MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Repurchased shares of our common stock are considered treasury stock. In December 2025 and 2024, our Board of Directors approved programs authorizing us to repurchase shares of our Class A common stock up to $14.0 billion and $12.0 billion, respectively. The program approved in 2025 became effective in March 2026, after the completion of the program approved in 2024. The timing and actual number of additional shares repurchased will depend on a variety of factors, including cash requirements to meet the operating needs of the business, legal requirements, as well as the share price and economic and market conditions. The following table summarizes our share repurchase authorizations and repurchase activity of our Class A common stock:
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(in millions, except per share data)
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Remaining authorization at December 31, 2025
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$
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17,461
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Dollar-value of shares repurchased for the nine months ended September 30, 2026
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$
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11,893
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Remaining authorization at September 30, 2026
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$
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5,568
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Shares repurchased for the nine months ended September 30, 2026
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22.9
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Average price paid per share for the nine months ended September 30, 2026
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$
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520.64
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Dollar-value of shares repurchased October 1, 2026 through October 26, 2026
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$
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648
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Note: Table may not sum due to rounding.
Recent Accounting Pronouncements
For a description of recent accounting pronouncements, if any, and the potential impact of these pronouncements refer to Note 1 (Summary of Significant Accounting Policies) to the consolidated financial statements in Part I, Item 1.