Alphabet, Amazon and Meta Buy Zero Shares in 2026 as Big Tech Buybacks Slump 90%

Three of tech's biggest names sat out the buyback game entirely this year. Alphabet, Amazon and Meta Platforms have not repurchased a single share in 2026, and when Microsoft and Oracle are added to the pile, the five spent just $4.4 billion on buybacks in the third quarter, according to a Nov. 4 tally by The Kobeissi Letter. That marks the lowest level since the third quarter of 2017, and it's 90% below the roughly $45.9 billion the same group laid out in the final quarter of 2021.

Microsoft carried the entire $4.4 billion on its own, down from $5.7 billion a year earlier, Reuters reported. Alphabet's 10-Q shows no repurchases across the first nine months of 2026, a sharp turn from the $11.6 billion it spent in the third quarter of 2025 alone. Amazon has stayed out of the market since 2022.

The reason is AI infrastructure. Meta's capital spending climbed from $18.8 billion in the third quarter of 2025 to $33.9 billion a year later — more than the $32.8 billion its operations generated in cash. Amazon is in deeper: its free cash flow was negative $34.8 billion in the third quarter by itself. With spending outrunning incoming cash, the buyback budget was the first line item to go.

So the giants have flipped from retiring shares to selling them. Alphabet pulled in nearly $50 billion from new stock in June, $10 billion of that from Berkshire Hathaway, then sold another $12.4 billion through its at-the-market program in the third quarter. Oracle moved $19.9 billion of new stock in the three months through August. Meta said in an Oct. 26 release that it is selling mandatory convertible preferred stock plus $22.5 billion of new Class A shares through forward sale agreements it can settle as late as November 2027.

The flip has a cost for shareholders. Without buybacks to offset stock-based pay, Alphabet's diluted share count is climbing again, which means earnings per share will grow more slowly than net income. Analysts expect Alphabet's free cash flow to stay negative through 2027, so a buyback comeback doesn't look likely anytime soon.