Tim Cook's Final Earnings as Apple CEO: Record iPhone Revenue, Leadership Handoff to John Ternus

Apple posted its highest-ever Q3 iPhone revenue of $54.25 billion, up 22 percent year-over-year, driving $109.4 billion in total revenue. The report was Tim Cook's last as CEO; hardware engineering VP John Ternus succeeds him September 1, 2026. Mac revenue climbed 29 percent to $10.35 billion. Cook attributed the iPhone surge to customer upgrades throughout the quarter.