S&P 500 Yields: Earnings, Dividends, & Buybacks
Corporate Finance Briefing: S&P 500 Yields:
Earnings, Dividends, & Buybacks
Yardeni Research, Inc.
June 16, 2022
Dr. Edward Yardeni
516-972-7683 eyardeni@
Joe Abbott
732-497-5306 jabbott@
Mali Quintana
480-664-1333 aquintana@
Please visit our sites at blog.
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Table Of Contents Table Of Contents
S&P 500
3
S&P 500 and Ex-Energy
4
S&P 500 Communication Services
5
S&P 500 Consumer Discretionary
6
S&P 500 Consumer Staples
7
S&P 500 Energy
8
S&P 500 Financials
9
S&P 500 Health Care
10
S&P 500 Industrials
11
S&P 500 Information Technology
12
S&P 500 Materials
13
S&P 500 Utilities
14
S&P 500 Sectors Dividend Yield
15
S&P 500 Sectors Buyback Yield
16
S&P 500 Sectors Dividends + Buybacks Yield
17
Dividends + Buybacks as % of Operating Earnings
18
Buybacks as % of Market Cap
19
S&P 500 Sectors Buybacks
20
S&P 500 Sectors Cumulative Buybacks Since Q1-2009
21
June 16, 2022 / S&P 500 Yields: Earnings, Dividends, & Buybacks
Yardeni Research, Inc.
S&P 500
Figure 1.
2000
S&P 500 BUYBACKS, DIVIDENDS, & OPERATING EARNINGS 1750 (billion dollars, trailing four-quarter)
1500
Buybacks (984.6)
Operating Earnings (1778.9)
Dividends (524.5)
Buybacks+Dividends (1509.1)
1250
1000
750
500
250
0 150
Buybacks+Dividends
125
as percent of Operating Earnings (84.8)
2000
Q1
1750
Q1
1500
1250
Q1
1000
750
Q1
500
250
0 150
125
100
100
Q1
75
75
50
50
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's.
Figure 2.
1750
S&P 500 YIELD FROM BUYBACKS & DIVIDENDS
1500
1750
Q1
1500
1250
Buybacks + Dividends
1250
(billion dollars, trailing four-quarter)
1000
(1509.06)
1000
750
750
500
500
250
250
0
0
8
8
Yield (%)
7
Buybacks (2.57)
7
6
Dividends (1.37)
6
5
Buybacks + Dividends (3.94)
5
4
Q1
4
3
3
Q1
2
2
Q1
1
1
0
0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's.
Page 3 / June 16, 2022 / S&P 500 Yields: Earnings, Dividends, & Buybacks
Yardeni Research, Inc.
Figure 3.
300
S&P 500 BUYBACKS 250 (billion dollars, quarterly)
S&P 500 and Ex-Energy
300 Q1
250
200
200
150
150
100
100
50
50
0
0
1.4
1.4
1.2
1.0
Buybacks as a % of S&P 500 Market Cap (0.73)
.8
.6
1.2 1.0 .8 Q1 .6
.4
.4
.2
.2
.0
.0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's.
Figure 4.
1750
S&P 500 EX-ENERGY BUYBACKS, DIVIDENDS, & OPERATING EARNINGS
Q1
1750
1500 (billion dollars, trailing four-quarter)
Buybacks (963.8)
Operating Earnings (1672.3)
1250
Dividends (477.3)
Buybacks+Dividends (1441.1)
Q1
1500
1250
1000
Q1
1000
750
750
500
Q1
500
250
250
0
0
175
175
Capped at 150% due to extreme values.
150
150
Buybacks+Dividends
125
as percent of Operating Earnings (86.2)
125
100
100
Q1
75
75
50
50
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's.
Page 4 / June 16, 2022 / S&P 500 Yields: Earnings, Dividends, & Buybacks
Yardeni Research, Inc.
S&P 500 Communication Services
Figure 5.
250
250
S&P 500 COMMUNICATION SERVICES BUYBACKS, DIVIDENDS, & OPERATING EARNINGS
(billion dollars, trailing four-quarter)
200
Buybacks (139.9)
Operating Earnings (185.8)
Dividends (33.4)
Buybacks+Dividends (173.3)
200 Q1 Q1
150
Q1
150
100
100
50
0 175
Buybacks+Dividends
150
as percent of
Operating Earnings
125
(93.3)
50 Q1
0 175 Capped at 150% due to extreme values. 150
125
100
100
Q1
75
75
50
50
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's Corporation.
Figure 6.
200
200
S&P 500 COMMUNICATION SERVICES YIELD FROM BUYBACKS & DIVIDENDS
160
Buybacks + Dividends
(billion dollars, trailing four-quarter)
Q1 160
(173.26)
120
120
80
80
40
40
0
0
12
12
Yield (%)
10
Buybacks (3.90)
10
Dividends (0.93)
8
Buybacks +
8
Dividends (4.83)
6
6
Q1
4
Q1
4
2
2
0
Q1 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's Corporation.
Page 5 / June 16, 2022 / S&P 500 Yields: Earnings, Dividends, & Buybacks
Yardeni Research, Inc.
S&P 500 Consumer Discretionary
Figure 7.
200
200
S&P 500 CONSUMER DISCRETIONARY BUYBACKS, DIVIDENDS, & OPERATING EARNINGS
175 (billion dollars, trailing four-quarter)
175
150
Buybacks (98.9)
Buybacks+Dividends (128.3)
150
Dividends (29.5)
125
Operating Earnings (129.0)
Q1
125
100
Q1
100
75
75
50
50
25
Q1
25
0
0
175
175
Capped at 150% due to extreme values.
Buybacks+Dividends
150
as percent of
150
Operating Earnings (99.5)
125
125
100
Q1
100
75
75
50
50
25
25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's Corporation.
Figure 8.
175
175
S&P 500 CONSUMER DISCRETIONARY YIELD FROM BUYBACKS & DIVIDENDS
150
150
Buybacks + Dividends
125
(billion dollars, trailing four-quarter)
100
(128.34)
Q1
125
100
75
75
50
50
25
25
0
0
12
12
Yield (%)
10
Buybacks (2.15)
10
Dividends (0.64)
8
Buybacks +
8
Dividends (2.79)
6
6
4
4
Q1
2
Q1
2
0
Q1 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's Corporation.
Page 6 / June 16, 2022 / S&P 500 Yields: Earnings, Dividends, & Buybacks
Yardeni Research, Inc.
S&P 500 Consumer Staples
Figure 9.
160
160
S&P 500 CONSUMER STAPLES BUYBACKS, DIVIDENDS, & OPERATING EARNINGS
(billion dollars, trailing four-quarter)
120
Buybacks (38.5)
Operating Earnings (105.3)
120
Dividends (56.6)
Buybacks+Dividends (95.1)
Q1
Q1
80
80
Q1
40
Q1
40
0
0
150
150
Buybacks+Dividends
as percent of
125
Operating Earnings (90.3)
125
100
100
Q1
75
75
50
50
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's Corporation.
Figure 10.
140
140
S&P 500 CONSUMER STAPLES YIELD FROM BUYBACKS & DIVIDENDS
120
Buybacks + Dividends
120
100
(billion dollars, trailing four-quarter) (95.12)
Q1
100
80
80
60
60
40
40
20
20
0
0
10
10
Yield (%)
8
Buybacks (1.65)
8
Dividends (2.43)
Buybacks + Dividends (4.09)
6
6
4
Q1
4
Q1
2
Q1
2
0
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's Corporation.
Page 7 / June 16, 2022 / S&P 500 Yields: Earnings, Dividends, & Buybacks
Yardeni Research, Inc.
S&P 500 Energy
Figure 11.
250
250
S&P 500 ENERGY BUYBACKS, DIVIDENDS, & OPERATING EARNINGS
200 (billion dollars, trailing four-quarter)
Buybacks (20.8)
Operating Earnings (106.6)
200
150
Dividends (47.2)
Buybacks+Dividends (67.9)
150
100
Q1
100
Q1
50
Q1
50
Q1
0
0
-50
-50
-100
-100
175
175
Capped at 150% and 0% due to extreme values.
150
Buybacks+Dividends
150
as percent of
125
Operating Earnings (63.8)
125
100
100
75
75
Q1
50
50
25
25
0
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's Corporation.
Figure 12.
120
S&P 500 ENERGY YIELD FROM BUYBACKS & DIVIDENDS
100
Buybacks + Dividends
(billion dollars, trailing four-quarter)
80
(67.95)
60
120
100
80 Q1
60
40
40
20
20
0
0
12
12
Yield (%)
10
Buybacks (1.40)
10
Dividends (3.18)
8
Buybacks + Dividends (4.58)
8
6
6
Q1
4
4
Q1
2
2
Q1
0
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Standard & Poor's Corporation.
Page 8 / June 16, 2022 / S&P 500 Yields: Earnings, Dividends, & Buybacks
Yardeni Research, Inc.
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