Tim Cook is stepping down as Apple CEO after a 15-year tenure, during which the company's market capitalization surged from under $350 billion to $4 trillion. This represents a tenfold increase in value, making Apple the first company to reach several market valuation milestones, though it is now surpassed by Alphabet and Nvidia in the AI era. Cook will remain as executive chairman, with hardware specialist John Ternus taking over as CEO.
Under Cook's leadership, Apple's annual revenue nearly quadrupled, exceeding $400 billion in the latest fiscal year, and net income increased eightfold to $112 billion in fiscal year 2025. This financial success is largely attributed to Cook's operational expertise, supply chain management, and financial discipline, rather than groundbreaking product innovation. The company's stock has risen close to 20 times, significantly outperforming the S&P 500's sixfold increase over the same period.
Cook expanded Apple's services division, which now accounts for 26% of total sales with revenue reaching $109.2 billion in fiscal year 2025, and boasts higher profit margins than hardware. The installed base of active devices grew to 2.5 billion, and Apple Pay now has an estimated 818 million users. Cook also significantly expanded Apple's retail footprint, adding approximately 200 stores globally and dramatically increasing its presence in mainland China to 50 stores. The average selling price of iPhones also increased from $712 in 2011 to $1,070 in 2025.
