The capital return, which is equal to about $NZ261 billion, could buy the total market capitalisation of the NZX-50 two and a-half times, making it a ''staggering number'' to contemplate, Craigs Investment Partners broker Chris Timms said.
The total capital return could also buy the ASX-listed ANZ Bank two and a-half times.
Apple reported an improved profit of $US13.6 billion, a rise of 33% on the previous corresponding period, helped by sales of 61 million iPhones in the first three months of the year.
Revenue increased 27% to $US58.01 billion, Apple said.
The dividend was lifted by 11% to US52c per share.
The iPhone was still behind Apple's phenomenal success, even as its new smartwatch has had most of the attention in recent weeks.
''Don't forget, this is not Apple's strongest quarter, because the new smartwatches are not included. It shows how confident in the balance sheet Apple is to increase its capital return by so much.''
Apple shares reached a recent high yesterday of $US132.40.
Before they were split last year in a one for seven deal, the shares were trading at $US654.
Following the split on June 6, the shares traded at $US90 and had now gained 50% in value.
The combined seven shares were now worth $US930, up from $US645 before they split, Mr Timms said.
Apple chief executive Tim Cook said: ''We are thrilled by the continued strength of iPhone, Mac and the App Store, which drove our best March quarter results ever.
''We're seeing a higher rate of people switching to iPhone than we've experienced in previous cycles and we're off on an exciting start to the June quarter with the launch of Apple Watch.
''While most of our programme will focus on buying back shares, we know the dividend is very important to ... investors, so we're raising it for the third time in less than three years.''
Mr Timms said when Apple founder and former chief executive Steve Jobs died, analysts predicted the company would struggle. However, Mr Cook had shown that was not the case.
''This is a tech company but it is a tech company which makes a profit and pays a dividend. It has all the traits we look for in a company: Increased profit, increased dividend payout, capital return, no debt, cash on its balance sheet and leading edge technology.''
The numbers
Apple boosted its dividend 11% and its share-repurchase programme by $US50 billion, to $US140 billion for the three months ended March. In all, Apple pledged to return $US200 billion to shareholders through buybacks and dividends by March 2017. It had previously promised to return $US130 billion by the end of 2015.
Buoyed by the strong earnings, Apple's cash pile continues to grow, despite the company's aggressive efforts to repurchase shares and pay dividends. At the end of March, Apple's cash totalled $US193.5 billion, up from $US178 billion at the end of December. That is greater than the market capitalisation of all but 15 other companies in the S&P 500.
