v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common and Nonvoting Common Stock

During the three and six months ended June 30, 2026, CSC repurchased 11.2 million and 35.5 million shares, respectively, of its common stock under its $20.0 billion share repurchase authorization for $1.0 billion and $3.4 billion, respectively. As of June 30, 2026 approximately $11.1 billion remained on the $20.0 billion authorization.

On February 12, 2025, TD Group US Holdings LLC, an affiliate of TD Bank, completed a secondary public offering of the Company’s common shares through which TD Group US Holdings LLC sold 133.8 million shares of the Company’s common stock and 31.7 million shares of the Company’s nonvoting common stock, which automatically converted into common stock. The offering was completed at a price of $79.25 per share, for an aggregate amount of $13.1 billion. The Company did not receive any of the proceeds from this sale.

Concurrent with the completion of the secondary offering, and pursuant to a repurchase agreement dated February 9, 2025, the Company repurchased directly from TD Group US Holdings LLC its remaining 19.2 million shares of nonvoting common stock at a price of $77.982 per share for an aggregate repurchase amount of $1.5 billion, which settled on February 12, 2025. The shares of nonvoting common stock automatically converted into common stock upon repurchase and transferred to treasury stock, reducing the number of shares outstanding. These shares were purchased under CSC’s previous $15.0 billion share repurchase authorization.

Through the completion of the secondary offering and the Company’s repurchase of nonvoting common stock, TD Bank disposed of all of its common shares of CSC and as of February 12, 2025, the Company had no remaining nonvoting common stock outstanding.

CSC repurchased an additional 3.9 million shares of its common stock for $351 million during the three months ended June 30, 2025 under its previous $15.0 billion authorization.
Common stock repurchases, net of issuances, are subject to a nondeductible excise tax which is recognized as a direct and incremental cost associated with these transactions. The tax is recorded as part of the cost basis of the treasury stock repurchased, resulting in no impact to the condensed consolidated statements of income.

Preferred Stock

On June 1, 2026, the Company redeemed all of the 20,554 outstanding shares of its fixed-rate reset non-cumulative perpetual preferred stock, Series I, and the corresponding 2,055,433 depositary shares, each representing a 1/100th interest in a share of the Series I preferred stock. The depositary shares were redeemed at a redemption price of $1,000 per depositary share for a total of $2.1 billion. The difference between the total redemption price and the prior carrying value of the Series I preferred stock resulted in a $25 million deemed dividend that was included in the calculation of EPS.

On April 22, 2026, the Company issued and sold 1,500,000 depositary shares, each representing a 1/100th ownership interest in a share of 6.100% fixed-rate reset non-cumulative perpetual preferred stock, Series L, $.01 par value per share, with a liquidation preference of $100,000 per share (equivalent of $1,000 per depositary share). The net proceeds of the offering were approximately $1.5 billion, after deducting the underwriting discount and offering expenses.

On June 2, 2025, the Company redeemed all of the 24,580 outstanding shares of its fixed-rate reset non-cumulative perpetual preferred stock, Series G, and the corresponding 2,457,964 depositary shares, each representing a 1/100th interest in a share of the Series G preferred stock. The depositary shares were redeemed at a redemption price of $1,000 per depositary share for a total of $2.5 billion. The difference between the total redemption and the prior carrying value of the Series G preferred stock resulted in a $30 million deemed dividend that was included in the calculation of EPS.

The Company’s preferred stock issued and outstanding is as follows:
Liquidation Preference Per ShareDividend Rate in Effect at June 30, 2026Earliest Redemption DateDate at Which Dividend Rate Resets or Becomes Floating
Reset / Floating Rate
Margin Over Reset / Floating Rate
Shares Issued and Outstanding (in ones) atCarrying Value at
June 30,
2026 (1)
December 31, 2025 (1)
June 30, 2026December 31, 2025Issue Date
Fixed-rate:
Series D750,000 750,000 $1,000 $728 $728 03/07/165.95%06/01/21N/AN/AN/A
Series J600,000 600,000 1,000 584 584 03/30/214.450%06/01/26N/AN/AN/A
Fixed-to-floating rate/Fixed-rate reset:
Series F4,884 4,884 100,000 481 481 10/31/175.000%12/01/2712/01/27
3M LIBOR (2)
2.575%
Series H (3)
22,267 22,267 100,000 2,200 2,200 12/11/204.000%12/01/3012/01/30
10-Year Treasury
3.079%
Series I (4)
— 20,554 — — 2,030 03/18/21——— ——
Series K (5)
7,500 7,500 100,000 740 740 03/04/225.000%06/01/2706/01/27
5-Year Treasury
3.256%
Series L (5,6)
15,000 — 100,000 1,480 — 04/22/266.100%06/01/3106/01/31
5-Year Treasury
2.250%
Total preferred
   stock		1,399,651 1,405,205 $6,213 $6,763 
(1) Represented by depositary shares.
(2) The reset/floating rate for Series F will be determined by the calculation agent prior to the commencement of the floating rate period using what the calculation agent determines to be the industry-accepted substitute or successor base rate to LIBOR.
(3) The dividend rate for Series H resets on each ten-year anniversary from the first reset date.
(4) Series I was redeemed on June 1, 2026.
(5) The dividend rate for Series K and Series L resets on each five-year anniversary from the first reset date.
(6) The Series L dividend rate resets on each five-year anniversary beginning on June 1, 2031 based on a five-year treasury rate, representing the average yields on actively traded U.S. Treasury securities adjusted to constant maturity for five-year maturities. Series L is only redeemable on divided payment dates on or after the first reset date.
N/A Not applicable.
Dividends declared on the Company’s preferred stock are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total
Declared		Per Share
Amount		Total
Declared		Per Share
Amount		Total
Declared		Per Share
Amount		Total
Declared		Per Share
Amount
Series D (1)
$11.1 $14.88 $11.1 $14.88 $22.3 $29.76 $22.3 $29.76 
Series F (2)
12.2 2,500.00 12.2 2,500.00 12.2 2,500.00 12.2 2,500.00 
Series G (3)
— — 33.0 1,343.75 — — 66.0 2,687.50 
Series H (1)
22.2 1,000.00 22.2 1,000.00 44.5 2,000.00 44.5 2,000.00 
Series I (4)
20.6 1,000.00 20.6 1,000.00 41.2 2,000.00 41.2 2,000.00 
Series J (1)
6.7 11.13 6.7 11.13 13.4 22.26 13.4 22.26 
Series K (1)
9.5 1,250.00 9.5 1,250.00 18.8 2,500.00 18.8 2,500.00 
Series L (5)
— — — — — — — — 
Total$82.3 $115.3 $152.4 $218.4 
(1) Dividends paid quarterly.
(2) Dividends paid semi-annually until December 1, 2027 and quarterly thereafter.
(3) Series G was redeemed on June 2, 2025. Prior to redemption, dividends were paid quarterly. The final dividend was paid on June 2, 2025.
(4) Series I was redeemed on June 1, 2026. Prior to redemption, dividends were paid quarterly. The final dividend was paid on June 1, 2026.
(5) Series L was issued on April 22, 2026. Dividends are paid quarterly. The first dividend payment will be on September 1, 2026.