XML 49 R33.htm IDEA: XBRL DOCUMENT v3.25.2
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [abstract]  
Schedule of equity
The company’s common equity is comprised of the following:
AS AT JUN. 30, 2025 AND DEC. 31, 2024
(MILLIONS)
20252024
Common shares$10,780 $10,806 
Contributed surplus130 114 
Retained earnings16,248 17,066 
Ownership changes5,767 5,045 
Accumulated other comprehensive income9,568 8,843 
Common equity$42,493 $41,874 
The number of issued and outstanding Class A and Class B shares and unexercised options are as follows:
AS AT JUN. 30, 2025 AND DEC. 31, 2024
20252024
Class A shares1
1,495,582,448 1,506,464,968 
Class B shares85,120 85,120 
Shares outstanding1
1,495,667,568 1,506,550,088 
Unexercised options, other share-based plans2 and exchangeable shares of affiliate
93,948,780 95,805,397 
Total diluted shares1,589,616,348 1,602,355,485 
1.Net of 120,182,422 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2025 (December 31, 2024 – 104,786,155).
2.Includes management share option plan and escrowed stock plan Shares issued and outstanding changed as follows:
Three Months EndedSix Months Ended
 FOR THE PERIODS ENDED JUN. 30
2025202420252024
Outstanding, beginning of period1
1,500,059,831 1,512,906,498 1,506,550,088 1,523,457,459 
Issued (Repurchased)
Issuances
201,399 658,243 1,199,544 1,594,541 
Repurchases2
(6,072,493)(7,098,910)(14,576,903)(20,313,372)
Long-term share ownership plans3
1,399,325 1,752,920 2,402,195 3,467,385 
Dividend reinvestment plan and other79,506 13,168 92,644 25,906 
Outstanding, end of period4
1,495,667,568 1,508,231,919 1,495,667,568 1,508,231,919 
1.Net of 114,151,664 Class A shares held by the company in respect of long-term compensation agreements as at March 31, 2025 (March 31, 2024 – 93,511,317).
2.Includes 6.1 million shares repurchased during the three months ended June 30, 2025, net restricted share grants, and other.
3.Includes management share option plan and restricted stock plan.
4.Net of 120,182,422 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2025 (June 30, 2024 – 100,610,227).
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
2025202420252024
Net income attributable to shareholders$272 $43 $345 $145 
Preferred share dividends(42)(42)(82)(84)
Net income available to shareholders230 1 263 61 
Dilutive impact of exchangeable shares3 — 6 — 
Net income available to shareholders including dilutive impact of exchangeable shares$233 $1 $269 $61 
Three Months EndedSix Months Ended
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
2025202420252024
Weighted average – Class A and Class B shares1,496.2 1,509.6 1,500.1 1,514.3 
Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate76.5 26.4 77.9 24.4 
Class A and Class B shares and share equivalents1,572.7 1,536.0 1,578.0 1,538.7