v3.25.3
Earnings per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings per Share
15. Earnings per Share

The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method:

Basic and Diluted
Three months ended September 30,Nine months ended September 30,
(In millions, except share and per share amounts)2025202420252024
Numerator:
Net income (loss) attributable to common stockholders$1,712 $787 $2,735 $3,018 
Dividends declared on common stock1
(291)(262)(847)(770)
Dividends on participating securities2
(15)(15)(43)(45)
Earnings allocable to participating securities(33)(14)(43)(59)
Undistributed income (loss) attributable to common stockholders: Basic1,373 496 1,802 2,144 
Dilution effect on distributable income attributable to Mandatory Convertible Preferred Stock24 — — — 
Undistributed income (loss) attributable to common stockholders: Diluted$1,397 $496 $1,802 $2,144 
Denominator:
Weighted average number of shares of common stock outstanding: Basic 589,380,547 585,382,685 587,778,565 586,921,189 
Dilution effect of Mandatory Convertible Preferred Stock14,555,555 — — — 
Dilution effect of options813,844 1,029,658 944,536 1,057,400 
Dilution effect of warrants3,074,820 2,129,471 3,492,105 1,929,163 
Weighted average number of shares of common stock outstanding: Diluted607,824,766 588,541,814 592,215,206 589,907,752 
Net income (loss) per share of common stock: Basic
Distributed income$0.51 $0.46 $1.48 $1.35 
Undistributed income (loss)2.31 0.84 3.03 3.61 
Net income (loss) per share of common stock: Basic$2.82 $1.30 $4.51 $4.96 
Net income (loss) per share of common stock: Diluted
Distributed income$0.51 $0.46 $1.48 $1.35 
Undistributed income (loss)2.27 0.83 2.99 3.59 
Net income (loss) per share of common stock: Diluted$2.78 $1.29 $4.47 $4.94 
1 See note 14 for information regarding quarterly dividends.
2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares.

The Company has granted RSUs that provide the right to receive, subject to vesting during continued employment, shares of common stock pursuant to the Equity Plan.

Any dividend equivalent paid to an employee on RSUs will not be returned to the Company upon forfeiture of the award by the employee. Vested and unvested RSUs that are entitled to non-forfeitable dividend equivalents qualify as participating securities and are included in the Company’s basic and diluted earnings per share computations using the two-class method. The holder of an RSU participating security would have a contractual obligation to share in the losses of the entity if the holder is obligated to fund the losses of the issuing entity or if the contractual principal or mandatory redemption amount of the participating security is reduced as a result of losses incurred by the issuing entity. The RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses; therefore, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company.
The following table summarizes the anti-dilutive securities:

Three months ended September 30,Nine months ended September 30,
2025202420252024
Weighted average unvested RSUs12,857,789 14,405,628 12,448,596 14,282,686 
Weighted average unexercised warrants414,286 — 414,286 — 
Weighted average Mandatory Convertible Preferred Stock— 14,531,793 14,547,206 14,528,276 
Weighted average unvested restricted shares1,324,874 1,249,388 1,213,591 1,371,113