"For 2025 in aggregate, buybacks grew 10%, just shy of $1trn for the S&P 500. When we back out stock comp, net buybacks surpassed $730bn, growing 11% YoY. The important callout here is that net buybacks are flat from ’18/’21-’22 peaks given the pace of buyback growth has not kept up with market appreciation and stock comp growth. As result, the market impact of this source of buying has waned year by year as measured by the buyback yield. In ’25, buybacks had nearly the lowest buying power in the last two decades." -@Citi