- S&P 500 Q4 2022 buybacks were $211.2 billion, up 0.2% from Q3 2022's
$210.8 billion, as 2022 sets an
annual record at $922.7 billion, up
from 2021's $881.7 billion
- Financials continued their pullback, which started in Q2,
with Q4 2022 down 56.3% from Q4 2021, as 2022 was down 36.3%;
Energy went up 403% in 2022
- On a proforma basis, the new net buyback 1% excise tax,
which started in 2023, would have reduced 2022 operating earnings
by 0.51%
NEW
YORK, March 21, 2023 /PRNewswire/ -- S&P Dow
Jones Indices ("S&P DJI") announced today preliminary S&P
500® stock buybacks, or share repurchases, data for Q4
2022.
Historical data on S&P 500 buybacks are available at
www.spdji.com/indices/equity/sp-500.
Key Takeaways:
- Q4 2022 share repurchases were $211.2
billion, up 0.2% from Q3 2022's $210.8 billion expenditure and down 21.8% from Q4
2021's $270.1 billion.
- 318 companies reported buybacks of at least $5 million for the quarter, down from 319 in
Q3 2022 and down from 325 in Q4 2021; 385 companies did some
buybacks for the quarter, up from 384 in Q3 2022 and up from 383 in
Q4 2021; 439 companies did some buybacks for the 12-months ending
December 2022, up from 422 in the
prior 2021 period.
- Buybacks remained top heavy with the top 20 companies
accounting for 45.7% of Q4 2022 buybacks, which was below the
historical average of 47.1%, and below the 49.0% level reported for
Q3 2022; the pre-COVID historical average of 44.5%.
- For the 12-months ending December
2022, buybacks were $922.7
billion, setting a new annual record, and up 4.6% from
2021's $881.7 billion, but down from
the 12-month September $981.6 billion
and down from the record $1.005
trillion posted for the June
2022 period.
- 19.2% of companies reduced share counts used for
earnings-per-share (EPS) by at least 4% year-over-year, down
from Q3 2022's 21.2% and up from Q4 2021's 14.9%; for Q4 2022 152
issues increased their shares used for EPS over Q3 2022, and 291
reduced them.
- S&P 500 Q4 2022 dividends increased 4.1% to a record
$146.1 billion from Q3 2022's
$140.3 billion and were 9.1% greater
than the $133.9 billion in Q4 2021.
For 2022, dividends set a record $564.6
billion payment, up 10.4% on an aggregate basis from 2021's
$511.2 billion.
- Total shareholders return of buybacks and dividends
increased to $357.3 billion in Q4
2022, up 1.7% from Q3 2022's $351.2
billion and down 11.6% from Q4 2021's $404.0 billion.
- Total shareholder returns for 2022 increased to $1.487 trillion from the 2021 $1.393 trillion.
- On a proforma basis, the new 1% excise tax on net buybacks,
which started in 2023, would have reduced the Q4 2022 S&P 500
operating earnings by 0.46% and as reported GAAP earnings by 0.58%,
the proforma for 2022 was a 0.51% reduction for operating and a
0.58% reduction for as reported.
"Companies, led by Financials, continued to pull back from their
Q1 2022 record-breaking buyback expenditures, as energy remains the
outlier, increasing its buybacks, as it set record profits," said
Howard Silverblatt, Senior Index
Analyst at S&P Dow Jones Indices. "Share count reduction
continues, as almost one-in-five issues increased their
year-over-year EPS by at least 4% due to buybacks. The impact is
expected to continue into 2023, even as economic indicators remain
unclear at this point."
1% Buyback Excise Tax for 2023:
On a proforma basis, the new 1% excise tax on net buybacks would
have reduced Q4 2022 operating earnings by 0.46%, the same as the
proforma 0.46% for Q3 2022, with as reported GAAP earnings being
reduced by 0.58%, up from the proforma 0.52% for Q3 2022. For the
proforma 2022 period, the tax would have cost S&P 500 companies
$8.5 billion, and would have reduced
operating earnings by 0.51% and as reported GAAP earnings by
0.58%.
Silverblatt added: "The 1% tax is an additional cost, but it is
still not significant enough to impact the overall buybacks at this
point. In his proposed fiscal 2024 budget, President Biden
quantified increasing the tax to 4%. Given the initial 1% buyback
tax had bipartisan support, there is an expectation that some
increase, and potential for change to the type of buybacks that are
taxed, which could be incorporated into the fiscal budget. An
increase to the 2.5% area could start to impact buybacks and the
EPS impact of share-count-reduction due to some of the expenditures
shifting from buybacks to dividends. Any shift however would not be
on a-dollar-for-dollar basis, as dividends remain a long-term pure
cash-flow item which must be incorporated in corporate
budgets."
Q4 2022 and 2022 GICS® Sector Analysis:
Information Technology continued to lead in buybacks as
its percentage of buybacks and aggregate expenditures decreased for
the quarter. In Q4 2022, IT's share decreased to 27.3% of all
S&P 500 buybacks compared to Q3 2022's 28.8% and was down from
Q4 2021's 27.7%. Expenditures for Q4 2022 decreased (5.1%) to
$57.7 billion from the prior
quarter's $60.8 billion and were
23.0% lower than the Q4 2021 expenditure of $74.9 billion. For 2022, the sector spent
$262.0 billion, representing 28.4% of
all S&P buybacks, compared to the 2021 $260.0 billion expenditure, which represented
29.5% of all buybacks. Over the 10-year period, the sector spent
$1.892 trillion, representing 29.0%
of the expenditures.
Financials decreased their buybacks as their Q4 2022
expenditures decreased 2.3% to $22.5
billion, representing 10.7% of the buybacks, from the Q3
2022 $23.0 billion. As for Q4 2021
the sector spent $51.5 billion. The
pullback was attributed to large-backs protecting their dividends
with respect to the Fed's bank stress test. For 2022 the sector
spent $121.4 billion, down 36.3% from
2021's 190.6 billion. Expenditures were expected to increase in Q1
2023. Of note however is the recent banking circumstances, which
may reduce buybacks as companies focus more on dividends and
liquidity.
Energy decreased their buybacks as their expenditure
declined 9.9% for the quarter to $19.8
billion, representing 9.4% of the buybacks compared to the
prior quarter's $22.0 billion.
However, this quarter was still an increase of 160% from Q4 2021
$7.6 billion level. For the year,
Energy spent $63.8 billion on
buybacks, up 403% from 2021's $12.7
billion.
Health Care buybacks increased 21.0% for the quarter,
spending $24.4 billion in Q4 2022,
representing 11.6% of all buybacks, up from the Q3 2022
$20.2 billion. This accounted for
9.6% of the buybacks, which were 11.7% higher than the Q4 2021
expenditure of $21.8 billion. For
2022, the sector spent $102.9
billion, up 35.1% from 2021's $76.2
billion.
Issues:
The five issues with the highest total buybacks for Q4 2022
are:
- Apple (AAPL): continued to be the poster child for
buybacks as it once again spent the most of any issue, with its Q4
2022 expenditure ranking as the eleventh highest in S&P 500
history. For the quarter, the company spent $21.8 billion, down from Q3 2022's $24.7 billion (the third largest in index
history). Apple holds 18 of the top 20 record quarters (Meta
Platforms holds #12 and QUALCOMM holds #13). For 2022, Apple spent
$94.1 billion on buybacks, up from
the prior year's $88.3 billion. Over
the five-year period, they have spent $419.8
billion and $601.3 billion
over the ten-year period.
- Alphabet (GOOG/L): was next with $15.41 billion for Q4 2022, a tick up from the
$15.39 billion in Q3 2022; the 2022
expenditure was $59.3 billion versus
the 2021 expenditure of $50.3
billion.
- Meta Platforms (META): $7.5
billion for Q4 2022, up from $7.4
billion in Q3 2022; the 2022 expenditure was $31.6 billion versus $50.1
billion.
- Microsoft (MSFT): $5.5
billion for Q4 2022, down from $5.6
billion in Q3 2022; the 2022 expenditure was $28.6 billion versus $29.2
billion.
- Exxon Mobile (XOM): $4.7
billion in Q4 2022, up from $4.5
billion in Q3 2022 and $0.2
billion in Q4 2021; the 2022 expenditure was $15.2 billion versus $0.2
billion.
For more information about S&P Dow Jones Indices, please
visit www.spdji.com.
S&P Dow Jones
Indices
|
|
S&P 500 proforma
net buyback tax impact
|
|
TAX
|
TAX %
OF
|
TAX %
OF
|
|
$
BILLIONS
|
OPERATING
|
AS
REPORTED
|
2022
|
$8.47
|
0.51 %
|
0.58 %
|
2021
|
$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
|
EARNINGS
|
DIVIDENDS
|
BUYBACKS
|
DIVIDEND
|
BUYBACK
|
BUYBACK
|
|
$ BILLIONS
|
$
BILLIONS
|
$
BILLIONS
|
$
BILLIONS
|
$
BILLIONS
|
YIELD
|
YIELD
|
YIELD
|
2022 Prelim.
|
$32,133
|
$1,655.58
|
$1,453.34
|
$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 %
|
|
|
|
|
|
|
|
|
|
12/31/2022 Prelim.
|
$32,133
|
$420.46
|
$331.41
|
$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 %
|
6/30/2021
|
$36,325
|
$439.95
|
$409.02
|
$123.38
|
$198.84
|
1.33 %
|
1.68 %
|
3.01 %
|
3/31/2021
|
$33,619
|
$401.19
|
$388.84
|
$123.91
|
$178.13
|
1.43 %
|
1.48 %
|
2.91 %
|
12/31/2020
|
$31,659
|
$321.81
|
$265.00
|
$121.62
|
$130.59
|
1.53 %
|
1.64 %
|
3.17 %
|
9/30/2020
|
$27,868
|
$314.06
|
$273.29
|
$115.54
|
$101.79
|
1.75 %
|
2.05 %
|
3.80 %
|
6/30/2020
|
$25,637
|
$221.53
|
$147.44
|
$119.04
|
$88.66
|
1.93 %
|
2.52 %
|
4.45 %
|
3/31/2020
|
$21,424
|
$161.64
|
$98.48
|
$126.98
|
$198.72
|
2.31 %
|
3.37 %
|
5.68 %
|
12/31/2019
|
$26,760
|
$324.52
|
$294.29
|
$126.35
|
$181.58
|
1.81 %
|
2.72 %
|
4.54 %
|
9/30/2019
|
$24,707
|
$330.42
|
$282.12
|
$123.12
|
$175.89
|
1.94 %
|
3.12 %
|
5.06 %
|
6/28/2019
|
$24,423
|
$333.26
|
$290.00
|
$118.68
|
$165.46
|
1.93 %
|
3.27 %
|
5.20 %
|
3/29/2019
|
$23,619
|
$316.56
|
$291.82
|
$117.33
|
$205.81
|
1.97 %
|
3.49 %
|
5.45 %
|
12/31/2018
|
$21,027
|
$293.82
|
$242.91
|
$119.81
|
$222.98
|
2.17 %
|
3.84 %
|
6.01 %
|
S&P Dow Jones
Indices
|
|
|
|
|
|
|
|
S&P 500 SECTOR
BUYBACKS
|
|
|
|
|
|
|
|
SECTOR $
MILLIONS
|
Q4,'22
|
Q3,'22
|
Q4,'21
|
12MoDec,'22
|
12MoDec,'21
|
5-YEARS
|
10-YEARS
|
Consumer
Discretionary
|
$18,819
|
$19,542
|
$30,889
|
$94,238
|
$86,554
|
$365,456
|
$782,566
|
Consumer
Staples
|
$7,033
|
$11,316
|
$12,817
|
$37,429
|
$39,697
|
$164,155
|
$388,486
|
Energy
|
$19,833
|
$22,014
|
$7,614
|
$63,782
|
$12,691
|
$129,971
|
$245,597
|
Financials
|
$22,497
|
$23,027
|
$51,514
|
$121,431
|
$190,606
|
$721,461
|
$1,178,793
|
Healthcare
|
$24,394
|
$20,152
|
$21,840
|
$102,881
|
$76,158
|
$425,676
|
$770,593
|
Industrials
|
$22,403
|
$17,113
|
$16,268
|
$82,095
|
$62,274
|
$316,629
|
$646,922
|
Information
Technology
|
$57,654
|
$60,771
|
$74,868
|
$261,960
|
$260,044
|
$1,227,229
|
$1,892,013
|
Materials
|
$6,548
|
$5,678
|
$9,244
|
$28,386
|
$23,185
|
$89,783
|
$158,042
|
Real
Estate
|
$728
|
$793
|
$645
|
$3,779
|
$1,385
|
$13,825
|
$18,427
|
Communication
Services
|
$31,155
|
$30,297
|
$43,305
|
$124,963
|
$127,584
|
$392,422
|
$416,791
|
Utilities
|
$126
|
$140
|
$1,099
|
$1,737
|
$1,541
|
$12,700
|
$17,875
|
TOTAL
|
$211,189
|
$210,843
|
$270,102
|
$922,680
|
$881,718
|
$3,859,307
|
$6,516,106
|
|
|
|
|
|
|
|
|
SECTOR BUYBACK
MAKEUP %
|
Q4,'22
|
Q3,'22
|
Q4,'21
|
12MoDec,'22
|
12MoDec,'21
|
5-YEARS
|
10-YEARS
|
Consumer
Discretionary
|
8.91 %
|
9.27 %
|
11.44 %
|
10.21 %
|
9.82 %
|
9.47 %
|
12.01 %
|
Consumer
Staples
|
3.33 %
|
5.37 %
|
4.75 %
|
4.06 %
|
4.50 %
|
4.25 %
|
5.96 %
|
Energy
|
9.39 %
|
10.44 %
|
2.82 %
|
6.91 %
|
1.44 %
|
3.37 %
|
3.77 %
|
Financials
|
10.65 %
|
10.92 %
|
19.07 %
|
13.16 %
|
21.62 %
|
18.69 %
|
18.09 %
|
Healthcare
|
11.55 %
|
9.56 %
|
8.09 %
|
11.15 %
|
8.64 %
|
11.03 %
|
11.83 %
|
Industrials
|
10.61 %
|
8.12 %
|
6.02 %
|
8.90 %
|
7.06 %
|
8.20 %
|
9.93 %
|
Information
Technology
|
27.30 %
|
28.82 %
|
27.72 %
|
28.39 %
|
29.49 %
|
31.80 %
|
29.04 %
|
Materials
|
3.10 %
|
2.69 %
|
3.42 %
|
3.08 %
|
2.63 %
|
2.33 %
|
2.43 %
|
Real
Estate
|
0.34 %
|
0.38 %
|
0.24 %
|
0.41 %
|
0.16 %
|
0.36 %
|
0.28 %
|
Communication
Services
|
14.75 %
|
14.37 %
|
16.03 %
|
13.54 %
|
14.47 %
|
10.17 %
|
6.40 %
|
Utilities
|
0.06 %
|
0.07 %
|
0.41 %
|
0.19 %
|
0.17 %
|
0.33 %
|
0.27 %
|
TOTAL
|
100.00 %
|
100.00 %
|
100.00 %
|
100.00 %
|
100.00 %
|
100.00 %
|
100.00 %
|
S&P Dow Jones
Indices
|
|
|
|
|
|
|
|
|
|
S&P 500 20
LARGEST Q4 2022 BUYBACKS, $ MILLIONS
|
|
|
|
|
|
|
|
Company
|
Ticker
|
Sector
|
Q4
2022
|
Q3
2021
|
Q4
20221
|
12-Months
|
12-Months
|
5-Year
|
10-Year
|
Indicated
|
|
|
|
Buybacks
|
Buybacks
|
Buybacks
|
Ded,'22
|
Dec,'21
|
Buybacks
|
Buybacks
|
Dividend
|
|
|
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
Apple
|
AAPL
|
Information
Technology
|
$21,791
|
$24,736
|
$23,366
|
$94,050
|
$88,257
|
$419,781
|
$601,348
|
$13,757
|
Alphabet
|
GOOGL
|
Communication
Services
|
$15,407
|
$15,392
|
$13,473
|
$59,296
|
$50,274
|
$168,190
|
$178,509
|
$0
|
Meta
Platforms
|
META
|
Communication
Services
|
$7,520
|
$7,365
|
$21,569
|
$31,551
|
$50,052
|
$114,065
|
$120,255
|
$0
|
Microsoft
|
MSFT
|
Information
Technology
|
$5,459
|
$5,573
|
$7,433
|
$28,611
|
$29,224
|
$119,767
|
$175,931
|
$20,276
|
Exxon
Mobil
|
XOM
|
Energy
|
$4,675
|
$4,494
|
$154
|
$15,155
|
$155
|
$16,935
|
$51,880
|
$14,991
|
Lockheed
Martin
|
LMT
|
Industrials
|
$4,206
|
$1,338
|
$2,087
|
$7,900
|
$4,087
|
$15,694
|
$24,294
|
$2,799
|
Comcast
|
CMCSA
|
Communication
Services
|
$3,515
|
$3,525
|
$2,055
|
$13,328
|
$4,672
|
$24,358
|
$48,146
|
$5,004
|
Chevron
|
CVX
|
Energy
|
$3,417
|
$0
|
$0
|
$8,803
|
$618
|
$15,541
|
$24,447
|
$10,745
|
DuPont de
Nemours
|
DD
|
Materials
|
$3,252
|
$252
|
$500
|
$4,402
|
$2,169
|
$12,663
|
$20,409
|
$715
|
Visa
|
V
|
Information
Technology
|
$3,227
|
$2,106
|
$4,217
|
$10,719
|
$11,107
|
$46,168
|
$73,584
|
$2,943
|
Marathon
Petroleum
|
MPC
|
Energy
|
$2,794
|
$3,908
|
$2,742
|
$9,548
|
$4,654
|
$18,439
|
$26,897
|
$1,406
|
ConocoPhillips
|
COP
|
Energy
|
$2,746
|
$2,804
|
$1,399
|
$9,275
|
$3,623
|
$20,291
|
$23,436
|
$2,542
|
Berkshire
Hathaway
|
BRK.B
|
Financials
|
$2,608
|
$1,055
|
$6,869
|
$7,854
|
$27,061
|
$65,817
|
$65,817
|
$0
|
T-Mobile US
|
TMUS
|
Communication
Services
|
$2,461
|
$567
|
$8
|
$3,243
|
$316
|
$24,907
|
$25,850
|
$0
|
Mastercard
|
MA
|
Information
Technology
|
$2,418
|
$1,552
|
$1,279
|
$8,894
|
$6,037
|
$31,225
|
$47,943
|
$1,935
|
Bristol-Myers
Squibb
|
BMY
|
Health Care
|
$2,416
|
$585
|
$2,751
|
$8,001
|
$6,287
|
$23,454
|
$26,587
|
$4,848
|
Booking
Holdings
|
BKNG
|
Consumer
Discretionary
|
$2,343
|
$1,990
|
$4
|
$6,621
|
$163
|
$22,245
|
$29,808
|
$0
|
Salesforce
|
CRM
|
Information
Technology
|
$2,323
|
$1,677
|
$0
|
$4,000
|
$0
|
$4,000
|
$4,000
|
$0
|
McKesson
|
MCK
|
Health Care
|
$2,016
|
$484
|
$714
|
$5,030
|
$2,228
|
$12,109
|
$17,768
|
$306
|
Procter &
Gamble
|
PG
|
Consumer
Staples
|
$2,002
|
$4,000
|
$4,754
|
$8,501
|
$13,505
|
$42,173
|
$64,893
|
$8,649
|
Top
20
|
|
|
$96,596
|
$83,403
|
$95,374
|
$344,782
|
$304,489
|
$1,217,822
|
$1,651,802
|
$90,917
|
S&P
500
|
|
|
$211,189
|
$210,843
|
$270,102
|
$922,680
|
$881,718
|
$3,859,307
|
$6,516,107
|
$575,523
|
Top 20 % of S&P
500
|
|
45.74 %
|
39.56 %
|
35.31 %
|
37.37 %
|
34.53 %
|
31.56 %
|
25.35 %
|
15.80 %
|
Gross
values are not adjusted for float
|
|
|
|
|
|
|
|
|
S&P Dow Jones
Indices
|
|
|
|
S&P 500 Q4 2022
Buyback Report
|
|
|
|
|
|
|
SECTOR
|
DIVIDEND
|
BUYBACK
|
COMBINED
|
|
YIELD
|
YIELD
|
YIELD
|
Consumer
Discretionary
|
1.02 %
|
2.69 %
|
3.72 %
|
Consumer
Staples
|
2.70 %
|
1.70 %
|
4.40 %
|
Energy
|
4.05 %
|
4.32 %
|
8.37 %
|
Financials
|
2.35 %
|
3.50 %
|
5.84 %
|
HealthCare
|
1.76 %
|
2.14 %
|
3.91 %
|
Industrials
|
1.78 %
|
2.97 %
|
4.74 %
|
Information
Technology
|
0.99 %
|
2.75 %
|
3.74 %
|
Materials
|
2.16 %
|
3.43 %
|
5.60 %
|
Real
Estate
|
3.72 %
|
0.44 %
|
4.15 %
|
Communications
Services
|
1.22 %
|
5.71 %
|
6.93 %
|
Utilities
|
3.27 %
|
0.18 %
|
3.44 %
|
S&P
500
|
1.76 %
|
2.83 %
|
4.59 %
|
Uses full
values (unadjusted for float)
|
|
|
Dividends
based on indicated; buybacks based on the last 12-months ending
Q4,'22
|
Share Count
Changes
|
|
|
(Y/Y diluted shares
used for EPS)
|
>=4%
|
<=-4%
|
Q4
2022
|
5.01 %
|
19.24 %
|
Q3
2022
|
7.21 %
|
21.24 %
|
Q2
2022
|
8.42 %
|
19.84 %
|
Q1
2022
|
7.62 %
|
17.64 %
|
Q4
2021
|
10.06 %
|
14.89 %
|
Q3
2021
|
10.22 %
|
7.41 %
|
Q2
2021
|
11.02 %
|
5.41 %
|
Q1
2021
|
10.40 %
|
5.80 %
|
Q4
2020
|
9.02 %
|
6.01 %
|
Q3
2020
|
8.62 %
|
9.62 %
|
Q2
2020
|
8.60 %
|
17.80 %
|
Q1
2020
|
8.00 %
|
19.60 %
|
Q4
2019
|
7.63 %
|
20.68 %
|
|
|
|
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