Item 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in Item 1A of our 2025 Annual Report on Form 10-K.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

On July 29, 2026, our Board of Directors approved a $10 billion increase to our share repurchase authorization. Any future share repurchases will be made at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements.


					Millions of Dollars
Period	Total Number of Shares Purchased*	Average Price Paid per Share**		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs***	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
April 1-30, 2026	780,330	$	166.42	780,330	$	1,905
May 1-31, 2026	678,880	177.36		678,880	1,785
June 1-30, 2026	708,970	177.69		708,970	1,659
Total	2,168,180	$	173.53	2,168,180
** Includes repurchase of shares of common stock from company employees in connection with the company’s broad-based employee incentive plans, when applicable.*
*** Average price paid per share includes excise taxes.*
**** Since the inception of our share repurchase program in 2012, our Board of Directors has authorized an aggregate of $35 billion of repurchases of our outstanding common stock. Our share repurchase authorizations do not expire. Any future share repurchases will be made at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. Shares of stock repurchased are held as treasury shares.*

Previous: Item 4. CONTROLS AND PROCEDURES · Next: Item 5. OTHER INFORMATION