Over the past decade, Apple has rewritten the playbook on capital returns with an extraordinary stock buyback program. In just ten years, Apple has allocated a staggering $1 trillion to repurchasing its shares—an amount so large it could buy any public company in the world except for the current top 13 by market value. This relentless pace of buybacks has set Apple apart as the undisputed “Buyback King” among global corporations.

Apple’s buyback strategy is designed to decrease the number of outstanding shares, thereby boosting earnings per share and—ideally—its stock price. The company’s consistent generation of strong free cash flow enables these massive buybacks while still funding aggressive research and development, product innovation, and a rising dividend for shareholders.

Despite slowing growth in hardware sales, particularly in iPhones, Apple has maintained investor confidence through these capital return programs. The company’s growing Services business, now contributing over a fifth of total revenue, further strengthens its financial position and justifies continued shareholder rewards.

However, some experts are urging Apple to recalibrate its priorities. Given the scale of these buybacks, they argue that the company could make even bolder investments in new technology, sustainability, or strategic acquisitions that would secure its leadership for the next decade. As Apple sets even larger buybacks and investments in American manufacturing, the debate intensifies: Should Apple double down on rewarding shareholders through repurchases, or pivot to long-term bets that could redefine its future?

The scale of Apple’s buybacks makes it a fascinating case of modern corporate finance—a delicate balancing act between immediate shareholder benefits and visionary investments for the company’s next chapter. Investors and analysts alike are watching closely to see which path Apple will choose.