Earnings Per Share

9 Months Ended

Jul. 30, 2023

Basic earnings per share is determined using the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined using the weighted average number of common shares and potential common shares (representing the dilutive effect of restricted stock units and employee stock purchase plan shares) outstanding during the period. Our net income has not been adjusted for any period presented for purposes of computing basic or diluted earnings per share due to our non-complex capital structure.


	Three Months Ended				Nine Months Ended
	July 30, 2023		July 31, 2022		July 30, 2023		July 31, 2022

	(In millions, except per share amounts)
Numerator:
Net income	$	1,560	$	1,606	$	4,852	$	4,934
Denominator:
Weighted average common shares outstanding	838		864		842		877
Effect of weighted dilutive restricted stock units and employee stock purchase plan shares	5		5		4		6
Denominator for diluted earnings per share	843		869		846		883
Basic earnings per share	$	1.86	$	1.86	$	5.76	$	5.63
Diluted earnings per share	$	1.85	$	1.85	$	5.73	$	5.59
Potentially weighted dilutive securities	—		3		2		2

Potentially weighted dilutive securities attributable to outstanding restricted stock units are excluded from the calculation of diluted earnings per share where the combined exercise price and average unamortized fair value are greater than the average market price of our common stock, and therefore their inclusion would be anti-dilutive.