| Summary of Quarterly Financial Data |
The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations (Amounts for the individual quarters when aggregated may not agree to the full year due to rounding):
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For the Three-Months Ended |
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(in millions, except for per share data) |
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March 31, 2020 |
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June 30, 2020 |
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Sept. 30, 2020 |
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Dec. 31, 2020 |
| Total revenue |
$ |
40,834 |
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$ |
48,595 |
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$ |
48,589 |
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$ |
48,889 |
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| Total expenses |
31,089 |
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37,354 |
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41,474 |
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44,973 |
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| Income before equity method investments |
9,745 |
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11,241 |
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7,115 |
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3,916 |
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| Income (loss) from equity method investments |
16,588 |
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(589) |
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16,507 |
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15,457 |
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| Income (loss) before income taxes |
26,333 |
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10,652 |
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23,622 |
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19,373 |
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| Income tax (expense) benefit |
(1,923) |
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1,407 |
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(2,345) |
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5,640 |
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| Net income (loss) |
24,410 |
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12,059 |
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21,277 |
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25,013 |
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| Net income (loss) attributable to controlling stockholders |
$ |
24,308 |
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$ |
12,008 |
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$ |
21,175 |
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$ |
24,925 |
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| Basic earnings (loss) per common share |
$ |
0.36 |
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$ |
0.16 |
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$ |
0.28 |
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$ |
0.33 |
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| Diluted earnings (loss) per common share |
0.35 |
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0.16 |
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0.28 |
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0.32 |
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For the Three-Months Ended |
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(in millions, except for per share data) |
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March 31, 2019 |
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June 30, 2019 |
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Sept. 30, 2019 |
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Dec. 31, 2019 |
| Total revenue |
$ |
33,143 |
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$ |
31,268 |
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$ |
38,842 |
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$ |
38,328 |
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| Total expenses |
26,211 |
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25,258 |
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35,518 |
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28,751 |
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| Income before equity method investments |
6,932 |
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6,010 |
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3,324 |
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9,577 |
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| Income (loss) from equity method investments |
4,506 |
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7,624 |
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5,984 |
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46,060 |
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| Income (loss) before income taxes |
11,438 |
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13,634 |
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9,308 |
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55,637 |
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| Income tax (expense) benefit |
2,270 |
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(839) |
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(132) |
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(9,396) |
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| Net income (loss) |
13,708 |
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12,795 |
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9,176 |
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46,241 |
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| Net income (loss) attributable to controlling stockholders |
$ |
13,646 |
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$ |
12,740 |
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$ |
9,102 |
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$ |
46,076 |
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| Basic earnings (loss) per common share |
$ |
0.22 |
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$ |
0.20 |
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$ |
0.14 |
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$ |
0.70 |
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| Diluted earnings (loss) per common share |
0.21 |
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0.19 |
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0.13 |
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0.66 |
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