Net Income Per Share

Note 7 – Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the periods presented. Diluted net income per share is computed by giving effect to all potential weighted average dilutive common stock. For diluted net income per share, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities by application of the if-converted method, as applicable.

We take into account the effect on consolidated net income per share of dilutive securities of entities in which we hold equity interests that are accounted for using the equity method.

The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2025		2024		2025
Basic net income per share:
Numerator
Net income including non-controlling interests	$	1,008	$	1,350	$	345	$	3,124
Net loss attributable to non-controlling interests, net of tax	(7)		(5)		(16)		(7)
Net income attributable to common stockholders	$	1,015	$	1,355	$	361	$	3,131
Denominator
Basic weighted-average common stock outstanding	2,092,180		2,091,106		2,085,324		2,091,781
Basic net income per share attributable to common stockholders (1)	$	0.49	$	0.65	$	0.17	$	1.50
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	1,015	$	1,355	$	361	$	3,131
Assumed net loss attributable to Freight Holding contingently issuable shares	(14)		(14)		(30)		(27)


Diluted net income attributable to common stockholders	$	1,001	$	1,341	$	331	$	3,104
Denominator
Number of shares used in basic net income per share computation	2,092,180		2,091,106		2,085,324		2,091,781
Dilutive effect of equity awards	43,560		28,419		48,869		27,712
Dilutive effect of Freight Holding contingently issuable shares	11,958		701		15,133		827
Dilutive effect of Convertible Notes	—		3,081		—		1,540
Dilutive effect of other contingently issuable shares	2,321		2,321		2,321		2,321
Diluted weighted-average common stock outstanding	2,150,019		2,125,628		2,151,647		2,124,181
Diluted net income per share attributable to common stockholders (1)	$	0.47	$	0.63	$	0.15	$	1.46

(1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate.

During the three and six months ended June 30, 2024, approximately 23 million shares of common stock underlying equity awards were excluded from the computation of diluted net income per share during the periods presented because their effect would have been antidilutive.

During the three and six months ended June 30, 2025, approximately 5 million shares of common stock underlying equity awards were excluded from the computation of diluted net income per share during the periods presented because their effect would have been antidilutive.