The $1 Trillion Buyback Boom, Who’s Spending Most to Boost Their Stock?

In February 2025 alone, corporate America saw an explosion of stock buybacks. More than 160 companies announced fresh repurchase plans—more than double the previous month’s tally. But the real story isn’t just the sheer volume; it’s who is leading the charge.

Goldman Sachs projects that S&P 500 buybacks will hit a record-breaking $1 trillion in 2025, and it’s the tech behemoths—Apple, Alphabet, and Meta—that are setting the pace. For these giants, buybacks aren’t just a capital allocation decision; they’re a strategic weapon that signals confidence, boosts earnings per share, and helps maintain stock momentum.

But they’re not alone. Several other major players, including PayPal and Lyft, have also launched aggressive share repurchase programs. Below, we break down the companies expected to repurchase the most stock daily through the end of Q1 2025, ranked by program size, recent buyback activity, and management commentary.

Key Points

• Over 160 companies announced repurchase plans in February, with S&P 500 buybacks projected to reach $1 trillion, signaling confidence and stock price support.

• Tech Giants Lead the Charge

  • Apple: Buying back $350–$400M daily, aiming to shrink shares by 3–4%.
  • Alphabet: $70B in buybacks, potentially reducing shares by 4–5%.
  • Meta: $80B buyback plus its first-ever dividend, could retire 10% of shares.

• Repurchases are fueling EPS growth and stock momentum, with companies like PayPal and Lyft also using buybacks to boost investor confidence.

Apple Is The Buyback King

Apple has long been the gold standard of buyback programs, and 2025 is no exception. The company operates a multi-year, rolling share repurchase strategy, with annual authorizations hovering around $90 billion.

In Q1 FY2025 alone, Apple spent $23.6 billion on stock repurchases—one of the most aggressive buyback paces in corporate history. That translates to an estimated $350–$400 million in daily buybacks, a staggering figure that helps explain why Apple’s stock remains at all-time highs, even after crossing the $3 trillion market cap milestone.

At this pace, Apple is on track to shrink its share count by another 3–4% in 2025, just as it did last year. CEO Tim Cook and CFO Luca Maestri have consistently reinforced that Apple’s top priority is returning excess cash to shareholders, and this year’s buybacks are a clear signal of that commitment.

Alphabet Is Quietly Dominating the Buyback Game

Alphabet isn’t as vocal about its buyback strategy as Apple, but its numbers speak volumes. In April 2024, the company authorized an additional $70 billion in share repurchases, bringing its total buyback power to one of the largest in the market.

In 2024 alone, Alphabet spent a record $61.8 billion buying back stock, with an estimated $240–$260 million repurchased per day in Q4. Management has indicated that buybacks will remain a major part of its capital return strategy, particularly as Alphabet seeks to offset dilution from stock-based compensation while investing heavily in AI.

If Alphabet fully utilizes its new $70 billion authorization, 2025 repurchases could amount to 4–5% of outstanding shares—a significant reduction for a company of this size.

Meta Is Doubling Down on Buybacks and Dividends

Meta has transformed into one of the most shareholder-friendly companies in the tech sector. After announcing its first-ever dividend in early 2025, Meta also unveiled a $50 billion expansion of its stock buyback program, bringing its total authorization to $80 billion—a figure that represents over 10% of its market cap.

In 2024, Meta repurchased nearly $30 billion in stock, reducing its share count by roughly 4%. However, it paused buybacks in Q4, likely to conserve cash as the stock surged. With fresh authorization in place, Meta is expected to resume repurchases aggressively in Q1 and Q2 2025, particularly if the stock consolidates.

If Meta deploys a substantial portion of its $80 billion authorization over the next two years, it could retire 10% or more of its shares—one of the most significant reductions of any S&P 500 company.

The Bottom Line Is Buybacks Are Shaping the 2025 Market

Stock buybacks have emerged as one of the most powerful forces in the 2025 market landscape. With over $1 trillion in repurchases projected across the S&P 500 this year, investors need to pay close attention to which companies are buying back the most stock and at what pace.

Apple, Alphabet, and Meta continue to lead the charge, reinforcing their dominance and boosting EPS growth through massive share reductions. Meanwhile, PayPal and Lyft are using buybacks as a strategic lever to signal confidence and support their stock prices.

For investors, understanding who is buying back shares—and how aggressively— could provide a crucial edge in navigating the markets this year.