Share count +4.9% in a year
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 12, 2023: 3 at-the-market programs, 1 sale of new shares, 1 shelf registration; also 1 notes offering.
- Aug 4, 2026 At-the-market program: up to $500M of common stock 424B5
- Jun 5, 2026 At-the-market program: up to $900M of common stock 424B5
- Nov 8, 2024 At-the-market program: up to $900M of common stock 424B5
- Mar 1, 2024 Sale of 9.8M new shares 424B5
- Feb 28, 2024 Shelf registration: shares and other securities, amount not fixed S-3ASR
Every offering filing →“Aggregate Gross Sales Price of Up To $500,000,000 We have entered into an equity distribution agreement with BMO Capital Markets Corp., BTIG, LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Truist Securities, Inc., as managers (each, a “Manager” and, collectively, the “Managers”), Bank of Montreal, Citibank, N.A., Morgan …”
424B5, Aug 4, 2026 ↗
Bought back
-
no buyback line in the 10-K XBRL, year to Dec 31, 2025
Diluted shares: 121.97M in the year to Dec 31, 2025 2025 +4.9%2024 +2.1%2023 +0.3%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 | $1.8B |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$1.2B |
Went to
| Capital spending | $2.6B |
| Dividends | $422.8M |
| Added to cash | $2.8M |
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. Geisler
- Operating cash flow
- $1.8B
- Capital spending
- $2.6B
- Dividends
- $422.8M
- Stock-based pay
- $27.5M
- Diluted shares since FY2024
- +4.9%
- Revenue since FY2024
- +4%
- Debt since FY2024
- +$1.1B
- CEO pay (reported)
- $11.2M
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | - | $422.8M | $27.5M | - | 121.97M |
| 2024-12-31 | - | $394.7M | $23.5M | - | 116.23M |
| 2023-12-31 | $4.1M | $386.5M | $17.3M | -$4.1M | 113.80M |
| 2022-12-31 | $2.7M | $378.9M | $15.9M | -$2.7M | 113.42M |
| 2021-12-31 | - | $369.5M | $18.5M | -$2.4M | 113.19M |
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; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.