This is the most recent figure for the total number of common shares outstanding, in millions. (It is not a weighted-average figure.) For foreign companies, ADR shares outstanding are adjusted by the ADR share ratio.
Origin
This figure is taken from the company’s most recent financial statement, generally either the 10-K, 10-Q, or annual report.
Benefit
Looking at the historical progression of Shares Outstanding is a quick way to gauge whether a company has made share issuances or has bought back shares.
For the Pros
Shares Outstanding can be useful in calculating per-share figures. For example, to calculate cash per share, use the following equation:
Cash Quarter 1 / Shares Outstanding