Good morning. AppleInc., CEO Tim Cook opened the company’s earnings call Thursday by marking his 28th anniversary at Apple, his 15th year as CEO, and his 89th earnings call—reflective moments as he prepares to leave the CEO role.
Apple announced this month that Cook will step down in September and become executive chairman. His successor is longtime hardware executive John Ternus, who will lead the $4 trillion company.
Ternus said on the call that Cook is “one of the greatest business leaders of all time.” He also described CFO Kevan Parekh as a strategic partner. “One of the hallmarks of Tim’s tenure has been deep thoughtfulness, deliberateness, and discipline when it comes to the company’s financial decision-making,” Ternus said. “I want you to know that is something Kevan and I intend to continue when I transition into the role in September.” Parekh, who has served as CFO since January 2025, joined the company in 2013 and was previously VP of financial planning and analysis.
Apple (No. 4 on the Fortune 500) delivered its best March quarter ever in fiscal Q2 2026, posting revenue of $111.2 billion, up 17% year over year and above estimates of $109.46 billion, with diluted EPS of $2.01, up 22%. iPhone revenue reached $57 billion (up 22% year over year), slightly exceeding estimates of $56.66 billion.
The company has done a “great job navigating a very complex tariff situation and memory pricing headwinds so far in FY26,” Wedbush analysts wrote Thursday. They said they will look for more details on guidance and the CEO transition in September. Wedbush maintained an outperform rating and a $350 price target.
Apple’s Services segment hit an all-time revenue record of $30.9 billion, up from $26.6 billion a year ago. Parekh highlighted deepening enterprise support, citing risk management firm Marsh as an example of a large-scale Apple product refresh. He also said that AI remains an important area of investment the company plans to pursue incrementally.
Parekh’s forward-looking guidance for Q3 projects year-over-year growth of 14% to 17%, above the 9% previously expected. He reaffirmed Apple’s capital allocation philosophy: investing in R&D for organic growth, returning excess cash via dividends and buybacks, and maintaining a net cash-neutral position over the long term.
As CEO, Cook oversaw new product categories including Apple Watch, AirPods, and Apple Vision Pro, as well as services ranging from iCloud and Apple Pay to Apple TV+ and Apple Music. Under his leadership, Apple’s market cap grew from roughly $350 billion to $4 trillion—an increase of more than 1,000%.
When asked what advice he would give Ternus, Cook emphasized a focus on product innovation: “Never forget the North Star for the company.”Have a good weekend.Sheryl [email protected]
This story was originally featured on Fortune.com
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