Buyback Monitor: Buybacks still running hot

Research evidence excerpt

Buyback Monitor: Buybacks still running hot

Equity Research

Equity Strategy

21 May 2026

Buyback Monitor

Buybacks still running hot

Buyback execution remains near cycle highs. As blackout

constraints ease, corporate demand should re-emerge as a

source of market support. Strong earnings momentum and European Equity Strategy

ample dry powder keep the near-term buyback backdrop Emmanuel+44 (0)20 7773Makonga2593

emmanuel.makonga@barclays.comconstructive, with buyback exposure continuing to screen

favourably. Barclays, UK

Emmanuel Cau, CFA

+44 (0)20 3134 0475

Key Insights emmanuel.cau@barclays.com

• Buyback momentum remains strong. Repurchases stayed firm into April, running close to Barclays, UK

post-2017 highs and led by Financials, Industrials and Energy, with buybacks accounting for Magesh Kumar Chandrasekaran, CFA

~2.4% of STOXX 600 trading volumes and remaining a visible source of equity demand. +44 (0)20 3134 5983

magesh.kumarchandrasekaran@barclays.com

• Post blackout window is usually supportive. The mid-April blackout peak marks a turning Barclays, UK

point, with buyback executions typically re-accelerating and equities delivering ~2% median Arihanth Bohra Jain

gains thereafter. +91 (0)22 6175 1406

arihanth.bohrajain@barclays.com

• Dry powder still ample. Announcements eased modestly in April to near cycle trend, while Barclays, UK

close to 80% of 2026 dated programmes are still unexecuted, leaving scope for continued

execution into Q3.

• Earnings momentum supports buybacks. Q1 earnings delivery has been solid, with

upgrades to European FY26 earnings improving cash flow visibility and reinforcing balance

sheet capacity for continued buyback activity.

• Buyback exposure continues to screen favourably. Our buyback announcement basket