Earnings Per Share

9 Months Ended

Jan. 31, 2026

We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP).

The following table presents information concerning basic and diluted earnings per share:


	Three Months Ended				Nine Months Ended
	January 31,				January 31,
(Dollars in millions, except per share amounts)	2025		2026		2025		2026


Net income available to common stockholders	$	270	$	267	$	723	$	661

Share data (in thousands):
Basic average common shares outstanding	472,661		462,460		472,651		468,624
Dilutive effect of stock-based awards	225		397		309		328
Diluted average common shares outstanding	472,886		462,857		472,960		468,952

Basic earnings per share	$	0.57	$	0.58	$	1.53	$	1.41
Diluted earnings per share	$	0.57	$	0.58	$	1.53	$	1.41

We excluded common stock-based awards for approximately 3,378,000 shares and 5,179,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2025 and 2026, respectively. We excluded common stock-based awards for approximately 2,993,000 shares and 4,718,000 shares from the calculation of diluted earnings per share for the

nine months ended January 31, 2025 and 2026, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.