Buyback plans are slowing but 2026 may still be a record
SPY•US share buyback announcements totaled $196.4 billion from July through September 23, down roughly 50% from the same period a year earlier. EPFR analyst Winston Chua said a full-year record remains within reach, with about $250 billion in additional announcements needed to surpass 2025’s $1.39 trillion total.
1. Buyback announcements slow
Buyback announcements totaled $196.4 billion from July through September 23, compared with $368.5 billion during the same period in 2025. The tally followed $973.7 billion in announcements during the first six months of 2026, after which momentum reversed sharply, EPFR analyst Winston Chua said.
2. Record remains possible
Announcements totaled $20 billion in September through the date of Chua’s tally, with a week left in the month, compared with $67 billion for all of September 2025 and a 10-year September average of $61.5 billion. Chua said a total below $25 billion would be the second-lowest September volume in 15 years, but attributed the slowdown to a lack of large programs rather than a broad-based retreat from buybacks.
3. Full-year target
About $250 billion in additional announcements would put 2026 above 2025’s $1.39 trillion total. Fourth-quarter buybacks averaged $271 billion over the last five years, Chua wrote.
