16. Earnings Per Share

The weighted-average number of shares outstanding used in the computations of basic and diluted earnings per share were as follows:

Fiscal

    

2025

    

2024

    

2023

    

(in millions)

Basic

297

 

307

 

315

Dilutive impact of share-based compensation arrangements

2

 

2

 

2

Diluted

299

 

309

 

317

The following share options were not included in the computation of diluted earnings per share because the instruments’ underlying exercise prices were greater than the average market prices of our shares and inclusion would be antidilutive:

Fiscal

    

2025

    

2024

    

2023

(in millions)

Antidilutive share options

1

 

1

 

1

Historical Timeline

Fiscal YearFiled
2025Nov 10, 2025Showing above
2024Nov 12, 2024
2023Nov 13, 2023
2022Nov 15, 2022
2021Nov 9, 2021
2020Nov 10, 2020
2019Nov 12, 2019
2018Nov 13, 2018
2017Nov 14, 2017
2016Nov 15, 2016
2015Nov 10, 2015

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.