Lowest-Paying US Corporations Have Poured Over $700 Billion Into Buybacks Since 2019
A new report shows that Walmart could have funded a nearly $4,000 bonus for every single one of the company's employees with the amount of money it spent buying back its own stock last year.
A report published Thursday shows that the top 100 lowest-wage corporations in the US pay their CEOs 614 times more than their median workers on average while also pumping hundreds of billions of dollars into stock buybacks, which further boost the wealth of top executives and rich shareholders.
The new report, released by the Institute for Policy Studies (IPS), examines the 100 corporations in the S&P 500 index that pay their median workers the least—a list that includes Walmart, Amazon, Target, DoorDash, and Home Depot. Between 2019 and 2025, the IPS report shows, the "Low-Wage 100" spent a combined $718 billion on stock buybacks.
IPS characterizes share repurchases as "a financial maneuver that artificially inflates CEOs’ stock-based pay and siphons resources out of worker wages and long-term investments."
"Walmart ranked No. 1 in buyback spending among Low-Wage 100 firms in 2025," the report observes. "The giant retailer spent $8.1 billion on share repurchases—a sum that could have funded a $3,851 bonus for each of the firm’s 2.1 million employees."
The CEOs at the Low-Wage 100 have seen their compensation rise by over 41% on average—without adjusting for inflation—since 2019, more than double the increase that the companies' median workers have seen during the same period, lagging behind rising costs.
"Average CEO compensation within the Low-Wage 100 hit $17.5 million in 2025. The group’s average median worker pay sat at just $36,571 last year," IPS found. "The average CEO-worker pay ratio of Low-Wage 100 firms has widened from 574 to 1 in 2019 to 614 to 1 in 2025. Seventeen of the 100 corporations reported pay ratios of 1,000 to 1 or higher."
The company with the highest CEO-worker pay ratio in 2025 was Lumentum, which paid its top executive 2,884 times as much as its median worker last year.
"Over the past year," the IPS report notes, "the CEOs of the Low-Wage 100 pocketed huge paychecks while looking the other way as their employees grappled with fears of ICE actions, the loss of vital healthcare and food assistance programs, and attempts to roll back key protections against racial and gender discrimination."
Far from wielding their power and influence to advocate on behalf of their own employees, IPS observed, the 100 leading corporations deployed their armies of lobbyists to push "tax cuts for the wealthy and big corporations in the One Big Beautiful Bill Act, legislation that slashed Medicaid and SNAP programs on which many of these firms’ employees rely."
“The Low-Wage 100 includes many of the world’s most influential CEOs,” said Sarah Anderson, director of the Global Economy Project at IPS and lead author of the new report. “They could be using their political and economic clout to defend their workers against multiple threats. Instead, at this precarious moment in our democracy, they’ve chosen to remain silent.”
IPS concludes its report by recommending that lawmakers pursue three policy solutions: Increasing taxes on companies with large CEO-worker pay gaps, expanding the excise tax on stock buybacks, and "leveraging government contracts and subsidies" to force changes at major corporations.
"A bipartisan provision in the pending Senate defense authorization bill would bar military contractors from engaging in stock buybacks," the report notes. "This builds on modest Biden administration progress to use the power of the public purse to rein in CEO pay. But governments at all levels could be doing much more to leverage this power against executive excess."
(Graphic: Data for Progress) 
(Graphic: Yale Budget Lab)
Starbucks employees and supporters rally outside of a Starbucks store on December 23, 2024 in New York City. (Photo: Adam Gray/Getty Images)