diff --git a/pandas/core/groupby/generic.py b/pandas/core/groupby/generic.py
index 6f956a3dcc9b6..ebb9d82766c1b 100644
--- a/pandas/core/groupby/generic.py
+++ b/pandas/core/groupby/generic.py
@@ -19,6 +19,7 @@
     Iterable,
     List,
     Mapping,
+    Optional,
     Sequence,
     Tuple,
     Type,
@@ -30,7 +31,7 @@
 import numpy as np
 
 from pandas._libs import lib
-from pandas._typing import FrameOrSeries
+from pandas._typing import FrameOrSeries, FrameOrSeriesUnion
 from pandas.util._decorators import Appender, Substitution, doc
 
 from pandas.core.dtypes.cast import (
@@ -413,12 +414,31 @@ def _wrap_transformed_output(
         assert isinstance(result, Series)
         return result
 
-    def _wrap_applied_output(self, keys, values, not_indexed_same=False):
+    def _wrap_applied_output(
+        self, keys: Index, values: Optional[List[Any]], not_indexed_same: bool = False
+    ) -> FrameOrSeriesUnion:
+        """
+        Wrap the output of SeriesGroupBy.apply into the expected result.
+
+        Parameters
+        ----------
+        keys : Index
+            Keys of groups that Series was grouped by.
+        values : Optional[List[Any]]
+            Applied output for each group.
+        not_indexed_same : bool, default False
+            Whether the applied outputs are not indexed the same as the group axes.
+
+        Returns
+        -------
+        DataFrame or Series
+        """
         if len(keys) == 0:
             # GH #6265
             return self.obj._constructor(
                 [], name=self._selection_name, index=keys, dtype=np.float64
             )
+        assert values is not None
 
         def _get_index() -> Index:
             if self.grouper.nkeys > 1:
@@ -430,7 +450,7 @@ def _get_index() -> Index:
         if isinstance(values[0], dict):
             # GH #823 #24880
             index = _get_index()
-            result = self._reindex_output(
+            result: FrameOrSeriesUnion = self._reindex_output(
                 self.obj._constructor_expanddim(values, index=index)
             )
             # if self.observed is False,
@@ -438,11 +458,7 @@ def _get_index() -> Index:
             result = result.stack(dropna=self.observed)
             result.name = self._selection_name
             return result
-
-        if isinstance(values[0], Series):
-            return self._concat_objects(keys, values, not_indexed_same=not_indexed_same)
-        elif isinstance(values[0], DataFrame):
-            # possible that Series -> DataFrame by applied function
+        elif isinstance(values[0], (Series, DataFrame)):
             return self._concat_objects(keys, values, not_indexed_same=not_indexed_same)
         else:
             # GH #6265 #24880