APPLE SAYS IT BOUGHT BACK $24 BLN IN SHARES DURING THE FOURTH QUARTER AND THAT THE VAST MAJORITY OF TARIFF REFUNDS HAVE BEEN RECEIVED - CFO ON CONF CALL

Apple's chief financial officer told analysts on the earnings conference call that the company repurchased $24 billion of its own shares during the fourth quarter and that the large majority of tariff refunds have already been received. The buyback represents a direct return of cash to shareholders, reducing share count and supporting earnings per share, a transmission channel that tends to lend price support to large-cap equities independent of near-term revenue trends. The tariff refund receipts bear on the cost side of Apple's ledger, since duties paid on imported components and finished devices, if recovered, improve gross margin and free cash flow and signal that the company's supply-chain tariff exposure has been partially reversed. Apple shares and the broader technology hardware complex are most directly exposed, while the refund disclosure also bears on importers and manufacturers that rely on China-linked sourcing and remain subject to ongoing trade-policy uncertainty. Traders will watch the company's guidance on gross margin for the coming quarter and any subsequent Customs or USTR announcements clarifying the refund process and the status of remaining tariff rates.

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