Technology

S&P 500 Q3 2024 Buybacks Decrease 4.0% from Q2 2024, as 12-month Expenditure Increases 4.7% from Previous Year; Earnings Per Share Increases from Buybacks Improves; Buybacks Tax Results in a 0.42% Reduction in Q3 Operating Earnings and 0.48% Reduction in Q3 Earnings

Published

1 year ago

December 13, 2024

S&P 500 Q3 2024 buybacks were $226.6 billion, down 4.0% from Q2 2024’s $235.9 billion and up 22.1% from Q3 2023’s $185.6 billionThe 12-month September 2024 expenditure of $918.4 billion was up 16.7% from the prior 12-month expenditure of $787.3 billion Consumer Discretionary increased spending by 13.5%, as Information Technology and Health Care reduced their spending by 6.4% and 10.2% respectively The net buyback 1% tax reduced Q3 2024 operating earnings by 0.42% and As Reported GAAP by 0.48%

NEW YORK, Dec. 13, 2024 /PRNewswire/ — S&P Dow Jones Indices (S&P DJI) today announced the preliminary S&P 500® stock buybacks or share repurchases data for Q3 2024.

Historical data on S&P 500 buybacks is available at www.spdji.com/indices/equity/sp-500.

Key Takeaways:

Q3 2024 share repurchases were $226.6 billion, down 4.0% from Q2 2024’s $235.9 billion expenditure, and up 22.1% from Q3 2023’s $185.6 billion.For the 12-months ending September 2024, buybacks were $918.4 billion, up from $787.3 billion for the prior 12-month September 2023 period; the 12-month peak was in June 2022 with $1.005 trillion.332 companies reported buybacks of at least $5 million for the quarter, up from 324 in Q2 2024 and up from 281 in Q3 2023; 381 companies did some buybacks for the quarter, up from 373 in Q2 2024 and up from 362 in Q3 2023; 425 companies did some buybacks in the last 12-month period, up from 420 in the prior 12-month period.Buybacks remained top heavy, as concentration increased, with the top 20 S&P 500 companies accounting for 53.2% of Q3 2024 buybacks, up from Q2 2024’s 52.3%, and above the historical average of 47.6% and the pre-COVID historical average of 44.5%.13.7% of companies reduced share counts used for earnings per share (EPS) by at least 4% year-over-year, up from Q2 2024’s 12.7% and down from Q3 2023’s 13.8%; for Q3 2024 174 issues increased their shares used for EPS over Q2 2024, and 277 reduced them.S&P 500 Q3 2024 dividends increased 2.4% to a record $157.0 billion from Q2 2024’s $153.4 billion and were 8.9% greater than the $144.2 billion in Q3 2023.For the 12-month’s ending September, dividends set a record $616.2 billion payments, up 6.2% on an aggregate basis from the prior 12-month September 2023’s $580.2 billion.Total shareholders return of buybacks and dividends decreased to $383.6 billion in Q3 2024, down 1.5% from Q2 2024’s $389.3 billion and up 16.3% from Q3 2023’s $329.8 billion.Total shareholder returns for the 12-months ending September 2024 increased 12.2% to $1.535 trillion from the prior 12-month periods $1.367 trillion.The 1% tax on net buybacks, which started in 2023, reduced the Q3 2024 S&P 500 operating earnings by 0.42%, down from Q2 2024’s 0.45%, as it reduced As Reported GAAP earnings by 0.48%, down from the prior 0.49%. For the 12-month September 2024 period, the 1% tax on net buybacks reduced earnings by 0.45% for operating and 0.50% for As Reported.

“After declining in 2023, companies have increased their buyback expenditure, but have remained in a dollar range for the first three quarters of 2024. This was amidst significant stock price increases with the result being fewer shares purchased and less of an upward EPS push. Additionally, with big-cap stocks up nearly 30% year-to-date, it is difficult for companies to keep up with that much of an increase in their buyback budget, especially with two-thirds paying dividends in addition to buybacks. However, Q4 2024 buybacks appear to have increased so far, even as stock prices have moved up, as companies’ stock-up on issues needed for employee options, and ahead of any uncertainty over 2025 buyback restrictions or an increase in the 1% buyback tax,” said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices.

1% Buyback Excise Tax:

The 1% excise tax on net buybacks reduced Q3 2024 operating earnings by 0.42%, down from Q2 2024’s 0.45% and up from the 0.39% for Q3 2023. The 12-month impact was 0.45%, up from the 12-month September 2023’s 41%. The tax on As Reported GAAP earnings impact decreased to 0.48%, down from Q2 2024’s 0.49% and up from Q3 2023’s 0.42%. The 12-month impact was 0.50%, up from September 2023’s 0.46%.

Silverblatt added: “The 1% tax remains a manageable expense and has not impacted overall buybacks at this point. However, given the initial 1% buyback tax had bipartisan support and remains an attractive cash generator, there is an expectation that some increase or potential change to the type of buybacks that are taxed will remain on the table as the U.S. budget negotiations start. Given the current corporate sensitivity to costs, a buyback tax rate of 2% to 2.5% was seen as impacting both buybacks and the EPS impact of share-count-reduction, which is already at a lower level due to higher stock prices. Under an increased tax, some of the expenditures may shift from buybacks to dividends. However, any shift would not be on a-dollar-for-dollar basis as dividends remain a long-term pure cash-flow item which must be incorporated into corporate budgets.”

Q3 2024 GICS® Sector Analysis:

Information Technology maintained its lead in buybacks, even as it decreased its expenditure by 6.4%, representing 28.2% of all buybacks for the quarter. Q3 2024 expenditures declined to $64.0 billion, compared to Q2 2024’s $68.4 billion, and was up 31.8% from Q3 2023’s $48.6 billion expenditure. For the 12-months ending September 2024, the sector increased its expenditure 23.4% to $249.5 billion, representing 26.8% of all S&P 500 buybacks, compared to $199.3 billion spent in the prior 12-month period ending September 2023, which represented 25.3% of all buybacks.

Financials decreased buybacks by 2.7% for Q3 2024 as it collectively spent $44.1 billion on buybacks, accounting for 19.4% of all S&P 500 buybacks. This was down for the quarter compared to Q2 2024’s expenditure of $45.3 billion, and up 50.3% from Q3 2023’s $29.3 billion. For the 12-month September 2024 period, Financials spent $161.8 billion, up from $131.4 billion for the prior 12-month period.

Healthcare decreased its Q3 2024 expenditure by 10.2%, spending $16.9 billion, compared to the Q2 2024 expenditure of $18.8 billion, and was up 13.0% from the Q3 2023 $15.0 billion expenditure. For the 12-months ending September 2024, the sector spent $74.4 billion, down from the prior period’s expenditure of $76.0 billion.

Consumer Discretionary increased their spending in Q3 2024 by 13.5% to $20.6 billion, up from the prior $18.2 billion and up 9.5% from the Q3 2023 expenditure of $18.8 billion.

Energy increased their spending by 9.9% to $18.3 billion from Q2 2024’s $16.7 billion and was 12.8% higher than the $16.2 billion spent in Q3 2023.

Issues:

The five issues with the highest total buybacks for Q3 2024 were:

Apple (AAPL): continued to dominate the issue level buybacks, as it again spent the most of any issue with its Q3 2024 expenditure, ranking as the 4th highest in S&P 500 history. For the quarter, the company spent $25.4 billion, down from Q2 2024’s $28.8 billion (which is the largest in index history). Apple holds 18 of the top 20 record quarters (Meta Platforms holds #16 and QUALCOMM holds #18). For the 12-months ending September 2024, Apple spent $100.4 billion on buybacks, up from the prior 12-month period’s $83.0 billion. Over the five-year period, Apple has spent $448 billion, and $695 billion over the ten-year period.Alphabet (GOOG/L): $15.3 billion for Q3 2024, down from $15.7 billion in Q2 2024; the 12-month expenditure was $62.9 billion versus the prior expenditure of $60.7 billion.NVIDA (NVDA): $12.7 billion for Q3 2024, up from $8.8 billion in Q2 2024; the 12-month expenditure was $34.5 billion versus $10.4 billion.Meta Platforms (META): $12.4 billion for Q3 2024, up from $9.5 billion in Q2 2024; the 12-month expenditure was $48.2 billion versus $26.1 billion.JP Morgan (JPM): $6.4 billion for Q3 2024, up from $5.3 billion in Q2 2024; the 12-month expenditure was $16.8 billion versus $7.5 billion.

For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/en/.

S&P Dow Jones Indices

S&P 500 proforma net buyback tax impact

TAX

TAX % OF

$ BILLIONS

OPERATING

AS REPORTED

12 Mo Sep,’24

$8.50

0.45 %

0.50 %

12 Mo Sep,’23

$7.16

0.41 %

0.46 %

9/30/2024

$2.11

0.42 %

0.48 %

6/30/2024

$2.20

0.45 %

0.49 %

3/31/2024

$2.18

0.47 %

0.54 %

2023

$7.24

0.40 %

0.45 %

2022 proforma

$8.47

0.51 %

0.58 %

2021 proforma

$7.93

0.45 %

0.47 %

S&P Dow Jones Indices

S&P 500, $ U.S. BILLIONS

(preliminary in bold)

PERIOD

MARKET

OPERATING

AS REPORTED

DIVIDEND &

VALUE

EARNINGS

DIVIDENDS

BUYBACKS

DIVIDEND

BUYBACK

$ BILLIONS

YIELD

12 Mo Sep,’24 Prelim.

$48,701

$1,902.69

$1,685.91

$616.16

$918.40

1.27 %

1.89 %

3.15 %

12 Mo Sep,’23

$35,938

$1,756.47

$1,541.07

$580.21

$787.26

1.61 %

2.19 %

3.81 %

2023

$40,039

$1,787.36

$1,610.73

$588.23

$795.16

1.47 %

1.99 %

3.46 %

2022

$32,133

$1,656.66

$1,453.43

$564.57

$922.68

1.76 %

2.87 %

4.63 %

2021

$40,356

$1,762.75

$1,675.22

$511.23

$881.72

1.27 %

2.18 %

3.45 %

2020

$31,659

$1,019.04

$784.21

$483.18

$519.76

1.53 %

1.64 %

3.17 %

2019

$26,760

$1,304.76

$1,158.22

$485.48

$728.74

1.81 %

2.72 %

4.54 %

2018

$21,027

$1,281.66

$1,119.43

$456.31

$806.41

2.17 %

3.84 %

6.01 %

9/30/2024 Prelim

$48,701

$502.01

$441.41

$157.04

$226.56

1.27 %

1.89 %

3.15 %

6/28/2024

$45,843

$489.95

$445.96

$153.41

$235.93

1.32 %

1.91 %

3.23 %

3/28/2024

$44,078

$458.28

$397.38

$151.61

$236.82

1.35 %

1.85 %

3.20 %

12/31/2023

$40,039

$452.44

$401.16

$154.10

$219.09

1.47 %

1.99 %

3.46 %

9/30/2023

$35,938

$437.90

$399.35

$144.18

$185.62

1.61 %

2.19 %

3.81 %

6/30/2023

$37,162

$457.93

$405.66

$143.20

$174.92

1.55 %

2.19 %

3.74 %

3/31/2023

$34,342

$439.08

$404.57

$146.76

$215.53

1.67 %

2.50 %

4.17 %

12/31/2022

$32,133

$421.55

$331.50

$146.07

$211.19

1.76 %

2.87 %

4.63 %

9/30/2022

$30,119

$422.94

$373.04

$140.34

$210.84

1.83 %

3.26 %

5.09 %

6/30/2022

$31,903

$395.02

$360.21

$140.56

$219.64

1.70 %

3.15 %

4.85 %

3/31/2022

$38,288

$417.16

$388.68

$137.60

$281.01

1.37 %

2.57 %

3.94 %

12/31/2021

$40,356

$480.35

$456.72

$133.90

$270.10

1.27 %

2.18 %

3.45 %

9/30/2021

$36,538

$441.26

$420.64

$130.04

$234.64

1.37 %

2.03 %

3.40 %

S&P Dow Jones Indices

S&P 500 SECTOR BUYBACKS

SECTOR $ MILLIONS

Q3,’24

Q2,’24

Q3,’23

12MoSep,’24

12MoSep,’23

5-YEARS

10-YEARS

Consumer Discretionary

$20,605

$18,156

$18,809

$83,536

$73,592

$365,235

$791,744

Consumer Staples

$7,734

$10,466

$5,014

$39,240

$22,595

$161,100

$369,936

Energy

$18,313

$16,669

$16,233

$65,200

$73,623

$204,808

$293,020

Financials

$44,054

$45,286

$29,303

$161,844

$131,433

$713,734

$1,334,993

Healthcare

$16,906

$18,825

$14,960

$74,441

$75,956

$379,165

$789,673

Industrials

$15,852

$16,829

$14,286

$76,647

$63,513

$305,574

$659,760

Information Technology

$63,981

$68,356

$48,554

$245,911

$199,264

$1,163,809

$2,035,428

Materials

$4,454

$5,192

$5,278

$17,849

$18,753

$92,855

$154,619

Real Estate

$204

$728

$853

$1,795

$2,178

$11,644

$21,673

Communication Services

$33,818

$34,478

$32,020

$148,137

$124,343

$589,004

$641,074

Utilities

$636

$940

$306

$3,797

$2,010

$13,284

$22,427

TOTAL

$226,557

$235,926

$185,615

$918,398

$787,260

$4,000,212

$7,114,347

SECTOR BUYBACK MAKEUP %

Q3,’24

Q2,’24

Q3,’23

12MoSep,’24

12MoSep,’23

5-YEARS

10-YEARS

Consumer Discretionary

9.09 %

7.70 %

10.13 %

9.10 %

9.35 %

9.13 %

11.13 %

Consumer Staples

3.41 %

4.44 %

2.70 %

4.27 %

2.87 %

4.03 %

5.20 %

Energy

8.08 %

7.07 %

8.75 %

7.10 %

9.35 %

5.12 %

4.12 %

Financials

19.44 %

19.20 %

15.79 %

17.62 %

16.69 %

17.84 %

18.76 %

Healthcare

7.46 %

7.98 %

8.06 %

8.11 %

9.65 %

9.48 %

11.10 %

Industrials

7.00 %

7.13 %

7.70 %

8.35 %

8.07 %

7.64 %

9.27 %

Information Technology

28.24 %

28.97 %

26.16 %

26.78 %

25.31 %

29.09 %

28.61 %

Materials

1.97 %

2.20 %

2.84 %

1.94 %

2.38 %

2.32 %

2.17 %

Real Estate

0.09 %

0.31 %

0.46 %

0.20 %

0.28 %

0.29 %

0.30 %

Communication Services

14.93 %

14.61 %

17.25 %

16.13 %

15.79 %

14.72 %

9.01 %

Utilities

0.28 %

0.40 %

0.16 %

0.41 %

0.26 %

0.33 %

0.32 %

TOTAL

100.00 %

S&P Dow Jones Indices

S&P 500 20 LARGEST Q3 2024 BUYBACKS, $ MILLIONS

Company

Ticker

Sector

Q3 2024

Q2 2024

Q3 2023

12-Months

5-Year

10-Year

Indicated

Buybacks

Sep,’24

Sep,’23

Buybacks

Dividend

$ Million

Apple

AAPL

Information Technology

$25,361

$28,810

$21,315

$100,390

$82,981

$447,515

$695,312

$15,204

Alphabet

GOOGL

Communication Services

$15,291

$15,684

$15,787

$62,862

$60,720

$254,992

$286,684

$4,687

NVIDIA

NVDA

Information Technology

$12,676

$8,795

$4,570

$34,463

$10,373

$57,727

$63,828

$984

Meta Platforms

Technology

Equifax Announces Participation in Upcoming Investor Conferences

Published

29 minutes ago

May 1, 2026

ATLANTA, May 1, 2026 /PRNewswire/ — Equifax® (NYSE: EFX) will participate in several upcoming investor conferences in May and June.

Mark W. Begor, Chief Executive Officer, and John Gamble, Chief Financial Officer, will participate in the Baird 2026 Global Consumer, Technology & Services Conference on Tuesday, June 2, 2026 including participation in a Fireside Chat at 10:50 a.m., Eastern Time and the William Blair 2026 Growth Stock Conference on Wednesday, June 3, 2026, including participation in a Fireside Chat at 9:40 a.m., Eastern Time.

The company invites investors to join a live webcast of these Fireside Chat events at: https://investor.equifax.com/news-events/ir-calendar. A replay of these Fireside Chats will be available within 24 hours after the event on the company’s Investor Relations website.

John Gamble, Chief Financial Officer, will attend the Bernstein Annual Strategic Decisions Conference on Wednesday, May 27, 2026.

Trevor Burns, Senior Vice President of Corporate Investor Relations, will attend the Barclays Americas Select Franchise Conference on Tuesday, May 5, 2026, the virtual Needham Technology, Media, & Consumer Conference on Thursday, May 14, 2026, and the J.P. Morgan All Stars Canada Conference on Tuesday, June 2, 2026.

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.

FOR MORE INFORMATION:
Molly Clegg for Equifax
mediainquiries@equifax.com

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SOURCE Equifax Inc.

Technology

Cisco Schedules Conference Call for Q3 Fiscal Year 2026 Financial Results

Published

29 minutes ago

May 1, 2026

SAN JOSE, Calif., May 1, 2026 /PRNewswire/ — Cisco (NASDAQ: CSCO) has scheduled a conference call for Wednesday, May 13, 2026, at 1:30 PM (PT); 4:30 PM (ET) to announce its third quarter fiscal year 2026 financial results for the period ending Saturday, April 25, 2026.

Financial results will be released over PR Newswire via US National and European Financial distribution, after the close of the market on Wednesday, May 13, 2026. Cisco’s quarterly earnings press release will be posted at https://newsroom.cisco.com.

Date:
Wednesday, May 13, 2026

Time:
1:30 PM (PT); 4:30 PM (ET)

To Listen via Telephone:
888-848-6507
212-519-0847 (for International Callers)

To Listen via the Internet:
We are pleased to offer a live and replay audio broadcast of the conference call with corresponding slides at https://investor.cisco.com.

The conference call will also be livestreamed on YouTube & LinkedIn.

Replay:
A telephone playback of the Q3 FY2026 conference call is scheduled to be available beginning at 4:00 PM (PT) on May 13, 2026, through 10:00 PM (PT) May 19, 2026. The replay will be accessible by calling 800-839-2232 (International callers: 203-369-3662). The call runs 24 hours/day, including weekends. An archived version of the webcast will be available on Cisco’s Investor Relations website at https://investor.cisco.com.

About Cisco

Cisco (NASDAQ: CSCO) is the worldwide technology leader that is revolutionizing the way organizations connect and protect in the AI era. For more than 40 years, Cisco has securely connected the world. With its industry leading AI-powered solutions and services, Cisco enables its customers, partners and communities to unlock innovation, enhance productivity and strengthen digital resilience. With purpose at its core, Cisco remains committed to creating a more connected and inclusive future for all. Discover more on The Newsroom and follow us on X at @Cisco.

Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco’s trademarks can be found at http://www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word ‘partner’ does not imply a partnership relationship between Cisco and any other company.

Investor Relations Contact:

Press Contact:

Sami Badri

Britt Stagnaro

Cisco

sambadri@cisco.com

media_pr@external.cisco.com

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SOURCE Cisco Systems, Inc.

Technology

Essen Health Care Launches RADIN Health All-In-One RIS and PACS Cloud Platform

Published

29 minutes ago

May 1, 2026

SHERIDAN, Wyo. , May 1, 2026 /PRNewswire/ — Essen Health Care is thrilled to announce a significant advancement in our commitment to providing exceptional patient care and cutting-edge medical services: the introduction of RADIN Health.

This initiative represents a major investment in the future of medical imaging, solidifying our dedication to offering the highest quality diagnostic services and an unparalleled patient and provider experience within the communities we serve.

“RADIN Health is more than just a technology upgrade; it is a fundamental pillar of Essen Health Care’s strategy to deliver accessible, efficient, and superior diagnostic imaging services to our community”, says Jonathan Khodadadian, MD, Medical Director, Specialty Division, Essen Health Care.

The RADIN Platform: A Commitment to Innovation

RADIN Health is powered by an advanced, end-to-end, all-in-one RIS and PACS radiology cloud platform. This state-of-the-art system has been meticulously designed to revolutionize the imaging process, ensuring efficiency, accuracy, and accessibility for everyone involved.

Transforming the Patient and Provider Journey

The RADIN platform utilizes sophisticated, state-of-the-art artificial intelligence (AI) across multiple facets of the imaging journey:

Enhanced Patient and Provider Engagement: AI tools, patient, and referring physician portals streamline orders for appointments and communication, ensuring the external workflow process is easy, transparent, and accessible.Easy Image and Report Sharing: The cloud application allows easy electronic sharing and access of images and reports for providers and patients.Ease of Scheduling: The system simplifies the typically complex scheduling process, allowing for quick, convenient, and accurate appointment booking.Optimized Physician Reporting: AI assists in the generation of detailed, rapid, and precise physician reports, ensuring healthcare providers receive the critical information they need promptly to guide treatment decisions.

Driving Efficiency and Quality

The RADIN platform elevates the operational standards of imaging services. By reducing manual steps throughout the process—from order entry to image archival—and improving overall system efficiency, the platform ensures:

Timely Imaging Services: Quicker turnaround times mean patients receive their diagnoses faster, enabling earlier treatment planning.High-Quality Diagnostics: The system supports consistent, high-fidelity imaging quality, leading to more accurate diagnoses.Patient Follow-up Tracking: Recommended patient follow-up scans are automated and track recommendations for important, abnormal or inconclusive findings.Compliance and Best Practices: The cloud platform is built to support stringent regulatory compliance and adherence to the highest industry standards and best practices, giving both providers and patients confidence in the care received.

Essen Health Care is an integrated, multi-specialty healthcare delivery organization with more than 25 years of experience providing quality, compassionate, and accessible medical care to communities across New York. Offering house calls, urgent care, primary care, and specialty services, Essen Health Care is committed to advancing health equity and improving health outcomes for all patients. For more information, visit https://www.essenhealthcare.com

RADIN HealthⓇ is focused on developing SaaS products that enhance the efficiency, productivity, and scalability of hospitals, imaging centers and radiology practices. Utilizing artificial intelligence (AI), machine learning (ML), and natural language processing (NLP), Radin Health offers a Cloud-based, Serverless, All-In-One RIS, PACS, Dictation AI®, and Select® Workflow Management Solution. For more information, visit www.radinhealth.com.

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SOURCE Radin LLC