Apple proves once again it is the ultimate cash machine. How to trade the stock from here

Apple (AAPL) didn't just report strong fiscal second quarter earnings yesterday ; it delivered what CEO Tim Cook called the "best March quarter ever." While the rest of the 'Mag 7' is caught up in the artificial intelligence arms race (spending hundreds of billions in capital investment), Apple remains the ultimate shareholder cash machine. By sticking to its decade's old playbook of buybacks and dividend hikes, it's reduced share count significantly and supercharged earnings per share (EPS) growth to 22%. Truly a masterclass in operational efficiency by Tim Cook. I want to use options to possibly own more Apple exposure as Tim Cook hands off the AAPL baton to new CEO John Ternus in the coming months. The S & P 500 recently hit its twelfth new all-time high of 2026 Friday morning, which makes me mindful of where we are on risk appetite and the recent snapback rally after the volatility surrounding the Iranian war. That being said, I want to use an options spread to assist in defining my risk to additional Apple exposure. Apple Q2 2026 Earnings Highlights: Triple Beat: Revenue came in at $111.2 billion (up 17% year-over-year), crushing the high end of Apple's own guidance. EPS hit a March quarter record of $2.01, handily beating the Street estimate of $1.94. $100 Billion Club: The board authorized an additional $100 billion share repurchase program, matching last year's historic authorization. …