Share count +1.1% in a year
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 12, 2023: 3 at-the-market programs, 2 sales of new shares, 4 shelf registrations. Latest at-the-market program for common stock: Nov 25, 2025, up to $3.5B.
- May 13, 2026 Sale of 20.5M new shares 424B5
- Nov 25, 2025 At-the-market program: up to $3.5B of common stock 424B5
- Nov 5, 2025 Shelf registration: shares and other securities, amount not fixed S-3
- Mar 25, 2025 Sale of 19.6M new shares 424B5
- Feb 14, 2025 Shelf registration: shares and other securities, amount not fixed S-3
- Feb 14, 2025 Shelf registration: shares and other securities, amount not fixed S-3
Every offering filing →“are offering 20,472,442 shares of our common stock, par value $6.50 per share.”
424B5, May 13, 2026 ↗
Bought back
-
no buyback line in the 10-K XBRL, year to Dec 31, 2025
Diluted shares: 537.47M in the year to Dec 31, 2025 2025 +1.2%2024 +2.1%2023 +1.3%2022 +2.3%
Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. Cash & buybacks, year by year → · How
Where the cash came from and where it went
FY2025, from the cash flow statement in the 10-K, added up.
Came from
| Operating cash flow | $6.9B |
| Debt raised | $8.3B |
| Shares sold | $775.0M |
Went to
| Capital spending | $3.5B |
| Dividends | $2.0B |
| Debt repaid | $3.6B |
| Added to cash | $22.0M |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$6.8B |
Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | - | $2.0B | $53.0M | $775.0M | 537.47M |
| 2024-12-31 | - | $1.9B | $53.0M | $552.0M | 531.34M |
| 2023-12-31 | - | $1.8B | $51.0M | $1.0B | 520.21M |
| 2022-12-31 | - | $1.6B | $63.3M | $826.5M | 513.48M |
| 2021-12-31 | - | -$1.5B | - | $600.5M | 501.78M |
From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: dividends = PaymentsOfDividendsCommonStock; sbc = AllocatedShareBasedCompensationExpense; issuance = ProceedsFromIssuanceOfCommonStock; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.