Neil Cybart Neil Cybart

Apple Reaccelerates Share Buyback, Apple’s Stellar Free Cash Flow, Takeaways From Apple’s 1Q26 10-Q

We will continue our Apple 1Q26 earnings review by turning to Apple’s capital management, balance sheet, and 10-Q.

For those of you who are new to the Above Avalon Daily newsletter, our goal for each Apple earnings review is to not leave any financial stone unturned. After today’s email, there will likely be one additional update dedicated to reviewing Apple earnings before moving on to other topics.

Let’s jump right in. 

Apple Reaccelerates Share Buyback

We have new data for Apple’s share buyback activity. The following totals are for Apple's share repurchases via open market transactions over the past two years:

  • 1Q24: $20.5B spent on buyback. Average repurchase price per share: $183.77.

  • 2Q24: $23.5B. Average repurchase price per share: $180.37.

  • 3Q24: $26.0B. Average repurchase price per share: $187.36.

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