v3.25.4
Stock-based compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Components of Stock-based Compensation Expense
The following table reflects the components of stock-based compensation expense recognized in our Consolidated Statements of Income (in millions):
Years ended December 31,
202520242023
RSUs$333 $351 $309 
Performance units112 133 121 
Stock options49 46 43 
Total stock-based compensation expense, pretax494 530 473 
Tax benefit from stock-based compensation expense(106)(114)(102)
Total stock-based compensation expense, net of tax$388 $416 $371 
Schedule of RSUs
The following table summarizes information regarding our RSUs:
Year ended December 31, 2025
Units
(in millions)		Weighted-average
grant date
fair value
Balance nonvested as of December 31, 2024
3.5 $265.07 
Granted1.6 $273.10 
Vested(1.2)$243.73 
Forfeited(0.2)$277.14 
Balance nonvested as of December 31, 2025
3.7 $274.23 
Schedule of Stock Option Assumptions
The weighted-average assumptions used in the option valuation model and the resulting weighted-average grant date fair values of stock options granted were as follows:
Years ended December 31,
202520242023
Closing price of our common stock on grant date$270.44$300.30 $235.97 
Expected volatility (average of implied and historical volatility)27.8 %26.9 %23.3 %
Expected life (in years)5.75.75.7
Risk-free interest rate4.0 %4.4 %3.4 %
Expected dividend yield3.2 %3.2 %3.5 %
Fair value of stock options granted$62.76$69.34 $41.86 
Schedule of Stock Options
The following table summarizes information regarding our stock options:
Year ended December 31, 2025
Options
(in millions)		Weighted-
average
exercise price		Weighted-
average
remaining
contractual
life (in years)		Aggregate
intrinsic
value
(in millions)
Balance unexercised as of December 31, 2024
5.9 $225.84 
Granted0.9 $270.44 
Exercised(0.6)$202.34 
Expired/forfeited(0.1)$258.80 
Balance unexercised as of December 31, 2025
6.1 $234.45 6.0$563 
Vested or expected to vest as of December 31, 2025
5.9 $233.42 5.9$555 
Exercisable as of December 31, 2025
3.5 $211.48 4.4$401 
Schedule of Weighted-Average Assumptions The weighted-average assumptions used in the payout simulation model and the resulting weighted-average grant date fair values of performance units granted were as follows:
Years ended December 31,
202520242023
Closing price of our common stock on grant date$270.44 $300.30 $235.97 
Volatility24.2 %22.1 %21.6 %
Risk-free interest rate3.7 %4.6 %3.7 %
Fair value of units granted$290.24 $321.61 $252.49