STOCK REPURCHASE PROGRAM

9 Months Ended

Aug. 29, 2025

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. In June 2025, we entered into a stock repurchase arrangement with a large financial institution to execute up to $2.5 billion in open market repurchases, which remained partially outstanding as of August 29, 2025. Upon completion of this arrangement, $8.40 billion remains under our March 2024 stock repurchase authority.

Share repurchase activity for the nine months ended August 29, 2025 and August 30, 2024 was as follows:


(in millions)	Number of Shares Delivered	Amount Paid
Nine months ended August 29, 2025
Accelerated share repurchase agreements	16.8	$	6,250

Open market repurchases	6.8	2,556
Total	23.6	$	8,806
Nine months ended August 30, 2024
Accelerated share repurchase agreements	12.3	$	7,000
Other structured stock repurchases	0.6	—		(1)

Total	12.9	$	7,000

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(1) During the nine months ended August 30, 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.