Though pre-launch Apple Watch rumors suggested that Apple would update its entire Apple Watch lineup this year, Apple ended up focusing primarily on the Apple Watch Series 10. We didn't get a new Apple Watch SE or a new Apple Watch Ultra 3, with Apple only adding a new color option for the Apple Watch Ultra 2.
As late as last Friday, rumors pointed toward refreshes for the standard Apple Watch, the Apple Watch SE, and the Apple Watch Ultra. Bloomberg's Mark Gurman, for example, said in his Friday "Everything to Expect" article that all three models would get an update.
For the first time in two years, the company is preparing to update all of its Apple Watch models at once. There will be a new low-end Apple Watch SE, a mid-level Series 10 model and an Ultra 3.
Late last night, Gurman changed his prediction and said that Apple would not introduce an Apple Watch Ultra 3 model, and he suggested there could be a "delay" for a new Apple Watch SE.
It's likely the addition of a new black color for the Ultra 2 was mistaken for an Ultra 3, as Apple analyst Ming-Chi Kuo also flip flopped on the possibility of a new Ultra model earlier in the year.
Though the Apple Watch Ultra 2 is Apple's most expensive Apple Watch, the Apple Watch Series 10 now has a superior LTPO3 OLED display with wider-angle viewing and a faster S10 chip, plus it gained the previously Ultra exclusive temperature sensor, depth gauge, and Depth app. Apple also released a titanium version of the Series 10, using the material that once made the Apple Watch Ultra unique.
The new sleep apnea detection health feature is not a Series 10 exclusive, and it will be available on the Apple Watch Ultra 2 and the Apple Watch Series 9, with Apple also bringing the new Tides app to the Apple Watch Ultra 2. The changes mean the Ultra 2 and Series 10 are much closer in terms of feature set, though there are still some areas where the Ultra has an edge, such as diving and battery life. The Ultra 2 still has twice the battery life of the Series 10.
With the new Apple Watch Ultra color, it's likely we're not going to see a new version of the device until September 2025. As for the Apple Watch SE, it's possible Apple could release that earlier, timing it with the iPhone SE 4 launch instead of waiting until September of next year to debut it.
Apple discontinued the Series 9 when it introduced the Series 10, so the Apple Watch lineup now includes the Series 10, the Apple Watch Ultra 2, and the Apple Watch SE.