Stock-based compensation

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

11. Stock-based compensation

The following table presents the components of stock-based compensation expense:


(in millions)	Classification	Three months ended September 30,				Nine months ended September 30,
		2026		2025		2026		2025
Stock options	Equity	$	2.0	$	3.0	$	5.4	$	7.8
RSUs	Equity	9.6		4.1		29.9		27.5
Other	Both	0.9		0.2		1.2		(0.2)
Total		$	12.5	$	7.3	$	36.5	$	35.1
Award classification:
Equity		$	11.9	$	7.4	$	36.1	$	36.2
Liability		0.6		(0.1)		0.4		(1.1)

At September 30, 2026, unvested awards have remaining expense of $75.0 million to be recognized over a weighted average period of 1.4 years.

Stock options

The following table presents information about outstanding stock options:


(options and intrinsic value in millions)	Number of options	Weighted average exercise price per option		Aggregate intrinsic value		Weighted average remaining term
Balance at December 31, 2025	11.7	$	21.18
Granted	6.9	10.81
Exercised	(0.8)	13.19
Forfeited	(7.9)	20.41
Balance at September 30, 2026	9.9	$	15.03	$	23.9	7.3 years
Expected to vest	6.2	11.56		22.9		9.3 years
Vested	3.7	20.81		1.0		4.0 years

During the nine months ended September 30, 2026, we granted stock options with a ten-year contractual life that vest annually over three years, as specified in the underlying grant agreements, subject to the recipient’s continuous service throughout the vesting period.

RSUs

The following table presents information about unvested RSUs:


(awards in millions)	Number of awards	Weighted average grant date fair value per award
Balance at December 31, 2025	6.7	$	17.88
Granted	5.9	9.27
Vested	(2.0)	18.05
Forfeited	(1.6)	14.27
Balance at September 30, 2026	9.0	$	11.94

During the nine months ended September 30, 2026, we granted RSUs that vest annually over one to three years, as specified in the terms of the underlying grant agreements, subject to the recipient’s continuous service throughout the vesting period.

Certain of those awards contain performance and market conditions that impact the number of shares that will ultimately vest. We recorded expense related to RSUs containing performance or market conditions of $0.6 million and $(5.4) million for the three months ended September 30, 2026 and September 30, 2025, respectively, and $0.4 million and $1.6 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. The expense reversal for the three months ended September 30, 2025 was primarily driven by the significant forfeiture of awards following the departure of certain executives.