$10,000 in Apple: A Decade-Long Compounder

The anticipation for Apple's next iPhone launch has been building up, and it's a good time to look back at how the company's launches have impacted long-term shareholders. Since releasing its first iPhone on June 29, 2007, Apple has transformed from a hardware-focused business into a services-heavy compounder.

The company's installed base now stands at 2.5 billion active devices, and its services division generated $30.74 billion in revenue in the June quarter. Tim Cook's team has pursued aggressive capital returns, including a fresh $100 billion buyback authorization and a 4% dividend hike to $0.27 per share announced this spring.

The iPhone 17 cycle, launched in September 2025, delivered a supercycle-style response. Apple has now posted nine consecutive earnings beats, capped by a June-quarter record of $109.42 billion in revenue, up 16.4% year over year. The company's share price has been kept accessible through four stock splits since going public.

A $10,000 investment in Apple would have grown to $844,546 since the first iPhone release, compared to $51,388 in the S&P 500. While the gap narrows at shorter horizons, Apple has beaten the S&P 500 at every time frame shown. The bull case for Apple rests on the expected iPhone refresh and Services continuing to grow, supported by ongoing buybacks.