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Earnings Per Share | 9 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Note 10—Earnings Per Share Basic earnings per share is computed by dividing net income available to each class of shares by the weighted-average number of shares of common stock outstanding and participating securities during the period. Participating securities include the Company’s series A, B and C preferred stock and restricted stock units (“RSUs”) that contain non-forfeitable rights to dividends or dividend equivalents. Net income is allocated to each class of common stock and participating securities based on its proportional ownership on an as-converted basis. The weighted-average number of shares outstanding of each class of common stock reflects changes in ownership over the periods presented. See Note 9—Stockholders’ Equity. Diluted earnings per share is computed by dividing net income available by the weighted-average number of shares of common stock outstanding, participating securities and, if dilutive, potential class A common stock equivalent shares outstanding during the period. Dilutive class A common stock equivalents may consist of: (1) shares of class A common stock issuable upon the conversion of series A, B and C preferred stock and class B and C common stock based on the conversion rates in effect through the period, and (2) incremental shares of class A common stock calculated by applying the treasury stock method to the assumed exercise of employee stock options, the assumed purchase of stock under the Company’s Employee Stock Purchase Plan and the assumed vesting of unearned performance shares. The following table presents earnings per share for the three months ended June 30, 2022:
| Basic Earnings Per Share |  | Diluted Earnings Per Share
| Income Allocation (A)(1) |  | Weighted- Average Shares Outstanding (B) |  | Earnings per Share = (A)/(B)(2) |  | Income Allocation (A)(1) |  | Weighted- Average Shares Outstanding (B) |  | Earnings per Share = (A)/(B)(2)
| (in millions, except per share data)
Class A common stock | $ | 2,634 |  |  | 1,642 |  |  | $ | 1.60 |  |  | $ | 3,411 |  |  | 2,129 |  | (3) | $ | 1.60 |
Class B common stock | 637 |  |  | 245 |  |  | $ | 2.59 |  |  | $ | 636 |  |  | 245 |  |  | $ | 2.59 |
Class C common stock | 64 |  |  | 10 |  |  | $ | 6.42 |  |  | $ | 64 |  |  | 10 |  |  | $ | 6.41 |
Participating securities | 76 |  |  | Not presented |  | Not presented |  | $ | 76 |  |  | Not presented |  | Not presented
Net income | $ | 3,411 |  |  |  |  |  |  |  |  |  |  |
The following table presents earnings per share for the nine months ended June 30, 2022:
| Basic Earnings Per Share |  | Diluted Earnings Per Share
| Income Allocation (A)(1) |  | Weighted- Average Shares Outstanding (B) |  | Earnings per Share = (A)/(B)(2) |  | Income Allocation (A)(1) |  | Weighted- Average Shares Outstanding (B) |  | Earnings per Share = (A)/(B)(2)
| (in millions, except per share data)
Class A common stock | $ | 8,518 |  |  | 1,655 |  |  | $ | 5.15 |  |  | $ | 11,017 |  |  | 2,143 |  | (3) | $ | 5.14 |
Class B common stock | 2,046 |  |  | 245 |  |  | $ | 8.33 |  |  | $ | 2,044 |  |  | 245 |  |  | $ | 8.33 |
Class C common stock | 207 |  |  | 10 |  |  | $ | 20.58 |  |  | $ | 207 |  |  | 10 |  |  | $ | 20.56 |
Participating securities | 246 |  |  | Not presented |  | Not presented |  | $ | 246 |  |  | Not presented |  | Not presented
Net income | $ | 11,017 |  |  |  |  |  |  |  |  |  |  |
The following table presents earnings per share for the three months ended June 30, 2021:
| Basic Earnings Per Share |  | Diluted Earnings Per Share
| Income Allocation (A)(1) |  | Weighted- Average Shares Outstanding (B) |  | Earnings per Share = (A)/(B)(2) |  | Income Allocation (A)(1) |  | Weighted- Average Shares Outstanding (B) |  | Earnings per Share = (A)/(B)(2)
| (in millions, except per share data)
Class A common stock | $ | 1,996 |  |  | 1,691 |  |  | $ | 1.18 |  |  | $ | 2,575 |  |  | 2,184 |  | (3) | $ | 1.18 |
Class B common stock | 470 |  |  | 245 |  |  | $ | 1.92 |  |  | $ | 470 |  |  | 245 |  |  | $ | 1.91 |
Class C common stock | 49 |  |  | 10 |  |  | $ | 4.72 |  |  | $ | 49 |  |  | 10 |  |  | $ | 4.72 |
Participating securities | 60 |  |  | Not presented |  | Not presented |  | $ | 60 |  |  | Not presented |  | Not presented
Net income | $ | 2,575 |  |  |  |  |  |  |  |  |  |  |
The following table presents earnings per share for the nine months ended June 30, 2021:
| Basic Earnings Per Share |  | Diluted Earnings Per Share
| Income Allocation (A)(1) |  | Weighted- Average Shares Outstanding (B) |  | Earnings per Share = (A)/(B)(2) |  | Income Allocation (A)(1) |  | Weighted- Average Shares Outstanding (B) |  | Earnings per Share = (A)/(B)(2)
| (in millions, except per share data)
Class A common stock | $ | 6,748 |  |  | 1,693 |  |  | $ | 3.99 |  |  | $ | 8,727 |  |  | 2,192 |  | (3) | $ | 3.98 |
Class B common stock | 1,588 |  |  | 245 |  |  | $ | 6.47 |  |  | $ | 1,586 |  |  | 245 |  |  | $ | 6.46 |
Class C common stock | 169 |  |  | 11 |  |  | $ | 15.94 |  |  | $ | 169 |  |  | 11 |  |  | $ | 15.92 |
Participating securities | 222 |  |  | Not presented |  | Not presented |  | $ | 221 |  |  | Not presented |  | Not presented
Net income | $ | 8,727 |  |  |  |  |  |  |  |  |  |  |
(1)The weighted-average number of shares of as-converted class B common stock used in the income allocation was 397 million for the three months ended June 30, 2022 and 398 million for nine months ended June 30, 2022 and three and nine months ended June 30, 2021. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 40 million for the three and nine months ended June 30, 2022 and 42 million for the three and nine months ended June 30, 2021. The weighted-average number of shares of preferred stock included within participating securities was 6 million of as-converted series A preferred stock for the three and nine months ended June 30, 2022 and 9 million and 14 million of as-converted series A preferred stock for the three and nine months ended June 30, 2021, respectively, 15 million of as-converted series B preferred stock for the three months ended June 30, 2022 and 16 million of as-converted series B preferred stock for the nine months ended June 30, 2022 and three and nine months ended June 30, 2021 and 22 million of as-converted series C preferred stock for the three and nine months ended June 30, 2022 and 2021. (2)Figures in the table may not recalculate exactly due to rounding. Basic and diluted earnings per share is calculated based on unrounded numbers. (3)Weighted-average diluted shares outstanding are calculated on an as-converted basis and include incremental common stock equivalents, as calculated under the treasury stock method. The common stock equivalents are not material for the three and nine months ended June 30, 2022 and 2021.

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