The following table summarizes the basic and diluted earnings (loss) per unit calculations (in millions, except per unit amounts):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Allocation of net income from continuing operations among partner interests: | | | | | | | | | Net income from continuing operations allocated to Class A common unitholders | $ | 507 | | | $ | 190 | | | $ | 845 | | | $ | 350 | | | Net income from continuing operations allocated to Partnership exchangeable unitholders | 158 | | | 74 | | | 265 | | | 137 | | | Net income from continuing operations attributable to common unitholders | $ | 665 | | | $ | 264 | | | $ | 1,110 | | | $ | 487 | | | | | | | | | | | Allocation of net loss from discontinued operations among partner interests: | | | | | | | | | Net loss from discontinued operations allocated to Class A common unitholders | $ | — | | | $ | 1 | | | $ | — | | | $ | 2 | | | Net loss from discontinued operations allocated to Partnership exchangeable unitholders | — | | | 0 | | | — | | | 1 | | | Net loss from discontinued operations attributable to common unitholders | $ | — | | | $ | 1 | | | $ | — | | | $ | 3 | | | | | | | | | | | Allocation of net income among partner interests: | | | | | | | | | Net income allocated to Class A common unitholders | $ | 507 | | | $ | 189 | | | $ | 845 | | | $ | 348 | | | Net income allocated to Partnership exchangeable unitholders | 158 | | | 74 | | | 265 | | | 136 | | | Net income attributable to common unitholders | $ | 665 | | | $ | 263 | | | $ | 1,110 | | | $ | 484 | | | | | | | | | | | Denominator - basic and diluted partnership units: | | | | | | | | | Weighted average Class A common units | 228 | | | 209 | | | 227 | | | 209 | | | Weighted average Partnership exchangeable units | 108 | | | 127 | | | 109 | | | 127 | | | | | | | | | | | Earnings per unit attributable to common unitholders - basic and diluted: | | | | | | | | | Net income from continuing operations - Class A common units (a) | $ | 2.23 | | | $ | 0.91 | | | $ | 3.73 | | | $ | 1.68 | | | Net loss from discontinued operations - Class A common units (a) | $ | — | | | $ | (0.00) | | | $ | — | | | $ | (0.01) | | | Net income - Class A common units (a) | $ | 2.23 | | | $ | 0.91 | | | $ | 3.73 | | | $ | 1.67 | | | | | | | | | | | Net income from continuing operations - Partnership exchangeable units (a) | $ | 1.46 | | | $ | 0.58 | | | $ | 2.43 | | | $ | 1.07 | | | Net loss from discontinued operations - Partnership exchangeable units (a) | $ | — | | | $ | (0.00) | | | $ | — | | | $ | (0.01) | | | Net income - Partnership exchangeable units (a) | $ | 1.46 | | | $ | 0.58 | | | $ | 2.43 | | | $ | 1.06 | |
(a)Earnings (loss) per unit may not recalculate exactly as it is calculated based on unrounded numbers.
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