Bought back $270.2M of its own shares, 5.0× what it paid in stock
Dilution: new shares, stock pay and buybacks
New Nov 2, 2026: Shelf registration: shares and other securities, amount not fixed (S-3ASR) Email me when WRB files the next one
Shares offered
Since Nov 12, 2023: 1 shelf registration.
- Nov 2, 2026 Shelf registration: shares and other securities, amount not fixed S-3ASR
Every offering filing →“We may offer, issue and sell, together or separately, from time to time the above-referenced securities.”
S-3ASR, Nov 2, 2026 ↗
Diluted shares: 399.86M in the year to Dec 31, 2025 2025 -0.8%2024 -1.6%2023 -2.2%2022 -0.1%
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
No cash flow chart for banks and insurers: their operating cash flow moves with loans, deposits and trading, so it says little about how cash was spent.
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | $270.2M | $700.3M | $54.5M | - | 399.86M |
| 2024-12-31 | $303.7M | $532.0M | $54.4M | - | 403.22M |
| 2023-12-31 | $537.2M | $501.5M | $51.0M | - | 409.95M |
| 2022-12-31 | $94.1M | $235.2M | $49.4M | - | 419K |
| 2021-12-31 | $122.4M | $355.7M | $46.7M | - | 280K |
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: buybacks = PaymentsForRepurchaseOfCommonStock; dividends = PaymentsOfDividendsCommonStock; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.