Apple has repurchased $877 billion in its own shares since Tim Cook became CEO in 2011, cutting its outstanding share count by roughly 44%. The company's $110 billion authorization from 2024 remains its largest ever. John Ternus becomes CEO on Sept. 1, 2026, and the change could shift how Apple deploys its capital.
Apple has bought back $877 billion in shares since Cook took the helm in 2011, according to Motley Fool research, more than any other company has spent on repurchases over the past decade. Cook also reinstated Apple's dividend in 2012, pairing it with the buyback program as the core of the company's capital-return strategy.
A record built through repeated authorizations
The board's buyback authorizations have grown steadily under Cook. It approved $10 billion for fiscal 2013, later raised to $60 billion. It then authorized $100 billion in 2018 and $110 billion in 2024 — still its largest single authorization to date.
Apple approved the $110 billion program on May 2, 2024, alongside fiscal second-quarter revenue of $90.8 billion that beat analyst estimates. The announcement also included a 4% increase to Apple's quarterly dividend.
Shares surged roughly 6% in after-hours trading, adding more than $160 billion to Apple's market capitalization in a single session.
It also authorized $100 billion in buybacks in both 2025 and 2026, though an authorization only sets a ceiling — it doesn't guarantee Apple spends the full amount. Historically, the company has used most of what it authorizes.
Fewer shares, bigger slices
Each repurchase permanently retires shares, so the remaining stock represents a larger claim on the company. Apple's outstanding share count has fallen from about 26 billion at the start of Cook's tenure to 14.6 billion as of July 2026, a drop of about 44%. As a result, a share bought when Cook took over now owns nearly 80% more of Apple than it did then.
That gain comes with a caveat: Apple's valuation has climbed alongside the buybacks. The stock traded between 12 and 18 times earnings for much of the 2010s but now trades at 36 times trailing earnings, meaning each dollar spent on repurchases today buys back less of the company than it once did.
A CEO change could redirect the capital
Buybacks have been a steady tailwind for Apple shareholders through most of Cook's tenure, but John Ternus becomes Apple's next CEO on Sept. 1, 2026. The transition could signal a shift in strategy: buybacks will likely remain part of Apple's approach, but the company may direct some capital toward research and development or acquisitions instead.
Sources: Motley Fool, Crypto Briefing
Trading involves risk.
Risk Disclaimer
