Bought back $45.7B of its own shares, 1.8× what it paid in stock
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 13, 2023: 1 at-the-market program, 1 sale of new shares, 2 convertible offerings, 2 shelf registrations; also 1 notes offering, 1 update to an earlier prospectus. Latest at-the-market program for common stock: Jun 2, 2026, up to $40.0B.
- Jun 4, 2026 Convertible preferred stock: 167.5M shares 424B5
- Jun 4, 2026 Convertible preferred stock: 167.5M shares 424B5
- Jun 4, 2026 Sale of 25.5M new shares 424B5
- Jun 2, 2026 At-the-market program: up to $40.0B of common stock 424B5
- Jun 1, 2026 Shelf registration: shares and other securities, amount not fixed S-3ASR
- Apr 25, 2025 Shelf registration: shares and other securities, amount not fixed S-3ASR
Every offering filing →“We are offering 167,500,000 of our Series B Depositary Shares (“Series B Depositary Shares”), each of which represents a 1/20th interest in a share of our 6.25% Series B Mandatory Convertible Preferred Stock, par value $0.001 per share (“Series B Mandatory Convertible Preferred Stock”).”
424B5, Jun 4, 2026 ↗
Diluted shares: 12.23B in the year to Dec 31, 2025 2025 -1.7%2024 -2.2%2023 -3.3%
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
FY2023 to FY2025, from the cash flow statements in the 10-Ks, added up.
Came from
| Operating cash flow | $391.8B |
| Debt raised | $88.9B |
Went to
| Capital spending | $176.2B |
| Buybacks | $169.4B |
| Dividends | $17.4B |
| Added to cash | $8.8B |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$108.8B |
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 | $45.7B | $10.0B | $25.0B | - | 12.23B |
| 2024-12-31 | $62.2B | $7.4B | $22.8B | - | 12.45B |
| 2023-12-31 | $61.5B | $0 | $22.5B | - | 12.72B |
| 2022-12-31 | $59.3B | $0 | $19.4B | - | 13.16B |
| 2021-12-31 | $50.3B | - | $15.4B | - | - |
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.