Earnings per Share

6 Months Ended

Jun. 30, 2025

The holders of our Class A and Class B common stock (together, "common stock") have identical liquidation and dividend rights but different voting rights. Accordingly, we present the earnings per share (EPS) for Class A and Class B common stock together.

Basic EPS is computed by dividing net income by the weighted-average number of shares of our common stock outstanding. Diluted EPS is computed by dividing net income by the weighted-average number of fully diluted common stock outstanding and assumes the conversion of our Class B common stock to Class A common stock.

For the three and six months ended June 30, 2025, approximately 1 million shares of Class A common stock equivalent of restricted stock units (RSUs) were excluded from the diluted EPS calculation as including them would have an anti-dilutive effect. For the three and six months ended June 30, 2024, RSUs with an anti-dilutive effect were 33 million and 18 million shares, respectively.

The numerators and denominators of the basic and diluted EPS computations for our common stock are calculated as follows (in millions, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Basic EPS:
Numerator
Distributed earnings	$	1,327	$	1,266	$	2,656	$	2,539
Undistributed earnings	17,010		12,199		32,325		23,295
Net income	$	18,337	$	13,465	$	34,981	$	25,834
Denominator
Shares used in computation of basic EPS (1)	2,518		2,534		2,522		2,540
Basic EPS	$	7.28	$	5.31	$	13.87	$	10.17
Diluted EPS:
Numerator
Net income for diluted EPS	$	18,337	$	13,465	$	34,981	$	25,834
Denominator
Shares used in computation of basic EPS (1)	2,518		2,534		2,522		2,540
Effect of dilutive RSUs	52		76		58		79
Shares used in computation of diluted EPS	2,570		2,610		2,580		2,619
Diluted EPS	$	7.14	$	5.16	$	13.56	$	9.86

____________________________________

(1)Includes 2,175 million and 2,189 million shares of Class A common stock and 343 million and 345 million shares of Class B common stock, for the three months ended June 30, 2025 and 2024, respectively; and 2,179 million and 2,193 million shares of Class A common stock and 343 million and 347 million shares of Class B common stock, for the six months ended June 30, 2025 and 2024, respectively.

EPS for Class B common stock is not presented separately as under the two-class method Class A and Class B EPS is not meaningfully different.