v3.26.1
Stockholders' Equity and Noncontrolling Interests
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity and Noncontrolling Interests Stockholders' Equity and Noncontrolling Interests
We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. We had no shares of preferred stock issued and outstanding at March 31, 2026 and December 31, 2025. We had 902 million and 904 million shares of common stock issued and outstanding at March 31, 2026 and December 31, 2025.

Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our dividends declared per common share were $0.18 and $0.12 and our total dividends paid on common stock were $164 million and $116 million for the three months ended March 31, 2026 and 2025.

In February 2025, we executed an accelerated share repurchase (ASR) program to repurchase an aggregate amount of $2.0 billion of our outstanding common stock. Pursuant to the agreements, we advanced $2.0 billion and received and immediately retired approximately 33 million shares of our common stock with a value of $1.6 billion in the three months ended March 31, 2025. The remaining ASR settled in the three months ended June 30, 2025. In total, we received and retired 43 million shares from the program.

In January 2026, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion, with no expiration date.
In the three months ended March 31, 2026, we repurchased 11 million outstanding shares of our common stock for $800 million, and in the three months ended March 31, 2025, we repurchased an insignificant amount of shares in addition to those received under the ASR program.

Cruise Common and Preferred Shares In February 2025, we acquired all of the Cruise common shares and Cruise Class F and Class G Preferred Shares held by noncontrolling shareholders for an insignificant amount. We have completed the process of compensating the former Cruise shareholders.

During the three months ended March 31, 2025, net income attributable to stockholders and transfers to the noncontrolling interest in Cruise and other subsidiaries were $3.3 billion, which includes a $538 million increase in equity attributable to us, primarily due to the redemption of Cruise preferred shares in February 2025.

The following table summarizes the significant components of Accumulated other comprehensive loss:
Three Months Ended
March 31, 2026March 31, 2025
Foreign Currency Translation Adjustments
Balance at beginning of period$(3,277)$(3,630)
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b)(c)(42)148 
Balance at end of period$(3,319)$(3,482)
Defined Benefit Plans
Balance at beginning of period$(7,330)$(7,669)
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax(a)(c)45 (59)
Reclassification adjustment, net of tax(c)27 22 
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(c)72 (37)
Balance at end of period(d)$(7,258)$(7,706)
Unrealized Gain (Loss) on Cash Flow Hedges
Balance at beginning of period$226 $86 
Other comprehensive income (loss) and noncontrolling interest before reclassification adjustment, net of tax(a)(c)1238
Reclassification adjustment, net of tax(c)73(256)
Other comprehensive income (loss), net of tax(a)(c)74(18)
Balance at end of period$300 $68 
__________
(a)The noncontrolling interests were insignificant in the three months ended March 31, 2026 and 2025.
(b)The reclassification adjustment was insignificant in the three months ended March 31, 2026 and 2025.
(c)The income tax effect was insignificant in the three months ended March 31, 2026 and 2025.
(d)Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to Note 2. Significant Accounting Policies of our 2025 Form 10-K for additional information.