Earnings Per Share

12 Months Ended

Oct. 29, 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.


Fiscal Year	2023		2022		2021

	(In millions, except per share amounts)
Numerator:
Net income	$	6,856	$	6,525	$	5,888
Denominator:
Weighted average common shares outstanding	840		871		910
Effect of weighted dilutive restricted stock units and employee stock purchase plan shares	5		6		9
Denominator for diluted earnings per share	845		877		919
Basic earnings per share	$	8.16	$	7.49	$	6.47
Diluted earnings per share	$	8.11	$	7.44	$	6.40
Potentially weighted dilutive securities	—		3		—

Excluded from the calculation of diluted earnings per share are securities attributable to outstanding restricted stock units 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.