Tim Cook stepped down as CEO of Apple on Sept. 1 after a 15-year tenure, leaving behind a company reshaped by more than $880 billion in share repurchases authorized since 2012. That buyback program, which ran through the second quarter of 2026, cut Apple's shares outstanding by more than 44%, meaning each share held before the buybacks began now represents an 80% bigger stake in the business. Apple's net income rose from just above $41 billion in 2012 to $112 billion last year and nearly $129 billion in the trailing 12 months, so while earnings roughly tripled, earnings per share grew more than 5.5-fold. The stock is up nearly 12-fold since the start of fiscal 2013, helped by multiple expansion to a trailing P/E ratio of 37.5, and the board recently renewed its repurchase authorization for another $100 billion. Cook handed the company to successor John Ternus, who inherits a cash-generating operation that continues returning tens of billions of dollars to shareholders every quarter.
Apple Inc.Apple's massive $880B buyback program and renewed $100B authorization boosted EPS and shareholder returns under Cook.
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