v3.25.4
Common shares (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Summary of Common Shares
At December 31
thousands of shares2025 2024 
Authorized1,100,000 1,100,000 
Outstanding483,593 509,045 
Common Share Activities
The company’s common share activities are summarized below:

 Thousands of
 shares 		Millions of
 dollars
Balance as at January 1, 2023584,153 1,079 
Purchases at stated value(48,316)(87)
Balance as at December 31, 2023535,837 992 
Purchases at stated value(26,792)(50)
Balance as at December 31, 2024509,045 942 
Purchases at stated value(25,452)(47)
Balance as at December 31, 2025483,593 895 
Calculation of Basic and Diluted Earnings Per Share
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:

 2025 2024 2023 
Net income (loss) per common share – basic   
Net income (loss) (millions of Canadian dollars)
3,268 4,790 4,889 
Weighted-average number of common shares outstanding (millions of shares)
502.8 529.4 574.8 
Net income (loss) per common share (dollars)
6.50 9.05 8.51 
 
Net income (loss) per common share – diluted   
Net income (loss) (millions of Canadian dollars)
3,268 4,790 4,889 
Weighted-average number of common shares outstanding (millions of shares)
502.8 529.4 574.8 
Effect of employee share-based awards (millions of shares)
1.2 1.2 1.1 
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
504.0 530.6 575.9 
Net income (loss) per common share (dollars)
6.48 9.03 8.49 
 
Dividends per common share – declared (dollars)
2.88 2.40 1.94