v3.25.4
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Components of share-based compensation expense, net of forfeitures
The components of the Company’s share-based compensation expense, net of forfeitures, were as follows:
Years Ended December 31,
2025
2024
2023
(in millions)
Stock option$16 $15 $16 
Restricted stock17 25 27 
Restricted stock units and deferred share units
173 153 144 
Liability awards35 58 62 
Total$241 $251 $249 
Weighted average assumptions used for stock option grants
The following weighted average assumptions were used for stock option grants:
2025
2024
2023
Dividend yield1.5 %1.8 %2.0 %
Expected volatility31 %31 %33 %
Risk-free interest rate4.3 %4.0 %3.6 %
Expected life of stock option (years)5.05.05.0
Summary of stock option activity
A summary of the Company’s stock option activity for 2025 is presented below (shares and intrinsic value in millions):
SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual
Term (Years)
Aggregate Intrinsic Value
Outstanding at January 11.6 $207.11 5$515 
Granted0.1 543.36 
Exercised(0.3)163.17 
Outstanding at December 311.4 237.73 5365 
Exercisable at December 311.2 197.43 4350 
Summary of activity for restricted stock, restricted stock units and stock and deferred share units
A summary of activity for the Company’s restricted stock awards, restricted stock units granted to employees (including advisors), compensation and commission deferrals into stock and deferred share units for 2025 is presented below (shares in millions):
SharesWeighted Average Grant-date
Fair Value
Non-vested shares at January 11.1 $295.92 
Granted0.3 530.67 
Deferred0.1 497.26 
Vested(0.7)330.27 
Forfeited— 391.17 
Non-vested shares at December 310.8 371.86