U.S. companies have announced $983.6 billion in stock buybacks through August 2025, marking the fastest start to the year on record according to Birinyi Associates data dating back to 1982. The total buybacks for 2025 are projected to exceed $1.1 trillion, setting a new all-time high. July alone saw $165.6 billion in buybacks, an 88% increase compared to the previous peak in 2007. Major corporations leading these repurchases include Apple, which is expected to buy back $100 billion in shares, along with Google, JPMorgan, Bank of America, and Morgan Stanley. These buybacks have supported the S&P 500 during recent market volatility, contributing to fresh record highs. However, there has also been a notable increase in insider selling by company executives, reaching levels not seen since 2018. The buybacks not only boost earnings per share but also facilitate capital returns to both shareholders and selling executives. Historically, periods of aggressive corporate buybacks have correlated with significantly higher S&P 500 returns.
S&P 500 Corporate buybacks supported the market during the depths of the Liberation Day selloff. Coming into August, a-seasonal buying persisted, but is now reverting to a seasonal trough. Going back to 2014, S&P returns 3X higher during periods of aggressive corp buying. https://t.co/uqPbOkk3IZ
米国では自社株買いが過去最高水準にある一方、経営陣の自社株売却も2018年以来の高水準に達している。自社株買いはEPS(1株当たり利益)を押し上げると同時に、経営陣のボーナス発動や売却を有利にするため、実態は「株主」だけでなく「売却する経営陣」への資本還元にもなっている。 https://t.co/2UEUaKKsnR
Following a four-day pullback, buyers regained control, propelling the S&P 500 to fresh record territory on Tuesday. Market breadth was equally impressive, as NYSE advancers outpaced decliners by a 4-to-1 margin in two of the last seven sessions. 🔗 Read @DeanChristians's Aug 13 https://t.co/46EgglDT4a