Apple’s $110 billion stock buyback announcement Thursday is large, but the iPhone maker already dominated the league table of companies making the largest stock buybacks in the S & P 500, measured in dollar terms. In the last 12 months, Apple has bought back $84.5 billion in stock, far beyond anyone else in the S & P 500. Buyback leaders (last 12 months) Apple $84.5 billion Alphabet $62.6 b Meta $34.5 b Microsoft $18.7 b Exxon Mobil $16.4 b Chevron $14.0 b Visa $13.2 b T-Mobile $12.3 b Comcast $11.7 b Marathon Petroleum $10.6 b Source: S & PDowJonesIndices Apple is a buyback monster The company has been aggressively buying back its stock (and reducing its share count) since 2013. Share count has gone from 26.2 billion in 2013 to 15.3 billion today, a reduction of 41%. Apple not only dominates recent total buybacks; it completely dominates the largest quarterly buybacks ever done. Largest quarterly buybacks in history Apple (Q4 2020) $27.6 billion Apple (Q2 2021) $25.6 b Apple (Q3 2022) $24.7 b Apple (Q2 2022) $24.5 b Apple (Q1 2019) $23.8 b Source: S & PDowJonesIndices Buybacks are the preferred mode of returning cash In recent years buybacks have become the preferred method of returning cash to shareholders. 2023: What corporate America did with its cash flow Buybacks $765 billion Capital expenditures $597 b Dividends $588 b Source: S & P Global The reason is that corporate cash flow has improved, and buybacks are considered more flexible than dividends. Buybacks: ramping up? (executed buybacks) 2024 (est.) $925 billion 2023 $815 b 2022 $950 b 2021 $919 b 2020 $538 b 2019 $749 b Source: Goldman Sachs
Apple dominated Wall Street’s buyback business even before its latest $110 billion
