Companies spent $293.5 billion on stock buybacks over the first three months of 2025, setting a new quarterly record. Also known as a share buyback or share repurchase, a stock buyback is a way for companies to return money to shareholders.
Stock buybacks reached $942.5 billion in 2024, the highest total ever in a calendar year, but that record isn't expected to last long. Analysts are forecasting $1.2 trillion in buybacks in 2025.
But which companies are spending the most on stock buybacks? And is this a smart strategy or a misallocation of resources? To find out, take a deep dive into the most recent stock buyback statistics, including the companies and market sectors with the largest buyback numbers.
Which companies make the largest stock market buybacks?
Here are the 10 companies that have made the largest stock buybacks through the most recent 12-month period on record (the second quarter of 2024 through the first quarter of 2025).
Apple’s (NASDAQ:AAPL) stock buybacks
- 2024 stock buyback: $77.660 billion
- 2024 stock buyback as a percentage of market cap (as of Sept. 30, 2024): 2.2%
- 5-year stock buybacks: $447.515 billion
- 10-year stock buybacks: $695.312 billion
Apple is the largest company by market cap, and it also consistently repurchases more stock than any other company. In 2024, it was responsible for more than 10% of all stock buybacks.
Alphabet's (NASDAQ:GOOG) (NASDAQ:GOOGL) stock buybacks
- 2024 stock buyback: $46.671 billion
- 2024 stock buyback as a percentage of market cap (as of September 30, 2024): 2.3%
- 5-year stock buybacks: $254.992 billion
- 10-year stock buybacks: $286.684 billion
Alphabet, which owns Google, has repurchased more than $15 billion in shares every quarter of 2024.
Meta Platforms (NASDAQ:META) stock buybacks
- 2024 stock buyback: $40.038 billion
- 2024 stock buyback as a percentage of market cap (as of September 30, 2024): 2.8%
- 5-year stock buybacks: $160.186 billion
- 10-year stock buybacks: $186.187 billion
Meta is the company that owns Facebook, and it spent more than $18 billion on stock buybacks in the first quarter of 2024. It has slowed down since then but still ranks third overall for the year.
Apple’s (NASDAQ:AAPL) stock buybacks
- 12-month stock buyback (as of March 31, 2025): $106.880 billion
- 12-month stock buyback as a percentage of market cap (as of March 31, 2025): 3.2%
- 5-year stock buybacks: $459.378 billion
- 10-year stock buybacks: $735.413 billion
Apple is one of the largest companies by market cap, and it consistently repurchases more stock than any other company. Over the last 12 months, it was responsible for more than 10% of all stock buybacks among companies in the S&P 500.
Alphabet's (NASDAQ:GOOG) (NASDAQ:GOOGL) stock buybacks
- 12-month stock buybacks (as of March 31, 2025): $61.594 billion
- 12-month stock buyback as a percentage of market cap (as of March 31, 2025): 3.2%
- 5-year stock buybacks: $271.017 billion
- 10-year stock buybacks: $317.303 billion
Alphabet, which owns Google, has repurchased more than $15 billion in shares every quarter for over a year. In April 2025, its board of directors authorized up to $70 billion in stock repurchases.
Nvidia's (NASDAQ:NVDA) stock buybacks
- 12-month stock buybacks (as of March 31, 2025): $46.771 billion
- 12-month stock buyback as a percentage of market cap (as of March 31, 2025): 1.8%
- 5-year stock buybacks: $82.717 billion
- 10-year stock buybacks: $89.071 billion
Nvidia has ridden the artificial intelligence (AI) wave to become the most valuable company in the world and the first to reach a market cap of $4 trillion. Its stock buyback rate is lower than most of the top 10, possibly because of how quickly its share price has risen.
Meta Platforms (NASDAQ:META) stock buybacks
- 12-month stock buybacks (as of March 31, 2025): $43.362 billion
- 12-month stock buyback as a percentage of market cap (as of March 31, 2025): 3.0%
- 5-year stock buybacks: $177.817 billion
- 10-year stock buybacks: $207.611 billion
Meta is the company that owns Facebook, and it spent over $17 billion on stock buybacks in the first quarter of 2025. Its buyback numbers have fluctuated quite a bit from quarter to quarter -- it only repurchased $3.9 billion in shares during the last three months of 2024.
JPMorgan Chase's (NYSE:JPM) stock buybacks
- 12-month stock buybacks (as of March 31, 2025): $23.526 billion
- 12-month stock buyback as a percentage of market cap (as of March 31, 2025): 3.4%
- 5-year stock buybacks: $57.752 billion
- 10-year stock buybacks: $136.461 billion
JPMorgan Chase has been ramping up its stock buybacks. In July 2025, its board authorized a share repurchase program of $50 billion, up from the $30 billion it approved in 2024.
Exxon Mobil's (NYSE:XOM) stock buybacks
- 12-month stock buybacks (as of March 31, 2025): $21.422 billion
- 12-month stock buyback as a percentage of market cap (as of March 31, 2025): 4.2%
- 5-year stock buybacks: $57.591 billion
- 10-year stock buybacks: $63.099 billion
One of the leading oil companies, Exxon Mobil has also been a leader in stock buybacks with a target of $20 billion per year through 2026.
Visa's (NYSE:V) stock buybacks
- 12-month stock buybacks (as of March 31, 2025): $19.251 billion
- 12-month stock buyback as a percentage of market cap (as of March 31, 2025): 2.8%
- 5-year stock buybacks: $61.146 billion
- 10-year stock buybacks: $98.081 billion
Visa has a dominant share of the payment processing market, with $13.2 trillion in payments volume during 2024. In recent years, it has bet big on its growth prospects by repurchasing its stock. In April 2025, the board authorized buybacks of $30 billion spread over multiple years.
Microsoft's (NASDAQ:MSFT) stock buybacks
- 12-month stock buybacks (as of March 31, 2025): $18.084 billion
- 12-month stock buyback as a percentage of market cap (as of March 31, 2025): 0.6%
- 5-year stock buybacks: $119.245 billion
- 10-year stock buybacks: $198.722 billion
Microsoft hasn't bought back as much of its shares as some of its tech rivals. However, that could change in the near future, as its board of directors has authorized up to $60 billion in share repurchases.
Wells Fargo's (NYSE:WFC) stock buybacks
- 12-month stock buybacks (as of March 31, 2025): $16.947 billion
- 12-month stock buyback as a percentage of market cap (as of March 31, 2025): 7.2%
- 5-year stock buybacks: $55.834 billion
- 10-year stock buybacks: $130.362 billion
Wells Fargo has slowed down its stock buybacks, from $6.0 billion in the first quarter of 2024 to $3.5 billion a year later. However, in April 2025, it announced board approval of a $40 billion stock repurchase program.
Chevron's (NYSE:CVX) stock buybacks
- 12-month stock buybacks (as of March 31, 2025): $15.852 billion
- 12-month stock buyback as a percentage of market cap (as of March 31, 2025): 5.4%
- 5-year stock buybacks: $42.842 billion
- 10-year stock buybacks: $48.962 billion
Chevron has been paying out quite a bit of money to shareholders lately, with a high stock buyback rate and a dividend yield above 4%.
Which sectors make the largest stock buybacks?
The sectors with the largest stock buybacks are the information technology, financial, communication services, healthcare, and industrial sectors. Here's a closer look at share buyback numbers in each of them.
Information technology stock buybacks
- 12-month information technology stock buybacks (as of March 31, 2025): $276.242 billion
- 12-month information technology stock buybacks as a percentage of all S&P 500 stock buybacks: 27.65%
- 5-year information technology stock buybacks: $1.196 trillion
- 10-year information technology stock buybacks: $2.112 trillion
Tech companies generally prefer repurchasing shares over raising dividends, and this sector has accounted for the most stock buybacks over the last decade.
Financial stock buybacks
- 12-month financial stock buybacks (as of March 31, 2025): $190.893 billion
- 12-month financial stock buybacks as a percentage of all S&P 500 stock buybacks: 19.10%
- 5-year financial stock buybacks: $718.418 billion
- 10-year financial stock buybacks: $1.395 trillion
Many of the big banks and financial services companies have carved out significant market shares already, making stock buybacks one of the best uses of their capital.
Communication services stock buybacks
- 12-month communication services stock buybacks (as of March 31, 2025): $142.895 billion
- 12-month communication services stock buybacks as a percentage of all S&P 500 stock buybacks: 14.30%
- 5-year communication services stock buybacks: $629.915 billion
- 10-year communication services stock buybacks: $710.396 billion
The communications sector has ramped up its stock buybacks in the last five years, and it's comfortably in third overall.
Healthcare stock buybacks
- 12-month healthcare stock buybacks (as of March 31, 2025): $88.262 billion
- 12-month healthcare stock buybacks as a percentage of all S&P 500 stock buybacks: 8.83%
- 5-year healthcare stock buybacks: $390.847 billion
- 10-year healthcare stock buybacks: $806.203 billion
Share repurchases have declined in the healthcare sector over the last decade, but healthcare companies still make up a sizable portion of stock buybacks overall.
Industrial stock buybacks
- 12-month industrial stock buybacks (as of March 31, 2025): $82.419 billion
- 12-month industrial stock buybacks as a percentage of all S&P 500 stock buybacks: 8.25%
- 5-year industrial stock buybacks: $324.358 billion
- 10-year industrial stock buybacks: $673.840 billion
Industrial companies have increased their total stock buybacks significantly in the two most recent quarters, which helped this sector push past consumer discretionary companies and make it back into the top five.
How many companies have done stock buybacks in the last year?
A total of 436 companies have done stock buybacks in the last year on record (the second quarter of 2024 through the first quarter of 2025).
Stock buybacks are top heavy despite the large number of companies that do them. The top 20 companies in the S&P 500 have historically accounted for nearly half (47.7%) of stock buybacks on average.
Why should investors care about stock buybacks?
Stock buybacks generally make a company's shares more valuable. They decrease the number of outstanding shares, so there's a smaller supply available, which increases earnings per share (EPS). Each shareholder is effectively getting a larger slice of a company's earnings and total value.
However, not everybody believes that share buybacks are a good use of capital. Some economists argue that companies are better off reinvesting cash in their businesses for expansion instead of using it to repurchase shares on the open market.
It ultimately depends on the company and the strategy behind the stock buyback. Done for the wrong reasons, stock buybacks can be disastrous. Bed Bath & Beyond is a cautionary tale in this regard. From 2004 until it declared bankruptcy in 2023, it spent $11.8 billion on stock buybacks to improve its share price even as its workforce dwindled.
But well-executed stock buybacks are good news for investors, and there's no better example than Apple. Led by a strong management team, this company has regularly bought back stock to increase share value. If you're confident in a company's direction and leadership, then a stock buyback isn't anything to worry about.
