Earnings (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Earnings (Loss) Per Share, Basic and Diluted

The following table presents the components and calculations of basic and diluted net income (loss) per common share attributable to common stockholders:


(in millions, except per share amounts; certain amounts may not recalculate due to rounding)	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic and diluted earnings (loss) per common share computation:
Net loss	$	(55)	$	(59)	$	(282)	$	(50)
Less: Convertible Preferred Stock dividend	(23)		(23)		(45)		(45)
Less: Mandatory Convertible Preferred Stock dividend	(8)		(3)		(16)		(3)
Less: Series C Preferred Stock dividend	(23)		—		(23)		—
Less: Undistributed earnings allocated to participating securities	—		—		—		—
Loss attributable to common shareholders	$	(109)	$	(85)	$	(366)	$	(98)

Weighted-average common shares	725.3		522.7		713.9		466.4
Weighted-average Pre-Funded Warrants	42.0		42.0		42.0		42.0
Total weighted-average common shares outstanding	767.3		564.7		755.9		508.4

Basic and diluted loss per common share	$	(0.14)	$	(0.15)	$	(0.48)	$	(0.19)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table includes the number of shares that may be dilutive common shares in the future. These shares were not included in the computation of diluted net income (loss) per common share because the effect was either anti-dilutive or the requisite performance conditions were not met:


	Three Months Ended June 30,		Six Months Ended June 30,
(in millions)	2026	2025	2026	2025
Convertible Preferred Stock	219.0	219.0	219.0	219.0
Mandatory Convertible Preferred Stock	30.9	34.8	28.4	34.8
Series C Preferred Stock	86.0	—	86.0	—
Warrants	219.0	219.0	219.0	219.0
Stock-based awards	24.3	30.1	24.3	30.1
Total potential dilutive securities not included in loss per common share	579.2	502.9	576.7	502.9