Common shares (Tables)

6 Months Ended

Jun. 30, 2026


	As at Jun 30	As at Dec 31
thousands of shares	2026	2025
Authorized	1,100,000	1,100,000
Outstanding	483,593	483,593

Common share activities

The company’s common share activities are summarized below:


	Thousands of shares	Millions of dollars
Balance as at December 31, 2024	509,045	942

Purchases at stated value	(25,452)	(47)
Balance as at December 31, 2025	483,593	895

Purchases at stated value	—	—
Balance as at June 30, 2026	483,593	895

Calculation of basic and diluted earnings per share

The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:


	Second Quarter		Six Months to June 30
	2026	2025	2026	2025
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)	2,190	949	3,130	2,237
Weighted-average number of common shares outstanding (millions of shares)	483.6	509.0	483.6	509.0
Net income (loss) per common share (dollars)	4.53	1.86	6.47	4.39
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)	2,190	949	3,130	2,237
Weighted-average number of common shares outstanding (millions of shares)	483.6	509.0	483.6	509.0
Effect of employee share-based awards (millions of shares)	1.3	1.3	1.3	1.2
Weighted-average number of common shares outstanding, assuming dilution (millions of shares)	484.9	510.3	484.9	510.2
Net income (loss) per common share (dollars)	4.52	1.86	6.46	4.38
Dividends per common share – declared (dollars)	0.87	0.72	1.74	1.44