Dilution: new shares, stock pay and buybacks
prospectuses (S-3, 424B) of the last three years and the 10-K cash flow From EDGARShares offered
Since Nov 11, 2023: 1 at-the-market program, 1 dividend or employee plan registration, 2 shelf registrations; also 1 notes offering. Latest at-the-market program for common stock: May 2, 2025, up to $2.5B.
- Jun 20, 2025 Shares for a dividend or employee plan 424B5
- May 2, 2025 At-the-market program: up to $2.5B of common stock 424B5
- Mar 27, 2025 Shelf registration: shares and other securities, amount not fixed S-3/A
- Feb 13, 2025 Shelf registration: shares and other securities, amount not fixed S-3
Every offering filing →“This prospectus relates to all shares acquired by participants under the Plan.”
424B5, Jun 20, 2025 ↗
Paid in stock
-
no stock-based pay line in the 10-K XBRL, year to Dec 31, 2025; shares sold for $691.0M in cash
Bought back
-
no buyback line in the 10-K XBRL, year to Dec 31, 2025
Diluted shares: 1.01B in the year to Dec 31, 2025 2025 +0.9%2024 +0.6%2023 +1.0%2022 +0.7%
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
FY2025, from the cash flow statement in the 10-K, added up.
Came from
| Operating cash flow | $6.3B |
| Debt raised | $6.1B |
| Shares sold | $691.0M |
Went to
| Capital spending | $8.5B |
| Dividends | $1.6B |
| Debt repaid | $1.3B |
| Added to cash | $262.0M |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$1.3B |
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.
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. Facts, not a grade.
Mr. Butler
- Operating cash flow
- $6.3B
- Capital spending
- $8.5B
- Dividends
- $1.6B
- Diluted shares since FY2024
- +0.9%
- Revenue since FY2024
- +5%
- Debt since FY2024
- +$3.5B
- CEO pay (reported)
- $15.6M
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | - | $1.6B | - | $691.0M | 1.01B |
| 2024-12-31 | - | $1.5B | - | $148.0M | 1.00B |
| 2023-12-31 | - | $1.4B | - | $140.0M | 997.00M |
| 2022-12-31 | - | $1.3B | - | $563.0M | 987.00M |
| 2021-12-31 | - | $1.5B | - | $0 | 980.00M |
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: dividends = PaymentsOfDividendsCommonStock; issuance = ProceedsFromIssuanceOfCommonStock; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.
Work on EXC in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/EXC/export.csv") into a cell.