Note 17—Earnings Per Share The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS. For the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive.
| | | | | | | | | | | | | | | | Millions of Dollars
(except per share amounts) | | Three Months Ended
June 30 | Six Months Ended
June 30 | | 2026 | 2025 | 2026 | 2025 | | Basic earnings per share | | | | | | | | | | | Net income (loss) | $ | 3,931 | | 1,971 | 6,114 | 4,820 | | Less: Dividends and undistributed earnings | | | | | | allocated to participating securities | 13 | 7 | 19 | 17 | | Net income (loss) available to common shareholders | $ | 3,918 | | 1,964 | 6,095 | 4,803 | | Weighted-average common shares outstanding (in millions) | 1,213 | 1,258 | 1,219 | 1,265 | | | | | | | Net income (loss) per share of common stock | $ | 3.23 | | 1.56 | 5.00 | 3.80 | | | | | | | Diluted earnings per share | | | | | | | | | | | Net income (loss) available to common shareholders | $ | 3,918 | | 1,964 | 6,095 | 4,803 | | Weighted-average common shares outstanding (in millions) | 1,213 | 1,258 | 1,219 | 1,265 | | Add: Dilutive impact of options and unvested | | | | | | non-participating RSU/PSUs (in millions) | 1 | 1 | 0 | 2 | | Weighted-average diluted shares outstanding (in millions) | 1,214 | 1,259 | 1,219 | 1,267 | | | | | | | Net income (loss) per share of common stock | $ | 3.23 | | 1.56 | 5.00 | 3.79 |
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