v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Changes in Stockholders’ Equity
The following tables present certain information regarding our stockholders’ equity for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31, 2026
Common StockAdditional Paid in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal
January 1, 2026$1 $1,276 $1,292 $(2,101)$(223)$245 
Settlement of liability awards— 55 — — — 55 
Vesting of RSUs, net of tax withholdings and other— (33)— — — (33)
Reclassification of treasury stock upon retirement— (1,108)(993)2,101 — — 
Purchase of common stock— (22)— — — (22)
Stock-based compensation— 17 — — — 17 
Net income— — 52 — — 52 
Other comprehensive loss— — — — (3)(3)
March 31, 2026$1 $185 $351 $— $(226)$311 
Three Months Ended March 31, 2025
 Common StockAdditional Paid in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal
January 1, 2025$1 $1,200 $1,016 $(1,216)$(365)$636 
Settlement of liability awards— 44 — — — 44 
Vesting of RSUs, net of tax withholding and other— (36)— — — (36)
Purchase of treasury stock(1)
— — — (167)— (167)
Stock-based compensation— 18 — — — 18 
Net income— — 82 — — 82 
Other comprehensive income— — — — 43 43 
March 31, 2025$1 $1,226 $1,098 $(1,383)$(322)$620 
(1) Includes excise taxes of $1 million for the three months ended March 31, 2025.
Stock-based Compensation
For the three months ended March 31, 2026 and 2025, we recognized $32 million and $27 million, respectively, in total stock-based compensation expense under all programs. These amounts included $15 million and $9 million, respectively, of stock-based compensation classified as liability awards.
Restricted Stock Units
A summary of the changes in RSUs outstanding under our equity-based compensation plans during the three months ended March 31, 2026 is presented below:
Number of Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2025
1.7 $90.80 
Granted1.3 $90.75 
Vested(1.3)$85.64 
Cancelled(0.1)$65.65 
Unvested RSUs as of March 31, 2026
1.6 $96.70 
The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2026 and 2025 was $90.75 and $106.48, respectively. The fair value of each RSU grant is based on the market value of our common stock at the time of grant. As of March 31, 2026, we had $131 million of unrecognized stock-based compensation expense relating to unvested RSUs that is expected to be recognized over a weighted-average vesting period of approximately 1.7 years. The fair value at vesting date of RSUs vested during the three months ended March 31, 2026 and 2025 was $110 million for both periods.
Share Repurchase Program
On June 11, 2024, our Board of Directors (the “Board”) approved a share repurchase program, as amended on July 31, 2025, under which the Company is authorized to repurchase, from time to time through June 12, 2027, up to an aggregate amount of $1.5 billion of shares of outstanding common stock or CDIs. Repurchases under the share repurchase program may be effected at the discretion of the Transaction Committee of the Board through one or more open market repurchases, privately negotiated transactions, including block trades, accelerated share repurchases, issuer tender offers or other derivative contracts or instruments, “10b5-1” plan, or other financial or other arrangements, or a combination of the foregoing. The share repurchase program may be suspended or discontinued at any time.
During the three months ended March 31, 2026, we repurchased approximately 0.2 million CDIs under the repurchase program at an aggregate cost of $22 million (including excise tax). On February 19, 2026, we retired all existing treasury shares and restored such shares to the status of authorized but unissued shares in accordance with the Nevada Revised Statutes.