Share count +0.4% in a year
Dilution: new shares, stock pay and buybacks
New Nov 6, 2026: Shelf registration: shares and other securities, amount not fixed (S-3ASR) Email me when LNT files the next one
Shares offered
Since Nov 12, 2023: 2 at-the-market programs, 2 shelf registrations; also 1 notes offering. Latest at-the-market program for common stock: Mar 19, 2026, up to $1.0B.
- Nov 6, 2026 Shelf registration: shares and other securities, amount not fixed S-3ASR
- Mar 19, 2026 At-the-market program: up to $1.0B of common stock 424B5
- May 9, 2025 At-the-market program: up to $1.3B of common stock 424B5
- Dec 15, 2023 Shelf registration: shares and other securities, amount not fixed S-3ASR
Every offering filing →“In accordance with the terms of the distribution agreement, we may offer and sell common stock having an aggregate offering price of up to $1,000,000,000 from time to time through any agent, as our sales agent (acting in their capacity as our agents or as forward sellers), or directly to any agent acting as principal.”
424B5, Mar 19, 2026 ↗
Bought back
-
no buyback line in the 10-K XBRL, year to Dec 31, 2025
Diluted shares: 257.80M in the year to Dec 31, 2025 2025 +0.4%2024 +1.4%2023 +0.8%2022 +0.2%
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
FY2025, from the cash flow statement in the 10-K, added up.
Came from
| Operating cash flow | $1.2B |
| Debt raised | $2.5B |
| Shares sold | $23.0M |
Went to
| Dividends | $521.0M |
| Debt repaid | $300.0M |
| Added to cash | $475.0M |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$2.4B |
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.
Ms. Barton
- Operating cash flow
- $2.3B
- Dividends
- $1.0B
- Stock-based pay
- $34.0M
- Diluted shares since FY2023
- +1.8%
- Revenue since FY2023
- +8%
- Debt since FY2023
- +$2.6B
- CEO pay (reported)
- $16.0M
Mr. Larsen
- Operating cash flow
- $1.9B
- Capital spending
- $2.7B
- Dividends
- $1.3B
- Stock-based pay
- $39.0M
- Diluted shares since FY2020
- +1.8%
- Revenue since FY2020
- +18%
- Debt since FY2020
- +$2.3B
- CEO pay (reported)
- $27.4M
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | - | $521.0M | $22.0M | $23.0M | 257.80M |
| 2024-12-31 | - | $492.0M | $12.0M | $23.0M | 256.80M |
| 2023-12-31 | - | $456.0M | $12.0M | $246.0M | 253.30M |
| 2022-12-31 | - | $428.0M | $13.0M | $25.0M | 251.20M |
| 2021-12-31 | - | $403.0M | $14.0M | $28.0M | 250.70M |
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; sbc = AllocatedShareBasedCompensationExpense; issuance = ProceedsFromIssuanceOfCommonStock; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.