Stockholders' Equity

6 Months Ended

Jun. 30, 2025

Capital Return Program

Share Repurchase

Our board of directors has authorized a share repurchase program of our Class A common stock, which commenced in January 2017 and does not have an expiration date. As of December 31, 2024, $51.28 billion remained available and authorized for repurchases under this program. During the six months ended June 30, 2025, we repurchased and subsequently retired 36 million shares of our Class A common stock for an aggregate amount of $23.16 billion, including excise taxes. As of June 30, 2025, $28.23 billion remained available and authorized for repurchases.

Dividend

The following table summarizes our dividends activities for the periods presented (in millions, except per share amounts):


Record Date	Payment Date	Dividend Per Share		Class A		Class B		Total
2025
March 14, 2025	March 26, 2025	$	0.525	$	1,145	$	180	$	1,325
June 16, 2025	June 26, 2025	$	0.525	$	1,142	$	180	$	1,322


2024
February 22, 2024	March 26, 2024	$	0.50	$	1,099	$	174	$	1,273
June 14, 2024	June 26, 2024	$	0.50	$	1,093	$	173	$	1,266
September 16, 2024	September 26, 2024	$	0.50	$	1,090	$	172	$	1,262
December 16, 2024	December 27, 2024	$	0.50	$	1,095	$	172	$	1,267

Beginning in the first quarter of 2025, our board of directors increased the cash dividend by 5% to $0.525 per share of outstanding Class A and Class B common stock. During the three and six months ended June 30, 2025 and 2024, dividend equivalent payments on eligible equity awards, which are not included above, were not material.

Share-based Compensation Plan

Our board of directors and stockholders approved our 2025 Equity Incentive Plan (2025 Plan), effective as of May 28, 2025, which serves as the successor to our 2012 Equity Incentive Plan (2012 Plan) and provides for the issuance of RSUs, incentive and nonqualified stock options, restricted stock awards, stock appreciation rights, performance shares, and stock bonuses to qualified employees, directors, and consultants. No new awards will be issued under the 2012 Plan as of the effective date of the 2025 Plan. Outstanding awards under the 2012 Plan continue to be subject to the terms and conditions of the 2012 Plan. Shares that are withheld in connection with the net settlement of RSUs granted under the 2012 Plan and 2025 Plan, as well as forfeited shares underlying RSUs that were granted under the 2012 Plan and 2025 Plan, are added to the reserves of the 2025 Plan. As of June 30, 2025, there were 466 million shares of our Class A common stock reserved for future issuance under our 2025 Plan.

The following table summarizes our share-based compensation expense, which consists of RSU expense, by line item in our condensed consolidated statements of income (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of revenue	$	278	$	288	$	549	$	510
Research and development	4,080		3,780		7,507		6,691
Marketing and sales	234		287		470		513
General and administrative	242		261		455		464
Total	$	4,834	$	4,616	$	8,981	$	8,178

The following table summarizes the activities for our unvested RSUs for the six months ended June 30, 2025:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Unvested at December 31, 2024	122,632	$	302.27
Granted	38,566	$	615.80
Vested	(30,540)	$	288.95
Forfeited	(8,798)	$	318.97
Unvested at June 30, 2025	121,860	$	403.63

The fair value as of the respective vesting dates of RSUs that vested during the three months ended June 30, 2025 and 2024 was $9.81 billion and $7.89 billion, respectively, and $21.34 billion and $15.46 billion during the six months ended June 30, 2025 and 2024, respectively. The income tax benefit recognized related to awards vested during the three months ended June 30, 2025 and 2024 was $2.02 billion and $1.65 billion, respectively, and $4.38 billion and $3.27 billion during the six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, there was $46.75 billion of unrecognized share-based compensation expense related to RSU awards. This unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately three years based on vesting under the award service conditions.