Apple's Record $110 Billion Stock Buyback Is Bigger Than Boeing, Airbnb, and Chipotle Apple reported its fiscal second-quarter earnings on Thursday.

^{This article originally appeared on Business Insider.}

Apple just launched a $110 billion stock buyback, the biggest in stock market history.

The announcement came alongside a strong fiscal second-quarter earnings report for Apple, which saw revenue and earnings per share beat estimates, while Greater China sales also exceeded expectations. Shares of Apple surged 7% on Friday.

Apple also raised its dividend 4% to $0.25 per share, reiterating its commitment to sending a big chunk of its profits back to shareholders.

"The historical $110 billion buyback announced speaks to the massive cash flow generation coming out of Apple with no signs of slowing down as the capital allocation strategy remains music to the ears of investors in this tech stalwart," Wedbush analyst Dan Ives said in a note on Friday.

Apple's stock buyback represents about 4% of the company's total value, highlighting just how big of an impact this buyback can have on its stock price as it continues to retire a solid chunk of its total outstanding shares. Over time, as the supply of shares decreases, prices tend to increase, assuming the underlying business is in good health and still growing.

Apple's total shares outstanding peaked at just over 26 billion in 2013. Since then, the company's stock buyback programs have reduced its total share count to 15.44 billion, and at current prices, this stock buyback program would retire an additional 600 million shares.

To put in perspective just how big Apple's stock buyback program is, consider these companies with a total market value of less than $110 billion.

5. Waste Management

^{Apprentice garbage man Corey Lever collects trash outside a school in Oakland, Calif. AP/Eric Risberg via BI}

Ticker: WM
Market Value: $83.1 billion

4. Chipotle

^{Chipotle worker at assembly line Gregory Rec/Portland Press Herald via Getty Images via BI}

Ticker: CMG
Market Value: $86.3 billion

3. Dell Technologies

^{Dell has offices in locations including Round Rock, Texas. Brandon Bell/Getty Images via BI}

Ticker: DELL
Market Value: $88.1 billion

2. Airbnb

^{Airbnb SOPA Images/Getty Images via BI}

Ticker: ABNB
Market Value: $100.6 billion

1. Boeing

^{A Boeing 787 Dreamliner. ROSLAN RAHMAN/AFP via Getty Images via BI}

Ticker: BA
Market Value: $109.8 billion