Apple Inc (NASDAQ:AAPL) is showing signs of resilient iPhone demand heading into year-end, as delivery lead times for its latest models continue to lengthen across key global markets.
JPMorgan analyst Samik Chatterjee maintained an Overweight rating on Apple.
iPhone 17 Lead Times Signal Strong Demand
In Week 14, iPhone 17 lead times increased by one day, signaling stronger year-over-year demand, Chatterjee noted. By contrast, iPhone 16 lead times stayed flat during the same period last year, as per the analyst.
On average, lead times now run around five days, up from three days a year ago, he noted. Therefore, demand appears stronger and more durable into year-end, Chatterjee said. As a result, Apple remains positioned to deliver double-digit iPhone revenue growth in fiscal first-quarter 2026, the analyst noted.
Notably, base-model lead times exceed one week, making them the primary driver of higher demand, he said. Meanwhile, Pro Max lead times have expanded modestly over the past four weeks, Chatterjee noted.
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Global and US Trends Show Broad-Based Expansion
Globally, lead times rose across all iPhone 17 models compared with the prior week, as per the analyst. Specifically, home delivery averaged nine days for iPhone 17, three days for Air and Pro, and six days for Pro Max, he said.
In comparison, iPhone 16 models averaged three days across variants last year, Chatterjee said. Similarly, U.S. lead times increased in line with global trends, as per the analyst.
In the U.S., lead times reached eight days for the iPhone 17 and four days for the Air, he said. Pro and Pro Max lead times extended to four and six days, respectively, Chatterjee noted.
However, all models remained available for in-store pickup as of Dec. 12, per the analyst.
China and Europe Reflect Regional Variations
In China, base-model lead times expanded modestly, while Pro Max delays eased slightly, he said. Air and Pro lead times remained stable week over week, Chatterjee noted.
In Europe, lead times increased modestly and aligned with global trends, the analyst noted. In Germany, base-model lead times declined, while Pro and Pro Max delays widened, he said. Meanwhile, UK lead times increased across most models, Chatterjee noted.
Still, all variants remained available for in-store pickup across China, Germany, and the UK, he added.
AAPL Price Action: Apple shares were down 0.94% at $275.65 at the time of publication on Monday, according to Benzinga Pro data.
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