| Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock |
The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Basic and Diluted | | Three months ended June 30, | | Six months ended June 30, | | (In millions, except share and per share amounts) | 2026 | | 2025 | | 2026 | | 2025 | | | | Numerator: | | | | | | | | | | | Net income (loss) attributable to common stockholders | $ | 1,336 | | | $ | 605 | | | $ | (594) | | | $ | 1,023 | | | | Dividends declared on common stock1 | (324) | | | (292) | | | (619) | | | (556) | | | | Dividends on participating securities2 | (18) | | | (14) | | | (35) | | | (28) | | | | | Earnings allocable to participating securities | (29) | | | (7) | | | — | | | (9) | | | | | Undistributed income (loss) attributable to common stockholders: Basic | 965 | | | 292 | | | (1,248) | | | 430 | | | | | Dilution effect on distributable income attributable to Mandatory Convertible Preferred Stock | 24 | | | — | | | — | | | — | | | | | | | | | | | | | | | Undistributed income (loss) attributable to common stockholders: Diluted | $ | 989 | | | $ | 292 | | | $ | (1,248) | | | $ | 430 | | | | | Denominator: | | | | | | | | | | | Weighted average number of shares of common stock outstanding: Basic | 591,759,612 | | | 586,672,682 | | | 593,298,193 | | | 586,964,167 | | | | | Dilution effect of Mandatory Convertible Preferred Stock | 14,587,841 | | | — | | | — | | | — | | | | | Dilution effect of options | 486,457 | | | 916,073 | | | — | | | 1,012,134 | | | | | Dilution effect of warrants | 3,387,868 | | | 2,782,612 | | | — | | | 3,700,748 | | | | | | | | | | | | | | | Weighted average number of shares of common stock outstanding: Diluted | 610,221,778 | | | 590,371,367 | | | 593,298,193 | | | 591,677,049 | | | | | Net income (loss) per share of common stock: Basic | | | | | | | | | | | Distributed income | $ | 0.56 | | | $ | 0.51 | | | $ | 1.07 | | | $ | 0.97 | | | | | Undistributed income (loss) | 1.62 | | | 0.49 | | | (2.13) | | | 0.71 | | | | | Net income (loss) per share of common stock: Basic | $ | 2.18 | | | $ | 1.00 | | | $ | (1.06) | | | $ | 1.68 | | | | Net income (loss) per share of common stock: Diluted3 | | | | | | | | | | | Distributed income | $ | 0.56 | | | $ | 0.51 | | | $ | 1.07 | | | $ | 0.97 | | | | | Undistributed income (loss) | 1.59 | | | 0.48 | | | (2.13) | | | 0.70 | | | | | Net income (loss) per share of common stock: Diluted | $ | 2.15 | | | $ | 0.99 | | | $ | (1.06) | | | $ | 1.67 | | | | | | | | | 1 See note 14 for information regarding quarterly dividends. | 2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. | | | | 3 For the six months ended June 30, 2026, all of the classes of securities were determined to be anti-dilutive. | |
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| Schedule of Anti-dilutive Securities |
The following table summarizes the anti-dilutive securities:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | Weighted average unvested RSUs | 15,927,784 | | | 12,783,503 | | | 14,444,999 | | | 12,240,609 | | | | | Weighted average unexercised options | — | | | — | | | 547,035 | | | — | | | | | Weighted average unexercised warrants | 828,572 | | | 414,286 | | | 10,079,245 | | | 414,286 | | | | | Weighted average Mandatory Convertible Preferred Stock | — | | | 14,547,261 | | | 14,580,901 | | | 14,543,032 | | | | | Weighted average unvested restricted shares | 1,506,936 | | | 1,146,363 | | | 1,545,204 | | | 1,157,027 | | | | | | | | | | | | | |
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