v3.25.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-based Payment Arrangements [Abstract]  
Disclosure of significant measurement estimates to determine fair value of stock-based compensation The table below shows the weighted average fair value of stock options granted during 2025 and 2024 and the principal assumptions used in applying the Black-Scholes model for granted options to determine their fair value at the grant date.
Years ended December 31
  20252024
Weighted average fair value$4.99 $8.08 
 
Risk-free interest rate3.0 %3.4 %
Dividend yield5.2 %3.6 %
Volatility of Class B Non-Voting Shares22.7 %24.2 %
Weighted average expected life
5.5 years
5.4 years
Disclosure of stock-based compensation expense
Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.
Years ended December 31
(In millions of dollars) 20252024
Stock options37 (58)
Restricted share units68 20 
Deferred share units15 (10)
Equity derivative effect, net of interest receipt (22)102 
Total stock-based compensation expense 98 54 
Disclosure of number and weighted average exercise prices of share options
Below is a summary of the stock option plans, including performance options.
 Year ended December 31, 2025Year ended December 31, 2024
(In number of units, except prices)Number of optionsWeighted average exercise priceNumber of optionsWeighted average exercise price
Outstanding, beginning of year9,707,847 $63.89 10,593,645 $63.88 
Granted2,687,103 $40.37 353,105 $61.39 
Exercised— — (153,615)$53.04 
Forfeited(628,856)$62.82 (1,085,288)$64.44 
Outstanding, end of year11,766,094 $58.58 9,707,847 $63.89 
Exercisable, end of year7,322,180 $64.10 6,135,190 $63.69 
Disclosure of range of exercise prices of outstanding share options
Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2025.
 Options outstandingOptions exercisable
Range of exercise pricesNumber outstandingWeighted average remaining contractual life (years)Weighted average exercise priceNumber exercisableWeighted average exercise price
$40.37 - $44.99
2,687,103 9.17$40.37 — — 
$45.00 - $49.99
119,082 0.16$49.95 119,082 $49.95 
$55.00 - $59.99
1,398,962 4.32$58.46 1,179,245 $58.46 
$60.00 - $64.99
2,300,957 4.51$62.27 1,735,323 $62.40 
$65.00 - $69.99
4,617,715 6.04$65.58 3,646,255 $65.63 
$70.00 - $73.00
642,275 3.16$73.00 642,275 $73.00 
 11,766,094 6.03$58.58 7,322,180 $64.10 
Disclosure of number and weighted average exercise prices of other equity instruments
Below is a summary of the RSUs outstanding, including performance RSUs.
Years ended December 31
(In number of units) 20252024
 
Outstanding, beginning of year2,448,224 2,551,728 
Granted and reinvested dividends1,966,136 1,246,949 
Exercised(790,423)(943,096)
Forfeited (294,385)(407,357)
 
Outstanding, end of year 3,329,552 2,448,224 
Below is a summary of the DSUs outstanding, including performance DSUs.
Years ended December 31
(In number of units) 20252024
Outstanding, beginning of year908,678 956,410 
Granted and reinvested dividends243,438 231,590 
Exercised(168,049)(279,098)
Forfeited (285)(224)
Outstanding, end of year 983,782 908,678