Ranked by total $ authorizedUpdated June 19, 2026Source SEC EDGAR (10b-18, 8-K, 10-Q)
US public companies returned more than $900 billion to shareholders through buybacks in 2024 alone — and the pace continued into 2025 and 2026. The largest authorizations don't just signal management's view of fair value; at scale, they become the single largest source of equity demand in the US market. Below: the 20 largest active multi-year buyback programs ranked by total dollars authorized, every entry sourced to SEC filings.
The Ranking
#
Ticker
Company
Authorized
% of Cap
Status
01
AAPL
Apple Inc.Tech / Hardware
$110.0B
7.4%
Active
02
GOOGL
Alphabet Inc.Tech / Internet
$70.0B
3.5%
Active
03
MSFT
Microsoft Corp.Tech / Software
$60.0B
1.8%
Active
04
META
Meta PlatformsTech / Internet
$50.0B
3.8%
Active
05
NVDA
NVIDIA Corp.Tech / Semis
$50.0B
1.6%
Active
06
BRK.B
Berkshire HathawayFinancials / Holding
Open-ended
—
Active
07
JPM
JPMorgan ChaseFinancials / Banks
$30.0B
5.0%
Active
08
XOM
Exxon MobilEnergy / Integrated
$20.0B/yr
—
Active
09
CVX
Chevron Corp.Energy / Integrated
$10–20B/yr
—
Active
10
GS
Goldman SachsFinancials / IB
SCB-sized
—
Active
11
BAC
Bank of AmericaFinancials / Banks
$25.0B
—
Active
12
WFC
Wells FargoFinancials / Banks
$30.0B
—
Active
13
V
Visa Inc.Financials / Payments
$25.0B
—
Active
14
MA
Mastercard Inc.Financials / Payments
$11.0B
—
Active
15
ORCL
Oracle Corp.Tech / Software
Multi-billion
—
Active
16
CSCO
Cisco SystemsTech / Networking
$15.0B
—
Active
17
UNH
UnitedHealth GroupHealthcare / Insurance
$10B/yr
—
Active
18
MPC
Marathon PetroleumEnergy / Refining
$5–10B/yr
—
Active
19
TMUS
T-Mobile USTelecom / Wireless
$19.0B
—
Active
20
C
Citigroup Inc.Financials / Banks
$20.0B
—
Active
Methodology
This list ranks total dollars authorized under active multi-year repurchase programs, not dollars already deployed. Many of the top programs were authorized in 2023–2025 and are still being executed in 2026 at quarterly run-rates disclosed in 10-Q filings. We exclude completed programs, programs nearing expiration, and one-time accelerated share repurchase (ASR) transactions unless they're material to the headline figure.
Each entry below cites the originating filing. Refer to a company's 10-Q for current quarter execution pace and remaining capacity. Authorization size is a board-approved ceiling — actual repurchase activity may vary based on market conditions, leverage, and capital allocation priorities.
Apple's $110 billion authorization in May 2024 set a new US record for a single-quarter board approval, surpassing its own prior $90B program. The program is open-ended — no fixed expiration — and runs alongside Apple's quarterly dividend. Apple has historically been the largest single repurchaser of its own stock, returning more than $700 billion to shareholders since 2012. The size relative to free cash flow makes Apple's program structurally different from most others: it's a deliberate net-debt-zero capital allocation policy, not an opportunistic value play.
Alphabet announced its first-ever dividend alongside a $70 billion buyback authorization in April 2024 — a coordinated capital-return shift that effectively codified Alphabet as a mature dividend-and-buyback compounder rather than a pure growth name. The program covers both Class A (GOOGL) and Class C (GOOG) shares. Alphabet has typically executed buybacks at $15–20 billion per quarter, suggesting the 2024 authorization will deploy across roughly two years.
Microsoft's September 2024 $60 billion authorization extended a program that has been running continuously since 2003. Unlike Apple, Microsoft's repurchases are typically more measured — closer to $20 billion per year — given the company's larger capex commitments to AI infrastructure. Even so, the program represents one of the most consistent capital-return engines in the S&P 500.
Meta's $50 billion authorization in February 2024 accompanied the company's first-ever dividend, mirroring Alphabet's shift to a hybrid return policy. The program sits on top of Meta's existing repurchase capacity, bringing total available authorization above $80 billion at the time of approval. Meta has been one of the most aggressive repurchasers since 2022, deploying capital opportunistically after sharp drawdowns.
NVIDIA's $50 billion authorization in August 2024 reflects a balance-sheet position increasingly defined by AI-driven cash generation. The program is dwarfed by NVIDIA's market capitalization, meaning its mathematical impact on share count is modest — but it's a clear signal that management sees no near-term acquisition use for the cash, and prefers returning it to shareholders rather than letting it accumulate.
Berkshire has no dollar-capped authorization. Since the 2018 policy change, Warren Buffett and Greg Abel can repurchase shares whenever they believe the stock trades below intrinsic value. Quarterly repurchase activity is disclosed in each 10-Q. Berkshire's program is uniquely opportunistic — there have been multi-quarter pauses when management views the stock as fairly valued. The signal value of each quarterly disclosure is exceptionally high for value-oriented investors.
JPMorgan's $30 billion authorization followed the 2024 Federal Reserve stress test results, which gave the largest US bank ample excess capital under SCB (Stress Capital Buffer) rules. JPM and the other money-center banks typically announce buybacks immediately after stress-test results clear. Bank buyback pace is more variable than tech because regulatory capital ratios can change with each cycle.
Exxon has executed buybacks at roughly $20 billion per year through the recent commodity cycle, funded by strong upstream cash generation. The program is sized to be sustainable across mid-cycle oil prices — meaning it doesn't reset materially during pullbacks, which makes it one of the more reliable energy-sector return programs. Pioneer Natural Resources' acquisition added meaningful share count, but the program absorbed the dilution.
Chevron has guided to a $10–20 billion annual buyback range, flexed up or down based on oil prices and balance-sheet leverage. The wider band relative to Exxon reflects Chevron's different shareholder-return philosophy: lower base level, higher upside elasticity to commodity windfalls. Investors track quarterly execution versus the band to gauge management's read on the cycle.
Goldman's repurchase program is sized against its Stress Capital Buffer (SCB) requirement. The bank typically deploys $2–3 billion per quarter when capital ratios are comfortably above SCB minimums. Quarterly execution is the cleanest read on management's view of opportunity cost: aggressive when GS trades below tangible book multiples, conservative when ratios tighten.
Form 10b-18 — quarterly repurchase disclosures (inside 10-Q)
Form 8-K — material events including new buyback authorizations
Proxy statements — long-term capital allocation policy
Detailed write-ups for ranks 11–20 (BAC, WFC, V, MA, ORCL, CSCO, UNH, MPC, TMUS, C) are available in the full ranking table above. Subscribe for monthly updates when execution data lands.
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