Earnings Per Share

3 Months Ended

Mar. 31, 2026

Note 12 – Earnings Per Share

The computation of basic and diluted earnings per share was as follows:


	Three Months Ended March 31,
(in millions, except shares and per share amounts)		2026		2025

Net income		$	2,504	$	2,953


Weighted-average shares outstanding – basic (1)		1,100,174,423		1,140,537,935
Effect of dilutive securities:
Outstanding stock options and unvested stock awards (1)		1,878,823		4,117,362

Weighted-average shares outstanding – diluted		1,102,053,246		1,144,655,297

Earnings per share – basic		$	2.28	$	2.59
Earnings per share – diluted		$	2.27	$	2.58

Potentially dilutive securities:
Outstanding stock options and unvested stock awards		2,193,273		961,773
Ka’ena Acquisition earnout (2)		—		979,153

(1) For the three months ended March 31, 2026, the weighted-average number of shares issuable related to the Ka’ena Acquisition earnout (“Ka’ena Shares”) are included in our calculations of basic and diluted weighted-average shares outstanding based on the 20 trading day volume-weighted average price as of March 31, 2026, as further described below.

(2) Represents the Ka’ena Shares that were contingently issuable based on achievement of specified performance indicators from the Ka’ena Acquisition closing date of May 1, 2024, based on the maximum number of shares contingently issuable for the earnout and 20 trading day volume-weighted average price as of March 31, 2025.

As of March 31, 2026, we had authorized 100 million shares of preferred stock, with a par value of $0.00001 per share. There was no preferred stock outstanding as of March 31, 2026 and 2025. Potentially dilutive securities were not included in the computation of diluted earnings per share if to do so would have been anti-dilutive.

The Ka’ena Shares were previously contingent consideration for the Ka’ena Acquisition. On June 30, 2025, we amended the Merger and Unit Purchase Agreement to set the calculation of the earnout as the difference between the maximum purchase price of $1.35 billion and the upfront payment, as adjusted, and removed the requirement for Ka’ena to achieve specified performance indicators. The Ka’ena Shares issuable are included in the calculation of basic and diluted weighted-average shares outstanding for the three months ended March 31, 2026. The Ka’ena Shares are expected to be issued after the Ka’ena Acquisition earnout payment date.