Buybacks at scale
S&P 500 companies have been repurchasing their own shares at a record pace. Buybacks () return cash to shareholders by shrinking the number of shares outstanding rather than paying a dividend. Below are the 10 S&P 500 companies that have spent the most on buybacks so far in 2026, ranked by the cash they have reported repurchasing this year to date.
Top 10 S&P 500 buyback programs (2026 year-to-date)
Salesforce, Inc. (CRM) leads. Spend drops off fast from there — the #10 spot, Caterpillar Inc. (CAT), has reported $5.03B in 2026 buybacks so far. These are running year-to-date totals: they add up only the quarters each company has reported with a period ending in 2026, so early in the year most show one or two quarters and the totals climb with every earnings season.
Top 10 S&P 500 Buyback Programs (2026)
Latest reported quarter ending May 29, 2026, filed Jun 15, 2026
| # | Company | Sector | Period Ended | Reported Date | ||
|---|---|---|---|---|---|---|
| 1 | $31.18B | 2 of 4 | Technology | |||
| 2 | $25.26B | 2 of 4 | Technology | |||
| 3 | $12.29B | 1 of 4 | Technology | |||
| 4 | $8.45B | 2 of 4 | Technology | |||
| 5 | $8.32B | 1 of 4 | Financial Services | |||
| 6 | $7.90B | 1 of 4 | Financial Services | |||
| 7 | $7.36B | 2 of 4 | Technology | |||
| 8 | $7.24B | 1 of 4 | Financial Services | |||
| 9 | $6.15B | 1 of 4 | Financial Services | |||
| 10 | $5.03B | 1 of 4 | Industrials |
- 1$31.18B
- 2$25.26B
- 3$12.29B
- 4$8.45B
- 5$8.32B
- 6$7.90B
- 7$7.36B
- 8$7.24B
- 9$6.15B
- 10$5.03B
Sector distribution
Technology accounts for the largest share of buyback spend among the top 10, at $84.54B. The largest buyback programs concentrate in a handful of sectors — reflecting where free cash flow is most abundant, not an even spread across the index.
2026 Buyback Spend by Sector (Top 10 Companies)
3 sectors represented among the top 10 companies
What is an accelerated share repurchase (ASR)?
An accelerated share repurchase (ASR) is an agreement where a company pays an investment bank upfront for a large block of its own shares. The bank delivers most of the shares to the company immediately — borrowing them from other investors — then buys shares in the open market over the following weeks or months to cover that loan. Compared to buying gradually on the open market, an lets a company retire a large chunk of shares in one transaction, right away.
How buybacks lift EPS
Buybacks affect mechanically: net income divided by a smaller share count produces a higher per-share number, even if profit itself does not grow. That is why a large buyback program can lift reported EPS growth above underlying net income growth. See how EPS is calculated for the full formula, or use the EPS calculator to see the effect of a falling share count on your own numbers.