STOCK REPURCHASE PROGRAM

3 Months Ended

Feb. 27, 2026

To facilitate our stock repurchase program, designed to return value to our stockholders and minimize dilution from stock issuances, we may repurchase our shares in the open market or enter into structured repurchase agreements with third parties. In March 2024, our Board of Directors granted authority to repurchase up to $25 billion in our common stock through March 14, 2028. As of February 27, 2026, $3.89 billion remained under our March 2024 stock repurchase authority.

Share repurchase activity for the three months ended February 27, 2026 and February 28, 2025 was as follows:


(in millions)	Number of Shares Delivered	Amount Paid
Three months ended February 27, 2026


Open market repurchases	8.1	$	2,478

Three months ended February 28, 2025
Accelerated share repurchase agreements	5.9	$	2,750

Open market repurchases	1.1	500
Total	7.0	$	3,250

Prepayments for stock repurchases are classified as treasury stock, a component of stockholders’ equity on our condensed consolidated balance sheets, at the payment date, though only shares physically delivered to us by the end of the respective period are excluded from the computation of net income per share.