v3.26.1
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [abstract]  
Schedule of equity
The company’s common equity is comprised of the following:
AS AT JUN. 30, 2026 AND DEC. 31, 2025
(MILLIONS)
20262025
Common shares$10,775 $10,839 
Contributed surplus233 148 
Retained earnings16,210 16,665 
Ownership changes5,395 5,470 
Accumulated other comprehensive income9,870 10,674 
Common equity$42,483 $43,796 
The number of issued and outstanding Class A and Class B shares are as follows:
AS AT JUN. 30, 2026 AND DEC. 31, 2025
20262025
Class A shares1
2,232,918,585 2,244,618,516 
Class B shares85,120 85,120 
Shares outstanding1
2,233,003,705 2,244,703,636 
1.Excludes 169,607,525 Class A shares held by the company from shares repurchased that have not been cancelled as at June 30, 2026 (December 31, 2025 – 183,590,069).
Shares issued and outstanding changed as follows:
Three Months EndedSix Months Ended
FOR THE PERIODS ENDED JUN. 302026
20255
2026
20255
Outstanding, beginning of period1
2,234,342,918 2,250,089,746 2,244,703,636 2,259,825,132 
Issued (Repurchased)
Issuances
394,699 302,099 398,979 1,799,316 
Repurchases2
(2,831,931)(9,108,740)(14,819,781)(21,865,355)
Long-term share ownership plans3
1,043,890 2,098,988 2,646,359 3,603,293 
Dividend reinvestment plan and other54,129 119,259 74,512 138,966 
Outstanding, end of period4
2,233,003,705 2,243,501,352 2,233,003,705 2,243,501,352 
1.Excludes 167,018,055 Class A shares held by the company from shares repurchased that have not been cancelled as at March 31, 2026 (March 31, 2025 – 171,227,496).
2.Includes 2.8 million shares repurchased during the three months ended June 30, 2026, net of restricted share grants, and other (June 30, 2025– 9.1 million).
3.Includes management share option plan, escrowed stock plan and restricted stock plan.
4.Excludes 169,607,525 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2026 (June 30, 2025 – 180,273,633).
5.Adjusted to reflect the three-for-two stock split completed on October 9, 2025.
Schedule of basic and diluted earnings per share
The components of basic and diluted earnings per share are summarized in the following table:
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
Three Months EndedSix Months Ended
2026202520262025
Net income attributable to shareholders$364 $272 $466 $345 
Preferred share dividends(42)(42)(86)(82)
Net income available to shareholders322 230 380 263 
Dilutive impact of exchangeable shares4 3 7 6 
Net income available to shareholders including dilutive impact of exchangeable shares$326 $233 $387 $269 
Three Months EndedSix Months Ended
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
2026
20251
2026
20251
Weighted average – Class A and Class B shares2,233.7 2,244.3 2,238.0 2,250.2 
Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate119.0 114.8 119.1 116.8 
Class A and Class B shares and share equivalents2,352.7 2,359.1 2,357.1 2,367.0 
1.Adjusted to reflect the three-for-two stock split completed on October 9, 2025.