DFIN Donnelley Financial Solutions, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $53M, Q3 2025: $14M, Q2 2025: $20M, Q1 2025: $31M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $53M vs trailing avg $21M (+147%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-95M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 2,124,010 shares = 8.3% of 25,600,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Need both buyback and insider purchase data

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $2M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 8574093.3x more than bought. 4 C-suite officers among sellers

• Johnson Eric J (President, GIC) sold 20,280 shares on 2026-03-06
• Williams Robert Kirk (Chief People & Admin Officer) sold 4,237 shares on 2026-03-03
• Williams Robert Kirk (Chief People & Admin Officer) sold 7,684 shares on 2026-03-04
• Leib Daniel (Chief Executive Officer) sold 10,000 shares on 2026-02-26
• Leib Daniel (Chief Executive Officer) sold 12,867 shares on 2025-08-14
• Leib Daniel (Chief Executive Officer) sold 6,333 shares on 2025-08-14
• Leib Daniel (Chief Executive Officer) sold 800 shares on 2025-08-14
• Williams Robert Kirk (Chief People & Admin Officer) sold 10,000 shares on 2025-06-10
• Clay Craig (President, GCM) sold 11,022 shares on 2025-05-23
• Johnson Eric J (President, GIC) sold 5,000 shares on 2025-05-20