Earnings Per Share

9 Months Ended

Sep. 30, 2025

Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential outstanding shares of common stock during the period. Potential shares of common stock are calculated using the treasury-stock method and consist of incremental shares issuable upon the assumed exercise of stock options and vesting of time-based and performance-based restricted stock units. The computation of earnings per share is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	2,546,916	$	2,363,509	$	8,562,680	$	6,843,024
Shares used in computation:
Weighted-average shares of common stock outstanding	424,455		428,239		425,635		430,125
Basic earnings per share	$	6.00	$	5.52	$	20.12	$	15.91

Diluted earnings per share:
Net income	$	2,546,916	$	2,363,509	$	8,562,680	$	6,843,024
Shares used in computation:
Weighted-average shares of common stock outstanding	424,455		428,239		425,635		430,125
Effect of dilutive stock-based awards	9,584		9,659		9,649		9,632
Weighted-average number of shares	434,039		437,898		435,284		439,757
Diluted earnings per share	$	5.87	$	5.40	$	19.67	$	15.56

The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive:

Three Months Ended

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

(in thousands)

Stock-based awards

159

321