Quarterly report [Sections 13 or 15(d)]

Earnings Per Common Share

Earnings Per Common Share

9 Months Ended

Sep. 30, 2025

The calculation of earnings per common share (EPS) and diluted EPS for the three and nine months ended September 30, 2025 and 2024 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.



	Three Months Ended September 30				Nine Months Ended September 30
(In millions, except per share information)	2025		2024		2025		2024
Earnings per common share
Net income	$	8,469	$	6,896	$	22,981	$	20,467
Preferred stock dividends and other	(429)		(516)		(1,126)		(1,363)
Net income applicable to common shareholders	$	8,040	$	6,380	$	21,855	$	19,104

Average common shares issued and outstanding	7,466.0		7,818.0		7,574.5		7,894.7
Earnings per common share	$	1.08	$	0.82	$	2.89	$	2.42

Diluted earnings per common share

Net income applicable to common shareholders	$	8,040	$	6,380	$	21,855	$	19,104
Add preferred stock dividends due to assumed conversions	56		—		167		—
Net income allocated to common shareholders	$	8,096	$	6,380	$	22,022	$	19,104
Average common shares issued and outstanding	7,466.0		7,818.0		7,574.5		7,894.7
Dilutive potential common shares	161.1		84.1		150.2		70.3
Total average diluted common shares issued and outstanding	7,627.1		7,902.1		7,724.7		7,965.0
Diluted earnings per common share	$	1.06	$	0.81	$	2.85	$	2.40

Diluted EPS is calculated by adjusting net income applicable to common shareholders and average common shares issued and outstanding for the potential impact, if dilutive, of any instruments that are exercisable or convertible into common shares. As the Corporation’s Series L convertible preferred stock (Series L) was dilutive to EPS for the three and nine months ended September 30, 2025, total average dilutive common shares issued and outstanding included 62 million common shares, as the Series L was assumed to have been converted into common shares as of the beginning of those periods. In addition, Series L preferred dividends of $56 million and $167 million for the three and nine months ended September 30, 2025 were included in net income allocated to common shareholders, as they would have been paid if the Series L was converted. For the three and nine months ended September 30, 2024, the Corporation’s Series L was antidilutive, and therefore, there was no assumed conversion of any shares.