Buybacks have tax advantages, which could be another reason Apple opted for it instead of a dividend. https://www.taxpolicycenter.org/sites/default/files/public

Buybacks have tax advantages, which could be another reason Apple opted for it instead of a dividend. https://www.taxpolicycenter.org/sites/default/files/publication/165800/what_is_the_us_tax_advantage_of_stock_buybacks_over_dividends.pdf https://www.taxpolicycenter.org/sites/default/files/publicat...