Bought back $4.0M of its own shares, 6.1× what it paid in stock
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 12, 2023: 5 at-the-market programs, 3 shelf registrations; also 1 resale by holders.
- Aug 1, 2025 At-the-market program: up to $2.0B of common stock 424B5
- Jul 29, 2025 Shelf registration: shares and other securities, amount not fixed S-3
- Jul 8, 2025 At-the-market program: up to $225M of common stock 424B5
- Jan 10, 2025 At-the-market program: up to $14M of common stock 424B5
- Nov 14, 2024 At-the-market program: up to $12M of common stock 424B5
- Oct 7, 2024 At-the-market program: up to $3M of common stock 424B5
Every offering filing →“In accordance with the terms of the Offering Agreement, we may offer and sell shares of our Common Stock having an aggregate offering price of up to $2,000,000,000 from time to time through the Agent.”
424B5, Aug 1, 2025 ↗
Diluted shares: 33.19M in the year to Dec 31, 2025 2025 +104.1%2024 -7.3%2023 +37.8%2022 -6.9%2021 +129.3%
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
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 | $4.0M | $2.7M | $657K | $135.2M | 33.19M |
| 2024-12-31 | - | - | $2.4M | $6.7M | 16.26M |
| 2023-12-31 | - | $0 | $1.3M | $2.7M | 17.55M |
| 2022-12-31 | - | $631K | $2.6M | $11.1M | 12.73M |
| 2021-12-31 | - | $0 | $15.5M | $3.0M | 6.84M |
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; issuance = ProceedsFromIssuanceOfCommonStock; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.