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Accelerated share repurchases

A buyback structured as an up-front payment to a bank that delivers shares over a set period, with Apple, General Motors, Altria and Caterpillar.

The short answer

An accelerated share repurchase, or ASR, is a buyback in which the company pays a bank a lump sum up front and the bank delivers shares, often a large portion immediately and the rest when the contract settles. The final share count depends on the volume-weighted price over the purchase period, with an adjustment at the end. 10-Ks describe the dates, the up-front payment, the shares delivered and retired, and when the contract closed. The structure sits alongside ordinary open-market repurchases under the same authorization.

How an ASR is structured

In a typical ASR the company sends the bank a prepayment and receives an initial block of shares, which it usually retires. During a stated purchase period the bank buys shares in the market. At the end, the parties settle the difference between the prepayment and the shares delivered at the contract price, often a volume-weighted average, by delivering more shares, returning shares, or paying cash, depending on the agreement. The company is buying its own stock. The bank is the counterparty that makes the delivery schedule possible.

Apple's 10-K for the year ended September 26, 2026 reports that in May 2026 the company entered into accelerated share repurchase agreements ("ASRs"). Under the terms of the ASRs, financial institutions committed to deliver shares of the company's common stock during the purchase periods in exchange for up-front payments totaling $10.0 billion. In August 2026, the purchase periods for the ASRs ended and 6 million shares were delivered and retired. The same passage states the total number of shares delivered under the agreements.

Source: Apple 10-K for fiscal 2026, filed Nov 3, 2026

How other companies reported theirs

General Motors's 2025 10-K describes an accelerated share repurchase (ASR) program to repurchase an aggregate amount of $2.0 billion of its outstanding common stock, and says that in the year ended December 31, 2025 it received and retired 43 million shares. Altria's 2025 10-K reports that it entered into accelerated share repurchase ("ASR") transactions under two separate agreements with bank counterparties. Caterpillar's 2025 10-K refers to accelerated share repurchase agreements entered into during the first quarter of 2025, which settled in October 2025.

Source: General Motors 10-K for fiscal 2025, filed Jan 27, 2026 · Altria 10-K for fiscal 2025, filed Feb 25, 2026 · Caterpillar 10-K for fiscal 2025, filed Feb 13, 2026

An ASR uses capacity under the board's repurchase authorization the same way an open-market program does, but the cash usually leaves the company at the start, and the share count falls quickly when the initial delivery is retired. The cash flow statement typically shows the prepayment as a financing outflow for share repurchases. The equity note or the issuer-purchases table in Item 5 is where the deliveries, retirements and settlement date appear. Buybacks and treasury stock cover the broader repurchase picture.

Common questions

What is an accelerated share repurchase?

A buyback contract with a bank: the company pays up front, the bank delivers shares over a purchase period, and the parties settle based on a contract price, often a volume-weighted average. Apple, General Motors, Altria and Caterpillar each described ASR agreements in their latest 10-Ks.

Why use an ASR instead of buying in the open market day by day?

The company can retire a large block of shares quickly and complete a stated dollar amount on a known timetable. The trade-off is that the cash goes out at the beginning, and the final share count depends on the settlement price.

When does the share count fall?

Usually when the initial shares are delivered and retired, with a further adjustment at settlement. Apple's 10-K reports that the May 2026 ASRs ended in August 2026 and that 6 million shares were delivered and retired at the end of the purchase periods, on top of shares delivered earlier.

Is an ASR a separate authorization?

Generally no. It is a way of carrying out an authorization the board has already approved. The 10-K will say so in the equity note or in Item 5, next to other repurchases.

Where is the cash classified?

Usually as a financing cash outflow for share repurchases, in the period of the prepayment. Settlement adjustments, if they involve cash, appear when they occur. The equity note has the share deliveries.

Disclosures

Editor holdings: The editor holds no position in any company named on this page. As of Nov 11, 2026.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: Each company's own SEC filings, linked next to each number.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.

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