| Calculation of earnings per share basic and diluted |
The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2025 and 2024. | | | | | | | | | | | | | | | | | | | (in millions, except per share amounts) | Three months ended June 30, | | Six months ended June 30, | | 2025 | 2024 | | 2025 | 2024 | Basic earnings per share | | | | | | | Net income | $ | 14,987 | | $ | 18,149 | | | $ | 29,630 | | $ | 31,568 | | Less: Preferred stock dividends | 282 | | 317 | | | 537 | | 714 | | Net income applicable to common equity | 14,705 | | 17,832 | | | 29,093 | | 30,854 | | Less: Dividends and undistributed earnings allocated to participating securities | 75 | | 114 | | | 145 | | 193 | | Net income applicable to common stockholders | $ | 14,630 | | $ | 17,718 | | | $ | 28,948 | | $ | 30,661 | | | | | | | | Total weighted-average basic shares outstanding | 2,788.7 | | 2,889.8 | | | 2,804.0 | | 2,899.1 | | Net income per share | $ | 5.25 | | $ | 6.13 | | | $ | 10.32 | | $ | 10.58 | | | | | | | | Diluted earnings per share | | | | | | Net income applicable to common stockholders | $ | 14,630 | | $ | 17,718 | | | $ | 28,948 | | $ | 30,661 | | Total weighted-average basic shares outstanding | 2,788.7 | | 2,889.8 | | | 2,804.0 | | 2,899.1 | | | Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs | 5.0 | | 5.1 | | | 4.9 | | 4.8 | | Total weighted-average diluted shares outstanding | 2,793.7 | | 2,894.9 | | | 2,809.0 | | 2,903.9 | | Net income per share | $ | 5.24 | | $ | 6.12 | | | $ | 10.31 | | $ | 10.56 | |
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