v3.26.3
STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE
Common Stock Repurchase Program

On July 30, 2026, the Company’s board of directors approved an increase in the Company’s common stock repurchase program from $8.0 billion to $16.0 billion of the Company’s outstanding common stock, excluding excise tax. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions and are subject to market conditions, applicable regulatory and legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares and may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. During the three months ended September 30, 2026, the Company repurchased approximately $251 million of common stock, excluding excise tax. During the nine months ended September 30, 2026, the Company repurchased approximately $940 million of common stock, which included approximately $509 million for the repurchases from SGF, in each case, excluding excise tax. During the three and nine months ended September 30, 2025, the Company repurchased approximately $603 million and $1.6 billion of common stock under the repurchase program, respectively, excluding excise tax. For further discussion on the repurchases from SGF, see Note 7—Related Party Transactions. As of September 30, 2026, approximately $9.7 billion remained available for future repurchases under the Company’s common stock repurchase program, excluding excise tax.

Change in Ownership of Consolidated Subsidiaries

Non-controlling interests in the accompanying condensed consolidated financial statements represent ownership interests in Viper, which are held by parties other than the Company and are presented as a component of equity. When the Company’s relative ownership interests in Viper change, adjustments to non-controlling interest and additional paid-in-capital, tax effected, will occur.

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the respective periods presented:

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(In millions)
Net income (loss) attributable to the Company$1,603 $1,018 $3,510 $3,122 
Transfers (to) from the non-controlling interests:
Increase in additional paid-in-capital due to proceeds from the sale of Viper's common stock, net
— — 219 — 
Other transfers (to) from the non-controlling interests
(7)58 66 (470)
Change from net income (loss) attributable to the Company’s stockholders and transfers with non-controlling interest$1,596 $1,076 $3,795 $2,652 
Dividends

The following table presents dividends and dividend equivalent rights paid on the Company’s common stock during the respective periods:

Dividend Per Share
Total
(In millions, except per share amounts)
2026
First quarter$1.05 $298 
Second quarter1.10 311 
Third quarter1.10 309 
Total year-to-date$3.25 $918 
2025
First quarter$1.00 $291 
Second quarter1.00 293 
Third quarter1.00 290 
Total year-to-date$3.00 $874 

Earnings (Loss) Per Share

The Company’s earnings (loss) per share amounts have been computed using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings (loss) per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share include the effect of potentially dilutive shares outstanding for the period, if any. Additionally, the per share earnings of Viper are included in the consolidated earnings per share computation based on the consolidated group’s holdings of the subsidiaries.

A reconciliation of the components of basic and diluted earnings (loss) per common share is presented below:

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(In millions, except per share amounts, shares in thousands)
Net income (loss) attributable to common shares$1,603 $1,018 $3,510 $3,122 
Less: distributed and undistributed earnings allocated to participating securities(1)
9 4 18 14 
Net income (loss) attributable to common stockholders$1,594 $1,014 $3,492 $3,108 
Weighted average common shares outstanding:
Basic weighted average common shares outstanding279,959 288,826 281,307 290,188 
Effect of dilutive securities:
Weighted-average potential common shares issuable— — — — 
Diluted weighted average common shares outstanding279,959 288,826 281,307 290,188 
Basic net income (loss) attributable to common shares$5.69 $3.51 $12.41 $10.71 
Diluted net income (loss) attributable to common shares$5.69 $3.51 $12.41 $10.71 
(1)    Unvested restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) awards that contain non-forfeitable dividend equivalent rights are considered participating securities and therefore are included in the earnings per share calculation pursuant to the two-class method.