v3.26.3
Net Income Per Common Share
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Net Income Per Common Share Net Income Per Common Share
We compute net income per common share of Class A, Class B, and Class C stock using the two-class method. Basic net income per common share is computed using the weighted-average number of shares outstanding during the period. Diluted net income per common share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of restricted stock units (RSUs), other contingently issuable shares, and mandatory convertible preferred stock. The dilutive effect of outstanding RSUs and other contingently issuable shares is reflected in diluted earnings per common share pursuant to the treasury stock method. The dilutive effect of mandatory convertible preferred shares is reflected in diluted earnings per common share pursuant to the if-converted method. The computation of the diluted net income per common share of Class A stock assumes the conversion of Class B stock, while the diluted net income per common share of Class B stock does not assume the conversion of those shares.
Net income available to common stockholders is calculated by adjusting net income to deduct declared and accrued dividends on the mandatory convertible preferred stock.
In accordance with our certificate of incorporation, the rights, including the liquidation and dividend rights, of the holders of our Class A, Class B, and Class C stock are identical, except with respect to voting. Furthermore, there are a number of safeguards built into our certificate of incorporation, as well as Delaware law, which preclude our Board of Directors from declaring or paying unequal per share dividends on our Class A, Class B, and Class C stock. Specifically, Delaware law provides that amendments to our certificate of incorporation which would have the effect of adversely altering the rights, powers, or preferences of a given class of stock must be approved by the class of stock adversely affected by the proposed amendment. In addition, our certificate of incorporation provides that before any such amendment may be put to a stockholder vote, it must be approved by the unanimous consent of our Board of Directors.
Immaterial differences in net income per common share across our Class A, Class B, and Class C shares may arise due to the allocation of distributed earnings, which is based on the holders as of the record date, compared with the allocation of undistributed earnings and number of shares, which is based on the weighted-average shares outstanding over the periods.
The following tables set forth the computation of basic and diluted net income per common share of Class A, Class B, and Class C stock (in millions, except per share amounts):
Three Months Ended September 30,
20252026
Class AClass BClass CConsolidatedClass AClass BClass CConsolidated
Basic net income per common share:
Numerator
Allocation of distributed earnings (cash dividends paid to common stockholders)$1,222 $177 $1,138 $2,537 $1,295 $182 $1,225 $2,702 
Allocation of undistributed earnings 15,617 2,268 14,557 32,442 11,256 1,589 10,623 23,468 
Net income available to common stockholders$16,839 $2,445 $15,695 $34,979 $12,551 $1,771 $11,848 $26,170 
Denominator
Number of shares used in per share computation5,818 845 5,423 12,086 5,878 830 5,548 12,256 
Basic net income per common share$2.89 $2.89 $2.89 $2.89 $2.14 $2.13 $2.14 $2.14 
Diluted net income per common share:
Numerator
Allocation of total earnings for basic computation $16,839 $2,445 $15,695 $34,979 $12,551 $1,771 $11,848 $26,170 
Reallocation of total earnings as a result of conversion of Class B to Class A shares2,445 0 0 
_(1)
1,771 0 0 
_(1)
Preferred stock dividends declared and accrued(2)
0 0 0 0 0 0 0 0 
Reallocation of undistributed earnings(171)(22)171 
_(1)
(117)(14)117 
_(1)
Net income$19,113 $2,423 $15,866 $34,979 $14,205 $1,757 $11,965 $26,170 
Denominator
Number of shares used in basic computation5,818 845 5,423 12,086 5,878 830 5,548 12,256 
Weighted-average effect of dilutive securities
Add:
Conversion of Class B to Class A shares outstanding845 0 0 
_(1)
830 0 0 
_(1)
Restricted stock units and other contingently issuable shares0 0 117 117 0 0 112 112 
Conversion of preferred stock(2)
0 0 0 0 0 0 0 0 
Number of shares used in per share computation6,663 845 5,540 12,203 6,708 830 5,660 12,368 
Diluted net income per common share$2.87 $2.87 $2.86 $2.87 $2.12 $2.12 $2.11 $2.12 
(1)Not applicable for consolidated net income per common share.
(2)Pursuant to the if-converted method, preferred dividends are added back and preferred shares are assumed to have been converted to common shares only if they have a dilutive effect on net income per common share.
Nine Months Ended September 30,
20252026
Class AClass BClass CConsolidatedClass AClass BClass CConsolidated
Basic net income per common share:
Numerator
Allocation of distributed earnings (cash dividends paid to common stockholders)$3,609 $527 $3,377 $7,513 $3,809 $541 $3,583 $7,933 
Allocation of undistributed earnings 43,294 6,336 40,572 90,202 92,680 13,222 87,020 192,922 
Net income available to common stockholders$46,903 $6,863 $43,949 $97,715 $96,489 $13,763 $90,603 $200,855 
Denominator
Number of shares used in per share computation5,822 852 5,456 12,130 5,846 834 5,489 12,169 
Basic net income per common share$8.06 $8.06 $8.06 $8.06 $16.51 $16.50 $16.51 $16.51 
Diluted net income per common share:
Numerator
Allocation of total earnings for basic computation $46,903 $6,863 $43,949 $97,715 $96,489 $13,763 $90,603 $200,855 
Reallocation of total earnings as a result of conversion of Class B to Class A shares6,863 0 0 
_(1)
13,763 0 0 
_(1)
Preferred stock dividends declared and accrued(2)
0000209 0 175 384 
Reallocation of undistributed earnings(406)(52)406 
_(1)
(1,144)(140)1,144 
_(1)
Net income$53,360 $6,811 $44,355 $97,715 $109,317 $13,623 $91,922 $201,239 
Denominator
Number of shares used in basic computation5,822 852 5,456 12,130 5,846 834 5,489 12,169 
Weighted-average effect of dilutive securities
Add:
Conversion of Class B to Class A shares outstanding852 0 0 
_(1)
834 0 0 
_(1)
Restricted stock units and other contingently issuable shares0 0 100 100 0 0 131 131 
Conversion of preferred stock(2)
0 0 0 0 12 0 12 24 
Number of shares used in per share computation6,674 852 5,556 12,230 6,692 834 5,632 12,324 
Diluted net income per common share$8.00 $7.99 $7.98 $7.99 $16.34 $16.33 $16.32 $16.33 
(1)Not applicable for consolidated net income per common share.
(2)Pursuant to the if-converted method, preferred dividends are added back and preferred shares are assumed to have been converted to common shares only if they have a dilutive effect on net income per common share.