Tim Cook is stepping down as Apple's CEO after 15 years, with hardware specialist John Ternus set to take over. Under Cook's leadership, Apple's market capitalization grew tenfold from just under $350 billion in August 2011 to $4.01 trillion. This made Apple the first company to achieve multiple valuation milestones, although it has recently been surpassed by Alphabet and Nvidia in the AI era. Cook will remain with the company as executive chairman.
Financially, Apple's net income for the fiscal year ending September 2025 reached $112 billion, an eightfold increase (699% profit improvement) compared to September 2010. This impressive growth occurred despite challenges like plateauing smartphone sales, the COVID-19 pandemic, supply chain disruptions, and geopolitical tensions. The company's services business, which includes Apple Pay, Apple TV, Apple Music, and iCloud+, generated $109.16 billion in revenue in fiscal year 2025, contributing significantly to the total revenue of $416.16 billion.
Cook's tenure also saw significant product and strategic advancements. He oversaw the launch of the Apple Watch in 2015, AirPods in 2016, and the transition to Apple Silicon chips across Macs by 2023, enhancing performance and efficiency. The company expanded its global retail presence by adding approximately 200 stores, particularly in mainland China, and the average iPhone selling price rose from $712 in 2011 to $1,070 by 2025. Apple also made a major $600 billion US spending commitment to support job creation, data centers, and manufacturing, and launched Apple Intelligence in 2024, although its AI initiatives have faced delays.
