This article first appeared on GuruFocus.
Tim Cook is stepping aside as chief executive of Apple (NASDAQ:AAPL), passing leadership to hardware chief John Ternus after a 15-year run that reshaped the company’s scale and financial profile. Cook will remain as executive chairman, leaving behind a business that added $3.66 trillion in market value during his tenure, growing from just under $350 billion in 2011 to about $4.01 trillion today. That expansion has kept Apple at the center of global equity markets, even as competitors like Alphabet and Nvidia have recently moved ahead in the AI-driven ranking of market value.
Financially, Apple exits this leadership transition with a record that suggests sustained earnings expansion despite multiple external pressures. Net income reached $112 billion for the fiscal year ending September 2025, representing a 699% increase from 2010 levels, achieved through periods that included smartphone demand maturity, pandemic-related disruptions, and geopolitical tensions linked to China. At the same time, the company has continued to deepen its ecosystem, reporting more than 2.5 billion active devices, while steadily increasing pricing power, with average iPhone selling prices rising from $712 in 2011 to $1,070 in 2025. That shift toward higher-end devices could be one factor supporting margins through industry cycles.
Operationally, Apple has expanded its global footprint in ways that may shape the next phase under Ternus. The company now operates roughly 540 retail stores worldwide, including a significantly larger presence in China, and has pursued environmental initiatives that eliminated 15,000 metric tons of plastic packaging over the past five years. Apple Park, a 175-acre campus housing more than 12,000 employees, reflects the company’s physical scale, alongside a global workforce of 166,000. Looking ahead, Ternus will also be tasked with executing on a $600 billion US investment commitment tied to job creation, data centers, and supply chain development, which could influence Apple’s strategic positioning across both domestic and international markets.
