The 20 Biggest Stock Buybacks of 2026

Apple's $110 billion authorization in May 2024 set a new US record for a single-quarter board approval, surpassing its own prior $90B program. The program is open-ended — no fixed expiration — and runs alongside Apple's quarterly dividend. Apple has historically been the largest single repurchaser of its own stock, returning more than $700 billion to shareholders since 2012. The size relative to free cash flow makes Apple's program structurally different from most others: it's a deliberate net-debt-zero capital allocation policy, not an opportunistic value play.

Source: AAPL 8-K filings on EDGAR

Alphabet announced its first-ever dividend alongside a $70 billion buyback authorization in April 2024 — a coordinated capital-return shift that effectively codified Alphabet as a mature dividend-and-buyback compounder rather than a pure growth name. The program covers both Class A (GOOGL) and Class C (GOOG) shares. Alphabet has typically executed buybacks at $15–20 billion per quarter, suggesting the 2024 authorization will deploy across roughly two years.

Source: GOOGL 8-K filings on EDGAR

Microsoft's September 2024 $60 billion authorization extended a program that has been running continuously since 2003. Unlike Apple, Microsoft's repurchases are typically more measured — closer to $20 billion per year — given the company's larger capex commitments to AI infrastructure. Even so, the program represents one of the most consistent capital-return engines in the S&P 500.

Source: MSFT 8-K filings on EDGAR

Meta's $50 billion authorization in February 2024 accompanied the company's first-ever dividend, mirroring Alphabet's shift to a hybrid return policy. The program sits on top of Meta's existing repurchase capacity, bringing total available authorization above $80 billion at the time of approval. Meta has been one of the most aggressive repurchasers since 2022, deploying capital opportunistically after sharp drawdowns.

Source: META 8-K filings on EDGAR

NVIDIA's $50 billion authorization in August 2024 reflects a balance-sheet position increasingly defined by AI-driven cash generation. The program is dwarfed by NVIDIA's market capitalization, meaning its mathematical impact on share count is modest — but it's a clear signal that management sees no near-term acquisition use for the cash, and prefers returning it to shareholders rather than letting it accumulate.

Source: NVDA 8-K filings on EDGAR

Berkshire has no dollar-capped authorization. Since the 2018 policy change, Warren Buffett and Greg Abel can repurchase shares whenever they believe the stock trades below intrinsic value. Quarterly repurchase activity is disclosed in each 10-Q. Berkshire's program is uniquely opportunistic — there have been multi-quarter pauses when management views the stock as fairly valued. The signal value of each quarterly disclosure is exceptionally high for value-oriented investors.

Source: BRK 10-Q filings on EDGAR

JPMorgan's $30 billion authorization followed the 2024 Federal Reserve stress test results, which gave the largest US bank ample excess capital under SCB (Stress Capital Buffer) rules. JPM and the other money-center banks typically announce buybacks immediately after stress-test results clear. Bank buyback pace is more variable than tech because regulatory capital ratios can change with each cycle.

Source: JPM 8-K filings on EDGAR

Exxon has executed buybacks at roughly $20 billion per year through the recent commodity cycle, funded by strong upstream cash generation. The program is sized to be sustainable across mid-cycle oil prices — meaning it doesn't reset materially during pullbacks, which makes it one of the more reliable energy-sector return programs. Pioneer Natural Resources' acquisition added meaningful share count, but the program absorbed the dilution.

Source: XOM 10-Q filings on EDGAR

Chevron has guided to a $10–20 billion annual buyback range, flexed up or down based on oil prices and balance-sheet leverage. The wider band relative to Exxon reflects Chevron's different shareholder-return philosophy: lower base level, higher upside elasticity to commodity windfalls. Investors track quarterly execution versus the band to gauge management's read on the cycle.

Source: CVX 10-Q filings on EDGAR

Goldman's repurchase program is sized against its Stress Capital Buffer (SCB) requirement. The bank typically deploys $2–3 billion per quarter when capital ratios are comfortably above SCB minimums. Quarterly execution is the cleanest read on management's view of opportunity cost: aggressive when GS trades below tangible book multiples, conservative when ratios tighten.

Source: GS 10-Q filings on EDGAR

Bank of America's $25 billion authorization in mid-2024 funds a repurchase program executed at roughly $3–4 billion per quarter. Combined with the bank's dividend, BAC's all-in return-of-capital yield has consistently exceeded 5% in recent years. The program is sized for steady execution rather than opportunistic deployment.

Source: BAC 10-Q filings on EDGAR

Wells Fargo's $30 billion authorization in mid-2023 was paced to deploy across approximately two years. The program reflects management's confidence in capital generation following the asset cap era and regulatory remediation work. Wells's buyback pace tends to accelerate when the stock trades below 1.1x tangible book.

Source: WFC 8-K filings on EDGAR

Visa's repurchase program is funded by exceptionally strong free cash flow conversion — typically more than 90% of net income. The company has executed buybacks every quarter since IPO, treating share repurchases as a core capital-return mechanism alongside its growing dividend. Visa's program is one of the most consistent execution rates in the S&P 500.

Source: V 10-Q filings on EDGAR

Mastercard's late-2023 $11 billion authorization continued a multi-decade pattern of share count reduction. Like Visa, Mastercard converts effectively all of its earnings into free cash flow, which the company splits between dividends and ongoing buybacks. The program is run at scale relative to market cap — a much larger percentage of float each year than the megacap tech programs.

Source: MA 10-Q filings on EDGAR

Oracle has historically been one of the largest software-sector repurchasers. Buyback pace has moderated in recent years as the company has redirected free cash flow toward AI infrastructure investment, but the standing authorization remains substantial. Oracle's repurchase intensity is closely watched as a proxy for how much capex headroom management sees ahead.

Source: ORCL 10-Q filings on EDGAR

Cisco's $15 billion authorization expansion in 2024 brought total remaining capacity above $20 billion. The company has been one of the steadiest tech-sector repurchasers since the early 2000s. Cisco's program acts as a counterweight to its dividend — the dividend is grown modestly each year, while buybacks scale with free cash flow generation.

Source: CSCO 8-K filings on EDGAR

UnitedHealth has executed buybacks at roughly $10 billion per year alongside a growing dividend. The program reflects the predictable, contracted-revenue profile of large managed care — capital generation is steady year over year, allowing for steady repurchase pacing. The program absorbs the dilution from continued bolt-on acquisitions.

Source: UNH 10-Q filings on EDGAR

Marathon Petroleum has been among the most aggressive repurchasers by percentage of float in the S&P 500. The downstream refining business generates large windfalls during favorable crack-spread environments, and management has historically returned the bulk of those windfalls via buybacks rather than retaining the cash. The float has compressed materially as a result.

Source: MPC 10-Q filings on EDGAR

T-Mobile's $19 billion authorization in September 2024 marked the company's transition from heavy capex (Sprint integration, 5G build-out) to capital-return mode. Management initiated a regular dividend at the same time. The program represents one of the cleanest examples of a US telecom shifting from build-phase to harvest-phase capital allocation.

Source: TMUS 8-K filings on EDGAR

Citigroup's $20 billion authorization in early 2024 was driven less by excess capital than by the bank's persistent discount to tangible book value. Management has framed the repurchase program as accretive given the spread between intrinsic value and trading price. As the multi-year restructuring continues to free up capital, the pace of repurchases is a key marker of management confidence.

Source: C 8-K filings on EDGAR