Depends. For Google historically the buybacks have exceeded SBC, but looks like in the recent quarter that was not the case. Meta was famous for its buybacks

Depends. For Google historically the buybacks have exceeded SBC, but looks like in the recent quarter that was not the case. Meta was famous for its buybacks being fully canceled out by SBC, though recently buybacks have started to exceed employee comp. Which is why FCF is a poor metric to use for a company that has a large portion of SBC. Completely hides the actual economics of the business. https://www.macrotrends.net/stocks/charts/GOOG/alphabet/shares-outstanding https://www.macrotrends.net/stocks/charts/GOOG/alphabet/shar... https://www.macrotrends.net/stocks/charts/META/meta-platforms/shares-outstanding https://www.macrotrends.net/stocks/charts/META/meta-platform...