Blend Labs, Inc.BLND
Blend Labs, Inc. Earnings Per Share Disclosure
Net Income (Loss) Per Share
The Company has three classes of authorized common stock for which voting rights differ by class. The Company computes net income (loss) per share using the two-class method required for multiple classes of common stock. The Company’s Series A Preferred Stock is considered a participating security for purposes of applying the two-class method when calculating earnings per share in periods of net income. Under the two-class method, net income (loss) attributable to common stockholders for the period is allocated between shares of common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed.
Basic net income (loss) per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of stock outstanding during the period, adjusted for options early exercised and subject to repurchase.
Diluted income (loss) per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities, including awards issued under the Company’s equity compensation plans or other contracts to issue common stock, as if the securities were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company. During the periods of net losses, the net loss is reduced for amounts allocated to participating securities only if the security has a right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in the net losses of the entity. The Company’s participating securities are not allocated any share of the net loss, as the participating securities do not have a contractual obligation to share in the net losses of the Company. Diluted net income (loss) per share attributable to the Company is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of fully diluted common shares outstanding.
The following table presents the calculation of basic and diluted net loss per share for Class A and Class B common stock. No shares of Class C common stock were issued and outstanding during the periods presented.
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Class A Common | Class B Common | Class A Common | Class B Common | Class A Common | Class B Common | ||||||||||||||||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||||||||||||||
Loss from continuing operations | $ | (1,111) | $ | (16) | $ | (41,686) | $ | (1,074) | $ | (160,519) | $ | (6,961) | |||||||||||||||||||||||
| Less: Accretion of Series A Preferred Stock to redemption value | (17,583) | (249) | (10,606) | (273) | — | — | |||||||||||||||||||||||||||||
| Net loss attributable to Blend Labs, Inc common stockholders from continuing operations | (18,694) | (265) | (52,292) | (1,347) | (160,519) | (6,961) | |||||||||||||||||||||||||||||
| Net loss from discontinued operations | (5,774) | (82) | (642) | (17) | (11,884) | (515) | |||||||||||||||||||||||||||||
Less: Accretion of RNCI to redemption value from discontinued operations | (1,236) | (18) | (6,102) | (157) | (6,352) | (275) | |||||||||||||||||||||||||||||
Less: Net loss attributable to noncontrolling interest included in discontinued operations | 179 | 3 | 72 | 2 | 1,137 | 49 | |||||||||||||||||||||||||||||
| Net loss attributable to Blend Labs, Inc common stockholders from discontinued operations | (6,831) | (97) | (6,672) | (172) | (17,099) | (741) | |||||||||||||||||||||||||||||
| Net loss attributable to Blend Labs, Inc common stockholders | $ | (25,525) | $ | (362) | $ | (58,964) | $ | (1,519) | $ | (177,618) | $ | (7,702) | |||||||||||||||||||||||
| Denominator: | |||||||||||||||||||||||||||||||||||
| Weighted average common stock outstanding, basic and diluted | 255,330 | 3,619 | 247,546 | 6,375 | 235,015 | 10,191 | |||||||||||||||||||||||||||||
| Net loss per share from continuing operations | |||||||||||||||||||||||||||||||||||
| Basic and diluted | $ | (0.07) | $ | (0.07) | $ | (0.21) | $ | (0.21) | $ | (0.69) | $ | (0.69) | |||||||||||||||||||||||
| Net loss per share from discontinued operations | |||||||||||||||||||||||||||||||||||
| Basic and diluted | $ | (0.03) | $ | (0.03) | $ | (0.03) | $ | (0.03) | $ | (0.07) | $ | (0.07) | |||||||||||||||||||||||
| Net loss per share attributable to Blend Labs, Inc.: | |||||||||||||||||||||||||||||||||||
| Basic and diluted | $ | (0.10) | $ | (0.10) | $ | (0.24) | $ | (0.24) | $ | (0.76) | $ | (0.76) | |||||||||||||||||||||||
The following potential shares of common stock were excluded from the computation of diluted net earnings per share for the years ended December 31, 2025, 2024 and 2023 because including them would have been antidilutive as the Company has reported net loss for each of the periods:
| As of December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Outstanding stock options | 15,170 | 17,300 | 19,946 | ||||||||||||||
| Early exercised options subject to repurchase | — | — | 124 | ||||||||||||||
| Non-plan Co-Founder and Head of Blend options | 20,194 | 26,057 | 26,057 | ||||||||||||||
| Unvested restricted stock units | 12,739 | 13,770 | 20,137 | ||||||||||||||
Unvested performance stock awards(1) | 7,260 | 3,525 | 5,500 | ||||||||||||||
| Series G Warrant | 598 | 598 | 598 | ||||||||||||||
| Haveli Warrant | 11,111 | 11,111 | — | ||||||||||||||
| Series A redeemable convertible preferred stock | 46,154 | 46,154 | — | ||||||||||||||
| Total anti-dilutive securities | 113,226 | 118,515 | 72,362 | ||||||||||||||
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(1) Performance conditions were not satisfied for the unvested performance stock awards as of December 31, 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 31, 2022 | |
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.