v3.26.3
Stockholders' Equity
 9 Months Ended
Sep. 26, 2026
Earnings Per Share [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Earnings Per Share
The Company computes EPS in accordance with ASC 260, Earnings per Share. Basic EPS is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding.
Diluted EPS is computed using the weighted average number of shares of common stock, plus the effect of potentially dilutive securities. The Company applied the treasury method to calculate the dilution impact of share-based awards—stock options, non-vested restricted shares with forfeitable dividend rights, restricted stock units, and employee stock purchase plan deferrals. For the 13 weeks ended both September 26, 2026 and September 27, 2025, share-based awards representing less than 1 million anti-dilutive shares were excluded from the dilutive share-based calculation. For the 39 weeks ended both September 26, 2026 and September 27, 2025, share-based awards representing less than 1 million underlying common shares were not included in the computation because the effect would have been anti-dilutive.
The following table sets forth the computation of basic and diluted EPS:
13 weeks ended39 weeks ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Numerator:
Net income$218 $153 $609 $492 
Denominator:
Weighted-average common shares outstanding—basic215.7 225.5 218.2 228.8 
Effect of dilutive share-based awards2.0 2.9 2.3 3.0 
Weighted-average common shares outstanding—diluted217.7 228.4 220.5 231.8 
Net income per share
Basic$1.01 $0.68 $2.79 $2.15 
Diluted
$1.00 $0.67 $2.76 $2.12 
Share Repurchase Programs and Accelerated Share Repurchase
On November 24, 2025, the Board of Directors approved, and the Company publicly announced, a new share repurchase program (the “November 2025 Share Repurchase Program”) under which the Company is authorized to repurchase up to $1 billion of its outstanding common stock.
For the 13 weeks ended September 26, 2026, the Company repurchased approximately 1.7 million shares at an aggregate purchase price of approximately $191 million under the November 2025 Share Repurchase Program, inclusive of fees, commissions, and any related excise tax. For the 39 weeks ended September 26, 2026, the Company repurchased approximately 7.5 million shares at an aggregate purchase price of approximately $690 million under the Company’s prior share repurchase program and the November 2025 Share Repurchase Program, inclusive of fees, commissions, and any related excise tax. As of September 26, 2026, there were $450 million in remaining funds authorized under the November 2025 Share Repurchase Program.
The size and timing of any future repurchases will depend on a number of factors, including share price, general business and market conditions as well as other factors. Under the November 2025 Share Repurchase Program, repurchases can be made from time to time using a variety of methods, including open market purchases, privately negotiated transactions, accelerated share repurchases and Rule 10b5-1 trading plans. The November 2025 Share Repurchase Program does not obligate the Company to acquire any particular number of shares, and the repurchase programs may be suspended or discontinued at any time at the Company’s discretion. The repurchase authorizations do not have expiration dates.