Apple Inc.’s aggressive stock buybacks have been a major contributor to earnings growth, and one analyst sees a path that would allow the company to continue its strong pattern of share repurchases for some 15 more years.
For example, Apple reported last month fiscal fourth-quarter net income that rose 62.2% to $20.55 billion, but EPS climbed 69.9% as the number of shares used in the calculation declined by 3.6% to 16.64 billion. The consumer-electronics company set out to be “approximately net-cash neutral over time” back in 2018, and while some hoped Apple might conduct a big acquisition as it burned through its cash pile, the company instead has opted largely for share repurchases and dividend payments.
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