Apple led all companies in stock buybacks, investing $20.4 billion in its own shares during the third quarter. As a consistent repurchaser, Apple accounts for 19 of the 20 largest quarterly buybacks in history. (Meta Platforms occupies the 19th spot.)
Though Q3 spending marked a decline from $23.6 billion in the prior quarter, Apple’s trailing 12-month total through September reached $96.7 billion. Over longer periods, the company has returned $468 billion to shareholders in the past five years and a substantial $755 billion over the last decade.
Juan Carlos Arancibia for Investor’s Business Daily:
Third-quarter total share repurchases rose 6.2% to $249 billion from the second quarter, and climbed 9.9% from the year-earlier period, according to S&P Dow Jones Indices. For the 12-month period ending in September, buybacks surpassed $1 trillion for only the second time, to a record $1.02 trillion.
Nvidia spent $14.9 billion, up from $11.6 billion in Q2. Its 12-month total was $51.8 billion, vs. $34.5 billion in the previous 12-month span.
Alphabet allocated $11.5 billion for buybacks, down from $13.6 billion in Q2. Its 12-month expenditure was $55.8 billion, down from $62.9 billion in the prior comparable period.
Meta Platforms’ repurchases fell to $8.5 billion from $14.3 billion in the previous quarter. The 12-month total eased to $44.2 billion from $48.2 billion in the prior period.
JPMorgan Chase (JPM) rounded out the top five buybacks, with $8.3 billion purchased in Q3, up from $7.5 billion in Q2. Its 12-month expenditure ramped up to $27.6 billion from $16.8 billion.
MacDailyNews Note: Companies employ stock buybacks as a way to signal strong confidence in their own shares and future prospects. By repurchasing shares, they reduce the total number outstanding, allowing earnings to be distributed across fewer shares. This mechanism can provide a significant boost to earnings per share (EPS).
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A a long-time shareholder, it would be nice to see Apple dole out a $2 a share or so dividend. Microsoft, Costco and many more have done this a few times over the last decade or so. Apple simply keeps buying its own shares with profits…
By now, Apple could have purchased Paramount, Tesla (hey Tim, got any vision, LUCID is a steal right now! – Oh you don’t? Got it. Leave now please), etc…
The counter is it takes massive shares off the market and pushes the stock north. Or does it?…
I wouldn’t at all be surprised to see a move on Disney after the holidays. Not that Apple wants their theme park business (or the ABC network, for that matter, which is a dying brand), but with the Pixar history there has always been synergy between the two companies. With the Ellison/Paramount/Netflix/Warner deals, it feels like the timing is right.
With Apple having approximately 14.8 billion shares out there (likely not counting unvested shares of all the senior executives) this buyback is less than 1/2 of one percent of that. This won’t move the needle. It will not significantly change the dividend going to stockholders.
Executives are in favor of huge buybacks because it often looks good to Wall Street and large, institutional investors, but it rarely changes the stock price or dividend. Look at all the times Apple has done large stock buybacks over the years. Each buyback has barely moved the stock price. It has never made a significant difference in dividends.
Apple really should use all that money for a significant, focused R&D effort. Jobs brought Apple out of the “Dark Days” by spending on focused R&D. Apple should do the same today.
As a shareholder, I would also like to see Apple offer a larger dividend or do a decent size acquisition. I don’t think Wall Street appreciates Apple only doing stock repurchasing, but I’m only guessing. I would simply like Apple to try other things. I’m not complaining about the share price, as Apple seems to be doing OK considering it doesn’t have any A.I. boost. Who am I to tell Apple what needs to be done? I suppose Apple knows what works best for them.
Apple won’t buy any legacy operations like Disney, for Christ’s sake. Why do we waste time on such nonsense. Why hasn’t Apple used that cash to get the AI talent needed. GIT RID OF COOK!
Apple’s market cap was $296.792 B on August 24, 2011 – the day Tim Cook was handed the reins. Today (Dec. 19, 2025) it sits on a valuation of $4 Trillion. Nice.
My points:
1). Quarterly buybacks don’t “move the needle” because investors have already factored the consistency into pricing. Remove the buyback and the stock will be negatively impacted.
2). Cook has proven to have a steady hand on the helm.
Nvidia’s market cap in 2011 was about $8 billion, it’s $4.23 trillion now (528x).. Google’s market cap in 2011 was about $167 billion, it’s $3.65 trillion now (22x).. Meta’s market cap in 2012 was $58 billion, it’s $1.67 trillion now (28x)… Microsoft’s was $164 billion then, it’s $3.59 trillion now (22x).. What Tim Cook has done (14x Apple’s market cap) since 2011 is NOT impressive by Silicon Valley standards, it’s below average.
The rise to $4 T market cap is extraordinary by any measure. Both Nvidia and AAPL sit on top of the heap. Both are to be congratulated.😎