Earnings per Share

6 Months Ended

Jun. 30, 2026

Note 10 - Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist primarily of non-vested restricted stock units (“RSU” or “RSUs”) and contingent performance share units (“PSU” or “PSUs”), which were measured using the treasury stock method as presented below. Refer to Note 12 - Stock-Based Compensation in this report and Note 9 - Earnings Per Share and Note 10 - Stock-Based Compensation in the 2025 Form 10-K for additional detail on these potentially dilutive securities.

The following table sets forth the calculations of basic and diluted net income per common share:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025

	(in millions, except per share data)
Net income	$	1,071	$	202	$	736	$	384

Basic weighted-average common shares outstanding (1)	239		115		219		115
Dilutive effect of non-vested RSUs, contingent PSUs, and other	1		—		1		—
Diluted weighted-average common shares outstanding	240		115		220		115

Basic net income per common share	$	4.48	$	1.76	$	3.35	$	3.35
Diluted net income per common share	$	4.46	$	1.76	$	3.34	$	3.34

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Note: Amounts may not calculate due to rounding.

(1) Amount includes shares issued in connection with the Merger that were outstanding during a portion of the six months ended June 30, 2026