It’s a big difference in practice. Dividends force a taxable event. The event may also force those dividends to be treated as income. The buyback increases the

It’s a big difference in practice. Dividends force a taxable event. The event may also force those dividends to be treated as income. The buyback increases the value of held assets. By choosing when to sell you can control the tax rate, the realize gains or losses, and time it in conjunction with other gains/losses to minimize the total tax burden. Those are very real opportunity costs.