Tim Cook gives John Ternus a final Apple endorsement

Apple’s Q3 2026 earnings call marked Tim Cook’s final appearance as CEO before he becomes executive chairman, and he used the occasion to again endorse successor John Ternus.

Cook said Ternus, Apple’s current senior vice president of Hardware Engineering, will lead future earnings calls after the leadership transition on September 1. He described the handover as seamless and said he had never been more optimistic about Apple’s future.

“This will be my final earnings call, and John will lead these calls going forward. The transition is going seamlessly, and I am beyond excited for John to step into his new role and lead Apple into its next era.”

John Ternus prepares to take over

Apple has repeatedly presented Cook and Ternus as closely aligned ahead of the change. The two appeared together at the Ted Lasso Season 4 premiere on Monday, where Cook told Deadline that Ternus was “the perfect person for this role” and that the transition had been “great.” They wore apparently identical navy suits and matching “Believe” pins.

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Ternus said he was excited to lead Apple but declined to reveal what his first act as CEO would be, telling reporters they would “have to wait and see.” His limited public comments suggest that Apple is emphasizing continuity rather than a sharp strategic break as Cook steps aside.

Ternus remained mostly silent during Thursday’s earnings call. Asked about Apple’s position as companies including OpenAI and SpaceX develop new hardware, he offered no specific product details, saying only that he would reiterate Cook’s comments and that Apple was focused on its plans.

“There is so much opportunity for us with everything that’s happening in this space, and we’re just really focused on our plans and very excited about it.”

iPhone 18 will be an early test

Apple is expected to release the iPhone 18 in September 2026, the same month Ternus becomes CEO. Because the company’s annual iPhone launch is its biggest event of the year, the release will give the incoming chief an immediate public test, even as Apple works to portray the transition as a stable continuation of Cook’s tenure.

The company enters that transition after reporting $109.4 billion in quarterly revenue for Q3 2026, up 16 percent year over year. The iPhone generated $54.3 billion, while Apple reported $29.8 billion in net quarterly profit.

Update, 1 September 2026 — John Ternus takes over with $58 million target pay

MacRumors reports that John Ternus officially became Apple’s CEO on September 1, with the company’s leadership page reflecting the change and Tim Cook moving into the executive chairman role. The transition the company had described as upcoming is now complete.

An updated SEC filing sets Ternus' fiscal 2027 target compensation at $58 million: a $3 million salary and a $55 million annual equity award. The award is split between time-based restricted stock units and units tied to Apple’s total shareholder return against other S&P 500 companies. The target excludes performance-based bonuses, so his final fiscal 2027 compensation could differ.