v3.26.1
Earnings per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The holders of our Class A and Class B common stock (together, "common stock") have identical liquidation and dividend rights but different voting rights. Accordingly, we present the earnings per share (EPS) for Class A and Class B common stock together.

Basic EPS is computed by dividing net income by the weighted-average number of shares of our common stock outstanding. Diluted EPS is computed by dividing net income by the weighted-average number of fully diluted common stock outstanding and assumes the conversion of our Class B common stock to Class A common stock.

For the three and six months ended June 30, 2026, approximately 60 million and 47 million shares, respectively, were excluded from the diluted EPS calculation as including them would have an anti-dilutive effect. For both the three and six months ended June 30, 2025, shares with an anti-dilutive effect were approximately 1 million.

The numerators and denominators of the basic and diluted EPS computations for our common stock are calculated as follows (in millions, except per share amounts):
 Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
Basic EPS:
Numerator
Distributed earnings$1,353 $1,327 $2,699 $2,656 
Undistributed earnings14,495 17,010 39,922 32,325 
Net income$15,848 $18,337 $42,621 $34,981 
Denominator
Shares used in computation of basic EPS (1)
2,543 2,518 2,538 2,522 
Basic EPS$6.23 $7.28 $16.79 $13.87 
Diluted EPS:
Numerator
Net income for diluted EPS$15,848 $18,337 $42,621 $34,981 
Denominator
Shares used in computation of basic EPS (1)
2,543 2,518 2,538 2,522 
Effect of dilutive shares23 52 27 58 
Shares used in computation of diluted EPS2,566 2,570 2,565 2,580 
Diluted EPS$6.18 $7.14 $16.62 $13.56 
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(1)Includes 2,201 million and 2,175 million shares of Class A common stock and 342 million and 343 million shares of Class B common stock, for the three months ended June 30, 2026 and 2025, respectively; and 2,196 million and 2,179 million shares of Class A common stock and 342 million and 343 million shares of Class B common stock, for the six months ended June 30, 2026 and 2025, respectively.

EPS for Class B common stock is not presented separately as under the two-class method Class A and Class B EPS is not meaningfully different.