v3.25.4
Stockholders' Equity and Noncontrolling Interests
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity and Noncontrolling Interests Stockholders’ Equity and Noncontrolling Interests
We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. We had no shares of preferred stock issued and outstanding at December 31, 2025 and 2024. We had 904 million and 995 million shares of common stock issued and outstanding at December 31, 2025 and 2024.

Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our dividends declared per common share were $0.57, $0.48, and $0.36 and our total dividends paid on common stock were $538 million, $530 million, and $477 million for the years ended December 31, 2025, 2024, and 2023. Holders of common stock are entitled to one vote per share on all matters submitted to our stockholders for a vote. The liquidation rights of holders of our common stock are secondary to the payment or provision for payment of all our debts and liabilities and to holders of our preferred stock, if any such shares are then outstanding.

In the year ended December 31, 2023, we entered into ASR agreements to repurchase an aggregate amount of $10.0 billion of our common stock under our authorized share repurchase program, and immediately received and retired 215 million shares of our common stock. In the year ended December 31, 2024, we received and retired 29 million additional shares upon settlement of the transactions contemplated under the ASR agreements. Upon settlement, the amount over par was allocated on a pro-rata basis, between Additional paid-in capital and Retained earnings.
In February 2025, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion, which was used to execute an ASR program to repurchase an aggregate amount of $2.0 billion of our outstanding common stock. Pursuant to the agreements entered into in connection with the ASR, we advanced the $2.0 billion and received an initial delivery of approximately 33 million shares of our common stock with a value of $1.6 billion, which were immediately retired. In the year ended December 31, 2025, we received and retired 43 million shares upon settlement of the transactions contemplated under these ASR agreements. The final number of shares received was based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR agreements, less a discount pursuant to the terms and conditions of the ASR agreements. Upon settlement, the amount over par was allocated on a pro-rata basis, between Additional paid-in capital and Retained earnings.

In January 2026, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion.

In the years ended December 31, 2025, 2024, and 2023, in addition to shares received under the ASR programs, we purchased approximately 61 million, 140 million, and 30 million shares of our outstanding common stock for $4.0 billion, $7.1 billion, and $1.1 billion. Shares are immediately retired upon purchase and the amount of the purchase price over par is allocated on a pro-rata basis, subject to the availability of paid-in capital calculated on a per-share basis, between Additional paid-in capital and Retained earnings.

Cruise Common and Preferred Shares In February 2025, we acquired all of the Cruise common shares and Cruise Class F and Class G Preferred Shares held by noncontrolling shareholders for an insignificant amount. We have completed the process of compensating the former Cruise Shareholders.

The effect on the equity attributable to us for changes in our ownership interest in Cruise was insignificant in the years ended December 31, 2025 and 2023, and a decrease in Additional paid-in capital of $0.9 billion during the year ended December 31, 2024. Net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries was $3.2 billion, which included a $538 million increase in equity attributable to us primarily due to the redemption of Cruise preferred shares in the year ended December 31, 2025; $7.0 billion, which included a $1.0 billion increase in equity attributable to us primarily due to the redemption of Cruise preferred shares in the year ended December 31, 2024; and $10.3 billion in the year ended December 31, 2023.
The following table summarizes the significant components of Accumulated other comprehensive loss:
Years Ended December 31,
202520242023
Foreign Currency Translation Adjustments
Balance at beginning of period$(3,630)$(2,457)$(2,776)
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b)(c)353 (1,173)319 
Balance at end of period$(3,277)$(3,630)$(2,457)
Defined Benefit Plans
Balance at beginning of period$(7,669)$(7,665)$(4,851)
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment(a)334 (207)(3,706)
Tax benefit (expense)(83)(91)838 
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax(a)251 (298)(2,868)
Reclassification adjustment, net of tax(c)88 294 54 
Other comprehensive income (loss), net of tax339 (4)(2,814)
Balance at end of period(d)$(7,330)$(7,669)$(7,665)
Unrealized Gain (Loss) on Cash Flow Hedges
Balance at beginning of period$86 $(20)$(21)
Other comprehensive income (loss) and noncontrolling interest before reclassification adjustment, net of tax(a)(c)899 (313)101 
Reclassification adjustment, net of tax(c)(759)420 (99)
Other comprehensive income (loss), net of tax(a)(c)140 106 1 
Balance at end of period$226 $86 $(20)
__________
(a)    The noncontrolling interests were insignificant in the years ended December 31, 2025, 2024, and 2023.
(b)    The reclassification adjustment was insignificant in the years ended December 31, 2025, 2024, and 2023.
(c)    The income tax effect was insignificant in the years ended December 31, 2025, 2024, and 2023.
(d)    Primarily consists of unamortized actuarial loss on our defined benefit plans.