Share count +0.3% in a year
Dilution: new shares, stock pay and buybacks
New Oct 30, 2026: At-the-market program: up to $5.0B of common stock (424B5) Email me when PLD files the next one
Shares offered
Since Nov 12, 2023: 1 at-the-market program, 2 registrations of shares for a merger, units or notes, 1 shelf registration.
- Oct 30, 2026 At-the-market program: up to $5.0B of common stock 424B5
- Oct 3, 2025 Up to 12.0M shares for a merger, units or notes 424B3
- Aug 15, 2025 Shelf registration: shares and other securities, amount not fixed S-3ASR
- Feb 16, 2024 Up to 14.3M shares for a merger, units or notes 424B3
Every offering filing →“aggregate offering price of up to $5,000,000,000, to be made from time to time under this prospectus supplement and the accompanying prospectus through the managers, as our sales agents or the forward sellers, or directly to the managers, as principals for their own accounts.”
424B5, Oct 30, 2026 ↗
Bought back
-
no buyback line in the 10-K XBRL, year to Dec 31, 2025
Diluted shares: 956.83M in the year to Dec 31, 2025 2025 +0.3%2024 +0.2%2023 +17.3%2022 +6.1%
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, 0000950170-24-014539; NetCashProvidedByUsedInOperatingActivities, 0000950170-25-021272; NetCashProvidedByUsedInOperatingActivities, 0001193125-26-051453 |
$22.4B |
Went to
| Acquisitions PaymentsToAcquireBusinessesNetOfCashAcquired, 0000950170-24-014539; PaymentsToAcquireBusinessesNetOfCashAcquired, 0000950170-25-021272; PaymentsToAcquireBusinessesNetOfCashAcquired, 0001193125-26-051453 |
$125.1M |
| Dividends PaymentsOfDividends, 0000950170-24-014539; PaymentsOfDividends, 0000950170-25-021272; PaymentsOfDividends, 0001193125-26-051453 |
$14.9B |
| Debt repaid | $750.0M |
| Added to cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000950170-24-014539; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000950170-25-021272; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001193125-26-051453 |
$547.6M |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$6.1B |
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.
Mr. Moghadam
- Operating cash flow
- $5.0B
- Dividends
- $3.8B
- Stock-based pay
- $185.5M
- Diluted shares since FY2024
- +0.3%
- Revenue since FY2024
- +7%
- Debt since FY2024
- +$4.2B
- CEO pay (reported)
- $25.0M
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | - | $3.8B | $185.5M | - | 956.83M |
| 2024-12-31 | - | $3.6B | $231.7M | - | 953.59M |
| 2023-12-31 | - | $3.2B | $267.6M | - | 951.79M |
| 2022-12-31 | $0 | $2.5B | $175.4M | - | 811.61M |
| 2021-12-31 | $0 | $1.9B | $113.0M | - | 764.76M |
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 = PaymentsOfDividends; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.