In addition to our quarterly results, we are also announcing an update to our capital return program today, and I'd like to share a few thoughts about our guiding principles for capital allocation and our conclusion on the changes we are making for this year.
Apple has created tremendous value for shareholders by developing great product that enrich people's lives and that will always be our top priority and driving force. We will continue to innovate by investing in research and development and capitalizing on our strength in hardware, software and services. We will keep investing in our supply chain to promote scale and efficiencies expanding our global presence by building retail stores, investing in marketing and distribution, and extending our reach into new market.
We are expanding Apple's products and services into new categories, and we are not going to under invest in this business. We're also investing through acquisition and we've acquired 24 companies in the past 18 months. To invest organically and to make acquisition strategically, we need to maintain financial flexibility. With this framework in mind, Apple's Board and management team review capital allocation regularly and we solicit input on our program from a broad base of shareholders.
We very much appreciate all of the inputs that so many of our shareholders have provided us on how best to deploy our cash. We will continue to seek investor input going forward and will update you on our conclusions around this time each year. This regular process allows us to continually evaluate return of capital in light of the most current information available, and it enables us to be thoughtful about the size, mix and taste of the program. We continue to be in the fortunate position of being able to return significant capital to shareholders. We started doing so two years ago when we announced our first program of $45 billion and we more than doubled the program last April to $100 billion. Today we're announcing that we're increasing the size of our program once again with an addition of over $30 billion for a total program size of over $130 billion. The size and pace of our program is unprecedented and we still expect to complete it by December of 2015 as we announced last year.
We think very deliberately about how much and in which way to return cash to our shareholders. We decided to continue to allocate the vast majority of the incremental capital return to share repurchases because we believe our current stock price does not reflect the full value of the Company. The size of the share back increase is a signal of the Board and the management team's strong confidence in the future of Apple. We also understand the importance of the dividend to many of our investors and we're increasing it for the second time in less than two years. We believe this is a meaningful increase for those shareholders who value income and we are planning for annual dividend increases going forward.
Now I'd like to turn the call over to Luca for the details of our quarterly results, as well as, more information about our capital return program.