Earnings Per Share

6 Months Ended

Apr. 28, 2024

Basic earnings per share is determined using the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined using the weighted average number of common shares and potential common shares (representing the dilutive effect of restricted stock units and employee stock purchase plan shares) outstanding during the period. Our net income has not been adjusted for any period presented for purposes of computing basic or diluted earnings per share due to our non-complex capital structure.


	Three Months Ended				Six Months Ended
	April 28, 2024		April 30, 2023		April 28, 2024		April 30, 2023

	(In millions, except per share amounts)
Numerator:
Net income	$	1,722	$	1,575	$	3,741	$	3,292
Denominator:
Weighted average common shares outstanding	830		843		831		844
Effect of weighted dilutive restricted stock units and employee stock purchase plan shares	6		4		6		4
Denominator for diluted earnings per share	836		847		837		848
Basic earnings per share	$	2.08	$	1.87	$	4.50	$	3.90
Diluted earnings per share	$	2.06	$	1.86	$	4.47	$	3.88
Potentially weighted dilutive securities	—		2		—		2

Excluded from the calculation of diluted earnings per share are securities attributable to outstanding restricted stock units where the combined exercise price and average unamortized fair value are greater than the average market price of our common stock, and therefore their inclusion would be anti-dilutive.