Common Stock and Stock-based Compensation

6 Months Ended

Jun. 28, 2025

Common Stock and Stock-based Compensation

Common Stock

On May 14, 2025, the Company’s stockholders approved the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 2.25 billion shares to 4.0 billion shares.

Shares of common stock outstanding were as follows:


	Three Months Ended		Six Months Ended
	June 28, 2025	June 29, 2024	June 28, 2025	June 29, 2024
	(In millions)
Balance, beginning of period	1,616	1,618	1,622	1,616
Common stock issued under employee equity plans	3	2	4	5
Common stock repurchases for tax withholding on equity awards	—	—	—	(1)
Repurchases of common stock	(5)	(2)	(12)	(2)
Common stock issued in the acquisition of ZT Systems	8	—	8	—
Balance, end of period	1,622	1,618	1,622	1,618

Stock Repurchase Program

On May 13, 2025, the Company’s board of directors approved a new $6 billion share repurchase program. The authorization is in addition to the Company’s existing share repurchase program (collectively, the Repurchase Program), increasing the total repurchase authority to $14 billion. During the three and six months ended June 28, 2025, the Company repurchased 5 million and 12 million shares of its common stock under the Repurchase Program for $478 million and $1.2 billion, respectively. As of June 28, 2025, $9.5 billion remained available for future stock repurchases under the Repurchase Program. The Repurchase Program does not obligate the Company to acquire any common stock, has no termination date and may be suspended or discontinued at any time.

Stock-based Compensation

Stock-based compensation expense recorded in the consolidated statements of operations was as follows:


	Three Months Ended				Six Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
	(In millions)
Cost of sales	$	6	$	5	$	11	$	11
Research and development	290		262		572		541
Marketing, general and administrative	73		79		150		165
Total	$	369	$	346	$	733	$	717