Share count +0.2% in a year
XBRL, latest 10-KNew shares against shares bought back
Dilution: new shares, stock pay and buybacks · S-3 and 424B, 3 years; 10-K
Shares offered
Since Nov 15, 2023: 3 registrations of shares for a merger, units or notes, 1 shelf registration.
- Nov 2, 2026 Shares for a merger, units or notes 424B3
- Nov 24, 2025 Shares for a merger, units or notes 424B3
- Aug 29, 2025 Shelf registration: shares and other securities, amount not fixed S-3ASR
- Apr 8, 2025 Shares for a merger, units or notes 424B3
Every offering filing“PROSPECTUS Verizon Communications Inc. Offers to Exchange the Notes Set Forth Below that have been registered under the Securities Act of 1933, as amended (the “Securities Act”) For Any and All Outstanding Original Notes Set Forth Opposite the Corresponding Exchange Notes Exchange Notes Original Notes $2,903,000 6.860% Notes due 2028 (CUSIP No. 92343VJB1) (CUSIP Nos. 92343VHQ0 and U9221ACS5) $8,403,000 6.730% Notes …”
424B3, Nov 2, 2026
Paid in stock
-
no stock-based pay line in the 10-K XBRL, year to Dec 31, 2025
Bought back
-
no buyback line in the 10-K XBRL, year to Dec 31, 2025
Diluted shares: 4.23B in the year to Dec 31, 2025 2025 +0.2%2024 +0.2%2023 +0.3%2022 +1.3%
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. How
Where the cash came from and where it went
FY2021 to FY2025, from the cash flow statements in the 10-Ks, added up
The same cash, step by step
Came from
| Operating cash flow NetCashProvidedByUsedInOperatingActivities, 0000732712-24-000010; NetCashProvidedByUsedInOperatingActivities, 0000732712-25-000006; NetCashProvidedByUsedInOperatingActivities, 0000732712-26-000007 |
$188.2B |
| Debt raised ProceedsFromIssuanceOfLongTermDebt, 0000732712-23-000012; ProceedsFromIssuanceOfLongTermDebt, 0000732712-24-000010; ProceedsFromIssuanceOfLongTermDebt, 0000732712-25-000006; ProceedsFromIssuanceOfLongTermDebt, 0000732712-26-000007 |
$111.0B |
| Cash on hand used CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000732712-24-000010; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000732712-25-000006; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000732712-26-000007 |
$4.0B |
Went to
| Acquisitions PaymentsToAcquireBusinessesNetOfCashAcquired, 0000732712-24-000010; PaymentsToAcquireBusinessesNetOfCashAcquired, 0000732712-25-000006; PaymentsToAcquireBusinessesNetOfCashAcquired, 0000732712-26-000007 |
$3.8B |
| Dividends PaymentsOfDividends, 0000732712-24-000010; PaymentsOfDividends, 0000732712-25-000006; PaymentsOfDividends, 0000732712-26-000007 |
$55.0B |
| Debt repaid RepaymentsOfDebt, 0000732712-22-000008; RepaymentsOfDebt, 0000732712-23-000012; RepaymentsOfDebt, 0000732712-24-000010; RepaymentsOfDebt, 0000732712-25-000006; RepaymentsOfDebt, 0000732712-26-000007 |
$26.8B |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$217.6B |
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.
Where the operating cash went, year by year
FY2016 to FY2025 · cash flow statements, 10-K XBRL
| Fiscal year | Operating cash | Capital spending | Acquisitions | Dividends | Debt repaid |
|---|---|---|---|---|---|
| Dec 31, 2025 | $37.1B | - | - | $11.5B | $9.0B |
| Dec 31, 2024 | $36.9B | - | - | $11.2B | $4.7B |
| Dec 31, 2023 | $37.5B | - | $30.0M | $11.0B | $2.0B |
| Dec 31, 2022 | $37.1B | - | - | $10.8B | $2.0B |
| Dec 31, 2021 | $39.5B | - | $4.1B | $10.4B | $9.1B |
| Dec 31, 2020 | $41.8B | - | $520.0M | $10.2B | $8.8B |
| Dec 31, 2019 | $35.7B | - | $29.0M | $10.0B | - |
| Dec 31, 2018 | $34.3B | $16.7B | $230.0M | $9.8B | - |
| Dec 31, 2017 | $24.3B | $17.2B | $5.9B | $9.5B | - |
| Dec 31, 2016 | $21.7B | $17.1B | $3.8B | $9.3B | - |
| Added up | $346.1B | $51.0B 15% of operating cash | $14.5B 4% of operating cash | $103.8B 30% of operating cash | $35.6B 10% of operating cash |
Each bar is one fiscal year; its colours add up to what the cash flow statement says the company spent on each line, and the line across it is that year's operating cash flow. Spending above the line was paid from new debt, shares sold or cash on hand. A bar part links to the 10-K it comes from. A line the company did not report is left out, not estimated, so the shares are of operating cash only and can add up to more or less than 100%. Debt repaid is the gross amount, so refinanced debt is counted each time it is repaid. A reading aid, not a grade: Tickdelta does not say whether a split was good. Banks and insurers are left out.
Buybacks, dividends and share count
Year by year · XBRL, each 10-K
| Fiscal year to | Buybacks | Dividends | Diluted shares |
|---|---|---|---|
| Dec 31, 2025 | - | $11.5B | 4.23B |
| Dec 31, 2024 | - | $11.2B | 4.22B |
| Dec 31, 2023 | - | $11.0B | 4.21B |
| Dec 31, 2022 | - | $10.8B | 4.20B |
| Dec 31, 2021 | - | $10.4B | 4.15B |
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; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.
Dividend per share, year by year
Dividends · declared per share, each 10-K; cash paid, cash flow statement
Declared since the 10-K: Sep 30, 2026 $0.7075Jun 30, 2026 $0.7075Mar 31, 2026 $0.7075
| Fiscal year to | Per share | Against year before | Cash paid out |
|---|---|---|---|
| Dec 31, 2025 | $2.735 | ▲+1.9% | $11.5B |
| Dec 31, 2024 | $2.685 | ▲+1.9% | $11.2B |
| Dec 31, 2023 | $2.635 | ▲+1.9% | $11.0B |
| Dec 31, 2022 | $2.585 | ▲+2.0% | $10.8B |
| Dec 31, 2021 | $2.535 | ▲+2.0% | $10.4B |
| Dec 31, 2020 | $2.485 | ▲+2.1% | - |
| Dec 31, 2019 | $2.435 | ▲+2.1% | - |
| Dec 31, 2018 | $2.385 | ▲+2.1% | - |
Dividend per share as the company tagged it (CommonStockDividendsPerShareDeclared), from the latest 10-K that reports each year, so a stock split is already in it. A change is left blank when the year before is missing or the jump is more than five times.
Buybacks month by month, and what is left to buy
Share buybacks · 10-Q, Part II Item 2, latest 4 quarters
“On January 30, 2026, the Board of Directors of the Company authorized a share repurchase program for up to $25 billion of our common stock.”
10-Q, Part II Item 2
“The program will terminate when the aggregate consideration paid to purchase shares of our common stock reaches $25 billion, exclusive of any fees, commissions or other expenses, or a new share repurchase plan superseding the current plan is authorized, whichever is sooner.”
10-Q, Part II Item 2
The monthly table could not be read from the text of these 10-Qs: open the latest 10-Q, Part II Item 2.
What the 10-Ks show for each CEO's years
Each CEO's years · the CEO of each fiscal year as named in the proxy's pay versus performance table
Mr. Schulman
- Operating cash flow
- $37.1B
- Dividends
- $11.5B
- Diluted shares since FY2024
- +0.2%
- Revenue since FY2024
- +3%
- Debt since FY2024
- +$14.5B
- CEO pay (reported)
- $65.5M
Mr. Vestberg
- Operating cash flow
- $151.1B
- Acquisitions
- $3.8B
- Dividends
- $43.5B
- Diluted shares since FY2020
- +2.0%
- Revenue since FY2020
- +5%
- Debt since FY2020
- +$14.7B
- CEO pay (reported)
- $119.6M
Sources
The cash flow statement, dividends per share and diluted share count in each 10-K's XBRL; Part II Item 2 of each 10-Q for monthly buybacks; offering prospectuses (S-3, 424B) for new shares; Form D data sets for private raises.
Also
CEO pay: what the CEO was paid over the same years.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/VZ/export.csv") into a cell.