Quarterly report [Sections 13 or 15(d)]

Shareholders' Equity

v3.25.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 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
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 April 30, 2025.
During the three months ended March 31, 2025, the Corporation repurchased and retired approximately 103 million shares of common stock, which reduced shareholders’ equity by $4.5 billion.
During the three months ended March 31, 2025, in connection with employee stock plans, the Corporation issued 83 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 32 million shares of common stock. At March 31, 2025, the Corporation had reserved 472 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock.
On April 23, 2025, the Board of Directors declared a quarterly common stock dividend of $0.26 per share.
Preferred Stock
During the three months ended March 31, 2025, the Corporation declared $397 million of cash dividends on preferred stock. During the three months ended March 31, 2025, the Corporation fully redeemed Series MM for $769 million and Series AA for $1.9 billion.
On April 29, 2025, the Corporation issued 120,000 shares of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series OO for $3.0 billion, with quarterly dividends commencing in August 2025. The Series OO 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.