To facilitate our stock repurchase program, designed to return value to our stockholders and minimize dilution from stock issuances, we may repurchase our shares in the open market or enter into structured repurchase agreements with third parties. In March 2024, our Board of Directors granted authority to repurchase up to $25 billion in our common stock through March 14, 2028. As of May 30, 2025, $10.90 billion remained under our March 2024 stock repurchase authority.


(in millions)	Number of Shares Delivered	Amount Paid
Six months ended May 30, 2025
ASRs (1)	14.5	$	6,250

Open market repurchases	1.1	500
Total	15.6	$	6,750
Six months ended May 31, 2024
ASRs	7.1	$	4,500
Other structured stock repurchases	0.6	—		(2)

Total	7.7	$	4,500

(1) Shares delivered during the six months ended May 30, 2025 include the initial delivery of shares under a $3.5 billion accelerated share repurchase agreement (“ASR”) entered into in March 2025, which remained outstanding as of May 30, 2025. Subsequent to May 30, 2025, the outstanding ASR was settled which resulted in total repurchases of 9.1 million shares.

(2) During the six months ended May 31, 2024, we received the final delivery of shares under a structured stock repurchase agreement entered into in fiscal 2023.

Prepayments for stock repurchases are classified as treasury stock, a component of stockholders’ equity on our condensed consolidated balance sheets, at the payment date, though only shares physically delivered to us by the end of the respective period are excluded from the computation of net income per share. As of May 30, 2025, a portion of the $3.5 billion prepayment under the ASR entered into in March 2025 was evaluated as an unsettled forward contract indexed to our own stock, classified within stockholders’ equity.