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Story summary
- Tim Cook will step down as Apple CEO on Sept. 1 2026, with John Ternus succeeding.
- Apple posted $109.4 billion revenue for the quarter ended June 30 2026 and net income of $29.8 billion, delivering $2.02 EPS versus $1.89 expected.
- Tariff refunds added about 5% to profit and will fund U.S. manufacturing under Apple’s $600 billion plan.
- Apple warned supply constraints will limit iPhone growth to the mid-teens and revenue rise to 9-10% YoY.
