v3.25.4

Stock-based Compensation (Tables)

12 Months Ended

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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