Apple (AAPL): a new CEO, an iPhone that is still half the business, and $119 million of planned insider sales

Apple ended fiscal 2025 — the year to September 27, 2025 — with $416.2 billion in revenue, 6.4% more than the year before, and $112.0 billion of net income. At the Oct 8, 2026 close of $340.42, its 14.594 billion shares were worth $4.97 trillion. Fiscal 2026 has already ended, but its annual report had not been filed when these numbers were gathered, so the full-year figures below are for fiscal 2025, with the first nine months of fiscal 2026 alongside.

A change at the top

On April 20, 2026, Apple announced that John Ternus would become chief executive on September 1, 2026, and that Tim Cook — CEO since August 2011 — would move to executive chair of the board. Ternus joined Apple in 2001 and was senior vice president of hardware engineering before the appointment. Any description of Apple’s leadership written before September 2026 is now out of date.

Where the money comes from

The iPhone is still half of everything, and services — the App Store and other digital content, AppleCare, cloud, advertising and payments — are the fastest-growing part, at 13.5%. Wearables, home and accessories, which include the Apple Watch, AirPods and Vision Pro, shrank for the second year in a row. In the first nine months of fiscal 2026, total revenue rose 16% and iPhone revenue 22%, to $196.5 billion from $160.6 billion.

Apple reports its segments by geography rather than by product. The Americas brought in $178.4 billion, Europe (which for Apple includes India, the Middle East and Africa) $111.0 billion, Greater China $64.4 billion, Japan $28.7 billion and the rest of Asia Pacific $33.7 billion. Each region shows an operating margin between 40.6% and 48.6%, but those margins are before $42.6 billion of research and corporate costs that Apple does not allocate to regions; for the company as a whole the operating margin was 32.0%. The United States alone accounted for 36.5% of revenue.

Profits, and the one-off of 2024

Net income went from $57.4 billion in fiscal 2020 to $94.7 billion, $99.8 billion, $97.0 billion, $93.7 billion and $112.0 billion in fiscal 2025. The dip in fiscal 2024 is not what it looks like: that year included a one-time tax charge of $10.2 billion related to the European Commission’s State Aid decision.

The long record has older footnotes too. Apple lost money in fiscal 1996, 1997 and 2001, and its fiscal 1995 revenue of $11.1 billion was not surpassed until fiscal 2005. Fiscal 2016 brought the first revenue decline since 2001, of 7.7%.

Returning cash

Apple bought back $89.3 billion of its own stock in fiscal 2025 and $61.8 billion (215 million shares) in the first nine months of fiscal 2026. On April 30, 2026, it raised the quarterly dividend 4% to $0.27 a share and authorized another $100 billion of repurchases. The dividend has an unusual history: Apple paid one from 1987 to 1995, stopped, and only restarted in fiscal 2012. At $340.42 the yield is 0.32% on the current dividend.

Who owns it

Twelve of the 38 managers this site tracks reported Apple in their filings for the quarter ended June 30, 2026, down from 17 two years earlier. The largest is Warren Buffett’s Berkshire Hathaway, with 227.9 million shares worth $65.95 billion at the June 30 price — down from 915.6 million shares in the third quarter of 2023, and unchanged since the fourth quarter of 2025.

In the second quarter of 2026, Cliff Asness added the most (+$858.5 million) and Ken Griffin added $602.5 million, while Andreas Halvorsen sold out and Israel Englander cut his position by 83.8%. Those values are as of June 30; the stock has since risen from $289.36 to $340.42.

Insider sales

In the twelve months to Oct 8, 2026, no Apple insider bought stock on the open market. Insiders sold $118.95 million under pre-arranged 10b5-1 plans — including $80.36 million by Tim Cook, $23.13 million by Deirdre O’Brien and $8.46 million by John Ternus — and $87.76 million without a plan. Almost all of the latter was a single seller: Art Levinson, then chairman of the board, sold $86.74 million in May 2026.

Apple withholds shares to cover taxes when stock awards vest (Form 4 code F) instead of selling them on the market, so its insiders show no tax-related sales — those shares never reach the market.

Valuation and the long run

At $340.42 the stock trades at 39 times its earnings of the last twelve months (38.5 on the profit reported in the 10-K and 10-Q filings) and at 32 times its operating profit. It is up 31.9% in a year and was within 0.2% of its highest close, $341.07 on September 25, 2026.

Apple went public on December 12, 1980, at $22.00 a share. Five stock splits later, each IPO share is 224 shares today, so the IPO price is $0.098 in today’s terms. $1,000 invested at that price would be worth about $3.47 million at the Oct 8, 2026 close on price alone, and about $4.53 million with dividends reinvested. Someone who bought at the first day’s close paid 30.7% more than the IPO price and would have about 23.5% less.

These figures describe what happened and are not investment advice. The Apple page on this site carries the same data, updated daily.