Apple’s stock gains under Cook are even more impressive when accounting for dividends. During his time as CEO, the shares climbed a whopping 2,736% on a total-return basis. Over the same period, the S&P 500 Index was up 769%, including dividends, and the tech-heavy Nasdaq 100 Index jumped 1,512%.

One of the biggest legacies of Cook’s tenure has been his focus on stock buybacks, which have reduced Apple’s outstanding share count by nearly 45% since a 2012 peak, taking it to its lowest since 1998.

Apple has spent more than $840 billion on buybacks since fiscal 2012, according to company data through the first quarter of 2026.

Cook did oversee successful product launches, such as AirPods and the Apple Watch. But others, like the Vision Pro headset and a failed foray into self-driving cars, fell flat, feeding into criticism that Apple lost its innovative edge. To some investors, the company’s underwhelming AI offerings have been a missed opportunity.

“The push into services is perhaps the most successful thing Cook did, since it is high margin and recurring revenue that is among Apple’s fastest-growing categories,” Bond said. “His biggest flaw is probably AI. It’s hard to not notice that they’re bringing in someone with an engineering and products background to replace him.”

bloomberg.com - Apple s gain under cook is tough act for ternus to follow