EBAY INC

Previous wording

You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with the condensed consolidated financial statements and the related notes included in this report. This section of this Form 10-Q generally discusses items relating to the three-month periods ended March 31, 2025 and 2024 and comparisons between the respective periods.

Current wording

You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with the condensed consolidated financial statements and the related notes included in this report. This section of this Form 10-Q generally discusses items relating to the three and six-month periods ended June 30, 2025 and 2024 and comparisons between the respective periods.

Previous wording

Gross Merchandise Volume (“GMV”) grew during the first quarter of 2025 as we executed on our strategy across Focus Categories, country-specific investments, and horizontal initiatives. GMV growth was partially offset by pressure in discretionary spending across most of our largest markets primarily resulting from geopolitical events, inflationary pressure, foreign exchange rate volatility, elevated interest rates, and lower consumer confidence.

Current wording

Gross Merchandise Volume (“GMV”) grew during the first half of 2025 as we executed on our strategy across Focus Categories, country-specific investments, and horizontal initiatives. GMV growth was partially offset by pressure in discretionary spending across certain markets primarily resulting from geopolitical events, inflationary pressure, elevated interest rates, and changes in and uncertainty regarding global tariffs and trade policies, which we expect to continue into the second half of 2025.

Previous wording

The increase in net revenues for the three months ended March 31, 2025 compared to the same period in 2024 was primarily due to higher GMV and the expansion of promoted listings products, partially offset by changes to fee structure in certain markets.

Current wording

Net revenues increased 6% to $2,730 million for the three months ended June 30, 2025 compared to $2,572 million during the same period in 2024. The increase in net revenues was primarily due to higher GMV and the expansion of promoted listings products, partially offset by changes to fee structure in certain markets.

Previous wording

We generated cash flow from continuing operating activities of $787 million for the three months ended March 31, 2025 compared to $615 million in the same period in 2024.

Current wording

We reported cash used in continuing operating activities of $307 million for the three months ended June 30, 2025 compared to $367 million provided by continuing operating activities in the same period in 2024.

Previous wording

We repurchased $625 million of common stock and paid $134 million in cash dividends.

Current wording

We repurchased $625 million of common stock and paid $134 million in cash dividends during the three months ended June 30, 2025.

Previous wording

We have one reportable segment, which reflects how our chief operating decision maker (“CODM”), our President and Chief Executive Officer, reviews and assesses performance of the business. This reportable segment includes our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces and our suite of mobile apps. The accounting policies of this segment are the same as those described in “Note 1 — The Company and Summary of Significant Accounting Policies” in our condensed consolidated financial statements included elsewhere in this report.

Current wording

We have one reportable segment, which reflects how our chief operating decision maker, our President and Chief Executive Officer, reviews and assesses performance of the business. This reportable segment includes our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces and our suite of mobile apps. The accounting policies of this segment are the same as those described in “Note 1 — The Company and Summary of Significant Accounting Policies” in our condensed consolidated financial statements included elsewhere in this report.

Previous wording

(1)Beginning January 1, 2025, we began classifying certain immaterial revenues previously reported as Marketplace revenues as Advertising revenues. Amounts reported for the three months ended March 31, 2025 reflect this updated basis of presentation. Under this updated basis of presentation, Marketplace and Advertising revenues for thethree months ended March 31, 2024 would have been $2,160 million and $396 million, respectively.

Current wording

(1)Beginning January 1, 2025, we began classifying certain immaterial revenues previously reported as Marketplace revenues as Advertising revenues. Amounts reported for thethree and six months ended June 30, 2025 reflect this updated basis of presentation. Under this updated basis of presentation, Marketplace and Advertising revenues would have been $2,162 million and $410 million, respectively, for thethree months ended June 30, 2024 and $4,322 million and $806 million, respectively, for thesix months ended June 30, 2024, respectively.

Previous wording

We expect volume on our Marketplace platforms to trend with general consumer buying patterns. Seasonal trends in net revenues have been influenced by macroeconomic conditions, foreign exchange rate fluctuations, as well as the introduction and scaling of new products and initiatives. The following table presents our total net revenues and the sequential quarterly movements of these net revenues for the periods indicated (in millions, except percentages):

Current wording

We expect volume on our Marketplace platforms to trend with general consumer buying patterns. Seasonal trends in net revenues have been, and we expect in the future will be, influenced by macroeconomic conditions, foreign exchange rate fluctuations, as well as the introduction and scaling of new products and initiatives. The following table presents our total net revenues and the sequential quarterly movements of these net revenues for the periods indicated (in millions, except percentages):

Previous wording

(1)Net revenues included $8 million of hedging gains for the three months ended March 31, 2025 compared to $10 million of hedging losses during the same period in 2024.

Current wording

(1)Net revenues included $6 million of hedging losses and $2 million of hedging gains for the three and six months ended June 30, 2025, respectively, compared to $10 million and $20 million of hedging losses during the same periods in 2024.

Previous wording

(2)Foreign currency movements relative to the U.S. dollar had an unfavorable impact of $21 million for the three months ended March 31, 2025 compared to a favorable impact of $14 million during the same period in 2024. The effect of foreign currency exchange rate movements for the three months ended March 31, 2025 compared to the same period in 2024 was primarily attributable to the strengthening of the U.S. dollar against the euro and other major currencies.

Current wording

Foreign currency movements relative to the U.S. dollar had favorable impacts of $32 million and $11 million for the three and six months ended June 30, 2025, respectively, compared to an unfavorable impact of $11 million and a favorable impact of $3 million during the same periods in 2024. The effect of foreign currency exchange rate movements for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily attributable to the weakening of the U.S. dollar against the euro and other major currencies.

Previous wording

Gross Merchandise Volume (“GMV”) and take rate are significant factors that we believe affect our net revenues.

Current wording

GMV and take rate are significant factors that we believe affect our net revenues.

Previous wording

(1)Net revenues included $8 million of hedging gains for the three months ended March 31, 2025 compared to $10 million of hedging losses during the same period in 2024.

Current wording

(1)Net revenues included $6 million of hedging losses and $2 million of hedging gains for the three and six months ended June 30, 2025, respectively, compared to $10 million and $20 million of hedging losses during the same periods in 2024.

Previous wording

Focus Categories GMV grew in aggregate, faster than the remainder of our marketplace, primarily driven by Trading Cards, Motors Parts & Accessories (“P&A”), Luxury goods, Refurbished, and Apparel. In the United States, our strategic investments and partnerships in Collectibles, including Trading Cards, resulted in improved conversion and was a key contributor to growth. In the United Kingdom and Germany, we continued to experience challenging macroeconomic conditions and lower consumer confidence, with offsetting growth in P&A and consumer-to-consumer volume. Cross-border trade was a key driver of International GMV growth, led by exports from Greater China and Japan into our major markets. Cross-border trade was also a significant contributor to growth in Focus Categories, particularly P&A.

Current wording

International GMV growth was primarily driven by cross-border trade, led by exports from Greater China and Japan into our major markets during the three and six months ended June 30, 2025 compared to the same periods in 2024. Cross-border trade was also a significant contributor to growth in Focus Categories. In the U.K. and Germany, we continued to experience challenging macroeconomic conditions through the first half of 2025 with offsetting growth driven by our strategic initiatives.

Previous wording

(1)Cost of net revenues were net of immaterial hedging activity for the three months ended March 31, 2025 and 2024, respectively.

Current wording

(1)Cost of net revenues were net of immaterial hedging activity for the three and six months ended June 30, 2025 and 2024, respectively.

Previous wording

(2)Foreign currency movements relative to the U.S. dollar had a favorable impact of $5 million on cost of net revenues for the three months ended March 31, 2025 compared to an unfavorable impact of $3 million during the same period in 2024.

Current wording

(2)Foreign currency movements relative to the U.S. dollar had a unfavorable impacts of $8 million and $3 million on cost of net revenues for the three and six months ended June 30, 2025, respectively, compared to a favorable impact of $1 million and an unfavorable impact of $2 million during the same periods in 2024.

Previous wording

The increase in cost of net revenues for the three months ended March 31, 2025 compared to the same period in 2024 was primarily due to an $18 million increase in depreciation expense due to the prior year benefit related to the change in useful lives of our servers and networking equipment and a $14 million increase in cost of promoted listings products, partially offset by a $10 million decrease in payment processing costs driven by rate improvements.

Current wording

The increase in cost of net revenues for the three months ended June 30, 2025 compared to the same period in 2024 was primarily due to increases of $19 million in shipping costs, $16 million in depreciation expense due to the prior year benefit related to the change in useful lives of our servers and networking equipment, $12 million in cost of promoted listings products and $9 million in customer support costs, partially offset by a $22 million decrease in indirect tax expenses.

Previous wording

(1)Foreign currency movements relative to the U.S. dollar had a favorable impact of $12 million on operating expenses for the three months ended March 31, 2025 compared to an unfavorable impact of $4 million during the same period in 2024.

Current wording

(1)Foreign currency movements relative to the U.S. dollar had an unfavorable impact of $12 million and an immaterial favorable impact on operating expenses for the three and six months ended June 30, 2025, respectively, compared to a favorable impact of $6 million and $3 million during the same periods in 2024.

Previous wording

Sales and marketing expenses primarily consist of marketing program costs, employee compensation (including stock-based compensation), certain user coupons and rewards, contractor costs, facilities costs and depreciation on equipment. Marketing program costs represent traffic acquisition costs in various channels such as paid search, affiliates marketing and display advertising, as well as brand campaigns and buyer/seller communications.

Current wording

Sales and marketing expenses primarily consist of marketing program costs, employee compensation (including stock-based compensation), certain user coupons and rewards, contractor costs, facilities costs and depreciation on equipment. Marketing program costs represent traffic acquisition costs in various channels such as paid search, affiliates marketing, display advertising, brand campaigns and buyer/seller communications.

Previous wording

The decrease in sales and marketing expenses for the three months ended March 31, 2025 compared to the same period in 2024 was primarily due to the favorable impact of foreign currency movements.

Current wording

The increase in sales and marketing expenses for the three months ended June 30, 2025 compared to the same period in 2024 was primarily due to increases of $9 million in employee-related costs, $9 million due to the unfavorable impact of foreign currency movements and $8 million in other individually immaterial expenses, partially offset by an $18 million decrease in marketing program costs.

Previous wording

The increase in product development expenses for the three months ended March 31, 2025 compared to the same period in 2024 was primarily due to an increase in employee-related costs as we continue to invest in strategic areas such Artificial Intelligence (“AI”) to make our marketplace more efficient and intuitive.

Current wording

The increase in product development expenses for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to an increase in employee-related costs as we continue to invest in strategic areas such as Artificial Intelligence to make our marketplace more efficient and intuitive.

Previous wording

Capitalized internal use and platform development costs were $28 million for the three months ended March 31, 2025 compared to $29 million during the same period in 2024. These costs are primarily reflected as a cost of net revenues when amortized in future periods.

Current wording

Capitalized internal use and platform development costs were $29 million and $57 million for the three and six months ended June 30, 2025, respectively, compared to $28 million and $57 million, respectively, during the same periods in 2024. These costs are primarily reflected as a cost of net revenues when amortized in future periods.

Previous wording

The increase in general and administrative expenses for the three months ended March 31, 2025 compared to the same period in 2024 was primarily due to various individually immaterial items, including restructuring and legal accrual releases during the first quarter of 2024 and increased donations to the eBay foundation.

Current wording

The increase in general and administrative expenses for the three months ended June 30, 2025 compared to the same period in 2024 was primarily due increases of $57 million related to legal matters, $55 million related to senior leader transitions and restructuring costs and $19 million in employee-related costs.

Previous wording

The decrease in provision for transaction losses for the three months ended March 31, 2025 compared to the same period in 2024 was primarily due to favorable fluctuations in buyer and seller fraud and recovery rates.

Current wording

The decrease in provision for transaction losses for the six months ended June 30, 2025 compared to the same period in 2024 was primarily due to favorable fluctuations in buyer and seller fraud and recovery rates.

Previous wording

Loss on equity investments and warrant, net primarily consists of gains and losses related to our various types of equity investments, including our equity investments in Adevinta ASA (“Adevinta”) and Gmarket Global LLC (“Gmarket”), and gains and losses due to changes in fair value of the warrant received from Adyen N.V. (“Adyen”). The following table presents Loss on equity investments and warrant, net for the periods indicated (in millions, except percentages):

Current wording

Loss on equity investments and warrant, net primarily consists of gains and losses related to our various types of equity investments, including our equity investments in Adevinta ASA (“Adevinta”), Gmarket Global LLC (“Gmarket”), and gains and losses due to changes in fair value of the warrant received from Adyen N.V. and the Aurelia Option (as defined in “Note 5 — Investments”). The following table presents Loss on equity investments and warrant, net for the periods indicated (in millions, except percentages):

Previous wording

The change in Loss on equity investments and warrant, net for the three months ended March 31, 2025 compared to the same period in 2024 was primarily driven by the changes in fair value of our equity investments and the warrant. Refer to “Note 5 — Investments” for further details about our equity investments and “Note 6 — Derivative Instruments” for further details about the warrant.

Current wording

Refer to “Note 5 — Investments” for further details about our equity investments and the Aurelia Option and “Note 6 — Derivative Instruments” for further details about the warrant.

Previous wording

Interest expense decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to a lower average notional amount of outstanding debt.

Current wording

Interest expense decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to a lower average notional amount of outstanding debt.

Previous wording

Interest income increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to a higher average notional amount of fixed-income investments.

Current wording

Interest income increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to a higher average notional amount of fixed-income investments.

Previous wording

The increase in our effective tax rate for the three months ended March 31, 2025 compared to the same period in 2024 was primarily due to a California court ruling related to apportionment of dividends during the first quarter of 2024, partially offset by an increase of excess benefits on stock-based compensation.

Current wording

The decrease in our effective tax rate for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to an increase in excess tax benefits on stock-based compensation offset by a remeasurement of deferred tax liabilities due to enacted Illinois legislation regarding the taxability of foreign earnings. The decrease in our effective tax rate for the three months ended June 30, 2025 compared to the same period in 2024 was also impacted by the reversal of the benefit related to California's apportionment of dividends in 2024.

Previous wording

Cash provided by continuing operating activities of $787 million for the three months ended March 31, 2025 compared $615 million for the three months ended March 31, 2024 was primarily attributable to working capital movements.

Current wording

Cash provided by continuing operating activities of $480 million for the six months ended June 30, 2025 compared to $982 million for the six months ended June 30, 2024 was primarily attributable to a $682 million increase in cash paid for taxes, partially offset by an increase in net revenues and other working capital movements.

Previous wording

Cash provided by continuing investing activities of $1.3 billion for the three months ended March 31, 2025 was primarily attributable to proceeds of $4.6 billion from the maturities of investments, partially offset by cash paid for investments of $3.0 billion and property and equipment of $143 million.

Current wording

Cash provided by continuing investing activities of $1.4 billion for the six months ended June 30, 2025 was primarily attributable to proceeds of $6.5 billion from the maturities of investments and $225 million from the Aurelia shareholder distribution, partially offset by cash paid for investments of $5.0 billion and property and equipment of $277 million.

Previous wording

Cash used in continuing financing activities of $1.2 billion for the three months ended March 31, 2025 was primarily attributable to the repayment of the $800 million aggregate principal amount of our previously outstanding 1.900% senior notes due 2025, $615 million paid to repurchase common stock, the $441 million repayment of commercial paper, and $134 million paid in cash dividends, partially offset by proceeds of $568 million from the issuance of commercial paper.

Current wording

Cash used in continuing financing activities of $2.0 billion for the six months ended June 30, 2025 was primarily attributable to the $1.2 billion paid to repurchase common stock, the $818 million repayment of commercial paper, the repayment of the $800 million aggregate principal amount of our previously outstanding 1.900% senior notes due 2025 and $268 million paid in cash dividends, partially offset by proceeds of $943 million from the issuance of commercial paper.

Previous wording

The positive effect of exchange rate movements on cash, cash equivalents and restricted cash for the three months ended March 31, 2025 compared to the 2024 was due to the weakening of the U.S. dollar against other currencies.

Current wording

The positive effect of exchange rate movements on cash, cash equivalents and restricted cash for the six months ended June 30, 2025 compared to the 2024 was due to the weakening of the U.S. dollar against other currencies.

Previous wording

As of March 31, 2025 and December 31, 2024, we had assets classified as cash and cash equivalents as well as short-term and long-term non-equity investments, in an aggregate amount of $6.2 billion and $7.2 billion, respectively. These amounts do not include cash held on behalf of customers related to marketplace activity of $997 million and $763 million, respectively, which are recognized separately within “Customer accounts and funds receivable” with a corresponding liability within “Customer accounts and funds payable” in our condensed consolidated balance sheet. These amounts also do not include restricted cash related to safeguarding customer funds, our global sabbatical program, and other compensation arrangements held in escrow totaling $158 million and $90 million, respectively. We believe these assets together with cash expected to be generated from operations, borrowings available under our credit agreement and commercial paper program, and our access to capital markets, will be sufficient to satisfy our material cash requirements over the next 12 months and for the foreseeable future.

Current wording

As of June 30, 2025 and December 31, 2024, we had assets classified as cash and cash equivalents as well as short-term and long-term non-equity investments, in an aggregate amount of $5.4 billion and $7.2 billion, respectively. These amounts do not include cash held on behalf of customers related to marketplace activity of $1,033 million and $763 million, respectively, which are recognized separately within “Customer accounts and funds receivable” with a corresponding liability within “Customer accounts and funds payable” in our condensed consolidated balance sheet. These amounts also do not include restricted cash related to safeguarding customer funds, our global sabbatical program, and other compensation arrangements held in escrow totaling $154 million and $90 million, respectively. We believe these assets together with cash expected to be generated from operations, borrowings available under our credit agreement and commercial paper program, and our access to capital markets, will be sufficient to satisfy our material cash requirements over the next 12 months and for the foreseeable future.

Previous wording

Geopolitical events, inflationary pressure, foreign exchange rate volatility, elevated interest rates, increased tariff rates and unpredictable global trade policy developments and global economic uncertainty have caused material disruptions in both the United States and international financial markets and economies and are uncertain in duration. The impact of these events has increased, and may continue to increase, our borrowing costs and other costs of capital and otherwise adversely affect our business, results of operations, financial condition and liquidity. The future impact of these events cannot be predicted with certainty and we cannot assure that we will have access to external financing at times and on terms we consider acceptable, or at all, or that we will not experience other liquidity issues going forward.

Current wording

Geopolitical events, inflationary pressure, foreign exchange rate volatility, elevated interest rates, and changes in and uncertainty regarding global tariffs and trade policies have caused material disruptions in both the United States and international financial markets and economies and are uncertain in duration. The impact of these events has increased, and may continue to increase, our borrowing costs and other costs of capital and otherwise adversely affect our business, results of operations, financial condition and liquidity. The future impact of these events cannot be predicted with certainty and we cannot assure that we will have access to external financing at times and on terms we consider acceptable, or at all, or that we will not experience other liquidity issues going forward.

Previous wording

As of March 31, 2025, we had fixed-rate senior notes outstanding with an aggregate principal amount of $6.2 billion, with $425 million payable within 12 months. The net proceeds from the issuances of these senior notes are used for general corporate purposes, including, among other things, capital expenditures, share repurchases, repayment of indebtedness and possible acquisitions.

Current wording

As of June 30, 2025, we had fixed-rate senior notes outstanding with an aggregate principal amount of $6.2 billion, with $1.2 billion aggregate principal amount payable within 12 months.

Previous wording

We have a commercial paper program pursuant to which we may issue commercial paper notes in an aggregate principal amount at maturity of up to $1.5 billion outstanding at any time with maturities of up to 397 days from the date of issue. During the three months ended March 31, 2025, we repaid the $450 million aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity and issued $575 million aggregate principal amount of commercial paper notes, of which, $360 million aggregate principal amount had original maturities less than 90 days and $215 million aggregate principal amount had original maturities greater than 90 days. As of March 31, 2025, we had $575 million aggregate principal amount of commercial paper notes outstanding with a weighted average interest rate of 4.61% per annum, and a weighted average remaining term of 73 days.

Current wording

We have a commercial paper program pursuant to which we may issue commercial paper notes in an aggregate principal amount at maturity of up to $1.5 billion outstanding at any time with maturities of up to 397 days from the date of issue. During the six months ended June 30, 2025, we repaid the $830 million aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity and issued $955 million aggregate principal amount of commercial paper notes, of which, $567 million aggregate principal amount had original maturities 90 days or less and $388 million aggregate principal amount had original maturities greater than 90 days. As of June 30, 2025, we had $575 million aggregate principal amount of commercial paper notes outstanding with a weighted average interest rate of 4.61% per annum, and a weighted average remaining term of 41 days.

Previous wording

We have a credit agreement that provides for an unsecured $2.0 billion five-year revolving credit facility. We may also, subject to the agreement of the applicable lenders, increase the commitments under the revolving credit facility by up to $1.0 billion. Funds borrowed under the credit agreement may be used for working capital, capital expenditures, acquisitions and other general corporate purposes and will bear interest at either (i) a customary forward-looking term rate based on the secured overnight financing rate published by CME Group for the relevant interest period plus an adjustment of 0.1% or (ii) a customary base rate formula, plus a margin (based on our public debt ratings) ranging from 0% to 0.375%. The covenants of the credit agreement are discussed in “Note 9 — Debt” to the condensed consolidated financial statements included in this report. As of March 31, 2025, we had $575 million aggregate principal amount of commercial paper notes outstanding; therefore, $1.4 billion of borrowing capacity was available for other purposes permitted by the credit agreement.

Current wording

We have a credit agreement maturing in January 2029 that provides for an unsecured $2.0 billion five-year revolving credit facility. We may also, subject to the agreement of the applicable lenders, increase the commitments under the revolving credit facility by up to $1.0 billion. Funds borrowed under the credit agreement may be used for working capital, capital expenditures, acquisitions and other general corporate purposes and will bear interest at either (i) a customary forward-looking term rate based on the secured overnight financing rate published by CME Group for the relevant interest period plus an adjustment of 0.1% or (ii) a customary base rate formula, plus a margin (based on our public debt ratings) ranging from 0% to 0.375%. The covenants of the credit agreement are discussed in “Note 9 — Debt” to the condensed consolidated financial statements included in this report. As of June 30, 2025, we had $575 million aggregate principal amount of commercial paper notes outstanding; therefore, $1.4 billion of borrowing capacity was available for other purposes permitted by the credit agreement.

Previous wording

The timing of the resolution and/or closure of audits is highly uncertain. Given the number of years remaining subject to examination and the number of matters being examined, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. We expect the gross amount of unrecognized tax benefits to be reduced within the next 12 months by at least $170 million.

Current wording

The timing of the resolution and/or closure of audits is highly uncertain. Given the number of years remaining subject to examination and the number of matters being examined, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. We expect the gross amount of unrecognized tax benefits to be reduced within the next 12 months by at least $210 million.

Previous wording

As of March 31, 2025, our assets classified as cash and cash equivalents as well as short-term and long-term non-equity investments included assets held in certain of our foreign operations totaling $1.9 billion. As we repatriate these funds to the United States, we will be required to pay income taxes in certain U.S. states and applicable foreign withholding taxes on those amounts during the period when such repatriation occurs. We have accrued deferred taxes for the tax effect of repatriating the funds to the United States. For additional details related to our income taxes, please see “Income Tax Provision” in our Results of Operations above and “Note 13 — Income Taxes” to the condensed consolidated financial statements included in this report.

Current wording

As of June 30, 2025, our assets classified as cash and cash equivalents as well as short-term and long-term non-equity investments included assets held in certain of our foreign operations totaling $1.3 billion. As we repatriate these funds to the United States, we will be required to pay income taxes in certain U.S. states and applicable foreign withholding taxes on those amounts during the period when such repatriation occurs. We have accrued deferred taxes for the tax effect of repatriating the funds to the United States. For additional details related to our income taxes, please see “Income Tax Provision” in our Results of Operations above and “Note 13 — Income Taxes” to the condensed consolidated financial statements included in this report.

Previous wording

For the three months ended March 31, 2025, we repurchased $625 million of our common stock under our stock repurchase program. As of March 31, 2025, a total of $2.7 billion remained available for future repurchases of our common stock. See “Note 11 — Stockholders’ Equity” to the condensed consolidated financial statements included in this report for more information about our stock repurchase program.

Current wording

During the six months ended June 30, 2025, we repurchased $1.3 billion of our common stock under our stock repurchase program. As of June 30, 2025, a total of $2.0 billion remained available for future repurchases of our common stock. See “Note 11 — Stockholders’ Equity” to the condensed consolidated financial statements included in this report for more information about our stock repurchase program.