Apple Spends $90.7B on Fiscal 2025 Buybacks, Cuts Shares by 44%
Apple spent $90.7 billion on share repurchases in fiscal 2025, its largest annual total since the 2017 Tax Cuts and Jobs Act. Since initiating buybacks in 2013, the company has repurchased $816 billion of stock and reduced its outstanding shares by approximately 44%.
1. Trillion-Dollar Buyback Trend Fueled by Tax Cuts
The permanent corporate tax rate cut from 35% to 21% under the Tax Cuts and Jobs Act has unlocked more than $1 trillion in annual share repurchases across S&P 500 firms. In 2025, companies repurchased an estimated $1.02 trillion of stock, up from pre-2017 quarterly levels of $100–150 billion to a recent range of $200–250 billion per quarter. S&P Dow Jones Indices data show that the third quarter alone saw $249 billion in buybacks, driving higher earnings per share and supporting elevated market multiples.
2. Apple’s Dominant Role in Share Repurchases
Apple leads all public companies in buybacks, having spent $90.7 billion on share repurchases in fiscal 2025. Since launching its program in 2013, the company has returned over $816 billion to shareholders and reduced its share count by approximately 44%. This aggressive buyback strategy has lifted Apple’s earnings per share by a compounded annual rate of nearly 15% since 2017 and underpins its appeal to value-oriented investors despite the company’s shift away from debt-financed capital return programs.