Earnings Per Share

6 Months Ended

Jun. 30, 2026

Note 13 – Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except shares and per share amounts)	2026		2025		2026		2025

Net income	$	3,239	$	3,222	$	5,743	$	6,175


Weighted-average shares outstanding – basic (1)	1,081,771,279		1,132,760,465		1,090,922,014		1,136,627,715
Effect of dilutive securities:
Outstanding stock options and unvested stock awards (1)	638,357		2,086,501		1,434,235		3,143,024

Weighted-average shares outstanding – diluted	1,082,409,636		1,134,846,966		1,092,356,249		1,139,770,739

Earnings per share – basic	$	2.99	$	2.84	$	5.26	$	5.43
Earnings per share – diluted	$	2.99	$	2.84	$	5.26	$	5.42

Potentially dilutive securities:
Outstanding stock options and unvested stock awards	6,122,349		2,479,780		2,242,724		80,012

(1) Our calculations of the weighted-average number of shares issuable related to the Ka’ena Acquisition earnout (“Ka’ena Shares”) are based on the 20 trading day volume-weighted average price as of June 30, 2026 and 2025, respectively, as further described below.

As of June 30, 2026, we had authorized 100 million shares of preferred stock, with a par value of $0.00001 per share. There was no preferred stock outstanding as of June 30, 2026 and 2025. Potentially dilutive securities were not included in the computation of diluted earnings per share if to do so would have been anti-dilutive.

The Ka’ena Shares were previously contingent consideration for the Ka’ena Acquisition. On June 30, 2025, we amended the Merger and Unit Purchase Agreement to set the calculation of the earnout as the difference between the maximum purchase price of $1.35 billion and the upfront payment, as adjusted, and removed the requirement for Ka’ena to achieve specified performance indicators. The Ka’ena Shares issuable are included in the calculations of basic weighted-average shares outstanding for the three and six months ended June 30, 2026, and the calculations of basic and diluted weighted-average shares outstanding for the three and six months ended June 30, 2025. The Ka’ena Shares are expected to be issued after the Ka’ena Acquisition earnout payment date.