StocksFrom SEC filings · counts update each 10-Q/10-K
Buyback & Dilution Tracker: What Share Counts Actually Did
Buyback announcements are authorizations; this page measures what happened to the share count — every 10-Q cover page, split-adjusted, netted against all the issuance the press releases skip. Per stock: net buyback yield and approximate dollars retired. Market-wide: an S&P-style aggregate by quarter since 2011 — the market's own standing bid, read next to margin debt and the Bubble Tracker.
Latest read
As of the 2026-09-30 read across 303 large caps: the median stock's net buyback yield is +0.77% and 63% of companies are shrinking their share count — but the cap-weighted yield is -0.45%, meaning mega-cap dilution is roughly offsetting the buyback flow in dollar terms. Counts come from each company's latest SEC filing cover page.
Sources, methodology & freshnessSEC EDGAR XBRL cover-page share counts (dei:EntityCommonStockSharesOutstanding) for the top ~500 US stocks, joined to our price data · Checked daily in the pipeline; counts change with each 10-Q/10-K, so most names update quarterlyData as of 2026-10-05 · Open ↓Close ↑
Source
SEC EDGAR XBRL cover-page share counts (dei:EntityCommonStockSharesOutstanding) for the top ~500 US stocks, joined to our price data
Methodology
Split-adjusted YoY share-count change, sign-flipped (+ = net buyback); dual-class issuers excluded; |yield| > 60% excluded as data-suspect; aggregate weighted by each quarter's own shares × close
Updates
Checked daily in the pipeline; counts change with each 10-Q/10-K, so most names update quarterlyData as of 2026-10-05
Maintained & reviewed by Yuriy Matso — methodology shown on the page.
Net Buybacks2026-09-30 · 303 stocks
63%
of big caps shrinking their share count
Split-adjusted year-over-year, from each company's latest SEC filing cover page.
Median stock
+0.77% yield
Cap-weighted
-0.45% yield
The gap between those two numbers is the story: most companies buy back; the giants' stock-funded deals and SBC decide the market-wide net.
01
The aggregate proxy — the market's own bid since 2011
Cap-weighted net buyback yield across the cohort, per calendar quarter. Positive = corporate America retiring equity on net; readings near zero mean dilution is eating the buyback flow.
Range:
Breadth of the behavior: the share of companies with a shrinking year-over-year count.
Range:
02
Top net buybackers — biggest count shrinkers
Trailing-twelve-month net buyback yield leaders. Foreign-issuer rows (ADR share counts) deserve extra care; anything beyond ±60% is excluded as data-suspect.
| Symbol | Net buyback yield (TTM) | ~$ impact TTM | Mkt cap |
|---|---|---|---|
| CRM | +13.6% | $29.2B | $215.4B |
| SYF | +12.6% | $3.3B | $26.4B |
| KR | +10.9% | $3.9B | $36.3B |
| FICO | +10.0% | $1.7B | $16.5B |
| ACGL | +8.6% | $2.9B | $34.1B |
| ROP | +8.1% | $3.2B | $39.1B |
| GM | +7.8% | $6.0B | $76.2B |
| MPC | +7.6% | $10.0B | $130.6B |
| MTB | +7.6% | $2.6B | $34.1B |
| TRV | +7.4% | $5.8B | $78.7B |
| VLO | +7.3% | $9.3B | $127.8B |
| BKNG | +7.3% | $9.4B | $128.9B |
| ADBE | +7.0% | $6.9B | $97.6B |
| ZTS | +6.8% | $2.1B | $31.6B |
| AMP | +6.3% | $3.0B | $47.1B |
| MCK | +6.3% | $7.1B | $112.6B |
| AFL | +6.3% | $3.7B | $59.6B |
| DHI | +6.2% | $2.5B | $40.0B |
| MSCI | +6.0% | $2.5B | $41.6B |
| LNG | +6.0% | $3.6B | $59.0B |
| LVS | +5.7% | $1.4B | $24.7B |
| CMG | +5.6% | $2.3B | $40.5B |
| AIG | +5.6% | $2.3B | $40.5B |
| WFC | +5.6% | $14.3B | $255.0B |
| BAC | +5.6% | $22.1B | $395.0B |
| TFC | +5.3% | $3.1B | $59.4B |
| EFX | +5.1% | $908M | $17.8B |
| IMO | +5.0% | $3.0B | $60.1B |
| BDX | +5.0% | $3.3B | $65.7B |
| WTW | +4.8% | $1.3B | $27.6B |
CRM+13.6%
$29.2B$215.4B
SYF+12.6%
$3.3B$26.4B
KR+10.9%
$3.9B$36.3B
FICO+10.0%
$1.7B$16.5B
ACGL+8.6%
$2.9B$34.1B
ROP+8.1%
$3.2B$39.1B
GM+7.8%
$6.0B$76.2B
MPC+7.6%
$10.0B$130.6B
MTB+7.6%
$2.6B$34.1B
TRV+7.4%
$5.8B$78.7B
VLO+7.3%
$9.3B$127.8B
BKNG+7.3%
$9.4B$128.9B
ADBE+7.0%
$6.9B$97.6B
ZTS+6.8%
$2.1B$31.6B
AMP+6.3%
$3.0B$47.1B
MCK+6.3%
$7.1B$112.6B
AFL+6.3%
$3.7B$59.6B
DHI+6.2%
$2.5B$40.0B
MSCI+6.0%
$2.5B$41.6B
LNG+6.0%
$3.6B$59.0B
LVS+5.7%
$1.4B$24.7B
CMG+5.6%
$2.3B$40.5B
AIG+5.6%
$2.3B$40.5B
WFC+5.6%
$14.3B$255.0B
BAC+5.6%
$22.1B$395.0B
TFC+5.3%
$3.1B$59.4B
EFX+5.1%
$908M$17.8B
IMO+5.0%
$3.0B$60.1B
BDX+5.0%
$3.3B$65.7B
WTW+4.8%
$1.3B$27.6B
03
Top diluters — count growers
Net share-count growth: SBC, secondaries and stock-funded M&A netted into one number. A one-time jump usually means an acquisition; a steady climb is structural.
| Symbol | Net buyback yield (TTM) | ~$ impact TTM | Mkt cap |
|---|---|---|---|
| FITB | -37.0% | −$12.5B | $33.7B |
| COHR | -25.7% | −$13.9B | $54.0B |
| RKLB | -24.8% | −$9.6B | $38.6B |
| TSLA | -22.4% | −$282.9B | $1.26T |
| PANW | -22.3% | −$63.9B | $286.8B |
| INTC | -15.2% | −$101.9B | $668.4B |
| CCL | -15.2% | −$5.1B | $33.5B |
| CVX | -14.3% | −$59.2B | $412.7B |
| CEG | -13.4% | −$12.9B | $96.4B |
| VTR | -12.9% | −$4.9B | $38.0B |
| SLB | -9.8% | −$7.4B | $75.4B |
| NRG | -8.7% | −$1.6B | $18.8B |
| SOFI | -7.9% | −$1.6B | $20.3B |
| STX | -6.6% | −$12.7B | $193.5B |
| ORCL | -6.4% | −$26.4B | $411.9B |
| XEL | -5.6% | −$2.4B | $42.8B |
| ATO | -5.3% | −$1.3B | $25.6B |
| NTRA | -5.0% | −$3.0B | $59.7B |
| BA | -4.5% | −$6.8B | $150.5B |
| ALAB | -4.4% | −$2.8B | $63.6B |
FITB-37.0%
−$12.5B$33.7B
COHR-25.7%
−$13.9B$54.0B
RKLB-24.8%
−$9.6B$38.6B
TSLA-22.4%
−$282.9B$1.26T
PANW-22.3%
−$63.9B$286.8B
INTC-15.2%
−$101.9B$668.4B
CCL-15.2%
−$5.1B$33.5B
CVX-14.3%
−$59.2B$412.7B
CEG-13.4%
−$12.9B$96.4B
VTR-12.9%
−$4.9B$38.0B
SLB-9.8%
−$7.4B$75.4B
NRG-8.7%
−$1.6B$18.8B
SOFI-7.9%
−$1.6B$20.3B
STX-6.6%
−$12.7B$193.5B
ORCL-6.4%
−$26.4B$411.9B
XEL-5.6%
−$2.4B$42.8B
ATO-5.3%
−$1.3B$25.6B
NTRA-5.0%
−$3.0B$59.7B
BA-4.5%
−$6.8B$150.5B
ALAB-4.4%
−$2.8B$63.6B
04
Biggest dollar buybacks — the concentrated bid
Approximate dollars retired over the trailing year (yield × current market cap). The concentration is the point: a handful of mega-caps carry the market's standing bid.
| Symbol | Net buyback yield (TTM) | ~$ retired TTM | Mkt cap |
|---|---|---|---|
| AAPL | +1.7% | $81.3B | $4.90T |
| NVDA | +0.8% | $47.1B | $5.72T |
| JPM | +3.3% | $30.4B | $914.0B |
| CRM | +13.6% | $29.2B | $215.4B |
| BAC | +5.6% | $22.1B | $395.0B |
| WFC | +5.6% | $14.3B | $255.0B |
| GS | +3.8% | $10.6B | $278.4B |
| MPC | +7.6% | $10.0B | $130.6B |
| BKNG | +7.3% | $9.4B | $128.9B |
| VLO | +7.3% | $9.3B | $127.8B |
| TMUS | +4.7% | $8.6B | $183.5B |
| SCHW | +4.7% | $8.4B | $177.3B |
| CAT | +1.9% | $7.7B | $410.7B |
| DIS | +4.0% | $7.5B | $188.7B |
| T | +4.2% | $7.2B | $171.8B |
AAPL+1.7%
$81.3B$4.90T
NVDA+0.8%
$47.1B$5.72T
JPM+3.3%
$30.4B$914.0B
CRM+13.6%
$29.2B$215.4B
BAC+5.6%
$22.1B$395.0B
WFC+5.6%
$14.3B$255.0B
GS+3.8%
$10.6B$278.4B
MPC+7.6%
$10.0B$130.6B
BKNG+7.3%
$9.4B$128.9B
VLO+7.3%
$9.3B$127.8B
TMUS+4.7%
$8.6B$183.5B
SCHW+4.7%
$8.4B$177.3B
CAT+1.9%
$7.7B$410.7B
DIS+4.0%
$7.5B$188.7B
T+4.2%
$7.2B$171.8B
Net Buybacks2026-09-30 · 303 stocks
63%
of big caps shrinking their share count
Split-adjusted year-over-year, from each company's latest SEC filing cover page.
Median stock
+0.77% yield
Cap-weighted
-0.45% yield
The gap between those two numbers is the story: most companies buy back; the giants' stock-funded deals and SBC decide the market-wide net.
How Buyback & Dilution Tracker Works
- 1Read share counts straight from the filingsEvery 10-Q and 10-K carries a cover-page share count (dei:EntityCommonStockSharesOutstanding in XBRL). We pull that series from SEC EDGAR for the top ~500 US stocks by market cap — the same keyless pipeline behind our platform ad revenue pages.
- 2Adjust for splits, exclude the unreliableCover-page counts are unadjusted, so consecutive counts jumping by ~a common split factor are normalized to the current basis. Dual-class issuers (one CIK, mixed class counts) are excluded — Berkshire printed a phantom +15% "buyback" before that filter existed.
- 3Net buyback yield, signed honestlyYield = the year-over-year change in split-adjusted share count, sign-flipped: positive means the count shrank (net buyback), negative means it grew (net dilution — SBC, offerings, or stock-funded M&A). Approximate dollars retired = yield × current market cap.
- 4Aggregate the S&P-style proxyFor every calendar quarter since 2011: the cap-weighted and median net buyback yield across the cohort, and the share of companies shrinking their count — weighted by that quarter's own shares × price, so history is honestly weighted.
Who Uses Buyback & Dilution Tracker
Long-term holders
A persistent positive yield means the company retires more stock than it issues — your ownership share compounds without you buying. A persistent negative yield means the opposite, whatever the buyback press releases say.
Valuation readers
The aggregate proxy is the market's own bid: when cap-weighted net buybacks fade to zero or negative, the largest steady buyer of US equities has stepped back — context for the Valuation pillar alongside margin debt.
Dilution police
The diluter table catches share-count growth the income statement hides: heavy SBC, secondaries and stock-funded acquisitions all show up in one number that cannot be adjusted away.
Income-style equity investors
Buyback yield stacks with dividend yield into total shareholder yield — the top of the buyback table is effectively a high-yield list that never shows up on dividend screens.
Pro Tips
01
Net beats announced
Companies announce gross buyback programs and quietly issue stock to employees at the same time. The share count nets it all — the only number that measures what you actually own.
02
Separate M&A dilution from chronic dilution
A one-time count jump usually means a stock-funded acquisition; a steady 2-4% annual climb is structural SBC. The first can be fine; the second is a permanent tax on holders.
03
Watch the aggregate turn
Cap-weighted net yield fading from +2% toward zero means the market's steadiest bid is thinning — historically that happens late in cycles and into major capex booms.
04
Cross-check the biggest-dollar names
Dollar buybacks concentrate absurdly: a handful of mega-caps do most of the retiring. If those few pause, the aggregate flips — concentration risk in the market's own bid.
Common Issues & Solutions
A company's yield here differs from its announced program▾
We measure the net change in shares outstanding, not announced authorizations. Issuance to employees and sellers offsets gross repurchases; the cover-page count is the referee.
A famous dual-class company is missing▾
Dual-class issuers share one SEC identifier and their filings mix class counts into one unreliable series, so they are excluded rather than shown wrong (Berkshire, Alphabet's twin listings, and similar).
A foreign issuer's yield looks extreme▾
ADR filers report ordinary-share counts that do not always map cleanly to the listed ADS line. Readings beyond ±60% are excluded as data-suspect; treat foreign-issuer rows with extra care.
The dollars-retired figure differs from the cash-flow statement▾
It is an approximation — net yield × current market cap — not the repurchase line from the cash-flow statement. It answers "how much ownership was retired at today's prices," which is the shareholder-relevant question.
Frequently Asked Questions
What is net buyback yield?▾
The year-over-year percentage change in a company's split-adjusted shares outstanding, sign-flipped: +3% means the share count shrank 3% (net repurchases exceeded all issuance), −3% means net dilution. It nets buybacks against stock compensation, offerings and stock-funded M&A in one number.
Where does the share-count data come from?▾
The cover page of every 10-Q and 10-K, as tagged in XBRL (dei:EntityCommonStockSharesOutstanding) and served by SEC EDGAR's free API. It is the most consistently reported share count in the filing system, updated every quarter for effectively all US filers.
Why use share counts instead of announced buyback programs?▾
Announcements are authorizations, not purchases, and gross repurchases are offset by continuous issuance to employees. The net change in shares outstanding is the only measure of what actually happened to your ownership.
What does the aggregate buyback proxy show?▾
For every quarter since 2011: the cap-weighted average net buyback yield across the top ~500 US stocks, the median stock's yield, and the share of companies shrinking their count. It approximates the S&P 500's net buyback rate from primary filings rather than vendor estimates.
Is a high buyback yield always good?▾
No — it measures capital return, not capital allocation skill. Companies have historically bought back most stock at cycle tops and least at bottoms, and a high yield funded by debt is leverage wearing a different name. Read it alongside valuation, not instead of it.
Explore Other Tools
Margin Debt
The leverage side of the Valuation pillar — borrowed demand, where this page measures corporate demand.
Bubble Tracker
The point-in-time valuation framework this tracker feeds context into.
Buffett Indicator
Market cap vs GDP — the denominator side of the same equity-supply story.
Short Interest & Squeeze Watch
The bet against, from the same regulator — buybacks and shorts are the two standing flows in share supply.
Last updated: 2026-10-05