Earnings Per Share

9 Months Ended

Oct. 04, 2025

16. Earnings Per Share

The computations of basic and diluted net earnings per share for the third quarter and first nine months of 2025 and 2024 are as follows (in millions, except per share amounts):


	Three Months (13 Weeks) Ended						Nine Months (39 Weeks) Ended
	October 4, 2025			September 28, 2024			October 4, 2025			September 28, 2024
Basic net earnings per share:
Basic net earnings	$	607		$	250		$	1,366		$	1,740
Earnings allocated to participating securities		(2	)		(1	)		(5	)		(8	)
Net earnings available to common stockholders	$	605		$	249		$	1,361		$	1,732
Basic average shares outstanding		229.9			236.5			231.1			239.7
Basic net earnings per share	$	2.63		$	1.05		$	5.89		$	7.23
Diluted net earnings per share:
Diluted net earnings	$	607		$	250		$	1,366		$	1,740
Earnings allocated to participating securities		(2	)		(1	)		(6	)		(8	)
Net earnings available to common stockholders	$	605		$	249		$	1,360		$	1,732
Diluted average shares outstanding:
Basic average shares outstanding		229.9			236.5			231.1			239.7
Dilutive effect of stock options and other		0.3			0.3			0.3			0.1
		230.2			236.8			231.4			239.8
Diluted net earnings per share	$	2.63		$	1.05		$	5.88		$	7.22

The following stock options were excluded from the computation of diluted net earnings per share for the third quarter and first nine months of 2025 and 2024 because their effect would have been anti-dilutive (shares in thousands):


	Three Months (13 Weeks) Ended				Nine Months (39 Weeks) Ended
	October 4, 2025		September 28, 2024		October 4, 2025		September 28, 2024
Anti-dilutive stock options:
Weighted-average shares		23		70		147		23
Weighted-average exercise price	$	168.85	$	168.85	$	145.26	$	168.85