Earnings Per Common Share (EPS)

9 Months Ended

Sep. 30, 2026

The computations of basic and diluted EPS for the three and nine months ended September 30, 2026 and 2025 were as follows:

Table 13.1: Computation of Basic and Diluted Earnings per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions, except per share amounts)	2026		2025		2026		2025
Numerator:
Basic and diluted:
Net income	$	3,712	$	2,902	$	9,794	$	8,371
Preferred dividends	(24)		(14)		(53)		(43)
Equity-related adjustment (a)	(16)		—		(16)		—
Net income available to common shareholders	$	3,672	$	2,888	$	9,725	$	8,328
Earnings allocated to participating share awards (b)	(23)		(20)		(62)		(56)
Net income attributable to common shareholders	$	3,649	$	2,868	$	9,663	$	8,272
Denominator: (b)
Basic: Weighted-average common shares	673		692		678		697
Add: Weighted-average stock options (c)	1		1		1		1
Diluted	674		693		680		698

Basic EPS	$	5.43	$	4.14	$	14.24	$	11.87
Diluted EPS	$	5.42	$	4.14	$	14.22	$	11.85

(a)Represents the difference between the redemption value and carrying value of the Series D preferred shares, which were redeemed on September 15, 2026. The carrying value represents the original issuance proceeds, net of underwriting fees and offering costs for these preferred shares.

(b)Our unvested restricted stock awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered participating securities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.

(c)The dilutive effect of unexercised stock options excludes from the computation of EPS nil and 0.1 million of options for the three months ended September 30, 2026 and 2025, respectively, and nil and 0.2 million of options for the nine months ended September 30, 2026 and 2025, respectively, because inclusion of the options would have been anti-dilutive.