Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Rollforward of Stockholders' Equity

The following tables provide a rollforward of our stockholders' equity for the three and six months ended June 30, 2026 and 2025 ($ in millions except per share data; share data in thousands):


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling Interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance as of December 31, 2025	98,288	$	—	(62)	$	(24)	$	21,642	$	(12,202)	$	(1,359)	$	6,099	$	14,156	$	(3)	$	14,153

Net income	—	—		—	—		—		—		—		415		415		—		415
Other comprehensive income	—	—		—	—		—		—		16		—		16		—		16
Issuance of common stock and release of treasury stock for employee equity awards	397	—		—	—		49		—		—		—		49		—		49

Dividend distribution on common stock, $5.16 per share	—	—		—	—		—		(508)		—		—		(508)		—		(508)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(1)		—		—		(1)		—		(1)
Accrued dividends on unvested equity awards	—	—		—	—		—		4		—		—		4		—		4
Stock-based compensation, net of estimated forfeitures	—	—		—	—		167		—		—		—		167		—		167
Balance as of March 31, 2026	98,685	$	—	(62)	(24)		21,858		(12,707)		(1,343)		6,514		14,298		(3)		14,295

Net income (loss)	—	—		—	—		—		—		—		479		479		(2)		477
Other comprehensive loss	—	—		—	—		—		—		(31)		—		(31)		(2)		(33)
Change in ownership interest	—	—		—	—		—		—		—		2		2		(2)		—
Issuance of common stock and release of treasury stock for employee equity awards	46	—		2	1		2		—		—		—		3		—		3

Dividend distribution on common stock, $5.16 per share	—	—		—	—		—		(508)		—		—		(508)		—		(508)


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling Interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Accrued dividends on unvested equity awards	—	—		—	—		—		(16)		—		—		(16)		—		(16)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		155		—		—		—		155		—		155


Balance as of June 30, 2026	98,731	$	—	(60)	$	(23)	$	22,015	$	(13,231)	$	(1,374)	$	6,995	$	14,382	$	(9)	$	14,373


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance as of December 31, 2024	97,390	$	—	(103)	$	(39)	$	20,895	$	(10,342)	$	(1,735)	$	4,749	$	13,528	$	(1)	$	13,527

Net income	—	—		—	—		—		—		—		343		343		—		343
Other comprehensive income	—	—		—	—		—		—		176		—		176		—		176
Issuance of common stock and release of treasury stock for employee equity awards	406	—		19	7		42		—		—		—		49		—		49
Issuance of common stock under ATM program	107	—		—	—		99		—		—		—		99		—		99
Dividend distribution on common stock, $4.69 per share	—	—		—	—		—		(457)		—		—		(457)		—		(457)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(1)		—		—		(1)		—		(1)
Accrued dividends on unvested equity awards	—	—		—	—		—		2		—		—		2		—		2
Stock-based compensation, net of estimated forfeitures	—	—		—	—		150		—		—		—		150		—		150

Balance as of March 31, 2025	97,903	—		(84)	(32)		21,186		(10,798)		(1,559)		5,092		13,889		(1)		13,888


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Net income (loss)	—	—		—	—		—		—		—		368		368		(1)		367
Other comprehensive income	—	—		—	—		—		—		160		—		160		—		160
Issuance of common stock and release of treasury stock for employee equity awards	41	—		5	2		—		—		—		—		2		—		2


Dividend distribution on common stock, $4.69 per share	—	—		—	—		—		(459)		—		—		(459)		—		(459)

Accrued dividends on unvested equity awards	—	—		—	—		—		(14)		—		—		(14)		—		(14)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		138		—		—		—		138		—		138

Balance as of June 30, 2025	97,944	$	—	(79)	$	(30)	$	21,324	$	(11,271)	$	(1,399)	$	5,460	$	14,084	$	(2)	$	14,082

Schedule of Changes in Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss, net of tax, by component were as follows (in millions):


	Balance as of December 31, 2025		Net Change		Balance as of June 30, 2026
Foreign CTA gain (loss)	$	(1,607)	$	(16)	$	(1,623)
Net investment hedge CTA gain (loss) (1)	257		2		259
Unrealized gain (loss) on cash flow hedges (1)	(8)		(3)		(11)
Net actuarial gain (loss) on defined benefit plans (2)	(1)		—		(1)
	$	(1,359)	$	(17)	$	(1,376)
Accumulated other comprehensive (income) loss attributable to non-controlling interests	—		2		2
Total accumulated other comprehensive loss attributable to common stockholders	$	(1,359)	$	(15)	$	(1,374)

(1)Refer to Note 5 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.

(2)We have two defined benefit pension plans covering all employees in two countries where such plans are mandated by law. We do not have any defined benefit plans in any other countries.

Schedule of Sale of Stock by Activity Program

Forward sale activity under the 2024 ATM Program is summarized as follows ($ in millions except per share data; shares in thousands):


	Contractual Maturity Dates	Execution Date	Number of Shares (1)	Weighted Average Price per Share (2)		Settlement Value (2)
Outstanding, December 31, 2024			—	$	—	$	—




Outstanding, December 31, 2025			—	—		—
Forward Sale Agreements Executed	January 2027	May 2026 to June 2026	465	1,070.52		498

Outstanding, June 30, 2026			465	$	1,070.52	$	498

(1)For agreements settled, the amount represents the actual number of shares issued. For agreements executed and outstanding, the amount represents the number of shares that we would issue upon physical settlement.

(2)For agreements settled, the value represents the actual weighted average settlement value, net of commissions and other offering expenses. For agreements executed and outstanding, the value represents the forward amount that we would receive upon physical settlement as of that date and will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements.

Schedule of Stock-Based Compensation Expense by Operating Expense Category

The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenues	$	19	$	16	$	35	$	30
Sales and marketing	26		25		53		47
General and administrative	100		86		185		163
Total	$	145	$	127	$	273	$	240