Annual report [Section 13 and 15(d), not S-K Item 405]

Earnings Per Common Share

v3.25.4
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
The calculation of EPS and diluted EPS for 2025, 2024 and 2023 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles.
(In millions, except per share information) 2025 2024 2023
Earnings per common share    
Net income $ 30,509  $ 26,973  $ 26,305 
Preferred stock dividends and other
 (1,454) (1,629) (1,649)
Net income applicable to common shareholders $ 29,055  $ 25,344  $ 24,656 
Average common shares issued and outstanding 7,521.9  7,855.5  8,028.6 
Earnings per common share $ 3.86  $ 3.23  $ 3.07 
Diluted earnings per common share    
Net income applicable to common shareholders $ 29,055  $ 25,344  $ 24,656 
Add preferred stock dividends due to assumed conversions 223  —  — 
Net income allocated to common shareholders $ 29,278  $ 25,344  $ 24,656 
Average common shares issued and outstanding 7,521.9  7,855.5  8,028.6 
Dilutive potential common shares
 159.0  80.3  51.9 
Total average diluted common shares issued and outstanding
 7,680.9  7,935.8  8,080.5 
Diluted earnings per common share $ 3.81  $ 3.19  $ 3.05 
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 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 2025. In addition, for 2025, Series L preferred dividends of $223 million were included in net income allocated to common shareholders, as they would have been paid if the Series L was converted. For 2024 and 2023, the Corporation’s Series L was antidilutive, and therefore, there was no assumed conversion of any shares.