S&P 500 Q3 2025 Buybacks Post Modest 6.2% Gain to $249.0 Billion After Declining 20.1% Amidst Uncertainty in Q2; Q4 2025 Expenditures Expected to Post Similar Growth, As 2025 Anticipates a Record $1 Trillion

Rhea-AI Summary

SPGI (S&P 500 buybacks) reported Q3 2025 share repurchases of $249.0 billion, up 6.2% QoQ and 9.9% YoY. The 12-month period ending September 2025 reached a record $1.020 trillion (up 11.1% vs prior 12 months). Key sector gains: Health Care buybacks +32.2% and Financials +26.3% vs Q2 2025; Materials and Real Estate cut spending by 21.0% and 40.3% respectively. The 1% net buyback excise tax reduced Q3 operating earnings by 0.36% and As Reported earnings by 0.41%. Total shareholder returns (buybacks + dividends) were $417.1 billion for Q3 2025 and a 12-month record $1.685 trillion.

Positive

• Q3 buybacks of $249.0B (+6.2% QoQ)
• 12-month buybacks reached record $1.020T (+11.1%)
• Health Care buybacks +32.2% QoQ
• Financials buybacks +26.3% QoQ
• Total shareholder returns Q3 $417.1B (+4.3% QoQ)
• 12-month total shareholder returns record $1.685T (+9.8%)

Negative

• Q3 buybacks down 15.1% from Q1 2025 record
• Company participation fell to 66.6% (from 67.6% QoQ)
• Top-20 concentration at 49.5%, above historical 47.8%
• Real Estate buybacks down 40.3% QoQ
• Materials buybacks down 21.0% QoQ

Key Figures

Q3 2025 S&P 500 buybacks $249.0B Up 6.2% from Q2 2025 and 9.9% from Q3 2024

12-mo buybacks $1.020T 12 months to Sep 2025, up from $918.4B prior period

Total shareholder returns $417.1B Q3 2025 buybacks plus dividends, up 4.3% QoQ

Dividend payments $168.1B S&P 500 Q3 2025 dividends, up 1.8% QoQ and 7.0% YoY

Buyback tax impact 0.36% / 0.41% Q3 2025 reduction to operating vs As Reported GAAP earnings

Info Tech buybacks $70.6B Q3 2025, 28.4% of all S&P 500 buybacks

Apple Q3 2025 buybacks $20.4B Largest single-issue S&P 500 repurchaser in the quarter

SPGI 2025 YTD buybacks $2,501M Share repurchases over first nine months of 2025

Market Reality Check

$541.56 Last Close

Volume Volume 2,038,295 is 1.29x the 20-day average of 1,582,375 shares. normal

Technical Price 510.59 is trading slightly above the 200-day MA at 508.21.

Peers on Argus

SPGI gained 2.15% pre-news, while core peers like MCO (+1.5%) and MSCI (+1.78%) also traded higher, suggesting a generally supportive backdrop for financial data and exchange names rather than a distinct, synchronized sector surge.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 16	Auto data report	Neutral	+0.1%	CARFAX highlighted 14% rise in suspected odometer rollbacks and related risks.
Dec 16	Board appointment	Neutral	+0.1%	Hubert Joly added to Board, joining Audit and Compensation committees.
Dec 16	Mobility CFO named	Neutral	+0.1%	Mobility CFO named ahead of planned spin within 12–18 months.
Dec 15	Conference announcement	Neutral	-0.3%	TPM26 event announced, focusing on tariffs and supply-chain resilience.
Dec 11	Industry awards	Neutral	+0.7%	Platts Global Energy Awards recognized multiple energy companies globally.

Pattern Detected

Recent SPGI news items have produced relatively modest single-day price reactions, with no clear pattern of strong rallies or selloffs around routine operational or informational disclosures.

Recent Company History

Over the last week, SPGI’s headlines focused on governance updates, segment leadership, and industry positioning. Board additions and mobility-separation preparations (CFO appointment and spin timeline of 12–18 months) point to ongoing portfolio reshaping. Market-facing events like the TPM26 conference and Platts Global Energy Awards reinforce the franchise’s role as a data and benchmarks provider. The current S&P 500 buyback report continues this pattern of index-level analytics that underpin SPGI’s index and data businesses, complementing its earlier Q2 2025 buyback update.

Market Pulse Summary

This announcement details S&P 500 capital-return trends, with Q3 2025 buybacks at $249.0B and 12‑month repurchases reaching a record $1.020T. Dividends also set a record $664.9B over 12 months, underscoring the index’s aggregate cash-return capacity. For SPGI, these statistics showcase the depth and activity of the benchmark it licenses. Investors may watch future buyback tax impacts, sector shifts in repurchases, and subsequent quarterly updates for signs of sustained strength or moderation.

Key Terms

share repurchases financial

"S&P DJI today announced the preliminary S&P 500 stock buybacks or share repurchases data"

Share repurchases occur when a company buys back its own shares from the open market. This process reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's future. For investors, share repurchases can be a sign that the company believes its stock is undervalued and may lead to higher share prices.

operating earnings financial

"The 1% tax on net buybacks reduced the Q3 2025 S&P 500 operating earnings by 0.36%"

Operating earnings are the profit a company generates from its core business activities after subtracting everyday costs like wages, rent, and materials but before interest, taxes and one‑time gains or losses. Think of it as the result of running the business day to day—like a household’s monthly budget outcome before mortgage interest or a sudden unexpected bill—and investors use it to judge how healthy and repeatable a company’s core profit is.

as reported gaap financial

"reduced As Reported GAAP earnings by 0.41%, down from the prior 0.42%"

As reported GAAP means a company is presenting its financial results using Generally Accepted Accounting Principles, the standardized rules for recording revenue, expenses and other items. For investors this matters because GAAP figures show the full, rule-based picture of performance—including one-time charges or gains—so you can compare companies like checking scores kept by the same referee, rather than cherry-picked or adjusted numbers.

excise tax regulatory

"The 1% excise tax on net buybacks reduced Q3 2025 operating earnings by 0.36%"

An excise tax is a government charge levied on specific goods or activities—often applied per unit or as a percentage of price for items like fuel, tobacco, alcohol, or certain services—similar to a per-item toll added at the point of sale. It matters to investors because excise taxes raise costs for producers and consumers, can shrink profit margins or reduce demand, and therefore may affect a company’s revenues, pricing strategy and valuation.

gics sector technical

"Q3 2025 GICS® Sector Analysis: Information Technology maintained its lead in buybacks"

GICS sector is one of the major industry groupings from the Global Industry Classification Standard, a system that sorts companies into consistent categories (like Technology or Health Care) based on the primary business they do. Investors use these sectors like folders in a filing cabinet to compare companies, build diversified portfolios, and track how whole parts of the market are performing rather than focusing on single stocks.

buyback yield financial

"DIVIDEND & BUYBACK BUYBACK YIELD"

Buyback yield measures how much of a company’s stock value is being repurchased by the company each year, expressed as a percentage of the total value of its outstanding shares. It matters to investors because buybacks reduce the number of shares left for everyone else—like a baker removing slices from a pie so each remaining slice becomes a larger piece—and can boost earnings per share and support the share price, though the benefit depends on how and why the company buys shares back.

AI-generated analysis. Not financial advice.

• S&P 500 Q3 2025 buybacks were $249.0 billion, as the expenditure increased 6.2% from Q2's $234.6 billion and down 15.1% from the record Q1 2025 $293.5 billion, and was up 9.9% from Q3 2024's $226.6 billion
• The 12-month September 2025 expenditure was a record $1.020 trillion and was up 11.1% from the 12-month September 2024 expenditure of $918.4 billion 
• Health Care and Financials significantly increased their spending, up 32.2% and 26.3% respectively over Q2 2025, as Materials and Real Estate reduced spending by 21.0% and 40.3%, respectively
• The net buyback 1% tax reduced Q3 2025 operating earnings, which are set to post a quarterly earnings record by 0.36% and As Reported GAAP by 0.41%, as the 12-month cost was 0.40% and 0.44%, respectively

NEW YORK, Dec. 18, 2025 /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI) today announced the preliminary S&P 500^® stock buybacks or share repurchases data for Q3 2025.

Historical data on S&P 500 buybacks is available at https://www.spglobal.com/spdji/en/indices/equity/sp-500/#overview. 

Key Highlights:

• Q3 2025 share repurchases were $249.0 billion, up 6.2% from Q2 2025's $234.6 billion and up 9.9% from Q3 2024's $226.6 billion.
• For the 12-month September 2025 period buybacks surpassed $1 trillion for the second time, the first was for the 12-months ending in June 2022 with $1.005 trillion, as this period saw a record $1.020 trillion, up from $918.4 billion from the prior 12-month period.
• 333 companies reported buybacks of at least $5 million for the quarter, down from 338 in Q2 2025 and up from 332 in Q3 2024; 387 companies did some buybacks for the quarter, up from 386 in Q2 2025 and up from 381 in Q3 2024; 436 companies did some buybacks in the 12-month September 2025 period, up from 425 in the prior period.
• Buybacks remained top heavy as concentration decreased, with the top 20 S&P 500 companies accounting for 49.5% of Q3 2025 buybacks, down from Q2 2025's 51.3%, and above the historical average of 47.8% and above the pre-COVID (Q4 2019) historical average of 44.5%.
• 17.1% of companies reduced share counts used for earnings per share (EPS) by at least 4% year-over-year, down from Q2 2025's 17.3% and up from Q3 2024's 13.6%; for Q3 2025 156 issues increased their shares used for EPS compared to Q2 2025 and 279 reduced them, as 160 increased them compared to Q3 2024 and 312 reduced them.
• S&P 500 Q3 2025 dividends increased 1.8%, to $168.1 billion from Q2 2025's $165.2 billion and were 7.0% greater than the $157.0 billion in Q3 2024.
• For the 12-month September 2025 period, dividends set a record $664.9 billion payment, up 7.9% on an aggregate basis from the prior 12-month's $616.2 billion.
• Total shareholders return of buybacks and dividends increased to $417.1 billion in Q3 2025, up 4.3% from Q2 2025's $399.7 billion and up 8.7% from Q3 2024's $383.6 billion.
• Total shareholder returns for the 12-month September 2025 period increased 9.8% to a record $1.685 trillion from the 12-month September 2024's $1.535 trillion.
• The 1% tax on net buybacks, which started in 2023, reduced the Q3 2025 S&P 500 operating earnings by 0.36%, down from Q2 2025's 0.39%, as it reduced As Reported GAAP earnings by 0.41%, down from the prior 0.42%. For the 12-months ending in September 2025, the 1% tax on net buybacks reduced earnings by 0.40% for operating and 0.44% for As Reported.

"Companies dipped their cash back in the buyback market for Q3 after withdrawing in the second quarter over uncertainty, tariffs and economic policy and following the record Q1 2025 level. The increase expenditure of 6.2% after a 20.1% decrease shows the continuing cautious approach corporations have to cash outlays. Participation in buybacks ticked down to 66.6% from the Q2 67.6% rate and still pales the Q1 2025 76.8% participation rate. Buyback concentration from the top 20 issues decreased to 49.5% from the prior 51.3%, remaining higher than the historical 47.8% rate. Of note were the top four: Apple, NVIDIA, Alphabet and Meta Platforms, which accounted for over 22% ($55.2 billion) of the S&P 500's Q3 2025 total buybacks.

Continued buybacks resulted in share-count-reduction, which has also fueled higher issue level earnings-per-share, as 17.1% of the issues posted at least a 4% reduction in their year-over-year share count, 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 fourth quarter, policy direction has started to clear up, but remains volatile, resulting in corporate uncertainty continuing, and limiting discretionary buyback expenditures. Buybacks for the fourth quarter appear to have continued to trend up at a slow pace while remaining shy of their Q1 2025 record level.

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 near double-digit gain for buybacks and a mid-single-digit gain for dividends. The initial 2026 outlook for buybacks shows companies planning to increase their expenditure, with their expected cash-flow supporting their plans. Dividends are expected to post another record payment for the year, with the question being by how much," said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices.

1% Buyback Excise Tax:

The 1% excise tax on net buybacks reduced Q3 2025 operating earnings by 0.36%, down from Q2 2025's 0.39% and down from the 0.42% for Q3 2024. The 12-month impact was 0.40%, down from the 12-month September 2024's 0.45%, as the tax on As Reported GAAP earnings impact decreased to 0.41% from Q2 2025's 0.42% and to 0.43% from 0.50% 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 Continuing Resolution bill expires on January 30, 2026. Given the current corporate sensitivity to costs, a buyback tax rate of 2% 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."

Q3 2025 GICS® Sector Analysis:

Information Technology maintained its lead in buybacks as its expenditure's increased 5.2%, representing 28.4% of all buybacks for the quarter. Q3 2025 expenditures increased to $70.6 billion, compared to Q2 2025's $67.1 billion (and $80.2 billion in Q1 2025), and were up 10.3% from Q3 2024's $64.0 billion expenditure. For the 12-months ending September 2025, the sector increased its expenditure by 14.5% to $281.6 billion, representing 27.6% of all S&P 500 buybacks, compared to the prior 12-month period's $245.9 billion which represented 26.8% of all buybacks.

Financials increased buybacks by 26.3% for Q3 2025 as it collectively spent $65.3 billion on buybacks, which accounted for 26.2% of all S&P 500 buybacks. This was up for the quarter compared to Q2 2025's expenditure of $51.7 billion, and up 48.2% from Q3 2024's $44.1 billion. For the 12-months ending September 2025, Financials spent $218.6 billion, up from the prior period's $161.8 billion.

Health Care increased their buyback expenditures in Q3 2025, by 32.2%, the largest of any sector, as it spent $21.0 billion, up from the Q2 2025 $15.8 billion, as it represented 8.4% of the buybacks, as the 12-month September 2025 expenditure was $89.3 billion, up 20.2% from the prior 12-month's $74.4 billion.

Materials decreased its Q3 2025 expenditure by 21.0%, spending $3.6 billion, compared to the Q2 2025 expenditure of $4.6 billion, and was down 18.3% from Q3 2024's $4.5 billion expenditure. For the 12-months ending September 2025, the sector spent $18.4 billion, down from the prior 12-month period's $17.8 billion.

Issues:

The five issues with the highest total buybacks for Q3 2025 were:

• Apple (AAPL): continued to dominate the issue level buybacks as it again spent the most of any issue with its Q3 2025 expenditure, but the expenditure did not place in the top 20 historical buybacks, in which Apple holds 19 of the 20 top positions (Meta Platforms holds #19). For the quarter, the company spent $20.4 billion, down from Q2 2025's $23.6 billion. For the 12-month period ending September 2025, Apple spent $96.7 billion on buybacks, down from the prior 12-month's $100.4 billion. Over the five-year period, Apple has spent $468 billion, and $755 billion over the ten-year period.
• NVIDIA (NVDA): $14.9 billion for Q3 2025, up from $11.6 billion in Q2 2025. The 12-month September 2025 expenditure was $51.8 billion versus the prior 12-month's $34.5 billion.
• Alphabet (GOOG/GOOGL): $11.5 billion for Q3 2025, down from $13.6 billion in Q2 2025. The 12-month September 2025 expenditure was $55.8 billion versus $62.9 billion in the prior period.
• Meta Platforms (META): $8.5 billion for Q3 2025, down from $14.3 billion in Q2 2025. The 12-month September 2025 expenditure was $44.2 billion versus $48.2 billion in the prior period.
• JP Morgan (JPM): $8.3 billion for Q3 2025, up from $7.5 billion in Q2 2025. The 12-month September 2025 expenditure was $27.6 billion versus $16.8 billion in the prior period.

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 Sep,'25 Prelim.	$57,047	$2,164.58	$1,994.76	$664.90	$1,020.27	1.17 %	1.79 %	2.95 %
12 Mo Sep,'24	$48,701	$1,900.66	$1,637.95	$616.16	$918.40	1.27 %	1.89 %	3.15 %
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 %
9/30/2025 Estimate	$57,047	$617.34	$550.73	$168.08	$249.00	1.17 %	1.79 %	2.95 %
6/30/2025	$52,501	$541.59	$498.87	$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 %

 

S&P Dow Jones Indices
S&P 500 proforma net buyback tax impact
	TAX	TAX % OF	TAX % OF
	$ BILLIONS	OPERATING	AS REPORTED
Q3 2025	$2.25	0.36 %	0.41 %
Q2 2025	$2.13	0.39 %	0.42 %
Q1 2025	$2.43	0.50 %	0.53 %
Q4 2024	$1.93	0.37 %	0.39 %
Q3 2024	$2.11	0.42 %	0.48 %
Q2 2024	$2.20	0.45 %	0.49 %
2023	$7.47	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	Q3,'25	Q2,'25	Q3'24	12MoSep,'25	12MoSep,'24	5-YEARS	10-YEARS
Consumer Discretionary	$14,279	$14,188	$20,605	$68,529	$83,536	$396,494	$768,342
Consumer Staples	$6,964	$6,626	$7,734	$40,284	$39,240	$180,932	$369,907
Energy	$12,744	$12,668	$18,313	$59,396	$65,200	$255,192	$329,442
Financials	$65,305	$51,720	$44,054	$218,578	$161,844	$814,996	$1,464,662
Healthcare	$20,958	$15,850	$16,906	$89,339	$74,441	$409,399	$810,044
Industrials	$20,535	$21,332	$15,852	$91,605	$76,647	$360,967	$675,545
Information Technology	$70,601	$67,131	$63,981	$281,637	$245,911	$1,247,248	$2,170,208
Materials	$3,639	$4,610	$4,454	$18,359	$17,849	$102,577	$158,783
Real Estate	$585	$808	$204	$3,005	$1,795	$12,147	$24,678
Communication Services	$32,839	$38,708	$33,818	$146,145	$148,137	$656,597	$781,452
Utilities	$555	$929	$636	$3,391	$3,797	$13,179	$22,640
TOTAL	$249,004	$234,570	$226,557	$1,020,268	$918,398	$4,449,728	$7,575,704
SECTOR BUYBACK MAKEUP %	Q3,'25	Q2,'25	Q3'24	12MoSep,'25	12MoSep,'24	5-YEARS	10-YEARS
Consumer Discretionary	5.73 %	6.05 %	9.09 %	6.72 %	9.10 %	8.91 %	10.14 %
Consumer Staples	2.80 %	2.82 %	3.41 %	3.95 %	4.27 %	4.07 %	4.88 %
Energy	5.12 %	5.40 %	8.08 %	5.82 %	7.10 %	5.74 %	4.35 %
Financials	26.23 %	22.05 %	19.44 %	21.42 %	17.62 %	18.32 %	19.33 %
Healthcare	8.42 %	6.76 %	7.46 %	8.76 %	8.11 %	9.20 %	10.69 %
Industrials	8.25 %	9.09 %	7.00 %	8.98 %	8.35 %	8.11 %	8.92 %
Information Technology	28.35 %	28.62 %	28.24 %	27.60 %	26.78 %	28.03 %	28.65 %
Materials	1.46 %	1.97 %	1.97 %	1.80 %	1.94 %	2.31 %	2.10 %
Real Estate	0.23 %	0.34 %	0.09 %	0.29 %	0.20 %	0.27 %	0.33 %
Communication Services	13.19 %	16.50 %	14.93 %	14.32 %	16.13 %	14.76 %	10.32 %
Utilities	0.22 %	0.40 %	0.28 %	0.33 %	0.41 %	0.30 %	0.30 %
TOTAL	100.00 %	100.00 %	100.00 %	100.00 %	100.00 %	100.00 %	100.00 %

 

S&P Dow Jones Indices
S&P 500 20 LARGEST Q3 2025 BUYBACKS, $ MILLIONS
Company	Ticker	Sector	Q3 2025	Q2 2025	Q3 2025	12-Months	12-Months	5-Year	10-Year	Indicated
			Buybacks	Buybacks	Buybacks	Sep,'25	Sep,'25	Buybacks	Buybacks	Dividend
			$ Million	$ Million	$ Million	$ Million	$ Million	$ Million	$ Million	$ Million
Apple	AAPL	Information Technology	$20,373	$23,589	$25,361	$96,671	$100,390	$468,194	$755,231	$15,434
NVIDIA	NVDA	Information Technology	$14,885	$11,568	$12,676	$51,753	$34,463	$108,676	$115,125	$976
Alphabet	GOOGL	Communication Services	$11,504	$13,638	$15,291	$55,761	$62,862	$281,410	$342,445	$4,886
Meta Platforms	META	Communication Services	$8,462	$14,277	$12,361	$44,233	$48,203	$195,709	$230,350	$4,555
JPMorgan	JPM	Financials	$8,293	$7,506	$6,361	$27,628	$16,804	$73,551	$149,763	$16,499
Wells Fargo	WFC	Financials	$6,000	$3,016	$3,435	$16,516	$17,798	$64,825	$135,247	$5,766
Microsoft	MSFT	Information Technology	$5,650	$4,546	$4,107	$19,963	$16,530	$116,907	$199,882	$27,057
Bank of America	BAC	Financials	$5,300	$5,302	$3,534	$18,658	$10,380	$63,265	$136,990	$7,632
Exxon Mobil	XOM	Energy	$5,126	$4,964	$5,512	$20,674	$18,505	$67,681	$71,685	$17,565
Johnson Controls Internat'l	JCI	Industrials	$5,097	$312	$377	$6,100	$1,279	$10,858	$20,531	$1,047
Citigroup	C	Financials	$5,005	$2,015	$987	$10,499	$1,954	$25,741	$78,463	$4,418
Visa	V	Financials	$4,954	$4,794	$5,867	$18,597	$16,921	$68,278	$106,772	$4,552
Salesforce	CRM	Information Technology	$3,928	$2,237	$1,285	$8,874	$9,445	$28,247	$28,247	$1,587
Mastercard	MA	Financials	$3,335	$2,291	$2,935	$11,925	$9,580	$44,752	$68,175	$2,873
Charles Schwab	SCHW	Financials	$2,748	$333	$0	$4,581	$0	$10,818	$14,038	$1,843
QUALCOMM	QCOM	Information Technology	$2,681	$3,118	$1,438	$9,906	$5,053	$25,936	$59,185	$3,840
T-Mobile US	TMUS	Communication Services	$2,571	$2,585	$596	$12,634	$8,998	$36,437	$58,467	$1,974
HCA Healthcare	HCA	Health Care	$2,498	$2,505	$1,795	$9,209	$5,252	$32,577	$41,392	$472
Chevron	CVX	Energy	$2,482	$2,733	$4,714	$13,423	$13,932	$48,057	$54,177	$13,164
American Express	AXP	Financials	$2,351	$1,356	$1,935	$5,946	$5,890	$25,742	$43,186	$1,780
Top 20			$123,243	$112,685	$110,567	$463,551	$404,239	$1,797,661	$2,709,351	$137,919
S&P 500			$249,004	$234,570	$226,557	$1,020,268	$918,398	$4,449,728	$7,575,704	$674,035
Top 20 % of S&P 500			49.49 %	48.04 %	48.80 %	45.43 %	44.02 %	40.40 %	35.76 %	20.46 %
Gross values are not adjusted for float

 

S&P Dow Jones Indices
S&P 500 Q3 2025 Buyback Report
SECTOR	DIVIDEND	BUYBACK	COMBINED
	YIELD	YIELD	YIELD
Consumer Discretionary	0.63 %	1.13 %	1.76 %
Consumer Staples	2.56 %	1.44 %	4.00 %
Energy	3.43 %	3.63 %	7.06 %
Financials	1.42 %	2.80 %	4.21 %
HealthCare	1.71 %	1.60 %	3.31 %
Industrials	1.25 %	1.92 %	3.18 %
Information Technology	0.53 %	1.41 %	1.94 %
Materials	1.84 %	1.84 %	3.69 %
Real Estate	3.44 %	0.28 %	3.72 %
Communications Services	0.87 %	3.16 %	4.03 %
Utilities	2.88 %	0.26 %	3.15 %
S&P 500	1.19 %	1.81 %	2.99 %
Uses full values (unadjusted for float)
Dividends based on indicated; buybacks based on the last 12-months ending Q3,'25

 

Share Count Changes
(Y/Y diluted shares used for EPS)	>=4%	<=-4%
Q3 2025	5.00 %	17.14 %
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 %

 

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howard.silverblatt@spglobal.com 

 

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SOURCE S&P Dow Jones Indices

FAQ

How much did S&P 500 buybacks (SPGI) total in Q3 2025?

Q3 2025 buybacks totaled $249.0 billion, up 6.2% from Q2 2025.

Did S&P 500 buybacks (SPGI) reach a record in 12 months ending Sep 2025?

Yes. 12-month buybacks reached a record $1.020 trillion, up 11.1% year-over-year.

Which S&P 500 sectors increased buybacks most in Q3 2025?

Health Care (+32.2% QoQ) and Financials (+26.3% QoQ) led increases.

How did the 1% net buyback tax affect S&P 500 earnings in Q3 2025?

The tax reduced operating earnings by 0.36% and As Reported earnings by 0.41% for Q3 2025.

How concentrated were Q3 2025 buybacks among the largest companies?

The top 20 companies accounted for 49.5% of Q3 2025 buybacks.

What was total shareholder return from buybacks and dividends for the 12 months ending Sep 2025?

Total shareholder returns were a record $1.685 trillion, up 9.8% year-over-year.