v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2024 $ 2,478 $ 650 $ 2 $ 705 $ 1,535 $ (297) $ (117)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income/(loss) 750       750    
Other comprehensive (loss) income 2           2
Share repurchases [1] (322)         (322)  
Retirement of treasury stock [2]       (179)   179  
Equity-based awards activity, net [3] (8)     (8)      
Common stock dividends and dividend equivalents declared [4] (90)       (90)    
Series A Preferred Stock dividends [5] (33)       (33)    
Ending balance at Mar. 31, 2025 2,777 650 2 518 2,162 (440) (115)
Beginning balance at Dec. 31, 2024 2,478 650 2 705 1,535 (297) (117)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income/(loss) 646            
Other comprehensive (loss) income 16            
Ending balance at Jun. 30, 2025 2,288 650 2 305 1,970 (538) (101)
Beginning balance at Dec. 31, 2024 2,478 650 2 705 1,535 (297) (117)
Ending balance at Dec. 31, 2025 1,681 650 2 215 1,982 (1,087) (81)
Beginning balance at Mar. 31, 2025 2,777 650 2 518 2,162 (440) (115)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income/(loss) (104)       (104)    
Other comprehensive (loss) income 14           14
Shares reissuance for ESPP 8     2   6  
Share repurchases [1] (282)         (282)  
Retirement of treasury stock [2]       (178)   178  
Equity-based awards activity, net [3] (3)     (3)      
Common stock dividends and dividend equivalents declared [4] (88)       (88)    
Capped Call Options [6] (34)     (34)      
Ending balance at Jun. 30, 2025 2,288 650 2 305 1,970 (538) (101)
Beginning balance at Dec. 31, 2025 1,681 650 2 215 1,982 (1,087) (81)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income/(loss) 125       125    
Other comprehensive (loss) income (3)           (3)
Share repurchases [7] (484)         (484)  
Retirement of treasury stock [8]       (40)   40  
Equity-based awards activity, net [9] (35)     (35)      
Issuance of common stock for acquisition of LSP Portfolio [10] 3,728     3,728      
Common stock dividends and dividend equivalents declared [11] (105)       (105)    
Series A Preferred Stock dividends [12] (33)       (33)    
Ending balance at Mar. 31, 2026 4,874 650 2 3,868 1,969 (1,531) (84)
Beginning balance at Dec. 31, 2025 1,681 650 2 215 1,982 (1,087) (81)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income/(loss) 631            
Other comprehensive (loss) income (6)            
Ending balance at Jun. 30, 2026 4,855 650 2 3,880 2,374 (1,964) (87)
Beginning balance at Mar. 31, 2026 4,874 650 2 3,868 1,969 (1,531) (84)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income/(loss) 506       506    
Other comprehensive (loss) income (3)           (3)
Shares reissuance for ESPP 11       11  
Share repurchases [7] (444)         (444)  
Equity-based awards activity, net [9] 12     12      
Common stock dividends and dividend equivalents declared [11] (101)       (101)    
Ending balance at Jun. 30, 2026 $ 4,855 $ 650 $ 2 $ 3,880 $ 2,374 $ (1,964) $ (87)
[1] Includes excise tax accrued of $2 million for each of the quarter ended June 30 and March 31, 2025
[2] For further discussion of the treasury stock retirements, see Note 9, Changes in Capital Structure
[3] Includes $(37) million and $(40) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended June 30 and March 31, 2025, respectively
[4] Dividends per common share were $0.440 for each of the quarters ended June 30 and March 31, 2025
[5] Semi-annual dividends per share of Series A Preferred Stock were $51.25 for the period ended March 15, 2025
[6] For further discussion of the Capped Call Options, see Note 9, Changes in Capital Structure
[7] Includes excise tax accrued of $4 million and $3 million for the quarters ended June 30 and March 31, 2026, respectively
[8] For further discussion of the treasury stock retirements, see Note 9, Changes in Capital Structure
[9] Includes $(20) million and $(79) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended June 30 and March 31, 2026, respectively
[10] For further discussion of the LSP Portfolio acquisition, see Note 4, Acquisitions
[11] Dividends per common share were $0.475 for each of the quarters ended June 30 and March 31, 2026
[12] Semi-annual dividends per share of Series A Preferred Stock were $51.25 for the period ended March 15, 2026