Bought back $2.2B of its own shares, 10.4× what it paid in stock
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 12, 2023: 1 shelf registration; also 1 notes offering, 1 resale by holders.
- May 6, 2026 Shelf registration: shares and other securities, amount not fixed S-3ASR
Every offering filing →“We may offer and sell the securities identified above from time to time in one or more offerings.”
S-3ASR, May 6, 2026 ↗
Diluted shares: 341.97M in the year to Dec 31, 2025 2025 -1.7%2024 -4.1%2023 -2.4%2022 +8.4%
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
FY2021 to FY2025, from the cash flow statements in the 10-Ks, added up.
Came from
| Operating cash flow NetCashProvidedByUsedInOperatingActivities, 0001751008-24-000012; NetCashProvidedByUsedInOperatingActivities, 0001751008-25-000018; NetCashProvidedByUsedInOperatingActivities, 0001751008-26-000010 |
$7.9B |
| Debt raised ProceedsFromDebtNetOfIssuanceCosts, 0001751008-24-000012; ProceedsFromIssuanceOfDebt, 0001751008-25-000018; ProceedsFromIssuanceOfDebt, 0001751008-26-000010 |
$7.6B |
| Shares sold ProceedsFromIssuanceOfCommonStock, 0001751008-23-000006; ProceedsFromStockOptionsExercised, 0001751008-24-000012 |
$20.9M |
Went to
| Capital spending PaymentsToAcquirePropertyPlantAndEquipment, 0001751008-24-000012; PaymentsToAcquirePropertyPlantAndEquipment, 0001751008-25-000018 |
$11.1M |
| Acquisitions | $2.6B |
| Buybacks PaymentsForRepurchaseOfCommonStock, 0001751008-24-000012; PaymentsForRepurchaseOfCommonStock, 0001751008-25-000018; PaymentsForRepurchaseOfCommonStock, 0001751008-26-000010 |
$4.7B |
| Debt repaid RepaymentsOfDebt, 0001751008-24-000012; RepaymentsOfDebt, 0001751008-25-000018; RepaymentsOfDebt, 0001751008-26-000010 |
$5.7B |
| Added to cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001751008-24-000012; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001751008-25-000018; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001751008-26-000010 |
$2.2B |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$345.6M |
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.
What the 10-Ks show for each CEO's years
The CEO of each fiscal year as named in the proxy's pay versus performance table, and what the 10-Ks show for those years.
Adam Foroughi
- Operating cash flow
- $4.0B
- Buybacks
- $2.2B
- Stock-based pay
- $210.4M
- Diluted shares since FY2024
- -1.7%
- Revenue since FY2024
- +70%
- Debt since FY2024
- +$4.0M
- CEO pay (reported)
- $13.0M
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | $2.2B | - | $210.4M | - | 341.97M |
| 2024-12-31 | $981.3M | - | $369.4M | - | 347.81M |
| 2023-12-31 | $1.2B | - | $363.1M | $20.9M | 362.59M |
| 2022-12-31 | $338.9M | - | $191.6M | $0 | 371.57M |
| 2021-12-31 | $0 | - | $133.2M | $0 | 342.76M |
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; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.