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Apple’s May 1, 2025 announcement authorized up to $100 billion in additional share repurchases and raised its quarterly dividend 4%, to $0.26 per share. The $100 billion was a ceiling—not a report that Apple had already spent that amount—and the dividend’s record date was May 12, with payment scheduled for May 15, 2025.
What Apple announced in May 2025
Apple announced the capital-return measures alongside results for its fiscal second quarter, which ended March 29, 2025. Its board authorized an additional program to repurchase up to $100 billion of Apple common stock and declared a quarterly cash dividend of $0.26 per share, a 4% increase. The dividend was payable May 15, 2025, to shareholders of record at the close of business on May 12. Apple’s May 1, 2025 earnings release provides the announcement and payment dates.
What “up to $100 billion” means
The authorization gave Apple permission to repurchase shares up to the stated limit; it did not require the company to spend the full amount or buy a minimum number of shares. Apple’s SEC filing says repurchases could occur through negotiated or open-market transactions, including under Rule 10b5-1 plans. Repurchases reduce the number of shares outstanding when executed, but the authorization alone does not establish how many shares Apple actually bought.
In its filing for the period ended December 27, 2025, Apple reported that $25.2 billion had been used under the May 2025 program. That is a dated utilization figure, not the program’s final total; the filing does not establish final utilization. Apple’s SEC filing describes the program’s terms and reported use.
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How the dividend and buyback differ for shareholders
| Action | How it returns capital | What the 2025 announcement establishes |
|---|---|---|
| Dividend | Cash is distributed to eligible shareholders per share. | Apple declared $0.26 per share quarterly, a 4% increase, payable May 15, 2025, to shareholders of record May 12. |
| Share repurchase | The company buys back shares; the number outstanding can decline as purchases are completed. | The board authorized up to $100 billion in additional repurchases. The authorization did not obligate Apple to buy a minimum number of shares. |
The two actions are not interchangeable: the dividend specifies a cash amount per eligible share, while a buyback is a company purchase that depends on execution. Which matters more to an investor depends on that person’s objectives and circumstances. The announcement does not establish whether Apple shares are attractively valued, nor does it determine an individual investor’s tax consequences or suitability.
The earnings context Apple reported
For the quarter ended March 29, 2025, Apple reported revenue of $95.4 billion, up 5% year over year, and diluted earnings per share of $1.65, up 8%. Apple CFO Kevan Parekh said the March quarter generated $24 billion in operating cash flow and that Apple returned $29 billion to shareholders. These are figures and comments from Apple’s earnings release, not independent conclusions about the company’s valuation or future performance.
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Do not confuse the 2025 terms with the later announcement
Apple announced a separate additional authorization of up to $100 billion in share repurchases on April 30, 2026, alongside a 4% quarterly dividend increase to $0.27 per share. Its Q3 FY2026 filing also reported a $0.27 quarterly dividend as of June 27, 2026. Those later actions are distinct from the May 2025 authorization and its $0.26 dividend. Apple’s April 30, 2026 release and its Q3 FY2026 SEC filing give the later figures.
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