Bought back $2.9B of its own shares, 14.1× what it paid in stock
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 12, 2023: 1 shelf registration.
- Feb 23, 2024 Shelf registration: shares and other securities, amount not fixed S-3ASR
Every offering filing →“In addition, we and any underwriter or agent that we may from time to time retain may also provide other information relating to an offering, which we refer to as “other offering material.” The prospectus supplement as well as the other offering material may also add, update or change information contained in this prospectus.”
S-3ASR, Feb 23, 2024 ↗
Diluted shares: 98.20M in the year to Dec 31, 2025 2025 -4.6%2024 -4.5%2023 -5.2%2022 -5.2%
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
No cash flow chart for banks and insurers: their operating cash flow moves with loans, deposits and trading, so it says little about how cash was spent.
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | $2.9B | $596.0M | $206.0M | - | 98.20M |
| 2024-12-31 | $2.4B | $574.0M | $193.0M | - | 102.90M |
| 2023-12-31 | $2.1B | $550.0M | $187.0M | $0 | 107.80M |
| 2022-12-31 | $2.0B | $534.0M | $170.0M | $0 | 113.70M |
| 2021-12-31 | $2.0B | $511.0M | $152.0M | $1.0M | 120.00M |
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: buybacks = PaymentsForRepurchaseOfCommonStock; dividends = PaymentsOfDividends; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.