EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2026

The following table presents a reconciliation of net income (loss) and weighted-average common shares used in calculating basic and diluted earnings per common share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(in millions, except per share data)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic	271.4		296.2		277.0		302.4
Effect of dilutive potential common shares:
Employee share awards (1)	2.0		—		1.8		—
Weighted-average common shares outstanding — diluted	273.4		296.2		278.8		302.4

Net income (loss):
Net income (loss)	$	1,186	$	(1,215)	$	1,564	$	(1,348)
Less: Net income (loss) attributable to the noncontrolling interest	65		94		275		247
Net income (loss) attributable to Holdings	1,121		(1,309)		1,289		(1,595)
Less: Preferred stock dividends	14		16		41		48
Net income (loss) available to Holdings’ common shareholders	$	1,107	$	(1,325)	$	1,248	$	(1,643)

Earnings per common share:
Basic	$	4.08	$	(4.47)	$	4.50	$	(5.43)
Diluted	$	4.05	$	(4.47)	$	4.47	$	(5.43)

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(1)Calculated using the treasury stock method.

For the three and nine months ended September 30, 2026 and 2025, 1.4 million, 1.8 million, 5.3 million and 5.6 million respectively, of outstanding stock awards were not included in the computation of diluted EPS because their effect was anti-dilutive.