v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY, MEZZANINE EQUITY AND PARTNERS' CAPITAL (Unaudited) - USD ($)
$ in Millions
Total
Accumulated Other Comprehensive (Loss) Income
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive (Loss) Income
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) $ 41 $ 41                          
Beginning balance (in shares) at Dec. 31, 2024             128,000,000 106,000,000              
Beginning balance at Dec. 31, 2024 366           $ 237 $ 129              
Mezzanine Equity                              
Net income 11           6 $ 5              
Units repurchased (in shares)               (5,000,000)              
Units repurchased (4)             $ (4)              
Distribution to partners (6)           $ (3) $ (3)              
Ending balance (in shares) at Sep. 27, 2025             128,000,000 101,000,000              
Ending balance at Sep. 27, 2025 367           $ 240 $ 127              
Beginning balance (in shares) at Dec. 31, 2024                   16,723,000,000     721,000,000   23,000,000
Beginning balance, partners' capital at Dec. 31, 2024 16,158 11               $ 15,976     $ 123   $ 48
Partners’ Capital                              
Net income 966                 933     $ 30   $ 3
Other comprehensive income (loss) 41 41                          
Reclassification from liability-classified units (in shares)                         51,000,000    
Reclassification from liability-classified units 10                       $ 10    
Units repurchased (in shares)                         (44,000,000)    
Units repurchased (29)                       $ (29)    
Stock-based compensation (in shares)                         6,000,000    
Stock-based compensation 44                       $ 44    
Distribution to partners (416)                 $ (385)     $ (31)    
Ending balance (in shares) at Sep. 27, 2025                   16,723,000,000     734,000,000   23,000,000
Ending balance, partners' capital at Sep. 27, 2025 16,774 52               $ 16,524     $ 147   $ 51
Stockholders' Equity                              
Other comprehensive income (loss) (10) (10)                          
Beginning balance (in shares) at Jun. 28, 2025             128,000,000 103,000,000              
Beginning balance at Jun. 28, 2025 367           $ 239 $ 128              
Mezzanine Equity                              
Net income 4           2 $ 2              
Units repurchased (in shares)               (2,000,000)              
Units repurchased (2)             $ (2)              
Distribution to partners (2)           $ (1) $ (1)              
Ending balance (in shares) at Sep. 27, 2025             128,000,000 101,000,000              
Ending balance at Sep. 27, 2025 367           $ 240 $ 127              
Beginning balance (in shares) at Jun. 28, 2025                   16,723,000,000     756,000,000   23,000,000
Beginning balance, partners' capital at Jun. 28, 2025 16,584 62               $ 16,324     $ 148   $ 50
Partners’ Capital                              
Net income 318                 301     $ 16   $ 1
Other comprehensive income (loss) (10) (10)                          
Units repurchased (in shares)                         (22,000,000)    
Units repurchased (15)                       $ (15)    
Stock-based compensation 14                       14    
Distribution to partners (117)                 $ (101)     $ (16)    
Ending balance (in shares) at Sep. 27, 2025                   16,723,000,000     734,000,000   23,000,000
Ending balance, partners' capital at Sep. 27, 2025 16,774 $ 52               $ 16,524     $ 147   $ 51
Beginning balance (in shares) at Dec. 31, 2025                 812,000,000   812,000,000 502,000,000   502,000,000  
Beginning balance at Dec. 31, 2025 19,286   $ 10,717 $ (7) $ 27 $ 8,549         $ 0     $ 0  
Stockholders' Equity                              
Net income 696     384   312                  
Other comprehensive income (loss) (48)       (31) (17)                  
Distributions to noncontrolling interests (164)         (164)                  
Exchange of common units for Class A common stock (in shares)                     65,000,000     (65,000,000)  
Exchange of common units for Class A common stock 0   1,128   3 (1,131)                  
Tax receivable agreement (873)   (873)                        
Recognition of deferred tax assets from equity transactions 394   394                        
Reclassification from liability-classified units 11   7     4                  
Stock-based compensation $ 80   50     30                  
Exercise of employee stock options (in shares) 319,704                   1,000,000        
Exercise of employee stock options $ 9   9                        
Issuance of shares under employee stock plans (in shares)                     1,000,000        
Issuance of shares under employee stock plans 0                            
Taxes withheld on issuance of stock-based awards (5)   (5)                        
Changes in noncontrolling interests 0   1   (3) 2                  
Ending balance (in shares) at Sep. 26, 2026                 879,000,000   879,000,000 437,000,000   437,000,000  
Ending balance at Sep. 26, 2026 19,386   11,428 377 (4) 7,585         $ 0     $ 0  
Partners’ Capital                              
Other comprehensive income (loss) (48)       (31) (17)                  
Beginning balance (in shares) at Jun. 27, 2026                     877,000,000     437,000,000  
Beginning balance at Jun. 27, 2026 19,077   11,396 182 (6) 7,505         $ 0     $ 0  
Stockholders' Equity                              
Net income 318     195   123                  
Other comprehensive income (loss) 3       2 1                  
Distributions to noncontrolling interests (41)         (41)                  
Exchange of common units for Class A common stock (in shares)                     0     0  
Exchange of common units for Class A common stock 0   15   0 (15)                  
Tax receivable agreement (11)   (11)                        
Recognition of deferred tax assets from equity transactions 3   3                        
Stock-based compensation 29   19     10                  
Exercise of employee stock options (in shares)                     1,000,000        
Exercise of employee stock options 8   8                        
Issuance of shares under employee stock plans (in shares)                     1,000,000        
Issuance of shares under employee stock plans 0                            
Changes in noncontrolling interests 0   (2)     2                  
Ending balance (in shares) at Sep. 26, 2026                 879,000,000   879,000,000 437,000,000   437,000,000  
Ending balance at Sep. 26, 2026 19,386   $ 11,428 $ 377 (4) 7,585         $ 0     $ 0  
Partners’ Capital                              
Other comprehensive income (loss) $ 3       $ 2 $ 1