v3.25.4

Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award |
Share-Based Payment Arrangement, Cost by Plan | The following table summarizes stock-based compensation costs for the years ended December 31, 2025, 2024, and 2023.
| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
Stock-based compensation cost | $213 | $223 | $219
Tax benefit | (36) | (38) | (36)
Stock-based compensation cost, net of tax | $177 | $185 | $183
Stock Options |
Share-based Compensation Arrangement by Share-based Payment Award |
Share-Based Payment Arrangement, Option, Activity | The following table represents our stock options activity during 2025.
| Number of Shares (in millions) | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2025 | 10.4 | $41.75 |  |
Exercised | — | 24.73 |  |
Forfeited/expired | (2.4) | 43.71 |  |
Outstanding at December 31, 2025 | 8.0 | $41.23 | 1.9 | $5.8
Exercisable at December 31, 2025 | 8.0 | $41.23 | 1.9 | $5.8
Restricted Stock |
Share-based Compensation Arrangement by Share-based Payment Award |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2025. .
| Number of Shares (in millions) | Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2025 | 19.5 | $31.64
Granted | 7.8 | 22.95
Vested | (6.9) | 29.18
Forfeited | (1.7) | 30.84
Nonvested shares at December 31, 2025 | 18.7 | $29.01
Employee Stock Purchase Plan |
Share-based Compensation Arrangement by Share-based Payment Award |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The assumptions and resulting fair values were as follows:
| Year Ended December 31,
| 2025 | 2024 | 2023
Expected volatility | 35% | 30% | 48%
Expected dividend yield | 2.78% | 2.00% | 1.44%
Risk-free interest rate | 4.28% | 5.24% | 5.11%
Weighted average grant-date fair value per share | $4.17 | $5.60 | $7.16

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