Share count +5.2% in a year
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 12, 2023: 3 at-the-market programs, 3 registrations of shares for a merger, units or notes, 1 dividend or employee plan registration, 1 shelf registration; also 9 notes offerings, 1 update to an earlier prospectus.
- May 8, 2026 At-the-market program: up to 150.0M shares of common stock 424B5
- Nov 7, 2025 At-the-market program: up to 150.0M shares of common stock 424B5
- Feb 23, 2024 At-the-market program: up to 120.0M shares of common stock 424B5
- Feb 16, 2024 10.9M shares for a dividend reinvestment or employee plan 424B5
- Feb 16, 2024 Up to 1.7M shares for a merger, units or notes 424B7
- Feb 16, 2024 Shelf registration: shares and other securities, amount not fixed S-3ASR
Every offering filing →“offer and sale of up to 150,000,000 shares of our common stock, par value $0.01 per share (our “common stock”), from time to time through the Agents, acting as our sales agents, or through the Forward Sellers, acting as sales agents to the relevant Forward Purchasers, or directly to one or more of the Agents, acting as principal.”
424B5, May 8, 2026 ↗
Bought back
-
no buyback line in the 10-K XBRL, year to Dec 31, 2025
Diluted shares: 908.33M in the year to Dec 31, 2025 2025 +5.2%2024 +24.6%2023 +13.2%2022 -1.6%
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 | $4.0B |
| Debt raised | $407.0M |
| Shares sold | $2.4B |
Went to
| Dividends | $2.9B |
| Added to cash | $25.2M |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$3.8B |
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.
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.
Sumit Roy
- Operating cash flow
- $4.0B
- Dividends
- $2.9B
- Stock-based pay
- $30.8M
- Diluted shares since FY2024
- +5.2%
- Revenue since FY2024
- +9%
- Debt since FY2024
- +$449.5M
- CEO pay (reported)
- $16.3M
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | - | $2.9B | $30.8M | $2.4B | 908.33M |
| 2024-12-31 | - | $2.7B | $57.5M | $1.7B | 863.79M |
| 2023-12-31 | - | $2.1B | $26.2M | $5.4B | 693.02M |
| 2022-12-31 | - | $1.8B | $21.6M | $4.6B | 612.18M |
| 2021-12-31 | - | $1.2B | $41.8M | $4.4B | 414.77M |
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 = ShareBasedCompensation; issuance = ProceedsFromIssuanceOfCommonStock; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.