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Stock-Based Compensation and Share Repurchase Programs (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Options Activity

The following table summarizes our option activity during the year ended December 31, 2025:

						Number of Options (in millions)						Weighted Average Exercise Price per Share												Weighted- Average Remaining Contractual Term						Aggregate Intrinsic Value(1) (in millions)
Outstanding at December 31, 2024						26.20						$	59.64											5.1 years						$	359
Granted						8.91						30.47
Exercised						(1.22)						14.06
Canceled/forfeited						(6.71)						114.24
Outstanding at December 31, 2025						27.18						38.63												4.8 years						153
Exercisable at December 31, 2025						19.54						38.22												3.3 years						151
Expected to vest at December 31, 2025						7.64						$	39.67											8.7 years						$	2

_______

(1)Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of common stock for those options in the money as of December 31, 2025.

Schedule of Restricted Common Stock Units Activity

The following table summarizes our RSU and PSU activity during the year ended December 31, 2025:

			Number of Units (in millions)						Weighted Average Grant Date Fair Value per Unit
Outstanding, non-vested at December 31, 2024			7.86						$	91.60
Issued			12.67						30.77
Vested			(6.81)						63.70
Canceled/forfeited			(2.52)						60.43
Outstanding, non-vested at December 31, 2025			11.20						46.11

Schedule of Weighted-Average Assumptions Used to Estimate the Fair Value of Options Granted

The weighted-average assumptions used to estimate the fair value of options granted for the years ended December 31, 2025, 2024, and 2023 were as follows:

						Weighted Average
						Years Ended December 31,
						2025						2024						2023
Options:
Risk-free interest rate						4.04		%				4.28		%				4.13		%
Expected term						5.54 years						6.10 years						6.07 years
Expected volatility						66		%				50		%				48		%
Expected dividends						—		%				—		%				—		%
Weighted average fair value per share						$	18.64					$	49.76					$	57.87

Schedule of Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the years ended December 31, 2025, 2024, and 2023 (in millions):

			Years Ended December 31,
			2025						2024						2023
Options			$	152					$	163					$	136
RSUs			314						254						144
PSUs			8						5						17
Employee stock purchase plan			9						7						8
Total			$	483					$	429					$	305
Cost of sales			$	26					$	25					$	37
Research and development			291						264						157
Selling, general and administrative			166						140						111
Total			$	483					$	429					$	305

Summary of Share Repurchase Program

The following table summarizes activity related to our share repurchase programs (in millions, except per share data):

						Years Ended December 31,
						2025						2024						2023
Number of shares repurchased						—						—						8
Average price per share(1)						$	—					$	—					$	143.26
Aggregate purchase price						$	—					$	—					$	1,153
Remaining authorization at end of period						$	1,667					$	1,667					$	1,667

_______

(1)Average price paid per share includes related expenses and excise tax, applicable beginning January 1, 2023.

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