- S&P 500 Q4 2024 buybacks were $243.2 billion, up 7.4% from Q3 2024's $226.6 billion and up 11.0% from Q4 2023’s $219.1 billion
- The 2024 expenditure set an annual record of $942.5 billion and was up 18.5% from the 2023 expenditure of $795.2 billion
- Consumer Staples increased spending by 97.9% as Financials
and Communication Services reduced their spending by 4.4% and 14.0%, respectively - The net buyback 1% tax reduced Q4 2024 operating earnings by 0.37% and As Reported GAAP by 0.39%, as the year is 0.44% and 0.50%, respectively
NEW YORK, March 19, 2025: S&P Dow Jones Indices (S&P DJI) today announced the preliminary S&P 500® stock buybacks or share repurchases data for Q4 2024.
Historical data on S&P 500 buybacks is available at www.spdji.com/indices/equity/sp-500.
Key Takeaways:
- Q4 2024 share repurchases were $243.2 billion, up 7.4% from Q3 2024's $226.6 billion expenditure, and up 11.0% from Q4 2023's $219.1 billion.
- For the full year 2024 buybacks set an annual record of $942.5 billion, up from $795.2 billion in 2023; the 12-month peak was in June 2022 with $1.005 trillion.
- 342 companies reported buybacks of at least $5 million for the quarter, up from 332 in Q3 2024 and up from 313 in Q4 2023; 399 companies did some buybacks for the quarter, up from 381 in Q3 2024 and up from 373 in Q4 2023; 435 companies did some
buybacks in 2024, up from 429 in 2023. - Buybacks remained top heavy as concentration decreased, with the top 20 S&P 500 companies accounting for 49.0% of Q4 2024 buybacks, down from Q3 2024's 53.2%, and above the historical average of 47.7% and the pre-COVID historical average of 44.5%.
- 11.9% of companies reduced share counts used for earnings per share (EPS) by at least 4% year-over-year, down from Q3 2024's 13.6% and down from Q4 2023's 12.6%; for Q4 2024 162 issues increased their shares used for EPS over Q3 2024 and 278 reduced them.
- S&P 500 Q4 2024 dividends increased 6.7% to a record $167.6 billion from Q3 2024's $157.0 billion, which held the previous record and were 8.7% greater than the $154.1 billion in Q4 2023.
- For 2024, dividends set a record $629.6 billion payments, up 7.0% on an aggregate basis from 2023's $588.2 billion.
- Total shareholders return of buybacks and dividends increased to a record $410.8 billion in Q4 2024, up 7.1% from Q3 2024's $389.3 billion and up 10.1% from Q4 2023's $373.2 billion.
- Total shareholder returns for 2024 increased 13.6% to a record $1.572 trillion from 2023's $1.383 trillion.
- The 1% tax on net buybacks, which started in 2023, reduced the Q4 2024 S&P 500 operating earnings by 0.37%, down from Q3 2024's 0.42%, as it reduced As Reported GAAP earnings by 0.39%, down from the prior 0.48%. For 2024, the 1% tax on net buybacks reduced earnings by 0.44% for operating and 0.50% for As Reported.
