v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY, MEZZANINE EQUITY AND PARTNERS' CAPITAL (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Accumulated Other Comprehensive Income (Loss)
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Class A
Stock-based Compensation
Class A
Class A
Common Stock
Class A
Common Stock
Class B
Class B
Common Stock
Class B
Common Stock
Class B CUPI
Common Stock
Stockholders' Equity                              
Other comprehensive income (loss) $ (4) $ (4)                          
Beginning balance (in shares) at Dec. 31, 2024             128 106              
Beginning balance at Dec. 31, 2024 366           $ 237 $ 129              
Mezzanine Equity                              
Net income 3           $ 2 $ 1              
Units repurchased (in shares)               (2)              
Units repurchased (1)             $ (1)              
Ending balance (in shares) at Mar. 29, 2025             128 104              
Ending balance at Mar. 29, 2025 368           $ 239 $ 129              
Beginning balance (in shares) at Dec. 31, 2024                   16,723     721   23
Beginning balance, partners' capital at Dec. 31, 2024 16,158 11               $ 15,976     $ 123   $ 48
Partners' Capital                              
Net income 319                 $ 318         $ 1
Other comprehensive income (loss) (4) (4)                          
Reclassification from liability-classified units (in shares)                         51    
Reclassification from liability-classified units 10                       $ 10    
Units repurchased (in shares)                         (14)    
Units repurchased (9)                       $ (9)    
Stock-based compensation (in shares)                         6    
Stock-based compensation 16                       $ 16    
Ending balance (in shares) at Mar. 29, 2025                   16,723     764   23
Ending balance, partners' capital at Mar. 29, 2025 16,490 7               $ 16,294     $ 140   $ 49
Stockholders' Equity                              
Other comprehensive income (loss) 51                            
Beginning balance (in shares) at Dec. 31, 2024             128 106              
Beginning balance at Dec. 31, 2024 366           $ 237 $ 129              
Ending balance (in shares) at Jun. 28, 2025             128 103              
Ending balance at Jun. 28, 2025 367           $ 239 $ 128              
Beginning balance (in shares) at Dec. 31, 2024                   16,723     721   23
Beginning balance, partners' capital at Dec. 31, 2024 16,158 11               $ 15,976     $ 123   $ 48
Partners' Capital                              
Other comprehensive income (loss) 51                            
Ending balance (in shares) at Jun. 28, 2025                   16,723     756   23
Ending balance, partners' capital at Jun. 28, 2025 16,584 62               $ 16,324     $ 148   $ 50
Stockholders' Equity                              
Other comprehensive income (loss) 55 55                          
Beginning balance (in shares) at Mar. 29, 2025             128 104              
Beginning balance at Mar. 29, 2025 368           $ 239 $ 129              
Mezzanine Equity                              
Net income 4           2 $ 2              
Units repurchased (in shares)               (1)              
Units repurchased (1)             $ (1)              
Distribution to partners (4)           $ (2) $ (2)              
Ending balance (in shares) at Jun. 28, 2025             128 103              
Ending balance at Jun. 28, 2025 367           $ 239 $ 128              
Beginning balance (in shares) at Mar. 29, 2025                   16,723     764   23
Beginning balance, partners' capital at Mar. 29, 2025 16,490 7               $ 16,294     $ 140   $ 49
Partners' Capital                              
Net income 329                 314     $ 14   $ 1
Other comprehensive income (loss) 55 55                          
Units repurchased (in shares)                         (8)    
Units repurchased (5)                       $ (5)    
Stock-based compensation 14                       14    
Distribution to partners (299)                 $ (284)     $ (15)    
Ending balance (in shares) at Jun. 28, 2025                   16,723     756   23
Ending balance, partners' capital at Jun. 28, 2025 16,584 $ 62               $ 16,324     $ 148   $ 50
Beginning balance (in shares) at Dec. 31, 2025                 812   812 502   502  
Beginning balance at Dec. 31, 2025 19,286   $ 10,717 $ (7) $ 27 $ 8,549         $ 0     $ 0  
Stockholders' Equity                              
Net income 239     129   110                  
Other comprehensive income (loss) (14)       (9) (5)                  
Distributions to noncontrolling interests (10)         (10)                  
Exchange of common units for Class A common stock (in shares)                     34     (34)  
Exchange of common units for Class A common stock 0   581   1 (582)                  
Tax receivable agreement (479)   (479)                        
Recognition of deferred tax assets from equity transactions 294   294                        
Reclassification from liability-classified units 11   7     4                  
Stock-based compensation 22   13     9                  
Changes in noncontrolling interests 0   (1)   (1) 2                  
Ending balance (in shares) at Mar. 28, 2026                     846     468  
Ending balance at Mar. 28, 2026 19,349   11,132 122 18 8,077         $ 0     $ 0  
Partners' Capital                              
Other comprehensive income (loss) (14)       (9) (5)                  
Beginning balance (in shares) at Dec. 31, 2025                 812   812 502   502  
Beginning balance at Dec. 31, 2025 19,286   10,717 (7) 27 8,549         $ 0     $ 0  
Stockholders' Equity                              
Other comprehensive income (loss) (51)                            
Ending balance (in shares) at Jun. 27, 2026                 877   877 437   437  
Ending balance at Jun. 27, 2026 19,077   11,396 182 (6) 7,505         $ 0     $ 0  
Partners' Capital                              
Other comprehensive income (loss) (51)                            
Beginning balance (in shares) at Mar. 28, 2026                     846     468  
Beginning balance at Mar. 28, 2026 19,349   11,132 122 18 8,077         $ 0     $ 0  
Stockholders' Equity                              
Net income 139     60   79                  
Other comprehensive income (loss) (37)       (24) (13)                  
Distributions to noncontrolling interests (113)         (113)                  
Exchange of common units for Class A common stock (in shares)                     31     (31)  
Exchange of common units for Class A common stock 0   532   2 (534)                  
Tax receivable agreement (383)   (383)                        
Recognition of deferred tax assets from equity transactions 97   97                        
Stock-based compensation 29   18     11                  
Exercise of employee stock options 1   1                        
Taxes withheld on issuance of stock-based awards (5)   (5)                        
Changes in noncontrolling interests 0   4   (2) (2)                  
Ending balance (in shares) at Jun. 27, 2026                 877   877 437   437  
Ending balance at Jun. 27, 2026 19,077   $ 11,396 $ 182 (6) 7,505         $ 0     $ 0  
Partners' Capital                              
Other comprehensive income (loss) $ (37)       $ (24) $ (13)