In John Ternus' debut showcase as CEO, Apple unveiled a swarm of new products, including its first foldable phone called the iPhone Duo, as well as the iPhone 18 Pro and Pro Max with a larger screen.
But the biggest news for investors from Wednesday's event may be the absence of an iPhone 18 without the Pro moniker.
Analysts in recent months have largely expected this shift in Apple's annual cadence, and foresee Apple releasing its mainline iPhone at an event in the spring, when the company has previously announced new low-cost models, including the iPhone SE and iPhone 16e.
The least expensive new iPhone announced on Wednesday was the iPhone 18 Pro, which starts at $1,199 in the U.S., representing a $100 price increase. Prior to the event, the iPhone 17 cost $799, but was listed at $899 afterwards. Apple raised prices of Macs and iPads in June in response to a global shortage in memory and other components that former CEO Tim Cook called "unsustainable" in an interview with the Wall Street Journal.
Ternus replaced Cook at the helm on Sept. 1, becoming just the second Apple CEO since Steve Jobs resigned in 2011 shortly before his death. Cook has warned that supply constraints will persist, and the company noted during its earnings call in July that it would become an even bigger issue for the company during the September quarter.
Holding the mainstream iPhones until the spring is a new tactic for Apple. Industry analysts said on Wednesday that the company has been looking to smooth out its revenue from quarter to quarter, and could potentially achieve that with the split-launch strategy.
Historically, Apple's biggest quarter has been its first fiscal quarter, which is the first full quarter of iPhone sales and also includes Christmas. The two quarters that follow are typically much slower.
A big iPhone launch in March or April with a lower-priced device would do a lot to smooth out Apple's sales during its slower season, analysts said.
"When Apple puts all the focus on the last quarter of the year, of course that generates quite strong revenues, but they were missing when the second quarter comes along with with much lower sales," said Francisco Jeronimo, a vice president at market researcher IDC, in an interview. "I think this will give them some stability in terms of balancing the revenues throughout the year."
Last decade, Apple split its iPhone lineup into two broad parts when it released the iPhone 11 and a more expensive Pro version with its best displays and cameras. Since then, Apple has announced its Pro and standard phones at the same fall event with identical release dates.
Apple's average selling prices (ASPs) have been going up in recent years, as its Pro phones sell better than the mainline options. The new approach plays into that trend, but has potential downsides, according to Bank of America analyst Wamsi Mohan.
"In our view, the split launch could support mix and ASPs," Mohan wrote in a note this week. But, he added, it "creates some risk that price-sensitive consumers defer upgrades until the lower-priced models arrive."
In the first half of 2026, Apple's iPhone 17 Pro and iPhone 17 Pro Max represented 54% of iPhone sales, according to IDC estimates. The regular iPhone 17 represented 26% of iPhone sales.
"That's how Apple has been playing the game as as the market started to slow down in terms of of smartphone adoption and upgrades," Jeronimo said.
There's also a supply chain play at work. Releasing only two new models instead of four could significantly simplify what Apple has to secure from its supply chain, said Neil Shah, vice president of research at Counterpoint Research.
"High memory pricing is not helping Apple launch multiple iPhones at the same time," Shah said.
At the close of Wednesday's event, the company introduced the foldable iPhone Duo, which will start at $1,999, in line with competitive offerings from companies like Huawei.
Craig Federighi, senior vice president of software engineering, said Apple had redesigned much of its iOS software to take advantage of the two screens, moving buttons and other controls. Users can multitask with two apps at the same time and can use Apple's stylus called Pencil.
"For a device that plays such a central role in your life, a larger display would open up entirely new possibilities," Ternus said at the launch. "We think the best way to achieve that is with a foldable design."
The phone will be powered by the new C2 modem, the second-generation modem Apple has made in-house and a move that further reduces reliance on Qualcomm. Johny Srouji, Apple's chief hardware officer, said in the keynote video that C2 is 50% faster than its predecessor and runs at 15% lower energy.
