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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Notes From Apple 2Q25 10-Q, Apple Buyback Tidbits, Forecasting Apple’s Share Buyback Pace
Hello everyone. Although we concluded our Apple 2Q25 earnings review a few days ago, we still needed to quickly go over Apple’s 2Q25 10-Q filing. We will kick off today’s update with that filing. Our attention will then shift to Apple’s share buyback program.
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Become an Above Avalon member and receive the following privileges and benefits:
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Apple Share Buyback Update, Apple's Paid Subscriptions Growth Update
Hello everyone. Today’s update will conclude our Apple 4Q23 earnings review. It’s been a busy week and we covered A LOT of ground. There are a few broader topics dealing with the Mac and iPad that extend far beyond any one earnings report. We will address / tackle those topics in due time.
As a recap, here were the earnings review sections:
November 3rd: Initial Impression From Apple’s 4Q23 Earnings, Key Numbers From Apple 4Q23, About Apple’s 1Q24 Guidance
November 6th: Three Interesting Charts for Apple’s 4Q23
November 7th: Reading Between the Lines of Apple’s 4Q23 Earnings Q&A With Analysts
November 8th: Apple 2Q23 10-K Takeaways
In today’s update, we will discuss Apple’s share buyback trends and paid subscription tally.
Apple Share Buyback Update
There were a few interesting observations regarding Apple’s share buyback activity.
Here is quarterly data from the past three years for Apple's share buyback via open market transactions:
4Q20: $18.0B. Average repurchase price per share: $106.68
1Q21: $24.0B. Average repurchase price per share: $120.19.
2Q21: $19.0B. Average repurchase price per share: $128.89.
3Q21: $17.5B. Average repurchase price per share: $128.48.
4Q21: $20.0B. Average repurchase price per share: $146.41.
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