Tech giant Apple (AAPL) had a strong year in 2025. In fact, it posted record revenue driven by strong iPhone sales, while its Services business grew to $109.2 billion. Apple also saw its market value top $4 trillion. At the same time, Apple is going through notable leadership changes. CFO Jeff Williams retired, even though he had long been viewed as a top candidate to eventually replace CEO Tim Cook. In addition, head of government affairs Lisa Jackson and general counsel Kate Adams are set to retire in 2025 and 2026.
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Other senior exits include AI chief John Giannandrea, who is retiring and handing Apple’s AI efforts to Amar Subramanya, along with Design vice president Alan Dye, who left Apple to lead Meta’s (META) Reality Labs design studio. All of this is happening while reports suggest that Cook is preparing hardware chief John Ternus to become Apple’s next CEO. According to the Financial Times, Cook could step down as early as 2026, though Bloomberg says no firm timeline has been set.
Cook, who became CEO in 2011 after Steve Jobs’ death, has overseen Apple’s expansion into products like the Apple Watch and AirPods, as well as the rapid growth of Services. He also pushed Apple to design its own chips, which helped the company gain tighter control over performance and costs. Under his leadership, Apple got through challenges like the pandemic and U.S.–China trade tensions, while growing revenue to $416 billion in 2025. Looking ahead, Apple is reportedly planning a foldable iPhone and a lower-cost MacBook.
Is Apple a Buy or Sell Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 20 Buys, 10 Holds, and two Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average AAPL price target of $299.49 per share implies 10% upside potential.
