The computation of basic and diluted earnings per share was as follows:


	Year Ended December 31,
(in millions, except shares and per share amounts)		2025		2024		2023

Net income		$	10,992	$	11,339	$	8,317


Weighted-average shares outstanding – basic (1) (2)		1,127,984,348		1,169,195,373		1,185,121,562
Effect of dilutive securities:
Outstanding stock options, unvested stock awards and SoftBank contingent consideration (1) (2)		3,091,903		4,018,525		15,164,702

Weighted-average shares outstanding – diluted		1,131,076,251		1,173,213,898		1,200,286,264

Earnings per share – basic		$	9.75	$	9.70	$	7.02
Earnings per share – diluted		$	9.72	$	9.66	$	6.93

Potentially dilutive securities:
Outstanding stock options and unvested stock awards		77,805		25,652		148,537
Ka’ena Acquisition earnout (3)		—		750,162		—

(1) For year ended December 31, 2025, the weighted-average number of shares issuable related to the Ka’ena Acquisition earnout (“Ka’ena Shares”) are included in our calculations of basic and diluted weighted-average shares outstanding based on the 20 trading day volume-weighted average price as of December 31, 2025, as further described below.

(2) During 2023, the SoftBank Specified Shares (as defined below) were issued and included in our calculations of basic and diluted weighted-average shares outstanding as further described below.

(3) Represents the Ka’ena Shares that were contingently issuable based on achievement of specified performance indicators from the Ka’ena Acquisition closing date of May 1, 2024, based on the maximum number of shares contingently issuable for the earnout and 20 trading day volume-weighted average price as of December 31, 2024.