Earnings Per Share
Our earnings per common share (“EPS”) were:
December 27, 2025December 28, 2024December 30, 2023
 (in millions, except per share data)
Basic Earnings Per Common Share:
Net income/(loss) attributable to common shareholders$(5,846)$2,744 $2,855 
Weighted average shares of common stock outstanding1,187 1,210 1,227 
Net earnings/(loss)$(4.93)$2.27 $2.33 
Diluted Earnings Per Common Share:
Net income/(loss) attributable to common shareholders$(5,846)$2,744 $2,855 
Weighted average shares of common stock outstanding1,187 1,210 1,227 
Effect of dilutive equity awards— 
Weighted average shares of common stock outstanding, including dilutive effect1,187 1,215 1,235 
Net earnings/(loss)$(4.93)$2.26 $2.31 
We use the treasury stock method to calculate the dilutive effect of outstanding equity awards in the denominator for diluted EPS. Anti-dilutive shares were 14 million in 2025, 6 million in 2024, and 7 million in 2023.

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 13, 2025
2023Feb 15, 2024
2022Feb 16, 2023
2021Feb 17, 2022
2020Feb 17, 2021
2019Feb 14, 2020
2018Jun 7, 2019
2017Feb 16, 2018
2016Mar 3, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.