v3.26.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Changes in Stockholders’ Equity
The following tables present certain information regarding our stockholders’ equity for the nine months ended September 30, 2026 and 2025:
Nine Months Ended September 30, 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 
Purchase of common stock— (16)(118)— — (134)
Stock-based compensation— 17 — — — 17 
Net income— — 120 — — 120 
Other comprehensive loss— — — — (12)(12)
June 30, 2026$1 $186 $353 $— $(238)$302 
Settlement of liability awards— 3 — — — 3 
Vesting of RSUs, net of tax withholdings and other— (2)— — — (2)
Purchase of common stock held in trust for stock-based compensation plans— — — (30)— (30)
Stock-based compensation— 17 — — — 17 
Net income— — 133 — — 133 
September 30, 2026$1 $204 $486 $(30)$(238)$423 
Nine Months Ended September 30, 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 withholdings 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 
Vesting of RSUs, net of tax withholdings and other— 2 — — — 2 
Purchase of treasury stock(1)
— — — (101)— (101)
Stock-based compensation— 14 — — — 14 
Net income— — 95 — — 95 
Other comprehensive income— — — — 72 72 
June 30, 2025$1 $1,242 $1,193 $(1,484)$(250)$702 
Vesting of RSUs, net of tax withholdings and other— (4)— — — (4)
Purchase of treasury stock(1)
— — — (112)— (112)
Stock-based compensation— 17 — — — 17 
Net income— — 114 — — 114 
Other comprehensive income— — — — 6 6 
September 30, 2025$1 $1,255 $1,307 $(1,596)$(244)$723 
(1) Includes excise taxes of $1 million and $3 million for the three and nine months ended September 30, 2025, respectively.
Stock-based Compensation
For the three and nine months ended September 30, 2026, we recognized $24 million and $88 million, respectively, in total stock-based compensation expense under all programs. These amounts included $7 million and $37 million, respectively, of stock-based compensation classified as liability awards. For the three and nine months ended September 30, 2025, we recognized $28 million and $87 million, respectively, in total stock-based compensation expense under all programs. These amounts included $11 million and $38 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 nine months ended September 30, 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 
Granted1.5 $89.91 
Vested(1.4)$85.44 
Cancelled and forfeited(0.2)$78.53 
Unvested RSUs as of September 30, 2026
1.6 $96.16 
The weighted-average grant date fair value of RSUs granted during the nine months ended September 30, 2026 and 2025 was $89.91 and $104.98, 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 September 30, 2026, we had $102 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 1.5 years.
The fair value at vesting date of RSUs vested during the nine months ended September 30, 2026 and 2025 was $123 million and $127 million, respectively.
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 nine months ended September 30, 2026, we repurchased approximately 1.8 million CDIs under the repurchase program at an aggregate cost of $156 million, excluding $7 million of excise taxes paid during the period related to purchases made in 2025. 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.
Shares Held in Trust
In connection with the Company's equity-based incentive plans, the Company funds an employee share trust (the "Trust"), administered by an independent third-party trustee, with cash, which the trustee uses to purchase CDIs on the open market on the ASX. CDIs purchased by the Trust are held until the underlying equity-based awards vest, at which time the CDIs are transferred to the award recipient. Because the Company consolidates the Trust, CDIs held by the Trust are presented as treasury stock on the condensed consolidated balance sheets. During the nine months ended September 30, 2026, the Trust purchased 0.4 million CDIs on the open market for a total cost of $30 million, which are included in treasury stock on the condensed consolidated balance sheets. These purchases are separate from, and independent of, the Company's share repurchase program described above. As of September 30, 2026, the Trust held 0.7 million CDIs in total, including both CDIs purchased on the open market and CDIs issued by the Company, all of which are held for future transfer upon vesting of Company equity awards.