These 3 Tech Stocks Just Supercharged Their Buybacks
From a recovering mid-cap name to one of the largest companies in the world, these three tech stocks just loaded up their buyback chests.
These moves not only signal confidence from management, but also give these firms substantial ability to lower their outstanding share counts over time. Doing so provides a tailwind to key metrics like earnings per share (EPS), which often correlates with rising share prices.
Dropbox (NASDAQ: DBX), Nutanix (NASDAQ: NTNX), and Salesforce (NYSE: CRM) have each taken bold steps to assert their financial strength, with major buyback announcements that could reshape investor expectations.
Dropbox: $1.5B Buyback Reflects AI Ambitions and Confidence
With a market capitalization of around $8.3 billion, Dropbox is in the upper end of the mid-cap range. After going public in 2018, the stock achieved an all-time high market cap of nearly $17 billion that year.
Dropbox was arguably once the most recognizable name in the cloud-based file storage and sharing market but increased competition has put significant pressure on shares over time. The stock is up around 28% over the past 52 weeks, however, and the company is working to scale its artificial intelligence (AI) driven platform: Dash.
Additionally, Dropbox approved a new $1.5 billion share buyback program on Sept. 9. This is equal to a very large 18% of its market capitalization, giving the company huge buyback capacity.
Notably, Dropbox has consistently reduced its outstanding share count since around April 2021, with the figure falling by around 35% over that time. The company’s latest announcement indicates that this will continue.
Nutanix: Slows Dilution as Buyback Pool Hits $461M
Nutanix is the large-cap tech name of this bunch, with a market capitalization of around $21.2 billion. Shares of NTNX have performed well over the past 52 weeks, gaining more than 31%.
Nutanix competes with Broadcom’s (NASDAQ: AVGO) VMware business in the hypervisor market. Recent shifts in VMware’s pricing have played to Nutanix’s advantage. In 2025 alone, Nutanix added more than 2,700 new customers, it's highest number in four years.
On Aug. 27, the company announced a $350 million increase to its existing share buyback authorization. With $111 million remaining from the previous announcement, the company’s total buyback capacity now moves up to $461 million. That is equal to a relatively small, but still significant 2.2% of the firm’s market capitalization.
However, for Nutanix, buybacks are more about managing dilution than lowering its share count, which has increased significantly over its history. Still, the rate of dilution has decreased, with the company’s share count rising by less than 1% in 2025.
With Nutanix’s free cash flow moving in an upward trajectory, its share count could start to move down over the coming years.
Salesforce: Adds $20 Billion to Buyback Authorization, Pushing Capacity Above 10%
Last up is the mega-cap giant Salesforce, with a market capitalization of around $231 billion. The company has become one of the most valuable tech stocks in the world off the back of its customer relationship management (CRM) software. Additionally, the company has added 6,000 paying customers to its agentic AI offering, Agentforce, in just three quarters.
Along with reporting earnings on Sept. 3, Salesforce announced a $20 billion increase to its share repurchase authorization. This brings the company’s total authorization to $50 billion.
However, it has spent around $24.3 billion on buybacks over the life of this authorization. Thus, Salesforce’s current buyback capacity is approximately $25.7 billion. That’s equal to a very substantial 11.1% of its market capitalization, which could allow the firm to significantly lower its EPS.
Since November 2022, Salesforce has lowered its outstanding share count by approximately 4.7%. Its quarterly buyback spending has also averaged around $2 billion per quarter over that period. This suggests that Salesforce could fully utilize its current capacity over the next 13 quarters, providing a solid EPS tailwind.
Salesforce Steals the Show with Significant Buyback Firepower
Overall, these three firms are making strong gestures to shareholders, showing their willingness to return capital. Salesforce's announcement stands out. The firm now has big-time buyback capacity to go along with its scaling AI initiatives and its leading enterprise software platform.
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