EBAY INC

Previous wording

You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with “Forward-Looking Statements” and the condensed consolidated financial statements and the related notes included in this report, and “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K. This section of this Form 10-Q generally discusses items relating to the three and six-month periods ended June 30, 2026 and 2025 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 “Forward-Looking Statements” and the condensed consolidated financial statements and the related notes included in this report, and “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K. This section of this Form 10-Q generally discusses items relating to the three- and nine-month periods ended September 30, 2026 and 2025 and comparisons between the respective periods.

Previous wording

As a global commerce leader and third-party marketplace, our technologies and services are designed to provide our buyers choice and a breadth of relevant inventory from around the globe and to enable our sellers to access eBay’s 136 million buyers worldwide. Our business model is designed such that we are successful when our sellers are successful. We earn revenue primarily through fees collected on paid transactions, first-party advertising and shipping.

Current wording

As a global commerce leader and third-party marketplace, our technologies and services are designed to provide our buyers choice and a breadth of relevant inventory from around the globe and to enable our sellers to access eBay’s 147 million buyers worldwide. Our business model is designed such that we are successful when our sellers are successful. We earn revenue primarily through fees collected on paid transactions, first-party advertising and shipping.

Previous wording

Net revenues increased 15% to $3.1 billion for the three months ended June 30, 2026 compared to $2.7 billion during the same period in 2025.

Current wording

Net revenues increased 14% to $3.2 billion for the three months ended September 30, 2026 compared to $2.8 billion during the same period in 2025.

Previous wording

We generated cash flow from continuing operating activities of $549 million for the three months ended June 30, 2026 compared to $340 million used in continuing operating activities in the same period in 2025.

Current wording

We generated cash flow from continuing operating activities of $875 million for the three months ended September 30, 2026 compared to $900 million during the same period in 2025.

Previous wording

We repurchased $310 million of common stock and paid $138 million in cash dividends during the three months ended June 30, 2026.

Current wording

We repurchased $689 million of common stock and paid $138 million in cash dividends during the three months ended September 30, 2026.

Previous 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, including tariffs and global trade policies, foreign exchange rate fluctuations, as well as new and updated products and initiatives by us and our competitors. 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, including tariffs and global trade policies, foreign exchange rate fluctuations, as well as new and updated products and initiatives and the competitive landscape. 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 $1 million and $14 million of hedging losses for the three and six months ended June 30, 2026, respectively, compared to $6 million of hedging losses and $2 million of hedging gains during the same periods in 2025.

Current wording

(1)Net revenues included $2 million and $16 million of hedging losses for the three and nine months ended September 30, 2026, respectively, compared to $24 million and $22 million of hedging losses during the same periods in 2025.

Previous wording

Our Marketplace platforms operate globally, resulting in certain revenues that are denominated in foreign currencies, primarily the British pound and euro. Year-over-year appreciation or depreciation of the U.S. dollar may have a material impact to our financial results; we have experienced and may continue to experience elevated foreign currency volatility in the future, including as a result of tariffs, global trade announcements, war and other uncertainties. Through our hedging programs, we actively monitor foreign currency volatility and attempt to mitigate significant movements. As shown in the table above, we generate nearly half of our net revenues internationally. Therefore, we are subject to the risks related to conducting business in foreign countries as discussed in “Part I — Item 1A: Risk Factors” of the 2025 Form 10-K.

Current wording

Our Marketplace platforms operate globally, resulting in certain revenues that are denominated in foreign currencies, primarily the British pound and euro. Year-over-year appreciation or depreciation of the U.S. dollar may have a material impact to our financial results; we have experienced and may continue to experience elevated foreign currency volatility in the future, including as a result of tariffs, global trade announcements, war and other uncertainties. Through our hedging programs, we actively monitor foreign currency volatility and attempt to mitigate significant movements. As shown in the table above, we generate a significant portion of net revenues internationally. Therefore, we are subject to the risks related to conducting business in foreign countries as discussed in “Part I — Item 1A: Risk Factors” of the 2025 Form 10-K.

Previous wording

Foreign currency movements relative to the U.S. dollar had favorable impacts of $22 million and $100 million on net revenues for the three and six months ended June 30, 2026, respectively, compared to favorable impacts of $32 million and $11 million during the same periods in 2025. The effect of foreign currency exchange rate movements for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily attributable to the weakening of the U.S. dollar against the euro and other major currencies.

Current wording

Foreign currency movements relative to the U.S. dollar had an unfavorable impact of $7 million and a favorable impact of $93 million on net revenues for the three and nine months ended September 30, 2026, respectively, compared to favorable impacts of $20 million and $31 million during the same periods in 2025, respectively. The effect of foreign currency exchange rate movements for the three and nine months ended September 30, 2026 compared to the same periods in 2025 was primarily attributable to the strengthening and weakening of the U.S. dollar against the euro and other major currencies, respectively.

Previous wording

(1)Net revenues included $1 million and $14 million of hedging losses for the three and six months ended June 30, 2026, respectively, compared to $6 million of hedging losses and $2 million of hedging gains during the same periods in 2025.

Current wording

(1)Net revenues included $2 million and $16 million of hedging losses for the three and nine months ended September 30, 2026, respectively, compared to $24 million and $22 million of hedging losses during the same periods in 2025.

Previous wording

Net revenues increased during the three and six months ended June 30, 2026 compared to the same period in 2025 primarily due to higher GMV, increased first party advertising penetration, and higher volume and favorable rates associated with our U.S. net shipping program. The increase in first party advertising revenue was driven by increased adoption and attribution changes that enhanced our ability to convert first-party ads, which increased monetization during the period.

Current wording

Net revenues increased during the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to GMV growth, increased first party advertising penetration, and higher volume and favorable rates associated with one of our U.S. net shipping programs. The increase in first party advertising revenue was driven by increased adoption and attribution changes that enhanced our ability to convert first-party ads, which increased monetization during the period.

Previous wording

The increase in GMV during the three and six months ended June 30, 2026 compared to the same period in 2025 was primarily driven by the continued execution of our strategic initiatives and improved U.S. consumer demand with growth improving sequentially across all our major categories. GMV growth across Focus Categories, C2C and Recommerce, which includes pre-owned and refurbished goods, outpaced the remainder of our Marketplace, with particularly strong performance in Collectibles, Motors Parts & Accessories, Fashion and Refurbished Goods. C2C growth outpaced B2C growth across the United States, the United Kingdom and Germany. These increases were partially offset by continued challenging macroeconomic conditions across certain international markets.

Current wording

The increase in GMV during the three and nine months ended September 30, 2026 compared to the same periods in 2025 was primarily driven by the continued execution of our strategic initiatives and improved U.S. consumer demand. GMV growth across Focus Categories, C2C and Recommerce, which includes pre-owned and refurbished goods, outpaced the remainder of our Marketplace, with particularly strong performance in Collectibles, Motors, Fashion and Refurbished. In the United States, the increase in GMV was driven by growth across all major categories led by Collectibles, Electronics and Fashion, including Depop. International GMV growth was primarily driven by Focus Categories and C2C in the U.K. and Germany. These increases were partially offset by continued challenging macroeconomic conditions across certain international markets.

Previous wording

(1)Cost of net revenues was net of immaterial hedging activity for the three and six months ended June 30, 2026 and 2025.

Current wording

(1)Cost of net revenues was net of immaterial hedging activity for the three and nine months ended September 30, 2026 and 2025.

Previous wording

(2)Foreign currency movements relative to the U.S. dollar had unfavorable impacts of $3 million and $20 million on cost of net revenues for the three and six months ended June 30, 2026, respectively, compared to unfavorable impacts of $8 million and $3 million during the same periods in 2025.

Current wording

(2)Foreign currency movements relative to the U.S. dollar had a favorable impact of $1 million and an unfavorable impact of $19 million on cost of net revenues for the three and nine months ended September 30, 2026, respectively, compared to unfavorable impacts of $9 million and $12 million during the same periods in 2025.

Previous wording

The increase in cost of net revenues for the three months ended June 30, 2026 compared to the same period in 2025 was primarily due to increases of $44 million in payment processing costs driven by higher payment processing volume, $20 million of promoted offsite advertising costs and $16 million of data center and site operations costs.

Current wording

The increase in cost of net revenues for the three months ended September 30, 2026 compared to the same period in 2025 was primarily due to increases of $56 million in payment processing costs driven by higher payment processing volume, $22 million of authentication and shipping costs, $20 million of promoted offsite advertising costs and $9 million of data center and site operations costs, partially offset by $32 million of lower shipping costs related to the modification of our U.K. shipping program which resulted in a change from gross to net revenue recognition at the beginning of 2026.

Previous wording

The increase in cost of net revenues for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to increases of $82 million in payment processing costs driven by higher payment processing volume, $36 million of promoted offsite advertising costs, $28 million of data center and site operations costs and $20 million due to the unfavorable impact of foreign currency movements.

Current wording

The increase in cost of net revenues for the nine months ended September 30, 2026 compared to the same period in 2025 was primarily due to increases of $138 million in payment processing costs driven by higher payment processing volume, $67 million of authentication and shipping costs, $56 million of promoted offsite advertising costs, $37 million of data center and site operations costs and $19 million due to the unfavorable impact of foreign currency movements, partially offset by $59 million of lower shipping costs related to the modification of our U.K. shipping program which resulted in a change from gross to net revenue recognition at the beginning of 2026.

Previous wording

(1)Foreign currency movements relative to the U.S. dollar had unfavorable impacts of $9 million and $54 million on operating expenses for the three and six months ended June 30, 2026, respectively, compared to an unfavorable impact of $12 million and an immaterial favorable impact during the same periods in 2025.

Current wording

(1)Foreign currency movements relative to the U.S. dollar had a favorable impact of $4 million and an unfavorable impact of $50 million on operating expenses for the three and nine months ended September 30, 2026, respectively, compared to an unfavorable impact of $17 million for both the three and nine months ended September 30, 2025.

Previous wording

The increase in sales and marketing expenses for the three months ended June 30, 2026 compared to the same period in 2025 was primarily due to increases of $81 million in marketing program costs and $21 million in employee-related costs.

Current wording

The increase in sales and marketing expenses for the three months ended September 30, 2026 compared to the same period in 2025 was primarily due to increases of $120 million in marketing program costs, primarily related to Depop and eBay Live, and $24 million in employee-related costs.

Previous wording

The increase in sales and marketing expenses for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to increases of $170 million in marketing program costs, $37 million in employee-related costs and $33 million due to the unfavorable impact of foreign currency movements.

Current wording

The increase in sales and marketing expenses for the nine months ended September 30, 2026 compared to the same period in 2025 was primarily due to increases of $290 million in marketing program costs, primarily related to C2C and eBay Live, $61 million in employee-related costs and $31 million due to the unfavorable impact of foreign currency movements.

Previous wording

The increase in product development expenses for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily due to an increase in employee-related costs.

Current wording

The increase in product development expenses for the three and nine months ended September 30, 2026 compared to the same periods in 2025 was primarily due to increases in employee-related and AI-related costs.

Previous wording

The decrease in general and administrative expenses for the three months ended June 30, 2026 compared to the same period in 2025 was primarily due to $42 million of lower legal and transaction related costs and $55 million of restructuring costs recorded in 2025 that did not reoccur in the current year, partially offset by an increase of $18 million of employee-related costs.

Current wording

The increase in general and administrative expenses for the three months ended September 30, 2026 compared to the same period in 2025 was primarily due to increases of $42 million in transaction related and legal costs and $12 million in employee-related costs, partially offset by $24 million of restructuring costs recorded in 2025 that did not reoccur in the current year.

Previous wording

The increase in transaction losses for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to $68 million from unfavorable fluctuations in buyer and seller fraud and recovery rates and $32 million from higher volume.

Current wording

The increase in transaction losses for the three months ended September 30, 2026 compared to the same period in 2025 was primarily driven by volume.

Previous wording

The increase in transaction losses for the three months ended June 30, 2026 compared to the same period in 2025 was primarily due to $31 million from unfavorable fluctuations in buyer and seller fraud and recovery rates and $14 million from higher volume.

Current wording

The increase in transaction losses for the nine months ended September 30, 2026 compared to the same period in 2025 was primarily due to $73 million from unfavorable fluctuations in buyer and seller fraud and recovery rates and $41 million from higher volume.

Previous wording

Gain (loss) on equity investments and warrants, net primarily consists of gains and losses related to our various types of equity investments. Gain (loss) on equity investments and warrants, net was immaterial for the three and six months ended June 30, 2026 and 2025. Refer to “Note 5 — Investments” for further details about our equity investments.

Current wording

Gain (loss) on equity investments and warrants, net primarily consists of gains and losses related to our various types of equity investments. Gain (loss) on equity investments and warrants, net was immaterial for the three and nine months ended September 30, 2026 and 2025. Refer to “Note 6 — Investments” for further details about our equity investments.

Previous wording

Interest expense primarily consists of interest charges on amounts borrowed, commitment fees on unborrowed amounts under our credit agreement and interest expense on our outstanding debt securities and commercial paper, as applicable. Interest income and other, net primarily consists of interest earned on cash, cash equivalents, investments and customer accounts, gains and losses on foreign exchange transactions and transaction costs of acquisitions. The following table presents interest expense and interest income and other, net for the periods indicated (in millions, except percentages):

Current wording

Interest expense primarily consists of interest charges on amounts borrowed, commitment fees on unborrowed amounts under our credit agreement and interest expense on our outstanding debt securities and commercial paper, as applicable. Interest income and other, net primarily consists of interest earned on cash, cash equivalents, investments and customer accounts, gains and losses on foreign exchange transactions and investment related transaction costs. The following table presents interest expense and interest income and other, net for the periods indicated (in millions, except percentages):

Previous wording

The increase in interest expense for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily due to a higher average yield on outstanding debt.

Current wording

The increase in interest expense for the three and nine months ended September 30, 2026 compared to the same periods in 2025 was primarily due to a higher average yield on outstanding debt.

Previous wording

The decrease in interest income for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily due to a lower average notional amount of fixed-income investments and lower yields.

Current wording

The decrease in interest income for the three and nine months ended September 30, 2026 compared to the same periods in 2025 was primarily due to a lower average notional amount of fixed-income investments and lower yields.

Previous wording

Cash provided by continuing operating activities increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to a decrease in cash paid for income taxes of $794 million, an increase in net revenues and other working capital movements.

Current wording

Cash provided by continuing operating activities increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to a decrease in cash paid for income taxes of $794 million, an increase in net revenues and other working capital movements.

Previous wording

Cash provided by continuing investing activities of $199 million for the six months ended June 30, 2026 was primarily attributable to proceeds of $1.1 billion from the maturities of investments, $684 million from the sale of investments and $194 million from shareholder distributions from equity investments, partially offset by cash paid for investments of $1.4 billion and property and equipment of $295 million.

Current wording

Cash used in continuing investing activities of $928 million for the nine months ended September 30, 2026 was primarily attributable to cash paid for investments of $1.4 billion, cash paid for the acquisition of Depop, net of cash acquired of $1.3 billion and cash paid for property and equipment of $421 million, partially offset by proceeds of $1.4 billion from the maturities of investments, $745 million from the sale of investments and $194 million from shareholder distributions from equity investments.

Previous 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 $212 million.

Current wording

Cash provided by continuing investing activities of $1.7 billion for the nine months ended September 30, 2025 was primarily attributable to proceeds of $8.0 billion from the maturities of investments and $227 million from shareholder distributions from equity investments, partially offset by cash paid for investments of $6.1 billion and property and equipment of $309 million.

Previous wording

Cash used in continuing financing activities of $1.0 billion for the six months ended June 30, 2026 was primarily attributable to the $809 million paid to repurchase common stock, the repayment of the $750 million aggregate principal amount of our previously outstanding 1.400% senior notes due 2026 and $277 million paid in cash dividends, partially offset by proceeds of $739 million from the issuance of commercial paper.

Current wording

Cash used in continuing financing activities of $1.9 billion for the nine months ended September 30, 2026 was primarily attributable to the $1.5 billion paid to repurchase common stock, the repayment of the $750 million aggregate principal amount of our previously outstanding 1.400% senior notes due 2026 and $415 million paid in cash dividends, partially offset by proceeds of $1.2 billion from the issuance of commercial paper.

Previous 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.

Current wording

Cash used in continuing financing activities of $2.8 billion for the nine months ended September 30, 2025 was primarily attributable to the $1.9 billion paid to repurchase common stock, the $1.4 billion repayment of commercial paper, the repayment of the $800 million aggregate principal amount of our previously outstanding 1.900% senior notes due 2025 and $400 million paid in cash dividends, partially offset by proceeds of $1.6 billion from the issuance of commercial paper.

Previous wording

The negative effect of exchange rate movements on cash, cash equivalents and restricted cash for the six months ended June 30, 2026 compared to the 2025 was due to the strengthening of the U.S. dollar against other currencies.

Current wording

The negative effect of exchange rate movements on cash, cash equivalents and restricted cash for the nine months ended September 30, 2026 compared to the same period in 2025 was due to the strengthening of the U.S. dollar against other currencies.

Previous wording

As of June 30, 2026 and December 31, 2025, 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 $4.9 billion and $4.8 billion, respectively. These amounts do not include cash held on behalf of customers related to marketplace activity of $1.2 billion and $1.0 billion, respectively, which are recognized separately within “Customer accounts and funds receivable” with a corresponding liability within “Customer accounts and funds payable” on 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 $157 million and $171 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 September 30, 2026 and December 31, 2025, 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 $3.3 billion and $4.8 billion, respectively. These amounts do not include cash held on behalf of customers related to marketplace activity of $1.3 billion and $1.0 billion, respectively, which are recognized separately within “Customer accounts and funds receivable” with a corresponding liability within “Customer accounts and funds payable” on 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 $180 million and $171 million as of September 30, 2026 and December 31, 2025, 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

During the six months ended June 30, 2026, we issued $750 million aggregate principal amount of commercial paper notes with original maturities greater than 90 days. As of June 30, 2026, we had $750 million aggregate principal amount of commercial paper notes outstanding with a weighted average interest rate of 4.12% per annum and a weighted average remaining term of 76 days.

Current wording

During the nine months ended September 30, 2026, we issued $1.3 billion aggregate principal amount of commercial paper notes, of which $50 million aggregate principal amount had original maturities less than 90 days and $1.2 billion aggregate principal amount had original maturities greater than 90 days, and repaid the $500 million aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity. As of September 30, 2026, we had $750 million aggregate principal amount of commercial paper notes outstanding with a weighted average interest rate of 4.17% per annum and a weighted average remaining term of 65 days.

Previous wording

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 less than 90 days and $388 million aggregate principal amount had original maturities greater than 90 days. As of December 31, 2025, we had no commercial paper notes outstanding.

Current wording

During the nine months ended September 30, 2025, we repaid the $1.5 billion aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity and issued $1.6 billion aggregate principal amount of commercial paper notes, of which $1.2 billion aggregate principal amount had original maturities less than 90 days and $0.4 billion aggregate principal amount had original maturities greater than 90 days. As of December 31, 2025, we had no commercial paper notes outstanding.

Previous wording

As of June 30, 2026, 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 $1.1 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 September 30, 2026, 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 $464 million. 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 14 — Income Taxes” to the condensed consolidated financial statements included in this report.

Previous wording

In February 2026, we entered into a definitive agreement to acquire all of the outstanding equity interests of Depop Limited, a leading C2C fashion marketplace, for $1.2 billion in cash, subject to certain purchase price adjustments. The transaction closed on July 30, 2026. We paid $1.4 billion in cash, inclusive of preliminary purchase price adjustments, subject to finalization. See “Note 3 — Goodwill” to the condensed consolidated financial statements included in this report for more information about our acquisition of Depop Limited.

Current wording

On July 30, 2026, we completed the acquisition of Depop, a leading C2C fashion marketplace, in exchange for $1.4 billion in cash, inclusive of a preliminary purchase price adjustment. See “Note 3 — Business Combinations” to the condensed consolidated financial statements included in this report for more information about our acquisition of Depop.

Previous wording

During the six months ended June 30, 2026, we repurchased $810 million of our common stock under our stock repurchase program. As of June 30, 2026, 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.

Current wording

During the nine months ended September 30, 2026, we repurchased $1.5 billion of our common stock under our stock repurchase program. As of September 30, 2026, a total of $1.3 billion remained available for future repurchases of our common stock. See “Note 12 — Stockholders’ Equity” to the condensed consolidated financial statements included in this report for more information about our stock repurchase program.

Previous wording

During the three and six months ended June 30, 2026, we paid a total of $138 million and $277 million in cash dividends, respectively, compared to $134 million and $268 million paid during the same periods in 2025. In July 2026, our Audit Committee declared a cash dividend of $0.31 per share of common stock to be paid on September 11, 2026 to stockholders of record as of August 28, 2026.

Current wording

During the three and nine months ended September 30, 2026, we paid a total of $138 million and $415 million in cash dividends, respectively, compared to $132 million and $400 million paid during the same periods in 2025. In October 2026, our Audit Committee declared a cash dividend of $0.31 per share of common stock to be paid on December 18, 2026 to stockholders of record as of December 4, 2026.