Earnings Per Unit

12 Months Ended

Dec. 31, 2025

Note 11. Earnings Per Unit

The following table presents our calculation of basic and diluted earnings per common unit for the years indicated:


	For the Year Ended December 31,
		2025		2024		2023
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders		$	5,810	$	5,897	$	5,529
Earnings allocated to phantom unit awards (1)		(55)		(56)		(50)
Net income allocated to common unitholders		$	5,755	$	5,841	$	5,479

Basic weighted-average number of common units outstanding		2,166		2,169		2,172

Basic earnings per common unit		$	2.66	$	2.69	$	2.52

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders		$	5,810	$	5,897	$	5,529
Net income attributable to preferred units		4		4		3
Net income attributable to limited partners		$	5,814	$	5,901	$	5,532

Diluted weighted-average number of units outstanding:
Distribution-bearing common units		2,166		2,169		2,172
Phantom units (2)		20		21		20
Preferred units (2)		2		2		2
Total		2,188		2,192		2,194

Diluted earnings per common unit		$	2.66	$	2.69	$	2.52

(1)Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 13 for information regarding phantom units.

(2)We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding. See Note 8 for information regarding preferred units.