JPMorgan: U.S. Buybacks Could Expand by Another $600 Billion on Top of Record $1.5 Trillion
JPMorgan said U.S. share buybacks are set to grow even further this year, potentially adding another $600 billion on top of the current record pace of $1.5 trillion.
Analysts noted that historically, U.S. buyback volumes have often reached 3%–4% of total equity market capitalization before the pandemic. At today’s pace, this could translate into an additional $600 billion in repurchases.
Globally, share buybacks have already hit last year’s total of $1.37 trillion in just the first eight months of 2025, putting the market on track for a new all-time record of $1.9 trillion for the full year. That figure represents 38% growth compared to the same period in 2024.
JPMorgan highlighted that buybacks have outpaced the 15% rise in equity prices this year, pointing to a significant increase in activity. Still, relative to overall market capitalization, buybacks remain near or below long-term averages and well under the 2007 peak of nearly 5% of U.S. market cap. Currently, buybacks represent 2.6% of market cap—about half of the pre-crisis peak.
The bank also noted that with IPO activity still subdued, record buybacks are keeping equity supply negative for the fourth consecutive year. This ongoing reduction in listed shares continues to support equity markets, as companies act as a strong buying force.
