Companies that generate positive operating cash flow can allocate their capital in various ways. Of course, reinvesting in the business is what many long-term investors appreciate, as it can boost intrinsic value over time. There are also mergers and acquisitions, as well as paying down debt. When it comes to returning capital to investors, companies can direct cash to dividend payments. Stock buybacks are another avenue to put money back into shareholders' pockets, particularly in a more tax-efficient manner. American Express (NYSE: AXP) has been a leader in the latter category. The premium credit card enterprise reduced its outstanding share count by a notable 26.8% from Q3 2016 to Q3 2026 (ended Sept. 30). Here's what this did for the financial stock.
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