Frontdoor, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
FTDR$97.09+1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001727263-26-000014
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001727263-26-000022
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 105 previous paragraphs and 106 current paragraphs.
70 unchanged; 31 reworded; 4 added; 4 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Net income was $116 million and $106 million for the three months ended September 30, 2026 and 2025, respectively, and $283 million and $253 million for the nine months ended September 30, 2026 and 2025, respectively.
Current report
Adjusted EBITDA was $205 million and $195 million for the three months ended September 30, 2026 and 2025, respectively, and $528 million and $494 million for the nine months ended September 30, 2026 and 2025, respectively.
Current report
Net cash provided from operating activities was $318 million and $315 million for the nine months ended September 30, 2026 and 2025, respectively.
Current report
Net cash provided from operating activities for the nine months ended September 30, 2025 comprised $355 million in earnings adjusted for non-cash charges, offset, in part, by $40 million in cash used primarily for working capital.
Removed paragraphs (4)
Previous report
Net income was $125 million and $111 million for the three months ended June 30, 2026 and 2025, respectively, and $167 million and $148 million for six months ended June 30, 2026 and 2025, respectively.
Previous report
Adjusted EBITDA was $220 million and $199 million for the three months ended June 30, 2026 and 2025, respectively, and $324 million and $300 million for six months ended June 30, 2026 and 2025, respectively.
Previous report
Net cash provided from operating activities was $245 million and $251 million for the six months ended June 30, 2026 and 2025, respectively.
Previous report
Net cash provided from operating activities for the six months ended June 30, 2025 comprised $207 million in earnings adjusted for non-cash charges and $44 million in cash provided from working capital and long-term insurance-related accounts. Cash provided from working capital was primarily driven by seasonality, offset, in part, by payments of accrued bonuses and a decline in the number of first-year real estate home warranties, which are typically paid for upfront at the time of closing on the home sale.
Reworded paragraphs (31)
Previous wording
For the three months ended June 30, 2026 and 2025, we generated revenue, net income and Adjusted EBITDA of $645 million, $125 million and $220 million, respectively, and $617 million, $111 million and $199 million, respectively. For the six months ended June 30, 2026 and 2025, we generated revenue, net income, and Adjusted EBITDA of $1,096 million, $167 million, $324 million, respectively, and $1,043 million, $148 million and $300 million, respectively. For a reconciliation of net income to Adjusted EBITDA, see “Results of Operations - Adjusted EBITDA.”
Current wording
For the three months ended September 30, 2026 and 2025, we generated revenue, net income and Adjusted EBITDA of $655 million, $116 million and $205 million, respectively, and $618 million, $106 million and $195 million, respectively. For the nine months ended September 30, 2026 and 2025, we generated revenue, net income, and Adjusted EBITDA of $1,752 million, $283 million and $528 million, respectively, and $1,660 million, $253 million and $494 million, respectively. For a reconciliation of net income to Adjusted EBITDA, see “Results of Operations - Adjusted EBITDA.”
Previous wording
For the six months ended June 30, 2026, our total operating revenue included 76 percent of revenue derived from existing customer renewals, seven percent from home warranty sales made in conjunction with existing home real estate transactions, eight percent derived from direct-to-consumer sales, and ten percent derived from the non-warranty and other revenue channels. For the six months ended June 30, 2025, our total operating revenue included 76 percent of revenue derived from existing customer renewals, seven percent derived from new home warranty sales made in conjunction with existing home real estate transactions, eight percent derived from direct-to-consumer sales, and nine percent was derived from non-warranty and other revenue channels.
Current wording
For the nine months ended September 30, 2026, our total operating revenue included 75 percent of revenue derived from existing customer renewals, seven percent from home warranty sales made in conjunction with existing home real estate transactions, eight percent derived from direct-to-consumer sales, and 11 percent derived from the non-warranty and other revenue channels. For the nine months ended September 30, 2025, our total operating revenue included 76 percent of revenue derived from existing customer renewals, seven percent derived from new home warranty sales made in conjunction with existing home real estate transactions, nine percent derived from direct-to-consumer sales, and nine percent was derived from non-warranty and other revenue channels.
Previous wording
Our financial condition and results of operations for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 continued to be adversely impacted by the following:
Current wording
Our financial condition and results of operations for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025 continued to be adversely impacted by the following:
Previous wording
Improving but still challenging real estate market conditions, driven by higher home inventory levels offset by a decline in the number of home resale transactions, continue to impact demand for home warranties.
Current wording
Relatively unchanged existing home sales, driven by ongoing challenges in the real estate market, continue to constrain demand for home warranties. These pressures were offset, in part, by higher home inventory levels.
Previous wording
The demand for our services, particularly in our home warranty business, and our results of operations, are affected by weather conditions. Extreme temperatures, typically in the winter and summer months, can lead to an increase in home warranty service requests related to home systems, particularly HVAC systems, resulting in higher costs and lower profitability, while mild temperatures in the winter or summer months can lead to lower home systems claim frequency, resulting in lower costs and higher profitability. For example, favorable weather trends in 2026 as compared to 2025 resulted in a lower number of home warranty service requests per customer in the HVAC trade, which favorably impacted contract claims costs.
Current wording
The demand for our services, particularly in our home warranty business, and our results of operations, are affected by weather conditions. Extreme temperatures, typically in the winter and summer months, can lead to an increase in home warranty service requests related to home systems, particularly HVAC systems, resulting in higher costs and lower profitability, while mild temperatures in the winter or summer months can lead to lower home systems claim frequency, resulting in lower costs and higher profitability. For example, unfavorable weather trends in 2026 as compared to 2025 resulted in a higher number of home warranty service requests per customer in the HVAC trade, which impacted contract claims costs.
Previous wording
Changes in U.S. tariff and import/export regulations have impacted and may continue to impact the costs of parts, appliances and home systems. Import duties or restrictions on components and raw materials that are imposed, or the perception that they could occur, may materially and adversely affect our business by increasing our costs. For example, rising costs due to blanket tariffs on imported steel and aluminum, or blanket tariffs on goods from countries that are key suppliers of replacement parts for appliances and home systems, have increased and may continue to increase the costs of our parts, appliances and home systems. Recently, the United States has proposed, and in some cases has imposed, significant increases to tariffs on goods imported into the U.S., including from countries where we have sourced replacement parts for appliances and home systems covered by our home warranties. We cannot predict how or what tariffs will be imposed or what retaliatory measures other countries may take in response to tariffs proposed or imposed by the U.S. There is uncertainty as to further actions that may be taken by the U.S. with respect to U.S. trade policy, including with respect to the proposed tariffs. Further tariffs or countermeasures may increase our costs, decrease our margins or reduce the competitiveness of our products and services.
Current wording
Changes in U.S. tariff and import/export regulations have impacted and may continue to impact the costs of parts, appliances and home systems. Import duties or restrictions on components and raw materials that are imposed, or the perception that they could occur, may materially and adversely affect our business by increasing our costs. For example, rising costs due to blanket tariffs on imported steel and aluminum, or blanket tariffs on goods from countries that are key suppliers of replacement parts for appliances and home systems, have increased and may continue to increase the costs of our parts, appliances and home systems. The United States has imposed, and continues to consider, tariffs and other trade measures affecting imported goods, including goods from countries where we have sourced replacement parts for appliances and home systems covered by our home warranties. U.S. tariff and trade policies have continued to evolve, including as a result of changes in the legal authorities used to impose tariffs. We cannot predict what additional tariffs or other trade measures may be imposed, modified or removed, or what retaliatory measures other countries may take in response. Further tariffs or countermeasures may increase our costs, decrease our margins or reduce the competitiveness of our products and services.
Previous wording
Net Income and Earnings Per Share. Net income represents earnings after giving effect to all expenses, other income and expense items, and income taxes. Earnings per share represents net income attributable to common shareholders divided by the weighted-average number of common shares outstanding during the period and is used to measure profitability on a per-share basis. The dilutive effect, if any, of non-qualified stock options, performance options, RSUs, performance shares and deferred shared equivalents are reflected in diluted earnings per share by applying the treasury stock method.
Current wording
Net Income and Earnings Per Share. Net income represents earnings after giving effect to all expenses, other income and expense items, and income taxes. Earnings per share represents net income attributable to common shareholders divided by the weighted-average number of common shares outstanding during the period and is used to measure profitability on a per-share basis. The dilutive effect, if any, of non-qualified stock options, performance options, RSUs, performance shares and deferred share equivalents are reflected in diluted earnings per share by applying the treasury stock method.
Previous wording
Our critical accounting policies and estimates are described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2025 Form 10-K. There have been no material changes to our critical accounting policies during the six months ended June 30, 2026.
Current wording
Our critical accounting policies and estimates are described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2025 Form 10-K. There have been no material changes to our critical accounting policies during the nine months ended September 30, 2026.
Previous wording
We reported revenue of $645 million and $617 million for the three months ended June 30, 2026 and 2025, respectively, and $1,096 million and $1,043 million for the six months ended June 30, 2026 and 2025, respectively. The following tables provide a summary of our revenue by major customer acquisition channel for our home warranties and other revenue:
Current wording
We reported revenue of $655 million and $618 million for the three months ended September 30, 2026 and 2025, respectively, and $1,752 million and $1,660 million for the nine months ended September 30, 2026 and 2025, respectively. The following tables provide a summary of our revenue by major customer acquisition channel for our home warranties and other revenue:
Previous wording
Revenue increased 5 percent for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase in renewal revenue reflects improved price realization resulting from our prior pricing actions. The decrease in direct-to-consumer revenue reflects lower price realization resulting from our discounting efforts, offset, in part, by an increase in the number of direct-to-consumer home warranties. The increase in real estate revenue reflects an increase in the number of first-year real estate home warranties, offset, in part, by lower price realization. The increase in non-warranty and other revenue was primarily driven by growth in our HVAC upgrade program.
Current wording
Revenue increased 6 percent for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase in renewal revenue reflects improved price realization resulting from our prior pricing actions. The decrease in direct-to-consumer revenue reflects lower price realization resulting from our discounting efforts, offset, in part, by an increase in the number of direct-to-consumer home warranties sold. The increase in real estate revenue reflects an increase in the number of first-year real estate home warranties sold. The increase in non-warranty and other revenue was primarily driven by growth in our HVAC upgrade program.
Previous wording
Revenue increased 5 percent for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase in renewal revenue reflects improved price realization resulting from our prior pricing actions. The decrease in direct-to-consumer revenue reflects lower price realization resulting from our discounting efforts, offset, in part, by an increase in the number of direct-to-consumer home warranties. The increase in real estate revenue reflects an increase in the number of first-year real estate home warranties, offset, in part, by lower price realization. The increase in non-warranty and other revenue was primarily driven by growth in our HVAC upgrade program.
Current wording
Revenue increased 6 percent for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase in renewal revenue reflects improved price realization resulting from our prior pricing actions. The decrease in direct-to-consumer revenue reflects lower price realization resulting from our discounting efforts, offset, in part, by an increase in the number of direct-to-consumer home warranties sold. The increase in real estate revenue reflects an increase in the number of first-year real estate home warranties sold, offset, in part, by lower price realization. The increase in non-warranty and other revenue was primarily driven by growth in our HVAC upgrade program.
Previous wording
As of June 30, 2025, excluding the 2-10 HBW home warranties acquired on December 19, 2024, the reduction in home warranties was two percent.
Current wording
As of September 30, 2025, excluding the 2-10 HBW home warranties acquired on December 19, 2024, the reduction in home warranties was one percent.
Previous wording
We reported cost of services rendered of $267 million and $261 million for the three months ended June 30, 2026 and 2025, respectively, and $470 million and $452 million for the six months ended June 30, 2026 and 2025. The following tables provide a summary of the changes in cost of services rendered:
Current wording
We reported cost of services rendered of $293 million and $264 million for the three months ended September 30, 2026 and 2025, respectively, and $763 million and $716 million for the nine months ended September 30, 2026 and 2025, respectively. The following tables provide a summary of the changes in cost of services rendered:
Previous wording
The increase in cost of services rendered is due to the impact of change in revenue, primarily driven by the increase in non-warranty revenue. The decrease in contract claims costs primarily reflects a lower number of service requests per customer, driven by a favorable weather impact of $5 million, offset, in part, by inflationary cost pressures. Additionally, contract claims costs reflects a $4 million favorable adjustment in each of the second quarters of 2026 and 2025 related to the development of prior period claims.
Current wording
The increase in cost of services rendered is due to the impact of change in revenue, primarily driven by the increase in non-warranty revenue. The increase in contract claims costs primarily reflects a higher number of service requests per customer, driven by an unfavorable weather impact of $9 million in the HVAC trade, and inflationary cost pressures, offset, in part, by process improvement initiatives. Additionally, contract claims costs reflects a $6 million favorable adjustment in the third quarter of 2026 related to the development of prior period claims, compared to a $5 million favorable adjustment in the third quarter of 2025.
Previous wording
The increase in cost of services rendered is due to the impact of change in revenue, primarily driven by the increase in non-warranty revenue. The increase in contract claims costs primarily reflects inflationary cost pressures, offset, in part, by a lower number of service requests per customer, driven by a favorable weather impact of $5 million. Additionally, contract claims costs reflects a $7 million favorable adjustment in each of the first six months of 2026 and 2025 related to the development of prior period claims.
Current wording
The increase in cost of services rendered is due to the impact of change in revenue, primarily driven by the increase in non-warranty revenue. The increase in contract claims costs primarily reflects inflationary cost pressures and a higher number of service requests per customer, driven by an unfavorable weather impact of $5 million in the HVAC trade, offset, in part, by process improvement initiatives. Additionally, contract claims costs reflects a $7 million favorable adjustment in the first nine months of 2026 related to the development of prior period claims, compared to an $8 million favorable adjustment in the first nine months of 2025
Previous wording
We reported selling and administrative expenses of $176 million and $172 million for the three months ended June 30, 2026 and 2025, respectively, and $338 million and $323 million for the six months ended June 30, 2026 and 2025, respectively. The following table provides a summary of the components of selling and administrative expenses:
Current wording
We reported selling and administrative expenses of $174 million and $174 million for the three months ended September 30, 2026 and 2025, respectively, and $512 million and $498 million for the nine months ended September 30, 2026 and 2025, respectively. The following table provides a summary of the components of selling and administrative expenses:
Previous wording
Sales and marketing costs increased due to our investment in marketing associated with our direct-to-consumer channel. Customer service costs increased primarily due to personnel costs. Other general and administrative costs decreased due to lower professional fees, offset, in part, by increased personnel costs.
Current wording
Sales and marketing costs increased due to our investment in marketing associated with our direct-to-consumer channel. Other general and administrative costs decreased primarily due to lower personnel costs.
Previous wording
Sales and marketing costs increased due to our investment in marketing associated with our direct-to-consumer channel. Customer service costs increased primarily due to personnel costs. Other general and administrative costs decreased due to lower professional fees, offset, in part, by increased personnel and technology costs.
Current wording
Sales and marketing costs increased due to our investment in marketing associated with our direct-to-consumer channel. Customer service costs increased primarily due to personnel costs. Other general and administrative costs decreased primarily due to lower personnel costs and professional fees.
Previous wording
Depreciation expense was $8 million and $9 million for the three months ended June 30, 2026 and 2025, respectively, and $16 million and $19 million for the six months ended June 30, 2026 and 2025, respectively. Amortization expense was $12 million for each of the three months ended June 30, 2026 and 2025, and $24 million and $25 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Depreciation expense was $8 million and $9 million for the three months ended September 30, 2026 and 2025, respectively, and $24 million and $28 million for the nine months ended September 30, 2026 and 2025, respectively. Amortization expense was $12 million and $13 million for the three months ended September 30, 2026 and 2025, respectively, and $37 million and $38 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Interest expense was $19 million and $20 million for the three months ended June 30, 2026 and 2025, respectively, and $38 million and $39 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Interest expense was $19 million and $20 million for the three months ended September 30, 2026 and 2025, respectively, and $57 million and $59 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Interest and net investment income was $5 million and $4 million for the three months ended June 30, 2026 and 2025, respectively, and $11 million and $10 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Interest and net investment income was $6 million for each of the three months ended September 30, 2026 and 2025, and $16 million for each of the nine months ended September 30, 2026 and 2025.
Previous wording
The effective tax rate on income before income taxes was 24.7 percent and 24.3 percent for the three months ended June 30, 2026 and 2025, respectively, and 23.5 percent and 23.8 percent for the six months ended June 30, 2026 and 2025, respectively.
Current wording
The effective tax rate on income before income taxes was 24.6 percent and 25.8 percent for the three months ended September 30, 2026 and 2025, respectively, and 23.9 percent and 24.6 percent for the nine months ended September 30, 2026 and 2025, respectively. The decrease in the effective tax rate for the three and nine months ended September 30, 2026, compared to 2025 was primarily due to an increase in stock-based compensation expense.
Previous wording
Cash and cash equivalents totaled $627 million and $566 million as of June 30, 2026 and December 31, 2025, respectively. Our cash and cash equivalents include balances associated with regulatory requirements in our business. As of June 30, 2026 and December 31, 2025, the total assets subject to these third-party restrictions were $157 million and $151 million, respectively. As of June 30, 2026, the available borrowing capacity under the Revolving Credit Facility was $250 million. We currently believe that cash generated from operations, our cash on hand and available borrowing capacity under the Revolving Credit Facility as of June 30, 2026 will provide us with sufficient liquidity to meet our obligations in the short- and long-term.
Current wording
Cash and cash equivalents totaled $581 million and $566 million as of September 30, 2026 and December 31, 2025, respectively. Our cash and cash equivalents include balances associated with regulatory requirements in our business. As of September 30, 2026 and December 31, 2025, the total assets subject to these third-party restrictions were $153 million and $151 million, respectively. As of September 30, 2026, the available borrowing capacity under the Revolving Credit Facility was $250 million. We currently believe that cash generated from operations, our cash on hand and available borrowing capacity under the Revolving Credit Facility as of September 30, 2026 will provide us with sufficient liquidity to meet our obligations in the short- and long-term.
Previous wording
On July 26, 2024, our Board of Directors approved a new share repurchase authorization of up to $650 million of our common stock over the three-year period from September 4, 2024 through September 4, 2027. Purchases under this repurchase program may be made from time to time by the company in the open market at prevailing market prices (including through Rule 10b5-1 Plans), in privately negotiated transactions, or through any combination of these methods, through September 4, 2027. The actual timing, number, manner and value of any shares repurchased will depend on several factors, including the market price of the company’s stock, general market and economic conditions, the company’s liquidity requirements, applicable legal requirements and other business considerations. The repurchase program does not obligate us to acquire any number of shares in any specific period or at all and may be suspended or discontinued at any time at our discretion. As of June 30, 2026 we repurchased a total of 8,481,501 outstanding shares at an aggregate cost of $472 million under this program, which is included in treasury stock on the condensed consolidated statements of financial position included in Part I, Item 1 of this Quarterly Report on Form 10-Q. As of June 30, 2026, we had $178 million remaining available for future repurchases under this program. We expect to fund future share repurchases from net cash provided from operating activities.
Current wording
On July 26, 2024, our Board of Directors approved a share repurchase authorization of up to $650 million of our common stock over the three-year period from September 4, 2024 through September 4, 2027. Purchases under this repurchase program may be made from time to time by the company in the open market at prevailing market prices (including through Rule 10b5-1 Plans), in privately negotiated transactions, or through any combination of these methods, through September 4, 2027. The actual timing, number, manner and value of any shares repurchased will depend on several factors, including the market price of the company’s stock, general market and economic conditions, the company’s liquidity requirements, applicable legal requirements and other business considerations. The repurchase program does not obligate us to acquire any number of shares in any specific period or at all and may be suspended or discontinued at any time at our discretion. As of September 30, 2026, we repurchased a total of 9,836,957 outstanding shares at an aggregate cost of $580 million under this program, which is included in treasury stock on the condensed consolidated statements of financial position included in Part I, Item 1 of this Quarterly Report on Form 10-Q. As of September 30, 2026, we had $70 million remaining available for future repurchases under this program. We expect to fund future share repurchases from net cash provided from operating activities.
Previous wording
Net cash provided from operating activities for the six months ended June 30, 2026 comprised $223 million in earnings adjusted for non-cash charges, and $22 million in cash provided from working capital. Cash provided from working capital was primarily driven by seasonality, offset, in part, by payments of accrued bonuses.
Current wording
Net cash provided from operating activities for the nine months ended September 30, 2026 comprised $393 million in earnings adjusted for non-cash charges, and $74 million in cash used primarily for working capital. Cash used for working capital was primarily driven by seasonality, offset, in part, by payments of accrued bonuses.
Previous wording
Net cash used for investing activities was $14 million for the six months ended June 30, 2026 as compared to net cash provided from investing activities of $42 million for the six months ended June 30, 2025.
Current wording
Net cash used for investing activities was $22 million for the nine months ended September 30, 2026 as compared to net cash provided from investing activities of $37 million for the nine months ended September 30, 2025.
Previous wording
For the six months ended June 30, 2026, cash used for purchases of short-term investments was $2 million, and capital expenditures were $12 million for six months ended June 30, 2026 and included recurring capital needs and technology projects. We have no additional material capital commitments at this time.
Current wording
For the nine months ended September 30, 2026, cash used for purchases of short-term investments was $2 million, and capital expenditures were $20 million for the nine months ended September 30, 2026 and included recurring capital needs and technology projects. We have no additional material capital commitments at this time.
Previous wording
For the six months ended June 30, 2025, cash provided from sales and maturities of available-for-sale securities was $60 million, purchases of available-for-sale securities was $6 million, and there was $3 million in cash provided from the finalization of the 2-10 HBW Acquisition purchase price. Capital expenditures were $14 million for six months ended June 30, 2025 and included recurring capital needs and technology projects.
Current wording
For the nine months ended September 30, 2025, cash provided from sales and maturities of available-for-sale securities was $60 million, purchases of available-for-sale securities was $6 million, and there was $3 million in cash provided from the finalization of the 2-10 HBW Acquisition purchase price. Capital expenditures were $20 million for the nine months ended September 30, 2025 and included recurring capital needs and technology projects.
Previous wording
Net cash used for financing activities was $169 million and $153 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Net cash used for financing activities was $281 million and $210 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
For the six months ended June 30, 2026, we made scheduled principal payments of debt of $14 million and purchased outstanding shares of our common stock at an aggregate cost of $152 million. Repurchases of common stock included associated commissions and taxes of $2 million.
Current wording
For the nine months ended September 30, 2026, we made scheduled principal payments of debt of $22 million and purchased outstanding shares of our common stock at an aggregate cost of $261 million. Repurchases of common stock included associated commissions and taxes of $2 million.
Previous wording
For the six months ended June 30, 2025, we made scheduled principal payments of debt of $14 million and purchased outstanding shares of our common stock at an aggregate cost of $135 million. Repurchases of common stock included associated commissions and taxes of $1 million.
Current wording
For the nine months ended September 30, 2025, we made scheduled principal payments of debt of $22 million and purchased outstanding shares of our common stock at an aggregate cost of $195 million. Repurchases of common stock included associated commissions and taxes of $2 million.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
common stock over the three-year period from November 12, 2026 through November 12, 2029. Purchases under this new $1 billion repurchase program may be made from time to time by the company in the open market at prevailing market prices (including through a Rule 10b5-1 Plan), in privately negotiated transactions, or through any combination of these methods, through November 12, 2029. The actual timing, number, manner and value of any shares repurchased will depend on several factors, including the market price of the company’s stock, general market and economic conditions, the company’s liquidity requirements, applicable legal requirements and other business considerations. The repurchase program does not obligate us to acquire any number of shares in any specific period or at all and may be suspended or discontinued at any time at our discretion.