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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity Dividends The Company declared quarterly cash dividends on its Class A and Class B common stock as summarized below:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in millions, except per share data)
Dividends declared per share |  | $ | 0.76 |  |  | $ | 0.66 |  |  | $ | 2.28 |  |  | $ | 1.98 |
Total dividends declared |  | $ | 684 |  |  | $ | 607 |  |  | $ | 2,063 |  |  | $ | 1,833 |
Common Stock Activity The following table presents the changes in the Company’s outstanding Class A and Class B common stock:
|  | Three Months Ended September 30,
|  | 2025 |  | 2024
|  | Class A |  | Class B |  | Class A |  | Class B
|  | (in millions)
Balance at beginning of period |  | 899.1 |  |  | 6.7 |  |  | 918.5 |  |  | 7.1 |
Purchases of treasury stock |  | (5.8) |  |  | — |  |  | (6.3) |  |  | — |
Share-based payments |  | 0.1 |  |  | — |  |  | 0.4 |  |  | — |
Conversion of Class B to Class A common stock |  | — |  |  | — |  |  | — |  |  | — |
Balance at end of period |  | 893.4 |  |  | 6.7 |  |  | 912.6 |  |  | 7.1 |
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
|  | Class A |  | Class B |  | Class A |  | Class B
|  | (in millions)
Balance at beginning of period |  | 906.6 |  |  | 6.8 |  |  | 927.3 |  |  | 7.2 |
Purchases of treasury stock |  | (14.7) |  |  | — |  |  | (16.5) |  |  | — |
Share-based payments |  | 1.4 |  |  | — |  |  | 1.7 |  |  | — |
Conversion of Class B to Class A common stock |  | 0.1 |  |  | (0.1) |  |  | 0.1 |  |  | (0.1) |
Balance at end of period |  | 893.4 |  |  | 6.7 |  |  | 912.6 |  |  | 7.1 |
In December 2024 and 2023, the Company’s Board of Directors approved share repurchase programs of its Class A common stock authorizing the Company to repurchase up to $12.0 billion and $11.0 billion, respectively. The following table summarizes the Company’s share repurchases of its Class A common stock:
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
|  | (in millions, except per share data)
Dollar-value of shares repurchased |  | $ | 8,169 |  |  | $ | 7,565 |
Shares repurchased |  | 14.7 |  |  | 16.5 |
Average price paid per share |  | $ | 554.47 |  |  | $ | 458.36 |
As of September 30, 2025, the remaining authorization under share repurchase programs approved by the Company’s Board of Directors was $7.0 billion. Through October 27, 2025, the Company repurchased $1.2 billion dollar-value of shares. As of October 27, 2025, the remaining authorization under share repurchase programs approved by the Company’s Board of Directors was $5.8 billion.

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