| Schedule of Computation of Basic and Diluted Earnings Per Share |
The computation of basic and diluted earnings per share was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in millions, except shares and per share amounts) | 2026 | | 2025 | | 2026 | | 2025 | | | | Net income | $ | 3,455 | | | $ | 2,714 | | | $ | 9,198 | | | $ | 8,889 | | | | | | | | | | | | | | Weighted-average shares outstanding – basic (1) | 1,070,648,134 | | | 1,123,754,096 | | | 1,084,089,790 | | | 1,133,743,367 | | | | | Effect of dilutive securities: | | | | | | | | | | Outstanding stock options and unvested stock awards (1) | 982,300 | | | 2,873,612 | | | 1,386,893 | | | 3,177,154 | | | | | | | | | | | | | | | Weighted-average shares outstanding – diluted | 1,071,630,434 | | | 1,126,627,708 | | | 1,085,476,683 | | | 1,136,920,521 | | | | | | | | | | | | | | | Earnings per share – basic | $ | 3.23 | | | $ | 2.42 | | | $ | 8.49 | | | $ | 7.84 | | | | | Earnings per share – diluted | $ | 3.22 | | | $ | 2.41 | | | $ | 8.47 | | | $ | 7.82 | | | | | | | | | | | | | | | Potentially dilutive securities: | | | | | | | | | | | Outstanding stock options and unvested stock awards | 4,522,299 | | | 2,630,711 | | | 3,938,203 | | | 1,588,901 | | | | | | | | | | | | | | | | | | | | | | | |
(1) Our calculations of the weighted-average number of shares issuable related to the Ka’ena Acquisition earnout (“Ka’ena Shares”) are based on the 20 trading day volume-weighted average price as of September 30, 2026 and 2025, respectively, as further described below.
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