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NEW YORK, Sept. 17, 2025 /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI) today announced the preliminary S&P 500® stock buybacks or share repurchases data for Q2 2025.
Historical data on S&P 500 buybacks is available at https://www.spglobal.com/spdji/en/indices/equity/sp-500/#overview.
Key Highlights:
"Companies pulled back on buybacks in the second quarter as uncertainty over tariffs and economic policy increased significantly, resulting in more cautious corporate cash outlays for the period. Participation in buybacks (67.6%) declined from the first quarter (76.8%), but were seen as supportive of buying, especially given the uncertainty in the market. Buyback concentration from the top 20 issues increased to 51.3% from the prior 48.4%, as their overall expenditures fell. Of note were the top four: Apple, Meta Platforms, Alphabet and NVIDIA, which accounted for almost 27% of the S&P 500's total buybacks.
Continued buybacks resulted in share-count-reduction, which has also fueled higher issue level earnings-per-share, as 17.3% of the issues posted at least a 4% reduction in their year-over-year share count, therefore increasing their EPS by at least 4%. The trend, which is contingent on earnings and cash-flow as well as market price levels, is expected to continue short-term, providing additional support for issue level earnings-per-share.
For the third quarter, as volatility and uncertainty continue, policy direction has started to clear up, permitting companies to plan and spend. Buybacks are expected to return to near first quarter record levels. Based on the continued upward market performance, companies will need to spend more to satisfy employee options, which is expected to increase patriation and add to stock support prices.
For the full-year 2025, shareholder returns via buybacks and dividends from S&P 500 companies are expected to easily set a record expenditure, posting a double-digit gain for buybacks and a mid-single-digit gain for dividends," said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices.
1% Buyback Excise Tax:
The 1% excise tax on net buybacks reduced Q2 2025 operating earnings by 0.39%, down from Q1 2025's 0.50% and down from the 0.45% for Q2 2024. The 12-month impact was 0.42%, down from the 12-month June 2024's 0.47%, as the tax on As Reported GAAP earnings impact decreased to 0.45% from Q1 2025's 0.53% and to 0.45% from 0.53% for the 12-month period.
Silverblatt added: "The 1% tax continues to be a manageable expense and has not impacted overall buybacks. At this point it does not appear that an increased buyback tax is on the Washington table, but things could change quickly as the government year-end fiscal negotiations continue. Given the current corporate sensitivity to costs, a buyback tax rate of 2% to 2.5% was seen as impacting both buybacks and the EPS impact of share-count-reduction. Under any potential increased tax, some of the buyback expenditures may shift to dividends. However, any shift was not seen as being on a-dollar-for-dollar basis as dividends remain a long-term pure cash-flow item which must be incorporated into corporate budgets."
Q2 2025 GICS® Sector Analysis:
Information Technology maintained its lead in buybacks as its expenditure's decreased 16.3%, representing 28.6% of all buybacks for the quarter. Q2 2025 expenditures decreased to $67.1 billion, compared to Q1 2025's $80.2 billion, and were down 1.8% from Q2 2024's $68.4 billion expenditure. For the 12-months ending June 2025, the sector increased its expenditure by 19.3% to $275.0 billion, representing 27.6% of all S&P 500 buybacks, compared to the prior 12-month period's $230.5 billion which represented 26.3% of all buybacks.
Financials decreased buybacks by 13.0% for Q2 2025 as it collectively spent $51.7 billion on buybacks, accounting for 22.0% of all S&P 500 buybacks. This was down for the quarter compared to Q1 2025's expenditure of $59.4 billion, and up 14.2% from Q2 2024's $45.3 billion. For the 12-month period, Financials spent $197.3 billion, up from the prior period's $147.1 billion.
Communication Services decreased its Q2 2025 expenditure by 15.0%, spending $38.7 billion, compared to the Q1 2025 expenditure of $45.5 billion, and was up 12.3% from Q2 2024's $34.5 billion expenditure. For the 12-months, the sector spent $147.1 billion, up from the prior 12-month period's $146.3 billion.
Utilities were the only sector to increase their buyback expenditures in Q2 2025, representing the smallest share (0.4% of total buybacks). Utilities increased their expenditure by 16.5% to $0.93 billion from Q1 2025's $0.80 billion, as the 12-month expenditure was $3.472 billion, slightly up from the prior 12-month's $3.467 billion.
Issues:
The five issues with the highest total buybacks for Q2 2025 were:
For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/en/.
S&P Dow Jones Indices | ||||||||
S&P 500, $ U.S. BILLIONS | (preliminary in bold) | |||||||
PERIOD | MARKET | OPERATING | AS REPORTED | DIVIDEND & | ||||
VALUE | EARNINGS | EARNINGS | DIVIDENDS | BUYBACKS | DIVIDEND | BUYBACK | BUYBACK | |
$ BILLIONS | $ BILLIONS | $ BILLIONS | $ BILLIONS | $ BILLIONS | YIELD | YIELD | YIELD | |
12 Mo Jun,'25 Prelim. | $50,166 | $2,051.54 | $1,893.32 | $653.86 | $997.82 | 1.30 % | 1.99 % | 3.29 % |
12 Mo Jun,'24 | $44,078 | $1,838.58 | $1,597.92 | $603.29 | $877.46 | 1.37 % | 1.99 % | 3.36 % |
2024 | $49,805 | $1,966.53 | $1,771.24 | $629.62 | $942.55 | 1.26 % | 1.89 % | 3.16 % |
2023 | $40,039 | $1,787.36 | $1,610.73 | $588.23 | $795.16 | 1.47 % | 1.99 % | 3.46 % |
2022 | $32,133 | $1,656.66 | $1,453.43 | $564.57 | $922.68 | 1.76 % | 2.87 % | 4.63 % |
2021 | $40,356 | $1,762.75 | $1,675.22 | $511.23 | $881.72 | 1.27 % | 2.18 % | 3.45 % |
2020 | $31,659 | $1,019.04 | $784.21 | $483.18 | $519.76 | 1.53 % | 1.64 % | 3.17 % |
2019 | $26,760 | $1,304.76 | $1,158.22 | $485.48 | $728.74 | 1.81 % | 2.72 % | 4.54 % |
2018 | $21,027 | $1,281.66 | $1,119.43 | $456.31 | $806.41 | 2.17 % | 3.84 % | 6.01 % |
6/30/2025 Prelim. | $52,501 | $545.91 | $508.76 | $165.16 | $234.57 | 1.25 % | 1.90 % | 3.15 % |
3/31/2025 | $50,166 | $487.33 | $456.65 | $164.10 | $293.45 | 1.28 % | 1.99 % | 3.27 % |
12/31/2024 | $49,805 | $518.32 | $488.51 | $167.56 | $243.24 | 1.26 % | 1.89 % | 3.16 % |
9/30/2024 | $48,701 | $499.98 | $439.39 | $157.04 | $226.56 | 1.27 % | 1.89 % | 3.15 % |
6/28/2024 | $45,843 | $489.95 | $397.69 | $153.41 | $235.93 | 1.32 % | 1.91 % | 3.23 % |
3/28/2024 | $44,078 | $458.28 | $400.90 | $151.61 | $236.82 | 1.35 % | 1.85 % | 3.20 % |
12/31/2023 | $40,039 | $452.44 | $399.98 | $154.10 | $219.09 | 1.47 % | 1.99 % | 3.46 % |
9/30/2023 | $35,938 | $437.90 | $399.35 | $144.18 | $185.62 | 1.61 % | 2.19 % | 3.81 % |
6/30/2023 | $37,162 | $457.93 | $405.66 | $143.20 | $174.92 | 1.55 % | 2.19 % | 3.74 % |
3/31/2023 | $34,342 | $439.08 | $404.57 | $146.76 | $215.53 | 1.67 % | 2.50 % | 4.17 % |
12/31/2022 | $32,133 | $421.55 | $331.50 | $146.07 | $211.19 | 1.76 % | 2.87 % | 4.63 % |
9/30/2022 | $30,119 | $422.94 | $373.04 | $140.34 | $210.84 | 1.83 % | 3.26 % | 5.09 % |
6/30/2022 | $31,903 | $395.02 | $360.21 | $140.56 | $219.64 | 1.70 % | 3.15 % | 4.85 % |
S&P Dow Jones Indices | |||
S&P 500 proforma net buyback tax impact | |||
TAX | TAX % OF | TAX % OF | |
$ BILLIONS | OPERATING | AS REPORTED | |
6/30/2025 | $2.13 | 0.39 % | 0.42 % |
3/31/2025 | $2.43 | 0.50 % | 0.53 % |
2024 | $8.41 | 0.44 % | 0.50 % |
12/31/2024 | $1.93 | 0.37 % | 0.39 % |
9/30/2024 | $2.11 | 0.42 % | 0.48 % |
6/30/2024 | $2.20 | 0.45 % | 0.49 % |
3/31/2024 | $2.18 | 0.47 % | 0.54 % |
2023 | $7.24 | 0.40 % | 0.45 % |
2022 proforma | $8.47 | 0.51 % | 0.58 % |
2021 proforma | $7.93 | 0.45 % | 0.47 % |
S&P Dow Jones Indices | |||||||
S&P 500 SECTOR BUYBACKS | |||||||
SECTOR $ MILLIONS | Q2,'25 | Q1,'25 | Q2'24 | 12MoJun,'25 | 12MoJun,'24 | 5-YEARS | 10-YEARS |
Consumer Discretionary | $14,188 | $18,200 | $18,156 | $74,855 | $81,741 | $372,592 | $789,736 |
Consumer Staples | $6,626 | $11,385 | $10,466 | $41,054 | $36,519 | $173,086 | $373,939 |
Energy | $12,668 | $16,508 | $16,669 | $64,966 | $63,119 | $229,906 | $311,156 |
Financials | $51,720 | $59,419 | $45,286 | $197,326 | $147,094 | $718,418 | $1,394,649 |
Healthcare | $15,850 | $26,129 | $18,825 | $85,287 | $72,495 | $390,847 | $806,203 |
Industrials | $21,332 | $29,005 | $16,829 | $86,922 | $75,081 | $324,358 | $673,840 |
Information Technology | $67,131 | $80,164 | $68,356 | $275,017 | $230,483 | $1,196,142 | $2,112,310 |
Materials | $4,610 | $5,378 | $5,192 | $19,173 | $18,674 | $95,297 | $155,325 |
Real Estate | $808 | $952 | $728 | $2,624 | $2,444 | $11,363 | $23,285 |
Communication Services | $38,708 | $45,515 | $34,478 | $147,124 | $146,339 | $629,915 | $710,396 |
Utilities | $929 | $798 | $940 | $3,472 | $3,467 | $14,677 | $23,437 |
TOTAL | $234,570 | $293,451 | $235,926 | $997,821 | $877,456 | $4,302,510 | $7,477,283 |
SECTOR BUYBACK MAKEUP % | Q2,'25 | Q1,'25 | Q2'24 | 12MoJun,'25 | 12MoJun,'24 | 5-YEARS | 10-YEARS |
Consumer Discretionary | 6.05 % | 6.20 % | 7.70 % | 7.50 % | 9.32 % | 8.66 % | 10.56 % |
Consumer Staples | 2.82 % | 3.88 % | 4.44 % | 4.11 % | 4.16 % | 4.02 % | 5.00 % |
Energy | 5.40 % | 5.63 % | 7.07 % | 6.51 % | 7.19 % | 5.34 % | 4.16 % |
Financials | 22.05 % | 20.25 % | 19.20 % | 19.78 % | 16.76 % | 16.70 % | 18.65 % |
Healthcare | 6.76 % | 8.90 % | 7.98 % | 8.55 % | 8.26 % | 9.08 % | 10.78 % |
Industrials | 9.09 % | 9.88 % | 7.13 % | 8.71 % | 8.56 % | 7.54 % | 9.01 % |
Information Technology | 28.62 % | 27.32 % | 28.97 % | 27.56 % | 26.27 % | 27.80 % | 28.25 % |
Materials | 1.97 % | 1.83 % | 2.20 % | 1.92 % | 2.13 % | 2.21 % | 2.08 % |
Real Estate | 0.34 % | 0.32 % | 0.31 % | 0.26 % | 0.28 % | 0.26 % | 0.31 % |
Communication Services | 16.50 % | 15.51 % | 14.61 % | 14.74 % | 16.68 % | 14.64 % | 9.50 % |
Utilities | 0.40 % | 0.27 % | 0.40 % | 0.35 % | 0.40 % | 0.34 % | 0.31 % |
TOTAL | 100.00 % | 100.00 % | 100.00 % | 100.00 % | 100.00 % | 96.61 % | 98.62 % |
S&P Dow Jones Indices | ||||||||||
S&P 500 20 LARGEST Q2 2025 BUYBACKS, $ MILLIONS | ||||||||||
Company | Ticker | Sector | Q2 2025 | Q1 2024 | Q2 2024 | 12-Months | 12-Months | 5-Year | 10-Year | Indicated |
Buybacks | Buybacks | Buybacks | Jun,'25 | Jun,'24 | Buybacks | Buybacks | Dividend | |||
$ Million | $ Million | $ Million | $ Million | $ Million | $ Million | $ Million | $ Million | |||
Apple | AAPL | Information Technology | $23,589 | $26,182 | $28,810 | $101,659 | $96,344 | $465,408 | $748,278 | $15,533 |
Meta Platforms | META | Communication Services | $14,277 | $17,637 | $9,507 | $48,132 | $41,499 | $189,972 | $221,888 | $4,559 |
Alphabet | GOOGL | Communication Services | $13,638 | $15,068 | $15,684 | $59,548 | $63,358 | $277,803 | $330,941 | $4,889 |
NVIDIA | NVDA | Information Technology | $11,568 | $15,627 | $8,795 | $49,544 | $26,357 | $94,089 | $100,240 | $976 |
JPMorgan | JPM | Financials | $7,506 | $7,528 | $5,336 | $25,696 | $12,825 | $65,258 | $142,718 | $15,563 |
Bank of America | BAC | Financials | $5,302 | $4,521 | $3,535 | $16,892 | $7,846 | $58,079 | $132,490 | $7,339 |
Exxon Mobil | XOM | Energy | $4,964 | $4,804 | $5,326 | $21,060 | $17,405 | $62,555 | $67,060 | $17,068 |
Visa | V | Financials | $4,794 | $4,603 | $4,535 | $19,510 | $14,810 | $64,868 | $101,821 | $4,038 |
Microsoft | MSFT | Information Technology | $4,546 | $4,781 | $4,210 | $18,420 | $17,254 | $118,000 | $198,989 | $24,676 |
Adobe | ADBE | Information Technology | $3,612 | $3,409 | $2,635 | $12,341 | $7,179 | $35,434 | $46,351 | $0 |
Goldman Sachs | GS | Financials | $3,295 | $6,211 | $3,574 | $12,511 | $8,832 | $37,268 | $69,349 | $4,909 |
QUALCOMM | QCOM | Information Technology | $3,118 | $2,042 | $1,585 | $8,663 | $4,037 | $23,273 | $58,734 | $3,906 |
Wells Fargo | WFC | Financials | $3,016 | $3,500 | $6,012 | $13,951 | $15,843 | $58,834 | $131,384 | $5,858 |
Chevron | CVX | Energy | $2,733 | $3,699 | $2,930 | $15,655 | $12,552 | $45,575 | $51,695 | $13,118 |
T-Mobile US | TMUS | Communication Services | $2,585 | $2,766 | $2,403 | $10,659 | $11,093 | $36,484 | $55,898 | $1,679 |
UnitedHealth Group | UNH | Health Care | $2,545 | $3,000 | $0 | $11,473 | $6,072 | $37,104 | $51,822 | $8,019 |
HCA Healthcare | HCA | Health Care | $2,505 | $2,506 | $1,367 | $8,506 | $4,597 | $30,079 | $39,340 | $499 |
Mastercard | MA | Financials | $2,291 | $2,826 | $2,643 | $11,525 | $8,553 | $43,481 | $65,770 | $2,466 |
Fiserv | FI | Financials | $2,290 | $2,352 | $1,556 | $7,249 | $5,454 | $21,021 | $27,624 | $0 |
Salesforce | CRM | Information Technology | $2,237 | $2,633 | $4,335 | $6,231 | $10,085 | $24,319 | $24,319 | $1,593 |
Top 20 | $120,411 | $135,695 | $114,778 | $479,225 | $391,995 | $1,788,904 | $2,666,711 | $136,686 | ||
S&P 500 | $234,570 | $293,451 | $235,926 | $997,821 | $877,456 | $4,302,510 | $7,477,283 | $658,900 | ||
Top 20 % of S&P 500 | 51.33 % | 46.24 % | 48.65 % | 48.03 % | 44.67 % | 41.58 % | 35.66 % | 20.74 % | ||
Gross values are not adjusted for float | ||||||||||
S&P Dow Jones Indices | ||||
S&P 500 Q2 2025 Buyback Report | ||||
SECTOR | DIVIDEND | BUYBACK | COMBINED | |
YIELD | YIELD | YIELD | ||
Consumer Discretionary | 0.64 % | 1.29 % | 1.92 % | |
Consumer Staples | 2.51 % | 1.44 % | 3.96 % | |
Energy | 3.52 % | 4.07 % | 7.59 % | |
Financials | 1.43 % | 2.64 % | 4.08 % | |
HealthCare | 1.87 % | 1.71 % | 3.58 % | |
Industrials | 1.29 % | 1.90 % | 3.19 % | |
Information Technology | 0.55 % | 1.49 % | 2.04 % | |
Materials | 1.82 % | 1.85 % | 3.67 % | |
Real Estate | 3.40 % | 0.24 % | 3.64 % | |
Communications Services | 0.85 % | 3.19 % | 4.04 % | |
Utilities | 2.92 % | 0.28 % | 3.20 % | |
S&P 500 | 1.22 % | 1.86 % | 3.08 % | |
Uses full values (unadjusted for float) | ||||
Dividends based on indicated; buybacks based on the last 12-months ending Q2,'25 | ||||
Share Count Changes | ||
(Y/Y diluted shares used for EPS) | >=4% | <=-4% |
Q2 2025 | 6.63 % | 17.27 % |
Q1 2025 | 5.80 % | 13.80 % |
Q4 2024 | 6.63 % | 12.05 % |
Q3 2024 | 5.01 % | 13.63 % |
Q2 2024 | 5.04 % | 12.70 % |
Q1 2024 | 4.62 % | 13.25 % |
Q4 2023 | 3.81 % | 12.63 % |
Q3 2023 | 4.60 % | 13.80 % |
Q2 2023 | 4.22 % | 16.27 % |
Q1 2023 | 4.02 % | 18.47 % |
Q4 2022 | 5.01 % | 19.44 % |
Q3 2022 | 7.21 % | 21.24 % |
Q2 2022 | 8.42 % | 19.84 % |
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P Dow Jones Indices has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.
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S&P Dow Jones Indices Media Contact:
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(+1) 773 919 4732
[email protected]
S&P Dow Jones Indices:
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Senior Index Analyst
(+1) 973 769 2306
[email protected]
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