▪Dividends: In August 2026, our Board of Directors (“Board”) approved a 4.7% increase in the quarterly dividend rate to $1.11 per share of our common stock versus the previous rate of $1.06 per share. The current annualized dividend rate is $4.44 per share. Future dividend payments remain subject to the discretion of our Board.

▪Share Repurchases: In January 2025, our Board authorized a $1.0 billion share repurchase program and subsequently expanded the program to $2.0 billion in October 2025. At September 30, 2026, we had $265 million remaining under this program. In October 2026, our Board authorized a $1.0 billion expansion of this program, which now expires on December 31, 2027. Share repurchases depend on marketplace conditions and other factors, and the program remains subject to the discretion of our Board.


	For the Nine Months Ended September 30,				For the Three Months Ended September 30,
(in millions, except per share data)	2026		2025		2026		2025
Total number of shares repurchased	11.2		12.3		5.9		1.9
Aggregate cost of shares repurchased	$	735	$	712	$	400	$	112
Average price per share of shares repurchased	$	65.78	$	58.08	$	68.52	$	60.13

A reconciliation of cash, cash equivalents and restricted cash on our condensed consolidated balance sheets to the amounts reported in our condensed consolidated statements of cash flows is as follows:


	September 30, 2026		December 31, 2025
Cash and cash equivalents	$	2,697	$	4,474
Restricted cash included in other current assets	5		7
Restricted cash included in other assets	9		11
Cash, cash equivalents and restricted cash	$	2,711	$	4,492

Restricted cash consisted primarily of cash deposits collateralizing appeal bonds posted by PM USA to obtain stays of judgments pending appeals. See Note 12. Contingencies.

We record receivables net of any cash discounts on our condensed consolidated balance sheets. At September 30, 2026, December 31, 2025 and December 31, 2024, receivables were $342 million, $263 million and $177 million, respectively.

We record deferred revenue when our businesses receive payment in advance of product shipment, which we include in other accrued liabilities on our condensed consolidated balance sheets until revenue is recognized, and our companies typically satisfy their performance obligations within three days of receiving payment. At September 30, 2026, December 31, 2025 and December 31, 2024, deferred revenue was $165 million, $231 million and $215 million, respectively. At September 30, 2026, December 31, 2025 and December 31, 2024, there were no differences between amounts recorded as deferred revenue from contracts with customers and amounts subsequently recognized as revenue.

We facilitate a voluntary supplier financing program through a third-party intermediary under which participating suppliers may elect to sell receivables due from us to participating third-party financial institutions at the sole discretion of both the suppliers and the financial institutions. At September 30, 2026 and December 31, 2025, confirmed outstanding obligations under the supplier financing program, which are recorded in accounts payable on our condensed consolidated balance sheets, were $157 million and $159 million, respectively.