Share repurchase authorizations remained robust in October 2025, despite record equity prices and broader economic uncertainties. Key takeaways from our analysis include:
- Consistent Level of Authorizations: $55 billion in repurchases across 68 companies, broadly consistent with October 2024.
- Sector Diversification: Repurchases were spread across various sectors, including Industrials, Energy, Financials, Technology, Healthcare and Consumer.
- Positive Company Commentary: Companies cited strong cash flow and business confidence as drivers for buyback programs, and some increased the pace of repurchases opportunistically.
What Does the Share Repurchase Data Show?
Entering October 2025, the S&P 500 stood about 16% higher and the Nasdaq 25% higher than one year ago in October 2024. The rally has persisted despite a government shutdown, trade tensions and broader uncertainty around 2026 economic conditions – with many economists assigning a notable probability of recession. Against this backdrop, it’s worth asking: are companies still buying back their own stock?
To gauge corporate sentiment amid the heart of Q3 earnings season, we compared share repurchase authorizations announced in October 2025 with those from prior years. In total, 68 companies announced programs worth approximately $55 billion, broadly consistent with the $61 billion across 61 companies in October 2024 (excluding authorizations of $10 billion or more). The analysis excludes companies with less than $1bn market capitalization as well as banks, whose capital return activity is regulated by the Federal Reserve’s capital framework.
|
Authorizations (Excluding $10bn+ Programs) |
All Authorizations | |||
|---|---|---|---|---|
|
|
Programs |
Aggregate Size ($bn) |
Programs |
Aggregate Size ($bn) |
|
October 2025 |
68 |
$55 |
68 |
$55 |
|
October 2024 |
61 |
$61 |
62 |
$81 |
|
October 2023 |
56 |
$49 |
59 |
$100 |
|
October 2022 |
51 |
$38 |
53 |
$64 |
Source: VerityData
Despite the strength in equity markets, companies have shown few signs of slowing their buyback activity.
Are Mega Authorizations Happening?
It is worth noting that we have not seen “mega” authorizations like those announced in prior years:
- 2024: ConocoPhillips ($20bn)
- 2023: Visa ($24bn), Linde ($15bn) and RTX ($11bn)
- 2022: Lockheed Martin ($14bn), Visa ($12bn)
This may be due to sensitivity around equity prices, or simply because corporate housekeeping for megacap companies did not line up with October announcements (for example, Visa announced a $30bn authorization in April of this year).
Are the Authorizations Specific to a Particular Sector?
Authorizations were diversified across sectors, notably:
- Industrials: Carrier Global ($5bn), Roper ($3bn), Lockheed Martin ($2bn)
- Energy: Enterprise Products ($3bn), Murphy USA ($2b), TechnipFMC ($2bn)
- Financials: MSCI ($3bn), Brown & Brown ($1.25bn)
- Technology: Hewlett Packard Enterprise ($3bn), Atlassian ($2.5bn), Celestica ($1.9bn)
- Healthcare: Universal Health Services ($1.5bn)
- Consumer: AutoZone ($1.5bn), Las Vegas Sands ($1.3bn)
Large companies with recurring, predictable cashflow continue to return excess cash to shareholders in the form of stock buyback regardless of their sector.
Company Commentary
Most programs were announced without much commentary, as many were a continuation of an existing share buyback strategy. In situations with commentary, those companies often spoke of strong cashflow generation and confidence in the business going forward. Some programs noted an increase in the pace of repurchases, taking advantage of the current market or having the flexibility to be opportunistic going forward (e.g., Atlassian, TechnipFMC, EPAM and Albertsons).
- Carrier Global ($5bn): “Reflects confidence in our strategy and commitment to delivering superior value for our shareholders.”
- Roper ($3bn): “Our new share repurchase authorization underscores our confidence in Roper’s strategy and our ongoing commitment to create shareholder value. Roper continues to deliver compelling long-term cash flow compounding to our shareholders, enabled by the powerful combination of our durable business portfolio and proven capital deployment capability.”
- HPE ($3bn): “The company will continue to follow a strategic financial framework for value creation, focused on driving free cash flow generation, a commitment to reducing net leverage, and delivering capital returns through consistent dividend growth and share repurchases.”
- Atlassian ($2.5bn): “Under the program, which is designed to opportunistically return capital to shareholders, Atlassian may repurchase shares.”
- TechnipFMC ($2bn): “This significant increase to the share authorization exemplifies our confidence in the outlook, as well as our commitment to maximize shareholder value.”
- EPAM ($1bn): “With efficient free cash flow generation and a strong balance sheet, we can take advantage of the current market dynamic and return cash to shareholders, while also making ongoing investments in our business and AI Agenda.”
- Albertsons ($750mm): “We believe our current share price undervalues the strength of our business and long-term growth. This ASR represents approximately 8% of our current outstanding shares, creating meaningful value for all shareholders.”
Conclusions
Despite a steady grind higher in equity markets as well as ongoing concerns about policy risk and a potential 2026 recession, companies have not pulled back on returning capital via share repurchases. We expect corporates to remain very active in the buyback space if current conditions and operating performance hold, and we will continue to track authorizations as earnings season progresses.
If you’d like to discuss share repurchase strategy, capital structure or financing alternatives, please contact Matthews South.
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