Apple has committed $851 billion to buying back its own stock over Tim Cook's tenure as chief executive, enough to have acquired any one of 486 companies in the S&P 500. The program has cut the share count by more than 40% and pushed diluted earnings per share up far faster than profits.
Over his years running Apple, Tim Cook has directed $851 billion toward buying back the company's own stock — a sum large enough to have bought any one of 486 companies in the S&P 500 outright. Cook made that commitment across the full course of his tenure as chief executive.
The alternative uses were almost limitless: acquisitions, infrastructure, debt repayment, or dividends. Judged against those rivals' market capitalizations, Apple's board apparently views repurchases as one of the best uses of its cash.
More than 14 years of buying itself
In 2012, Apple's board authorized a $10 billion repurchase program set to begin in fiscal 2013, after Cook became CEO. The pace has increased sharply since, with Apple spending $36 billion on buybacks in just the last two reported quarters. Apple also booked $71.7 billion in net income over the last six months.
Buybacks reshaped earnings per share
From fiscal 2012 to fiscal 2025, Apple's net income rose 169%. Buybacks over the same stretch cut the outstanding share count by more than 40%. As a result, diluted earnings per share jumped 373% across that 13-year period.
Despite largely staying out of the AI race, Apple stock is up 22% in 2026 as of July 16. Over the past decade the shares have climbed 1,250%.
John Ternus inherits the buyback playbook
In September, John Ternus replaces Cook as CEO. Investors should expect the buyback policy to remain intact under the new leadership.
Source: The Motley Fool
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