Good morning. Half a century after its founding, Apple’s financial transformation is best told through data that captures how thoroughly the company has reinvented its business. And the numbers suggest capital discipline will remain a big focus in its next era.
As John Ternus became CEO on Sept. 1, taking over the reins from Tim Cook, Fortune takes a look at the past 50 years and the data behind the shift from device dependency to recurring revenue, a global sales base, and profit growth that has rewarded patient shareholders beyond almost any comparable stock.
