Quarterly report [Sections 13 or 15(d)]

Earnings Per Common Share

Earnings Per Common Share

6 Months Ended

Jun. 30, 2026

The calculation of earnings per common share (EPS) and diluted EPS for the three and six months ended June 30, 2026 and 2025 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 2025 Annual Report on Form 10-K.



	Three Months Ended June 30				Six Months Ended June 30
(In millions, except per share information)	2026		2025		2026		2025
Earnings per common share
Net income	$	9,074	$	7,170	$	17,658	$	14,530
Preferred stock dividends and other	(326)		(291)		(755)		(697)
Net income applicable to common shareholders	$	8,748	$	6,879	$	16,903	$	13,833

Average common shares issued and outstanding	7,151.2		7,581.2		7,203.5		7,629.5
Earnings per common share	$	1.22	$	0.91	$	2.35	$	1.81

Diluted earnings per common share

Net income applicable to common shareholders	$	8,748	$	6,879	$	16,903	$	13,833
Add preferred stock dividends due to assumed conversions	56		—		112		—
Net income allocated to common shareholders	$	8,804	$	6,879	$	17,015	$	13,833
Average common shares issued and outstanding	7,151.2		7,581.2		7,203.5		7,629.5
Dilutive potential common shares	143.0		70.4		152.7		81.7
Total average diluted common shares issued and outstanding	7,294.2		7,651.6		7,356.2		7,711.2
Diluted earnings per common share	$	1.21	$	0.90	$	2.31	$	1.79

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 six months ended June 30, 2026, 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 the period. In addition, Series L preferred dividends of $56 million and $112 million for the three and six months ended June 30, 2026 were included in net income allocated to common shareholders, as they would not have been paid if the Series L was converted. For the three and six months ended June 30, 2025, the Corporation’s Series L was antidilutive, and therefore, there was no assumed conversion of any shares.