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GM, TRV & ASML: 3 Industry Giants Boosting Buybacks in 2026
Written by Leo Miller. Posted: 2/5/2026.
Quick Look
- After reducing its share count by over 15% in 2025, General Motors is loading up on buyback capacity again.
- Travelers outperformed the market last year, and is signaling confidence with a new repurchase plan.
- Semiconductor giant ASML is adding buyback capacity too, announcing a new +$10 billion program.
Some of the market's biggest names in automobiles, insurance and semiconductors have announced sizable increases to their buyback programs. Each company looks to continue shrinking its share count and build on strong 2025 performances into 2026.
After Spending Big in 2025, GM Authorizes $6 Billion Buyback Program
First up is U.S. auto giant General Motors (NYSE: GM). GM shares performed very well in 2025, delivering a total return of 54%. A major factor supporting the stock was heavy buyback activity: the company repurchased about $6 billion of stock last year, reducing its outstanding share count by roughly 18%.
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On Jan. 27, GM authorized another $6 billion in share repurchases — equal to roughly 7.7% of its $77 billion market capitalization. It remains uncertain how much the company will actually spend under this new authorization in 2026.
Notably, GM authorized $6 billion in buybacks in February last year and ended up spending that full amount. CFO Paul Jacobson emphasized buybacks during the company's earnings call, saying the strong share performance "reinforces our conviction that repurchasing GM stock at current valuation levels, which are back to historical norms but remain well below our peers, represents one of the most compelling opportunities to continue to generate long-term shareholder value." In short, management still sees significant value in GM shares.
Travelers' Buyback Capacity Now Exceeds 11% of Its Market Cap
Property and casualty insurance leader Travelers Companies (NYSE: TRV) also had a strong 2025, with the stock returning 22% versus the S&P 500's 18% gain. Travelers spent $3.1 billion on buybacks in 2025, reducing outstanding shares by about 4%.
On Jan. 21, the company authorized an additional $5 billion in share repurchases. That adds to roughly $2.015 billion remaining from prior authorizations, bringing total buyback capacity to about 11.1% of its $62 billion market capitalization — a meaningful level that gives Travelers flexibility to continue lowering its share count.
The company has indicated it will spend $1.8 billion on buybacks in Q1, up from prior expectations of $1.6 billion. Management declined to provide a firm cadence for the rest of the year, however. While larger buyback expectations are encouraging, underlying growth has cooled: net premiums earned rose just 2.6% in the most recent quarter, the slowest increase since Q1 2021.
ASML Adds $14 Billion to Buyback Chest
Wafer fabrication equipment leader ASML (NASDAQ: ASML) is also increasing buyback capacity after a strong 2025, when shares returned just under 56%. The company repurchased roughly $7 billion of stock in 2025, trimming its outstanding share count by about 1.7%.
After exhausting its previous program in December 2025, ASML on Jan. 28 authorized a new program worth 12 billion euros (approximately $14.2 billion), equal to about 2.6% of its $540 billion market capitalization. The company also said it will buy back up to 2 million shares to cover employee share plans — purchases that offset dilution rather than reduce the share count. At current levels, those repurchases represent roughly 20% of ASML's buyback capacity, leaving about 80% available to actually lower outstanding shares.
While ASML's buyback capacity is modest relative to its market cap, repurchases could still provide a meaningful tailwind. Industry forecasts point to solid growth for the WFE industry in 2026, supporting ASML's outlook. Investors should note, however, that the stock trades at a forward price-to-earnings ratio of about 40x — roughly 21% above its three-year average — so valuation remains an important consideration.
GM: Big Buybacks and Upside Potential
Among these companies, General Motors stands out for its aggressive use of buybacks and the management team's apparent conviction in the company's valuation. The consensus price target for GM is near $88, implying roughly 3% upside. However, analyst targets updated after the Jan. 27 earnings release average about $97, which would suggest roughly 13% upside from current levels after an already strong run.
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