Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Our equity incentive plan was established in 2020 for purposes of granting stock-based compensation awards to certain members of our senior management, our non-executive directors and to certain employees, to incentivize their performance and align their interests with ours. We have granted RSUs to certain employees and non-employee directors that have a service-based vesting condition. In addition, we have granted PSUs to certain members of management that have a performance-based vesting condition. We account for forfeitures of outstanding but unvested grants in the period they occur. A maximum of 10.5 million shares of common stock were initially available for issuance under equity incentive awards granted pursuant to the plan. In the year ended December 31, 2025, 0.8 million RSUs and 0.4 million PSUs were granted.

A summary of activity for RSUs and PSUs for the year ended December 31, 2025 is as follows (in millions, except for per share data):


	Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested, at December 31, 2024	1.3	$	28.52
Granted	1.2	25.71
Forfeited	(0.2)	26.92
Vested	(0.3)	28.63
PSU performance adjustment	—	—
Unvested, at December 31, 2025	2.0	$	27.00

Unrecognized compensation expense relating to unvested RSUs as of December 31, 2025, was $9 million, which is expected to be recognized over a weighted average period of 1.38 years.

Unrecognized compensation expense relating to unvested PSUs as of December 31, 2025, was $5 million, which is expected to be recognized over a weighted average period of 1.75 years.

There were stock-based compensation awards, representing 2.0 million shares and 1.3 million shares outstanding at December 31, 2025 and 2024, respectively. Stock-based compensation expense was $21 million, $19 million and $14 million for the years ended December 31, 2025, 2024 and 2023, respectively.