- S&P 500 Q2 2025 buybacks were $234.6 billion, as the expenditure declined 20.1% from the record Q1 2025 $293.5 billion and was down 0.6% from Q2 2024’s $235.9 billion
• The 12-month June 2025 expenditure was $997.8 billion and was up 13.7% from the 12-month June 2024 expenditure of $877.5 billion
• Utilities was the only sector to increase spending, up 16.5% over Q1 2025, Health Care reduced spending by 39.3%, Information Technology by 16.3% and Communication Services by 15.0%
• The net buyback 1% tax reduced Q2 2025 operating earnings, which are set to post a quarterly earnings record, by 0.39% and As Reported GAAP by 0.42%, as the 12-month cost was 0.42% and 0.45%, respectively
NEW YORK, September 17, 2025: S&P Dow Jones Indices (S&P DJI) today announced the preliminary S&P 500® stock buybacks or share repurchases data for Q2 2025.
Historical data on S&P 500 buybacks is available at www.spdji.com/indices/equity/sp-500.
Key Highlights:
- Q2 2025 share repurchases were $234.6 billion, down 20.1% from Q1 2025’s record $293.5 billion expenditure, and down 0.6% from Q2 2024’s $235.9 billion.
- For the 12-month June 2025 period buybacks were $997.8 billion, up from $877.5 billion from the prior 12-month period; the 12-month peak was in June 2022 with $1.005 trillion.
- 338 companies reported buybacks of at least $5 million for the quarter, down from 384 in Q1 2025 and up from 324 in Q2 2024; 386 companies did some buybacks for the quarter, down from 402 in Q1 2025 and up from 373 in Q2 2024; 437 companies did some buybacks in the 12-month June 2025 period, up from 419 in the prior period.
- Buybacks remained top heavy as concentration increased, with the top 20 S&P 500 companies accounting for 51.3% of Q2 2025 buybacks, up from Q1 2025’s 48.4%, and above the historical average of 47.7% and above the pre-COVID (Q4 2019) historical average of 44.5%.
- 17.3% of companies reduced share counts used for earnings per share (EPS) by at least 4% year-over-year, up from Q1 2025’s 13.8% and up from Q2 2024's 12.7%; for Q2 2025 131 issues increased their shares used for EPS compared to Q1 2025 and 325 reduced them.
- S&P 500 Q2 2025 dividends increased 0.6%, to $165.2 billion from Q1 2025’s $164.1 billion and were 7.7% greater than the $153.4 billion in Q2 2024.
- For the 12-month June 2025 period, dividends set a record $653.9 billion payment, up 8.4% on an aggregate basis from the prior 12-month’s $603.3 billion.
- Total shareholders return of buybacks and dividends decreased to $399.7 billion in Q2 2025, down 12.6% from Q1 2025’s $457.6 billion and up 2.7% from Q2 2024’s $389.3 billion.
- Total shareholder returns for the 12-month June 2025 period increased 11.5% to a record $1.652 trillion from the 12-month June 2024’s $1.481 trillion.
- The 1% tax on net buybacks, which started in 2023, reduced the Q2 2025 S&P 500 operating earnings by 0.39%, down from Q1 2025’s 0.50%, as it reduced As Reported GAAP earnings by 0.42%, down from the prior 0.53%. For the 12-months ending in June 2025, the 1% tax on net buybacks reduced earnings by 0.42% for operating and 0.45% for As Reported.
