Quarterly report [Sections 13 or 15(d)]

Shareholders' Equity

v3.25.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Common Stock
Declared Quarterly Cash Dividends on Common Stock (1)
Declaration Date Record Date Payment Date Dividend Per Share
October 23, 2025 December 5, 2025 December 26,2025 $ 0.28 
July 23, 2025 September 5, 2025 September 26, 2025 0.28 
April 23, 2025 June 6, 2025 June 27, 2025 0.26 
January 29, 2025 March 7, 2025 March 28, 2025 0.26 
(1) In 2025, and through October 31, 2025.
During the three and nine months ended September 30, 2025, the Corporation repurchased and retired approximately 108 million and 335 million shares of common stock, which reduced shareholders’ equity by $5.3 billion and $15.1 billion, including excise taxes.
During the nine months ended September 30, 2025, in connection with employee stock plans, the Corporation issued 86 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 33 million shares of common stock. At September 30, 2025, the Corporation had reserved 586 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock.
On October 23, 2025, the Board of Directors declared a quarterly common stock dividend of $0.28 per share.
Preferred Stock
During the three months ended September 30, 2025, June 30, 2025 and March 31, 2025, the Corporation declared $429 million, $291 million and $397 million of cash dividends on preferred stock, or a total of $1.1 billion for the nine months ended September 30, 2025.
On July 24, 2025, the Corporation issued 100,000 shares of 6.250% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series UU for $2.5 billion, with quarterly dividends commencing in October 2025. The Series UU preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends.
For more information on the Corporation’s preferred stock, including liquidation preference, dividend requirements and redemption period, see Note 13 – Shareholders’ Equity to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.