Share count +11.1% in a year
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 12, 2023: 5 at-the-market programs, 2 shelf registrations.
- May 15, 2026 At-the-market program: up to $3.0B of common stock 424B5
- Feb 9, 2026 At-the-market program: up to $2.5B of common stock 424B5
- Jun 13, 2025 Shelf registration: shares and other securities, amount not fixed S-3ASR
- Jun 13, 2025 At-the-market program: up to $2.2B of common stock 424B5
- Sep 18, 2024 At-the-market program: up to $2.0B of common stock 424B5
- Feb 20, 2024 At-the-market program: up to $1.0B of common stock 424B5
Every offering filing →“We refer to a Sales Agent, when acting as sales agent for the relevant Forward Purchaser, as individually, a “Forward Seller,” and collectively, the “Forward Sellers.” In accordance with the terms of the Sales Agreement, we may offer and sell shares of our common stock from time to time through the Sales Agents, as our sales agents, or, if applicable, as Forward Sellers, or directly to one or more of the Sales …”
424B5, May 15, 2026 ↗
Bought back
-
no buyback line in the 10-K XBRL, year to Dec 31, 2025
Diluted shares: 462.62M in the year to Dec 31, 2025 2025 +11.1%2024 +2.6%2023 +0.5%2022 +4.4%
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 | $1.6B |
| Debt raised | $1.1B |
| Shares sold | $2.3B |
| Cash on hand used | $173.9M |
Went to
| Capital spending | $2.9B |
| Dividends | $860.1M |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$1.5B |
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.
Debra A. Cafaro
- Operating cash flow
- $6.2B
- Capital spending
- $8.8B
- Dividends
- $3.7B
- Stock-based pay
- $163.4M
- Diluted shares since FY2020
- +22.9%
- Revenue since FY2020
- +54%
- Debt since FY2020
- +$1.1B
- CEO pay (reported)
- $73.8M
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | - | $860.1M | $38.7M | $2.3B | 462.62M |
| 2024-12-31 | - | $740.3M | $31.0M | $2.0B | 416.37M |
| 2023-12-31 | - | $723.6M | $31.0M | $108.5M | 405.67M |
| 2022-12-31 | - | $720.3M | $30.7M | $0 | 403.45M |
| 2021-12-31 | - | $686.9M | $32.0M | $617.4M | 386.30M |
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.