EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Basic and Diluted Net Income per Share

Basic and diluted net income per share of common stock for the years ended December 31, 2025, 2024 and 2023 was calculated as follows:



FOR THE YEARS ENDED DECEMBER 31, (MILLIONS)	2025				2024				2023
	Class A Shares		Class B Shares		Class A Shares		Class B Shares		Class A Shares		Class B Shares
Numerator
Net income	$	2,482	$	—	$	2,165	$	—	$	1,837	$	—
Denominator
Weighted average of common stock outstanding - basic	1,612.2		—		1,603.4		—		1,585.8		—
Dilutive effect of conversion of options and escrowed shares using treasury stock method	16.3		—		10.2		—		4.8		—
Weighted average of common stock outstanding - diluted	1,628.5		—		1,613.6		—		1,590.6		—
Net Income per Share
Earnings per share - basic	$	1.54	$	1.54	$	1.35	$	1.35	$	1.16	$	1.16
Earnings per share - diluted	$	1.52	$	1.54	$	1.34	$	1.35	$	1.16	$	1.16

Schedule of Weighted Average Potentially Dilutive Securities

The following weighted average potentially dilutive securities were evaluated under the treasury stock method for potentially dilutive effects and have been excluded in the above computation of diluted net income per share attributable to common shareholders for the period presented due to their anti-dilutive effect:


FOR THE YEARS ENDED DECEMBER 31, (MILLIONS)	2025	2024	2023
Management stock options of BAM	3.8	4.2	8.2
Escrow shares of BAM	3.6	3.7	5.0
Total	7.4	7.9	13.2