Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings (Loss) Per Share

Schedule of basic and diluted earnings or loss per share

The computations of basic and diluted earnings or loss per share were as follows (in millions, except per share data):


		Three months ended June 30,													Six months ended June 30,
		2026						2025							2026						2025
		Basic			Diluted			Basic			Diluted				Basic			Diluted			Basic			Diluted
Numerator for earnings (loss) per share
Net income (loss)		$	170		$	170		$	(938)		$	(938)			$	241		$	241		$	(1,017)		$	(1,017)
Effect of convertible debt instruments, net of tax			—			(126)			—			—				—			—			—			—
Income (loss) for per share calculation		$	170		$	44		$	(938)		$	(938)			$	241		$	241		$	(1,017)		$	(1,017)

Denominator for earnings (loss) per share
Weighted-average shares outstanding			1,120			1,120			888			888				1,115			1,115			885			885
Effect of convertible debt instruments			—			75			—			—				—			—			—			—
Effect of share-based awards			—			7			—			—				—			7			—			—
Effect of warrants			—			—			—			—				—			3			—			—
Weighted-average shares for per share calculation			1,120			1,202			888			888				1,115			1,125			885			885


Earnings (loss) per share		$	0.15		$	0.04		$	(1.06)		$	(1.06)			$	0.22		$	0.21		$	(1.15)		$	(1.15)

Schedule of antidilutive securities

We excluded from the computations certain shares issuable as follows because the effect would have been antidilutive (in millions):


															Three months ended						Six months ended
															June 30,						June 30,
															2026			2025			2026			2025
Convertible debt instruments																—			119			75			119
Share-based awards																3			17			3			17
Warrants (a)																—			—			—			—

(a)

For the three and six months ended June 30, 2025, the warrants were antidilutive since the exercise price was greater than the average price for our shares.