ProFrac Holding Corp. Earnings Per Share Disclosure
13. EARNINGS PER SHARE
The calculation of earnings per share ("EPS") for our Class A common stock is as follows:
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Numerator: |
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Net loss attributable to ProFrac Holding Corp. |
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$ |
(369.0 |
) |
|
$ |
(215.1 |
) |
|
$ |
(97.7 |
) |
Adjust Series A redeemable convertible preferred stock to its maximum redemption value |
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|
(5.3 |
) |
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|
(4.8 |
) |
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|
(9.8 |
) |
Net income (loss) used for basic and diluted earnings per Class A common share |
|
$ |
(374.3 |
) |
|
$ |
(219.9 |
) |
|
$ |
(107.5 |
) |
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Denominator: |
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Weighted average Class A common shares |
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168.3 |
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|
159.9 |
|
|
|
130.9 |
|
Dilutive potential of restricted stock units |
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— |
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— |
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— |
|
Weighted average Class A common shares — diluted |
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|
168.3 |
|
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|
159.9 |
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|
|
130.9 |
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Basic and diluted earnings per Class A common share |
|
$ |
(2.22 |
) |
|
$ |
(1.38 |
) |
|
$ |
(0.82 |
) |
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Antidilutive shares: |
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Common stock equivalents related to Preferred Stock |
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2.9 |
|
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|
2.7 |
|
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|
2.5 |
|
Restricted stock units which are antidilutive due to net loss position |
|
|
— |
|
|
|
0.1 |
|
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|
0.2 |
|
Contingently issuable shares |
|
|
0.3 |
|
|
|
— |
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|
|
— |
|
Total antidilutive shares |
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|
3.2 |
|
|
|
2.8 |
|
|
|
2.7 |
|
The dilutive potential of restricted stock units was calculated using the treasury stock method. The dilutive potential of our Preferred Stock is calculated using the if-converted method.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 10, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 30, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.