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US SHARE BUYBACK GROWTH STALLS

The tailwind from share buybacks for the S&P 500 may be fading, according to Goldman Sachs strategists, who note that S&P 500 companies' share repurchases were flat in the second quarter compared with a year ago.

Overall, though, S&P 500 companies repurchased shares at a record pace in the first half of 2025, with buybacks totalling nearly $550 billion in that period, they write in a note this week.

"For investors, one consequence of a declining buyback yield is less EPS accretion and slower EPS growth," they say.

From 2005 through 2019, declining share counts boosted S&P 500 earnings per share growth in excess of earnings growth by an annual median of 1.2 percentage points, they note.

"That EPS tailwind has recently diminished. Weakening buybacks also indicate less share price support from corporate demand, including the downside cushion buybacks often provide during drawdowns."

(Caroline Valetkevitch)

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