v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table provides a reconciliation between basic and diluted earnings per share for the years ended December 31:
Millions, except per share amounts202520242023
Net income$7,138 $6,747 $6,379 
Weighted-average number of shares outstanding:
Basic595.0 607.6 609.2 
Dilutive effect of stock options0.3 0.4 0.4 
Dilutive effect of retention awards0.6 0.6 0.6 
Diluted595.9 608.6 610.2 
Earnings per share - basic$12.00 $11.10 $10.47 
Earnings per share - diluted$11.98 $11.09 $10.45 
Diluted earnings per share was computed using the treasury stock method for both stock options and retention awards. Common stock options totaling 1.0 million, 0.6 million, and 0.9 million for 2025, 2024, and 2023, respectively, were excluded from the computation of diluted earnings per share because the exercise prices of these stock options exceeded the average market price of our common stock for the respective periods, and the effect of their inclusion would be anti-dilutive.