v3.26.1
Pay vs Performance Disclosure
 12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Pay vs Performance Disclosure                  
Pay vs Performance Disclosure, Table

Pay Versus Performance

The table below provides information on the compensation for our CEO and the average compensation for our other NEOs, both as reported in the Summary Compensation Table and with certain adjustments to reflect the compensation “actually paid” to such individuals, as defined under SEC rules, for each of 2025, 2024, 2023, 2022 and 2021. The table also provides information on our cumulative TSR, the cumulative TSR of our peer group, Net Income and Adjusted EBITDA.

 

 

 

AVERAGE
SUMMARY

AVERAGE

VALUE OF INITIAL FIXED $100
INVESTMENT BASED ON:

 

 

YEAR
(a)

SUMMARY
COMPENSATION
TABLE TOTAL
FOR PEO(1)
($)
(b)

COMPENSATION
ACTUALLY PAID
TO PEO(2)
($)
(c)

COMPENSATION
TABLE TOTAL
FOR NON-PEO
NEOs(1)
($)
(d)

COMPENSATION
ACTUALLY PAID
TO NON-PEO
NEOs(2)
($)
(e)

TOTAL
SHAREHOLDER
RETURN(3)(5)
($)
(f)

PEER
GROUP TOTAL
SHAREHOLDER
RETURN(3)(5)
($)
(g)

NET INCOME
($ IN
BILLIONS)(4)(5)
(h)

ADJUSTED
EBITDA*
($ IN
BILLIONS)(5)(6)
(i)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

35,148,413

13,692,402

27,055,708

18,130,063

65.57

96.29

19.7

37.4

2024

33,861,622

(1,594,783)

15,748,397

3,810,943

79.33

92.14

15.9

38.1

2023

35,473,666

71,202,103

14,498,736

27,073,830

89.99

77.65

15.1

37.6

2022

32,069,850

(4,091,854)

24,672,250

10,501,980

69.73

70.97

4.9

36.5

2021

33,978,581

31,854,876

21,905,224

20,790,358

97.78

91.76

13.8

34.7
               
Company Selected Measure Name Adjusted EBITDA                
Named Executive Officers, Footnote
(1)
Compensation for our PEO, Mr. Roberts, reflects the amounts reported in the “Summary Compensation Table” for the respective years. Average compensation for non-PEO NEOs in 2023 through 2025 is for Messrs. Cavanagh, Armstrong, Reid and Ms. Khoury, and in 2022 and 2021 is for Messrs. Cavanagh, Jeffrey Shell and David N. Watson and Ms. Dana Strong.
                
Peer Group Issuers, Footnote
(3)
TSR is cumulative for the measurement period beginning on December 31, 2020 and ending on December 31 of each of 2025, 2024, 2023, 2022 and 2021, respectively, calculated in accordance with Item 201(e) of Regulation S-K. The composition of the peer group (the “TSR Peer Group”) is the “Peer Group Index” set forth in the Stock Performance Graph of our Annual Report on Form 10-K for the year ended December 31, 2025.
               
PEO Total Compensation Amount $ 35,148,413 $ 33,861,622 $ 35,473,666 $ 32,069,850 $ 33,978,581        
PEO Actually Paid Compensation Amount $ 13,692,402 (1,594,783) 71,202,103 (4,091,854) 31,854,876        
Adjustment To PEO Compensation, Footnote
(2)
Compensation “actually paid” for the PEO and average compensation “actually paid” for our non-PEO NEOs in 2025, 2024, 2023, 2022 and 2021 reflects the respective amounts set forth in columns (b) and (d) in the above table,
adjusted in the table below, as determined in accordance with SEC rules. For awards that remain unvested or unexercised as of the end of the year, the ultimate value that will be realized upon vesting or upon exercise may be more or less than the current fair value below. See the “Option Exercises and Stock Vested” table on page 48 for the value of any such amounts received in 2025.

 

LESS STOCK/
OPTION AWARD
VALUE REPORTED
IN SUMMARY
COMPENSATION TABLE FOR THE COVERED YEAR
($)

 

 

PLUS FAIR
VALUE FOR
UNVESTED
AWARDS
GRANTED
IN THE
COVERED YEAR
($)

 

 

CHANGE IN
FAIR VALUE OF
OUTSTANDING
UNVESTED
AWARDS
FROM PRIOR
YEARS
($)

 

 

CHANGE IN
FAIR VALUE
OF AWARDS
FROM PRIOR
YEARS THAT
VESTED IN
THE COVERED
YEAR
($)

 

 

LESS FAIR
VALUE OF
AWARDS
FORFEITED
DURING THE
COVERED
YEAR
($)

 

 

NET ADJUSTMENT
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PEO 2025

 

 

(23,473,076

)

 

 

17,547,275

 

 

 

(14,451,031

)

 

 

(1,079,179

)

 

 

—

 

 

 

(21,456,011

)

PEO 2024

 

 

(23,661,136

)

 

 

20,370,845

 

 

 

(31,470,573

)

 

 

(695,540

)

 

 

—

 

 

 

(35,456,405

)

PEO 2023

 

 

(24,224,618

)

 

 

42,115,795

 

 

 

18,326,999

 

 

 

(489,739

)

 

 

—

 

 

 

35,728,437

 

PEO 2022

 

 

(21,863,723

)

 

 

22,285,379

 

 

 

(31,633,629

)

 

 

(4,949,732

)

 

 

—

 

 

 

(36,161,704

)

PEO 2021

 

 

(21,988,022

)

 

 

21,524,528

 

 

 

(5,141,104

)

 

 

3,480,893

 

 

 

—

 

 

 

(2,123,705

)

Non-PEO NEOs 2025

 

 

(19,639,615

)

 

 

17,295,943

 

 

 

(6,307,148

)

 

 

(274,825

)

 

 

—

 

 

 

(8,925,645

)

Non-PEO NEOs 2024

 

 

(8,834,453

)

 

 

7,605,951

 

 

 

(10,468,514

)

 

 

(240,438

)

 

 

—

 

 

 

(11,937,454

)

Non-PEO NEOs 2023

 

 

(7,636,176

)

 

 

13,275,920

 

 

 

6,995,673

 

 

 

(60,324

)

 

 

—

 

 

 

12,575,094

 

Non-PEO NEOs 2022

 

 

(15,386,069

)

 

 

15,604,969

 

 

 

(12,701,844

)

 

 

(1,687,326

)

 

 

—

 

 

 

(14,170,270

)

Non-PEO NEOs 2021

 

 

(10,410,915

)

 

 

10,191,675

 

 

 

(1,844,037

)

 

 

948,410

 

 

 

—

 

 

 

(1,114,866

)

Fair values are calculated in accordance with FASB ASC Topic 718 as of the end of the respective fiscal year, other than awards that vest in the covered year, which are valued as of the applicable vesting dates. Stock option fair values were calculated using the Black-Scholes option pricing model, determined based on the same methodology as used to determine grant date fair values but using the common stock closing price on the applicable revaluation date, and in all cases based on volatility, term to exercise, dividend yields and interest rates determined as of the revaluation date. For PSUs, fair values were calculated using a Monte Carlo simulation model, determined based on the probable outcome of the performance condition as of the applicable year-end revaluation date(s).

No awards were granted and vested within the same year in any period covered by the table above, and no dividends, dividend equivalents or other earnings are paid on equity awards prior to their vesting dates.

                
Non-PEO NEO Average Total Compensation Amount $ 27,055,708 15,748,397 14,498,736 24,672,250 21,905,224        
Non-PEO NEO Average Compensation Actually Paid Amount $ 18,130,063 $ 3,810,943 $ 27,073,830 $ 10,501,980 20,790,358        
Adjustment to Non-PEO NEO Compensation Footnote
(2)
Compensation “actually paid” for the PEO and average compensation “actually paid” for our non-PEO NEOs in 2025, 2024, 2023, 2022 and 2021 reflects the respective amounts set forth in columns (b) and (d) in the above table,
adjusted in the table below, as determined in accordance with SEC rules. For awards that remain unvested or unexercised as of the end of the year, the ultimate value that will be realized upon vesting or upon exercise may be more or less than the current fair value below. See the “Option Exercises and Stock Vested” table on page 48 for the value of any such amounts received in 2025.

 

LESS STOCK/
OPTION AWARD
VALUE REPORTED
IN SUMMARY
COMPENSATION TABLE FOR THE COVERED YEAR
($)

 

 

PLUS FAIR
VALUE FOR
UNVESTED
AWARDS
GRANTED
IN THE
COVERED YEAR
($)

 

 

CHANGE IN
FAIR VALUE OF
OUTSTANDING
UNVESTED
AWARDS
FROM PRIOR
YEARS
($)

 

 

CHANGE IN
FAIR VALUE
OF AWARDS
FROM PRIOR
YEARS THAT
VESTED IN
THE COVERED
YEAR
($)

 

 

LESS FAIR
VALUE OF
AWARDS
FORFEITED
DURING THE
COVERED
YEAR
($)

 

 

NET ADJUSTMENT
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PEO 2025

 

 

(23,473,076

)

 

 

17,547,275

 

 

 

(14,451,031

)

 

 

(1,079,179

)

 

 

—

 

 

 

(21,456,011

)

PEO 2024

 

 

(23,661,136

)

 

 

20,370,845

 

 

 

(31,470,573

)

 

 

(695,540

)

 

 

—

 

 

 

(35,456,405

)

PEO 2023

 

 

(24,224,618

)

 

 

42,115,795

 

 

 

18,326,999

 

 

 

(489,739

)

 

 

—

 

 

 

35,728,437

 

PEO 2022

 

 

(21,863,723

)

 

 

22,285,379

 

 

 

(31,633,629

)

 

 

(4,949,732

)

 

 

—

 

 

 

(36,161,704

)

PEO 2021

 

 

(21,988,022

)

 

 

21,524,528

 

 

 

(5,141,104

)

 

 

3,480,893

 

 

 

—

 

 

 

(2,123,705

)

Non-PEO NEOs 2025

 

 

(19,639,615

)

 

 

17,295,943

 

 

 

(6,307,148

)

 

 

(274,825

)

 

 

—

 

 

 

(8,925,645

)

Non-PEO NEOs 2024

 

 

(8,834,453

)

 

 

7,605,951

 

 

 

(10,468,514

)

 

 

(240,438

)

 

 

—

 

 

 

(11,937,454

)

Non-PEO NEOs 2023

 

 

(7,636,176

)

 

 

13,275,920

 

 

 

6,995,673

 

 

 

(60,324

)

 

 

—

 

 

 

12,575,094

 

Non-PEO NEOs 2022

 

 

(15,386,069

)

 

 

15,604,969

 

 

 

(12,701,844

)

 

 

(1,687,326

)

 

 

—

 

 

 

(14,170,270

)

Non-PEO NEOs 2021

 

 

(10,410,915

)

 

 

10,191,675

 

 

 

(1,844,037

)

 

 

948,410

 

 

 

—

 

 

 

(1,114,866

)

Fair values are calculated in accordance with FASB ASC Topic 718 as of the end of the respective fiscal year, other than awards that vest in the covered year, which are valued as of the applicable vesting dates. Stock option fair values were calculated using the Black-Scholes option pricing model, determined based on the same methodology as used to determine grant date fair values but using the common stock closing price on the applicable revaluation date, and in all cases based on volatility, term to exercise, dividend yields and interest rates determined as of the revaluation date. For PSUs, fair values were calculated using a Monte Carlo simulation model, determined based on the probable outcome of the performance condition as of the applicable year-end revaluation date(s).

No awards were granted and vested within the same year in any period covered by the table above, and no dividends, dividend equivalents or other earnings are paid on equity awards prior to their vesting dates.

                
Tabular List, Table
(6)
The following table sets forth an unranked list of the financial performance measures “most important” in 2025 for linking our NEOs’ compensation “actually paid” to company performance, which are the financial measures used in our annual cash bonus and long-term incentive program, as specifically listed below.

Performance Measure

Adjusted EBITDA

Free Cash Flow

Revenue

ROIC

Adjusted EPS growth (relative to S&P 100 EPS)

These financial quantitative measures generally reflect those used internally to measure our performance and externally to report to investors, and we believe that, taken together, they provide a holistic measure of company growth, shareholder value and overall financial performance. We do not consider any one of the above performance measures to be the single most important financial measure for our company or executive compensation design. However, for purposes of compiling the above table in compliance with the SEC rules, which require us to present one of these most important measures, we are presenting Adjusted EBITDA. For more detail on these measures and why we believe that they are important in structuring our incentive compensation programs and linking pay with performance, please see the discussion under “Our Approach to Compensation” on page 		               
Total Shareholder Return Amount         97.78 $ 69.73 $ 89.99 $ 79.33 $ 65.57
Peer Group Total Shareholder Return Amount         $ 91.76 $ 70.97 $ 77.65 $ 92.14 $ 96.29
Company Selected Measure Amount 37,400,000,000 38,100,000,000 37,600,000,000 36,500,000,000 34,700,000,000        
PEO Name Mr. Roberts Mr. Roberts Mr. Roberts Mr. Roberts Mr. Roberts        
Compensation "Actually Paid" to PEO, YOY CHANGE 9.59 (1.02) 18.40 (1.13)   (1.13) 18.40 (1.02) 9.59
Average Compensation "Actually Paid" to non-PEOs, YOY CHANGE 3.76 (0.86) 1.58 (0.49)   (0.49) 1.58 (0.86) 3.76
Profit Loss, YOY CHANGE 0.24 0.05 2.08 (0.64)   (0.64) 2.08 0.05 0.24
Adjusted EBITDA, YOY CHANGE (0.02) 0.01 0.03 0.05   0.05 0.03 0.01 (0.02)
Company's Cumulative TSR,YOY CHANGE (0.17) (0.12) 0.29 (0.29)   (0.29) 0.29 (0.12) (0.17)
Peer Group Cumulative TSR, YOY CHANGE 0.04 0.19 0.09 (0.23)   (0.23) 0.09 0.19 0.04
Net Income $ 19,700,000,000 $ 15,900,000,000 $ 15,100,000,000 $ 4,900,000,000 $ 13,800,000,000        
Measure:: 1                  
Pay vs Performance Disclosure                  
Name Adjusted EBITDA                
Measure:: 2                  
Pay vs Performance Disclosure                  
Name Free Cash Flow                
Measure:: 3                  
Pay vs Performance Disclosure                  
Name Revenue                
Measure:: 4                  
Pay vs Performance Disclosure                  
Name ROIC                
Measure:: 5                  
Pay vs Performance Disclosure                  
Name Adjusted EPS growth (relative to S&P 100 EPS)                
PEO | Equity Awards Adjustments                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount $ (21,456,011) (35,456,405) 35,728,437 (36,161,704) (2,123,705)        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount (23,473,076) (23,661,136) (24,224,618) (21,863,723) (21,988,022)        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount 17,547,275 20,370,845 42,115,795 22,285,379 21,524,528        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount (14,451,031) (31,470,573) 18,326,999 (31,633,629) (5,141,104)        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount (1,079,179) (695,540) (489,739) (4,949,732) 3,480,893        
PEO | Less Fair Value Of Awards Forfeited During The Covered Year [Member]                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount 0 0 0 0 0        
Non-PEO NEO | Equity Awards Adjustments                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount (8,925,645) (11,937,454) 12,575,094 (14,170,270) (1,114,866)        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount (19,639,615) (8,834,453) (7,636,176) (15,386,069) (10,410,915)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount 17,295,943 7,605,951 13,275,920 15,604,969 10,191,675        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount (6,307,148) (10,468,514) 6,995,673 (12,701,844) (1,844,037)        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount (274,825) (240,438) (60,324) (1,687,326) 948,410        
Non-PEO NEO | Less Fair Value Of Awards Forfeited During The Covered Year [Member]                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0 $ 0