v3.25.4
Deferred Compensation Plans and Carried Interest Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Compensation Related Costs [Abstract]  
Schedule of Stock-Based Compensation Expense These plans include RSUs, PSUs and an ESPP.
Stock-Based Compensation Expense
$ in millions202520242023
RSUs$1,690 $1,464 $1,607 
PSUs225 148 91 
ESPP11 10 11 
Total$1,926 $1,622 $1,709 
Retirement-eligible awards1
$267 $202 $178 
1.Total expense includes stock-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement.
Schedule of Tax Benefit Related to Stock-Based Compensation Expense
Tax Benefit Related to Stock-Based Compensation Expense
$ in millions202520242023
Tax benefit1
$413 $343 $382 
1.Excludes income tax consequences related to employee share-based award conversions.
Schedule of Unrecognized Compensation Cost Related to Stock-Based Awards Granted
Unrecognized Compensation Cost Related to Stock-Based Awards Granted
$ in millions
At
December 31,
20251
To be recognized in:
2026$583 
2027248 
Thereafter45 
Total$876 
1.Amounts do not include forfeitures or 2025 performance year compensation awarded in January 2026 which will begin to be amortized in 2026.
Schedule of Common Shares Available for Future Awards under Stock-Based Compensation Plans
Common Shares Available for Future Awards under Stock-Based Compensation Plans
in millionsAt
December 31,
2025
Shares136 
Schedule of Vested and Unvested RSU Activity
Vested and Unvested RSU Activity
 2025
Number of RSUs
Weighted Average
Award Date
Fair Value
shares in millions, $ per share
Unvested2
Vested
Unvested
Vested
Beginning balance
27 27 $88.64 $92.41 
Awarded14 3 135.72 136.10 
Conversions to common stock (21) 95.05 
Forfeited(1) 102.79 94.84 
Vested
(16)16 91.43 91.43 
Ending balance1
24 25 $112.60 $94.25 
Weighted average award date fair value
RSUs awarded in 2024$85.46 
RSUs awarded in 2023$93.55 
1.At December 31, 2025, the weighted average remaining term until delivery for the outstanding RSUs was approximately 1.1 years.
2.Unvested RSUs represent awards where recipients have yet to satisfy either the explicit vesting terms or retirement-eligible requirements.
Schedule of Fair Value of RSU Activity
Fair Value of RSU Activity1
$ in millions202520242023
Conversions to common stock
$2,774 $2,065 $2,019 
Vested2,500 1,723 2,260 
1. Fair value of converted stock is based on the share price at conversion. Fair value of vested stock is based on the share price at the date of vesting.
Schedule of PSU Fair Value on Award Date
Fair Value of PSU Awards
202520242023
Weighted average price on award date
$136.31 $83.86 $85.76 
Schedule of Deferred Cash-Based Compensation Plans
Deferred Cash-Based Compensation Expense
$ in millions202520242023
Deferred cash-based awards$950 $770 $693 
Return on referenced investments764 672 668 
Total$1,714 $1,442 $1,361 
Retirement-eligible awards1
$401 $287 $259 
1.Total expense includes deferred cash-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement.
Schedule of Carried Interest Compensation Expense
Carried Interest Compensation Expense
$ in millions202520242023
Expense$235 $114 $44