The stage of aerobic cellular respiration that generates the most ATP is the electron transport chain (ETC). During this stage, electrons are transferred through a series of proteins in the inner mitochondrial membrane, leading to the establishment of a proton gradient. This gradient drives the synthesis of ATP via ATP synthase.
While glycolysis and the citric acid cycle (Krebs cycle) do produce some ATP (and reduced coenzymes like NADH and FADH2 that will later contribute to ATP synthesis), the electron transport chain is responsible for producing the majority of the ATP—approximately 26 to 28 ATP molecules per glucose molecule metabolized. Overall, aerobic respiration can yield up to about 30 to 32 ATP molecules per glucose, with the ETC being the most significant contributor.