and potential business model impacts are uncertain, but the case remains a medium‑term risk factor. [9]
• European Union: The European Commission fined Apple €500 million in April for DMA violations, spurring App Store policy changes that Apple is appealing. The Commission is reviewing Apple’s revised terms; further enforcement remains possible. [10]
Stock Setup Into the Open
• Last close (Nov. 7): $268.47.
• 52‑week range: $169.21–$277.32.
• Market cap: ~$3.97 trillion.
Those reference marks help contextualize an expected ex‑dividend adjustment of about $0.26 at today’s open, independent of any fresh macro or sector drivers. [11]
Analyst and Sentiment Snapshot
Broadly, Wall Street remains constructive but divided on near‑term upside given valuation versus growth. Recent roundups still show a “Moderate Buy” consensus and mean price targets clustered in the mid‑$270s, with debate centered on iPhone 17 durability and the pace of AI feature rollouts. [12]
Key Dates and Catalysts
• Nov. 10, 2025: Ex‑dividend and record date for Apple’s $0.26 quarterly dividend. [13]
• Nov. 13, 2025: Dividend payable date. [14]
• Late November/December: Holiday sell‑through indicators (carrier promos, channel checks) will shape December‑quarter expectations. Early data points have been constructive but will need confirmation. [15]
What to Watch at the Open
- Price action relative to the ~$0.26 ex‑dividend adjustment. A quick “fill” (reclaiming the dividend gap) can happen in strong tapes, but it is not guaranteed. [16]
- Any fresh demand signals for iPhone 17—lead times or checked inventory—especially for Pro models, which have outsized margin impact. [17]
- Headlines on the DOJ case or EU DMA compliance reviews; these can sway the Services narrative and App Store economics. [18]
Bottom Line
Ahead of Monday’s open, the single most important detail for AAPL is that shares trade ex‑dividend at $0.26 today, a mechanical factor that can color early‑session prints. Fundamentally, Apple enters the holiday quarter with recent revenue/EPS acceleration, Services at records, and early iPhone 17 demand data leaning positive—tempered by ongoing regulatory risk and the market’s watchful eye on AI feature execution and product mix. [19]
Disclosure: This article is for informational purposes only and is not investment advice.
References
1. investor.apple.com, 2. www.nasdaq.com, 3. www.apple.com, 4. www.reuters.com, 5. www.reuters.com, 6. listingcenter.nasdaq.com, 7. www.apple.com, 8. counterpointresearch.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.nasdaq.com, 12. www.barchart.com, 13. investor.apple.com, 14. www.apple.com, 15. www.reuters.com, 16. www.nasdaq.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.apple.com
