| Calculation of earnings per common share and diluted 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 | | | | | | | |
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