Bought back $1.6B of its own shares, 13.7× what it paid in stock
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 14, 2023: 1 shelf registration; also 2 notes offerings.
- Apr 21, 2026 Shelf registration: shares and other securities, amount not fixed S-3ASR
Every offering filing →“We may offer and sell any combination of the securities described in this prospectus from time to time in one or more offerings, in one or more series and in amounts, at prices and on terms that we will determine at the time of the offering.”
S-3ASR, Apr 21, 2026 ↗
Diluted shares: 143.80M in the year to Dec 31, 2025 2025 -2.4%2024 -3.1%2023 -2.3%2022 -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
FY2021 to FY2025, from the cash flow statements in the 10-Ks, added up.
Came from
| Operating cash flow NetCashProvidedByUsedInOperatingActivities, 0001133421-24-000006; NetCashProvidedByUsedInOperatingActivities, 0001133421-25-000006; NetCashProvidedByUsedInOperatingActivities, 0001133421-26-000003 |
$19.5B |
| Debt raised ProceedsFromIssuanceOfLongTermDebt, 0001133421-24-000006; ProceedsFromIssuanceOfLongTermDebt, 0001133421-25-000006; ProceedsFromIssuanceOfLongTermDebt, 0001133421-26-000003 |
$5.5B |
| Cash on hand used CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001133421-24-000006; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001133421-25-000006; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001133421-26-000003 |
$504.0M |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$3.6B |
Went to
| Capital spending PaymentsToAcquirePropertyPlantAndEquipment, 0001133421-24-000006; PaymentsToAcquirePropertyPlantAndEquipment, 0001133421-25-000006; PaymentsToAcquirePropertyPlantAndEquipment, 0001133421-26-000003 |
$7.8B |
| Buybacks PaymentsForRepurchaseOfCommonStock, 0001133421-24-000006; PaymentsForRepurchaseOfCommonStock, 0001133421-25-000006; PaymentsForRepurchaseOfCommonStock, 0001133421-26-000003 |
$10.8B |
| Dividends PaymentsOfDividendsCommonStock, 0001133421-24-000006; PaymentsOfDividendsCommonStock, 0001133421-25-000006; PaymentsOfDividendsCommonStock, 0001133421-26-000003 |
$5.6B |
| Debt repaid RepaymentsOfLongTermDebt, 0001133421-24-000006; RepaymentsOfLongTermDebt, 0001133421-25-000006; RepaymentsOfLongTermDebt, 0001133421-26-000003 |
$4.8B |
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 |
|---|---|---|---|---|---|
| Dec 31, 2025 | $1.6B | $1.3B | $119.0M | - | 143.80M |
| Dec 31, 2024 | $2.5B | $1.2B | $101.0M | - | 147.30M |
| Dec 31, 2023 | $1.5B | $1.1B | $87.0M | - | 152.00M |
| Dec 31, 2022 | $1.5B | $1.1B | $99.0M | - | 155.60M |
| Dec 31, 2021 | $3.7B | $983.0M | $94.0M | - | 160.90M |
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 = PaymentsOfDividendsCommonStock; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.