Tim Cook took part yesterday in his final quarterly earnings call as CEO, handing the reins to John Ternus on September 1 — and the numerical portrait of the past fifteen years shows a company that has been profoundly reshaped. Under Cook, Apple’s revenue, market value, installed base and services portfolio have all been redrawn at scale.
Revenue growth
– In 2011, the year Cook assumed leadership, Apple generated $108 billion in revenue. In the most recent quarter the company posted $109.4 billion — essentially the entirety of 2011’s revenue in a single quarter. For fiscal 2025, Apple recorded $416 billion in total revenue.
– The iPhone, Apple’s historic revenue engine, accounted for $47 billion in 2011; it generated $54.3 billion in the most recent quarter alone.
Services: the engine of higher-margin growth
– Services have been the standout growth area under Cook. The category brought in $9.4 billion for the whole of 2011; it contributed $30.7 billion in the latest quarter and $109 billion for fiscal 2025.
– Apple now reports roughly 1.5 billion subscriptions across its services — a vastly expanded ecosystem compared with the early Cook era, when Apple’s services footprint was mostly AppleCare, iTunes and the App Store.
Market capitalization and stock performance
– Apple crossed multiple valuation milestones during Cook’s tenure: it became the first company to reach $1 trillion in August 2018, $2 trillion in August 2020 and $3 trillion in January 2022. In October 2025 it was the third company to surpass $4 trillion, and last week briefly became the second to top $5 trillion.
– Today Apple’s market cap sits around $4.5 trillion. The share price has climbed roughly 23-fold since summer 2011 (split-adjusted base $13.35), with stock splits of 7-for-1 in 2014 and 4-for-1 in 2020. Apple now follows Nvidia as the most highly valued publicly traded company.
Products and installed base
– Apple’s active device base now exceeds 2.5 billion units. The company only began regularly publishing that type of installed-base figure in 2016, when it highlighted crossing the 1 billion device mark.
– The Cook era is also defined by major product introductions: Apple Watch, AirPods, Apple Silicon chips, Vision Pro, iPhone X and iPhone Air, HomePod and HomePod mini, and MacBook Neo, among others cited on the call.
Returns to shareholders
– Financially, Cook presided over an aggressive capital-return program. Apple has returned hundreds of billions of dollars to shareholders through share repurchases and dividends, a central part of the company’s strategy over the past decade and a half.
As John Ternus steps into the CEO role, the metrics make clear how much Apple has changed under Tim Cook — from its revenue mix and services footprint to its product portfolio and market valuation. The company Cook shaped leaves a very different imprint on the tech landscape than the one he inherited in 2011.
