Stock-Based Compensation and Stock Repurchase Program (Tables)

6 Months Ended

Sep. 30, 2025

Schedule Of Share-Based Payment Award, Restricted Stock Purchase Plan, Valuation Assumptions

The assumptions used in the Black-Scholes valuation model to estimate the value of our ESPP purchase rights were as follows:


	Three Months Ended September 30,
	2025		2024
Risk-free interest rate	3.9 - 4.1%		4.5 - 5.0%
Expected volatility	27 - 29%		21 - 22%
Weighted-average volatility	28	%	21	%
Expected term	6 - 12 months		6 - 12 months
Expected dividends	0.7	%	0.6	%

Disclosure Of Stock-Based Compensation Arrangements By Stock-Based Payment Award

The following table summarizes our stock option activity for the six months ended September 30, 2025:


	Options (in thousands)	Weighted- Average Exercise Prices		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of March 31, 2025	6	$	63.51

Granted	1	148.40
Exercised	(4)	93.09
Forfeited, cancelled or expired	—	—
Outstanding as of September 30, 2025	3	$	56.16	2.64	$	0.5
Vested and expected to vest	3	$	56.16	2.64	$	0.5
Exercisable as of September 30, 2025	3	$	56.16	2.64	$	0.5

The following table summarizes our restricted stock units activity for the six months ended September 30, 2025:


	Restricted Stock Units (in thousands)	Weighted- Average Grant Date Fair Values
Outstanding as of March 31, 2025	7,549	$	133.90

Granted	3,579	150.47
Vested	(2,754)	133.16
Forfeited or cancelled	(347)	137.34
Outstanding as of September 30, 2025	8,027	$	141.39

The following table summarizes our performance-based restricted stock unit activity, presented with the maximum number of shares that could potentially vest, for the six months ended September 30, 2025:


	Performance- Based Restricted Stock Units (in thousands)	Weighted- Average Grant Date Fair Value
Outstanding as of March 31, 2025	1,004	$	134.60
Granted	813	151.10
Vested	(266)	150.23
Forfeited or cancelled	(451)	136.91
Outstanding as of September 30, 2025	1,100	$	142.08

The following table summarizes our market-based restricted stock unit activity, presented with the maximum number of shares that could potentially vest, for the six months ended September 30, 2025:


	Market-Based Restricted Stock Units (in thousands)	Weighted- Average Grant Date Fair Value
Outstanding as of March 31, 2025	637	$	115.43
Granted	367	103.73
Vested	(34)	150.48
Forfeited or cancelled	(80)	176.70
Outstanding as of September 30, 2025	890	$	103.80

The following table summarizes stock-based compensation expense resulting from stock options, restricted stock units, market-based restricted stock units, performance-based restricted stock units, and the ESPP purchase rights included in our Condensed Consolidated Statements of Operations (in millions):


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	3	$	4	$	6	$	8
Research and development	123		122		233		223
Marketing and sales	15		16		27		28
General and administrative	33		32		60		58
Stock-based compensation expense	$	174	$	174	$	326	$	317

Schedule of Repurchase Agreements

The following table summarizes total shares repurchased during the three and six months ended September 30, 2025 and 2024:


	August 2022 Program			May 2024 Program			Total
(In millions)	Shares	Amount(a)		Shares	Amount(a)		Shares	Amount
Three months ended September 30, 2025	—	$	—	2.3	$	375	2.3	$	375
Six months ended September 30, 2025	—	$	—	5.3	$	750	5.3	$	750
Three months ended September 30, 2024	—	$	—	2.6	$	375	2.6	$	375
Six months ended September 30, 2024	1.2	$	152	4.2	$	598	5.4	$	750
(a)Amount excludes excise taxes. Accrued excise taxes are included in accounts payable, accrued, and other current liabilities and additional paid-in capital on the Condensed Consolidated Balance Sheets.