Net Income Per Share

6 Months Ended

Jun. 30, 2025

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, plus the dilutive effects of restricted stock units (“RSUs”), stock options and performance stock units (“PSUs”). Dilutive shares of common stock are determined by applying the treasury stock method.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per share is (in millions, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Numerator:
Net income	$	440.1	$	379.8	$	873.5	$	679.1

Denominator:
Basic shares:
Weighted-average common stock outstanding-basic	765.5		763.8		766.9		763.1
Diluted shares:
Weighted-average common stock outstanding-basic	765.5		763.8		766.9		763.1
Effect of potentially dilutive securities:
RSUs	2.6		1.5		3.0		2.1
Stock options	4.0		4.5		4.3		4.8
PSUs	0.6		0.1		0.6		0.2
Weighted-average shares used to compute diluted net income per share	772.7		769.9		774.8		770.2
Net income per share
Basic	$	0.57	$	0.50	$	1.14	$	0.89
Diluted	$	0.57	$	0.49	$	1.13	$	0.88

The following weighted-average shares of common stock were excluded from the computation of diluted net income per share for the periods presented, as their effect would have been antidilutive (in millions):


	Three Months Ended		Six Months Ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
RSUs	2.1	—	1.5	—
Stock options	0.6	3.6	0.5	3.4
PSUs	—	0.2	—	0.1
Total	2.7	3.8	2.0	3.5