Apple Inc. management check
AAPL · Information Technology · Technology Hardware, Storage & Peripherals · CEO John Ternus (since the last proxy; previously Mr. Cook)
Filings as of
3 good · 3 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $234, against $280 for the peer group the company picked itself.
- Flag
Does pay follow performance?
Pay moved against returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.45 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.07% of net income$74.3m of reported pay in fiscal 2025, against $112.0bn of net income.
- Watch
Do they own the stock?
New CEO since the proxyJohn Ternus filed as CEO after the last proxy (which named Mr. Cook) and holds 134,033 shares, about $44.8m. Their pay will be in the next proxy. 7 insiders sold $182.6m in the last six months and none bought. 33 of 36 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.6% a year over the last three fiscal years. Stock-based pay was 3.1% of revenue in the latest year.
- Watch
Is leadership stable?
New CEO: John TernusJohn Ternus has filed as CEO since the last proxy. CEO in the pay table: Mr. Cook. 8 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 30 | 33 | |
| Pay for performance | 28 | 87 | |
| CEO cost | 100 | 35 | |
| Skin in the game | — | — | 47 |
| Dilution | 82 | 56 | |
| Stable leadership | 70 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Technology Hardware, Storage & Peripherals, by management score. Apple Inc. is 25th of 73 in its sector.
- 3SNDKSandisk94
- 7DELLDell Technologies90
- 24STXSeagate Technology85
- 178WDCWestern Digital70
- 195PEverpure69
- 204AAPLApple Inc.68
- 295SMCISupermicro62
- 348NTAPNetApp58
- 387HPQHP Inc.55
- 403HPEHewlett Packard Enterprise53
Pay versus performance
From the proxy statement filed January 8, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Cook | $74.3m | $108.4m | $23.8m | $234 | $280 | $112.0bn |
| 2024 | Mr. Cook | $74.6m | $169.0m | $27.2m | $208 | $206 | $93.7bn |
| 2023 | Mr. Cook | $63.2m | $106.6m | $26.9m | $155 | $132 | $97.0bn |
| 2022 | Mr. Cook | $99.4m | $128.8m | $27.2m | $136 | $93 | $99.8bn |
| 2021 | Mr. Cook | $98.7m | $311.8m | $27.0m | $132 | $137 | $94.7bn |
The board says pay is tied most to Net Sales. Its other key measures: Operating Income, Relative TSR. Other named executives: Kevan Parekh, Kate Adams, Sabih Khan, Luca Maestri, Deirdre O’Brien.
Insiders and the CEO's stake
John Ternus (CEO) held 134,033 shares directly after their latest Form 4 on Oct 2, 2026, roughly $44.8m at that filing's price.
7 insiders sold $182.6m in the last six months and none bought. 33 of 36 sales ran on pre-arranged 10b5-1 plans.
- SoldArthur D LevinsonDirector$86.7mMay 27, 2026
- SoldTimothy D CookExecutive Chair · 10b5-1 plan$63.8mOct 2, 2026
- SoldDeirdre O'brienSenior Vice President · 10b5-1 plan$15.5mOct 2, 2026
- SoldJohn TernusCEO · 10b5-1 plan$8.5mOct 2, 2026
Leadership and governance on file
- Sep 1, 2026Leadership change8-K/A 5.02
- Apr 20, 2026Leadership change8-K 5.02
- Jan 2, 2026Leadership change8-K 5.02
- Dec 5, 2025Leadership change8-K 5.02
- Jul 25, 2025Leadership change8-K 5.02
- Jul 9, 2025Leadership change8-K 5.02
- Jan 3, 2025Leadership change8-K 5.02
- Aug 26, 2024Leadership change8-K 5.02
- Aug 19, 2022Leadership change8-K 5.02
- Mar 4, 2022Leadership change8-K 5.02
- Nov 12, 2021Leadership change8-K 5.02
Latest shareholder vote results: Feb 24, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $513.6bn returned to owners in buybacks and dividends, 103% of net income, and $52.3bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $365.8bn | $394.3bn | $383.3bn | $391.0bn | $416.2bn |
| Net income | $94.7bn | $99.8bn | $97.0bn | $93.7bn | $112.0bn |
| Stock-based pay | $7.9bn | $9.0bn | $10.8bn | $11.7bn | $12.9bn |
| Buybacks | $86.0bn | $89.4bn | $77.5bn | $94.9bn | $90.7bn |
| Dividends | $14.5bn | $14.8bn | $15.0bn | $15.2bn | $15.4bn |
| Diluted shares | 16865m | 16326m | 15813m | 15408m | 15005m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.