Common Stock and Stock-based Compensation

9 Months Ended

Sep. 27, 2025

Equity [Abstract]

Common Stock and Stock-based Compensation

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		Nine Months Ended
	September 27, 2025	September 28, 2024	September 27, 2025	September 28, 2024
	(In millions)
Balance, beginning of period	1,622	1,618	1,622	1,616
Common stock issued under employee equity plans	9	10	13	15
Common stock repurchases for tax withholding on equity awards	(3)	(3)	(3)	(4)
Repurchases of common stock	—	(2)	(12)	(4)
Common stock issued in the acquisition of ZT Systems	—	—	8	—
Balance, end of period	1,628	1,623	1,628	1,623

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 nine months ended September 27, 2025, the Company repurchased 0.6 million and 12 million shares of its common stock under the Repurchase Program for $89 million and $1.3 billion, respectively. The repurchased amounts do not include the 1% excise tax on stock repurchases enacted by the Inflation Reduction Act of 2022. As of September 27, 2025, $9.4 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				Nine Months Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
	(In millions)
Cost of sales	$	7	$	5	$	18	$	16
Research and development	333		267		905		809
Marketing, general and administrative	79		79		229		243
Total	$	419	$	351	$	1,152	$	1,068