Corporate share repurchases are once again acting as a key driver for U.S. equities, with buyback activity surging 15% year-over-year in 2025, according to new data from Goldman Sachs.
The bank reported that U.S. firms have authorized more than $1.2 trillion in buybacks through October, up sharply from the same period last year. November — historically one of the most active months for repurchases — has seen renewed momentum as companies emerge from blackout periods following earnings season.
Based on the pace of activity, Goldman’s corporate execution desk estimates daily buyback demand exceeding $6 billion per trading day in November, measured by volume-weighted average price (VWAP).
The strong repurchase trend is expected to continue into December, with the open buyback window remaining active until December 19.
“Another active week on our desk, we are feeling the true effects of a buyback open window,” said Goldman Sachs trader Vani Ranganath.
Ranganath added, “We expect corporates to increase buying in the fourth quarter given the open window timeline and goals to reach year-end repurchase targets.”
The surge in buybacks has provided a solid tailwind for equity markets, helping offset recent volatility and contributing to sustained inflows as companies work to hit their year-end repurchase goals.