Cook's Legacy: Apple's $880 Billion Share Repurchase Plan

Tim Cook's 15-year tenure as CEO of Apple ended on September 1. During this time, he oversaw an unprecedented share repurchase program that has reshaped shareholder returns. Since 2012, Apple has bought back more than $880 billion worth of its own stock, reducing the number of shares outstanding by over 44%. This has given existing shareholders a larger stake in the company's business.

Apple's net income has soared during this period, growing from $41 billion in 2012 to nearly $129 billion in the trailing 12 months. Share prices have also increased significantly, rising nearly 12-fold since the start of fiscal 2013. This is due in part to Apple's earnings multiple expanding well above its price in the 2010s.

The company's recent decision to renew its share repurchase authorization for another $100 billion will likely continue to drive growth in earnings per share. With consistent free cash flow around $100 billion, Apple should be able to sustain massive share repurchases for years to come.