GM, TRV & ASML: 3 Industry Giants Boosting Buybacks in 2026

Some of the market's biggest names in automobiles, insurance and semiconductors just announced significant boosts to their buyback programs. These companies aim to continue lowering their share counts and build on their impressive 2025 performances in 2026.

After Spending Big in 2025, GM Authorizes $6 Billion Buyback Program

First up is U.S. auto giant General Motors (NYSE: GM). In 2025, General Motors shares delivered a very strong performance, with a total return of 54%. Supporting the company’s share price was its prolific use of buybacks. Overall, the company spent $6 billion on buybacks, lowering its outstanding share count by a whopping 18%.

GM just fortified its buyback chest again, announcing a $6 billion share repurchase authorization on Jan. 27. This is equal to approximately 7.7% of the firm’s $77 billion market capitalization.

It's unknown how much GM will actually spend on buybacks in 2025.

However, it's worth noting that the firm authorized $6 billion in buybacks during February last year, and spent the same amount.

Additionally, CFO Paul Jacobson did not shy away from buybacks during the company’s earnings conference.

Jacobson said the performance in shares "reinforces our conviction that repurchasing GM stock at current valuation levels, which are back to historical norms but remain well below our peers, represents one of the most compelling opportunities to continue to generate long-term shareholder value." In other words, he still sees significant value in GM shares.

Travelers’ Buyback Capacity Now Exceeds 11% of Its Market Cap

Property and casualty insurance leader Travelers Companies (NYSE: TRV) also delivered a strong performance in 2025. The stock provided a total return of 22% on the year, beating the S&P 500’s 18% gain. The company spent $3.1 billion on buybacks in 2025, helping lower its outstanding share count by around 4%.

On Jan. 21, Travelers added significant buyback firepower. The company announced the authorization of an additional $5 billion share repurchase program.

This adds to the $2.015 billion in buyback capacity that remains from previous authorizations. Combining the two, the firm’s total buyback capacity is equal to around 11.1% of its $62 billion market capitalization. This is a very significant figure, giving the company a strong ability to continue lowering its share count.

The company has already outlined that it will spend $1.8 billion on buybacks in Q1, up from prior expectations of $1.6 billion.

However, when asked, management declined to comment on buyback cadence through the rest of the year. Increasing buyback expectations provides some confidence going forward. Still, underlying growth has cooled: net premiums earned rose just 2.6% last quarter, the slowest since Q1 2021.

ASML Adds $14 Billion to Buyback Chest

Finally, wafer fabrication equipment (WFE) stalwart ASML (NASDAQ: ASML) is boosting its buybacks after a strong 2025, when shares delivered a total return of just under 56%. ASML also engaged in meaningful buyback spending during 2025, shelling out around $7 billion on repurchases and lowering its outstanding share count by approximately 1.7%.

The company exhausted its previous buyback program in December 2025 and authorized a new program on Jan. 28. Its new authorization comes in at 12 billion euros (approx. $14.2 billion).

This is equal to around 2.6% of the firm’s $540 billion market capitalization. The company also notes that it will buy back up to 2 million shares to cover employee share plans.

These purchases will not lower share count, but instead offset dilution. At current levels, repurchases set aside for this purpose account for around 20% of ASML’s buyback capacity.

This leaves the other 80% available to actually lower ASML’s outstanding share count. Although the company’s capacity is not huge, buybacks could still provide a meaningful tailwind going forward. Many expect solid growth for the WFE industry in 2026, supporting ASML’s outlook. However, the stock also trades at a forward price to earnings ratio of 40x, around 21% above its three-year average, making valuation a key figure to monitor.

GM: Big Buybacks and Upside Potential

Among this group, General Motors stands out for its robust use of buybacks and the conviction its management team appears to have in its outlook. The consensus price target on GM stands near $88, implying just 3% upside. However, targets updated after the company’s Jan. 27 earnings release are much more optimistic. They average $97, suggesting that shares could rise 13% after an already strong run.

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The article "GM, TRV & ASML: 3 Industry Giants Boosting Buybacks in 2026" first appeared on MarketBeat.