Stockholders' Equity

We have authorized 500 million shares of $0.01 par value preferred stock. No preferred stock was outstanding for any year presented.

Common shares outstanding plus shares underlying outstanding stock awards totaled 10.8 billion, 10.9 billion, and 11.0 billion, as of December 31, 2023, 2024, and 2025. These totals include all vested and unvested stock awards outstanding, including those awards we estimate will be forfeited.

Stock Repurchase Activity

In March 2022, the Board of Directors authorized a program to repurchase up to $10.0 billion of our common stock, with no fixed expiration. There were no repurchases of our common stock in 2023, 2024, or 2025. As of December 31, 2025, we have $6.1 billion remaining under the repurchase program.

Employees vest in restricted stock unit awards over the corresponding service term, generally between two and five years. The majority of outstanding restricted stock unit awards are granted at the date of hire or in Q2 as part of the annual compensation review and primarily vest quarterly in the relevant compensation year.

Stock Award Activity

Stock-based compensation expense is as follows (in millions):


	Year Ended December 31,
	2023		2024		2025
Cost of sales	$	836	$	838	$	777
Fulfillment	3,090		2,973		2,703
Technology and infrastructure	13,434		12,150		10,871
Sales and marketing	4,623		4,084		3,445
General and administrative	2,040		1,966		1,671
Total stock-based compensation expense (1)	$	24,023	$	22,011	$	19,467

(1)The related tax benefits were $5.4 billion, $5.0 billion, and $4.4 billion for 2023, 2024, and 2025.

The following table summarizes our restricted stock unit activity (in millions):


	Number of Units	Weighted Average Grant-Date Fair Value
Outstanding as of January 1, 2023	384.4	$	144
Units granted	218.1	106
Units vested	(139.9)	143
Units forfeited	(56.8)	135
Outstanding as of December 31, 2023	405.8	125
Units granted	126.9	183
Units vested	(209.7)	132
Units forfeited	(39.9)	133
Outstanding as of December 31, 2024	283.1	145
Units granted	112.9	200
Units vested	(138.1)	135
Units forfeited	(35.4)	157
Outstanding as of December 31, 2025	222.5	178

Scheduled vesting for outstanding restricted stock units as of December 31, 2025, is as follows (in millions):


	Year Ended
	2026	2027	2028	2029	2030	Thereafter	Total
Scheduled vesting — restricted stock units	110.4	69.9	30.7	9.8	0.8	0.9	222.5

As of December 31, 2025, there was $16.9 billion of net unrecognized compensation cost related to unvested stock-based compensation arrangements. This compensation is recognized on an accelerated basis with more than half of the compensation expected to be expensed in the next twelve months, and has a remaining weighted-average recognition period of 1.0 year.

During 2023, 2024, and 2025, the fair value of restricted stock units that vested was $17.6 billion, $39.6 billion, and $30.0 billion.

Common Stock Available for Future Issuance

As of December 31, 2025, common stock available for future issuance to employees is 1.4 billion shares.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in “Accumulated other comprehensive income (loss)” by separate components (in millions):


	December 31,
	2024		2025
Total beginning accumulated other comprehensive income (loss), net of tax of $99 and $(1,762)	$	(3,040)	$	(34)

Foreign currency translation adjustments:
Beginning of year balance, net of tax of $66 and $292	(2,841)		(6,174)
Foreign currency translation adjustments, net of tax of $226 and $(194)	(3,333)		4,226
End of year balance, net of tax of $292 and $98	(6,174)		(1,948)

Unrealized gains (losses) on available-for-sale debt securities:
Beginning of year balance, net of tax of $34 and $(2,054)	(205)		6,139
Change in net unrealized gains (losses), net of tax of $(2,086) and $(8,754)	6,339		28,304
Reclassification adjustment for net losses (gains) included in “Other income (expense), net,” net of tax of $(2) and $1,327	5		(4,273)
End of year balance, net of tax of $(2,054) and $(9,481)	6,139		30,170

Other:
Beginning of year balance, net of tax of $(1) and $0	6		1
Other, net of tax of $1 and $(1)	(5)		7
End of year balance, net of tax of $0 and $(1)	1		8

Total ending accumulated other comprehensive income (loss), net of tax of $(1,762) and $(9,384)	$	(34)	$	28,230