
14.						Net Income (Loss) per Share Attributable to Common Stockholders

Prior to the IPO, the rights, including the liquidation and dividend rights, of the holders of voting and non-voting common stock were identical, except with respect to voting. As the liquidation and dividend rights were identical, the undistributed earnings were allocated on a proportionate basis and the resulting net income (loss) per share attributable to common stockholders were, therefore, the same for both voting and non-voting common stock on an individual or combined basis.

Immediately prior to the completion of the IPO, all outstanding shares of the Company’s non-voting common stock were converted into shares of voting common stock, all of which were subsequently reclassified into common stock. The shares issued in the IPO and the shares of common stock issued upon conversion of the then-outstanding shares of

redeemable convertible preferred stock in connection with the IPO, as well as vested RSUs, are included in the table below weighted for the period outstanding during the year ended December 31, 2023.

The computation of basic and diluted net income (loss) per share attributable to common stockholders was as follows:


	Year Ended December 31,
	2023		2024		2025

	(in millions, except share amounts, which are reflected in thousands, and per share amounts)
Numerator:
Net income (loss)	$	(1,622)	$	457	$	447

Less: Accretion related to Series A redeemable convertible preferred stock	(2)		(9)		(9)
Net income (loss) attributable to common stockholders, basic	$	(1,624)	$	448	$	438

Add: Accretion related to Series A redeemable convertible preferred stock	—		9		9
Net income (loss) attributable to common stockholders, diluted	$	(1,624)	$	457	$	447

Denominator:
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders	130,616		264,640		261,353
Weighted-average effect of dilutive securities:
Series A redeemable convertible preferred stock	—		5,833		5,833
Stock options	—		7,480		5,055
Restricted stock units	—		11,200		7,344

Unvested restricted non-voting common stock	—		5		35


Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders	130,616		289,158		279,621

Net income (loss) per share attributable to common stockholders:
Basic	$	(12.43)	$	1.69	$	1.68
Diluted	$	(12.43)	$	1.58	$	1.60

The following potentially dilutive outstanding securities were excluded from the computation of diluted income (loss) per share attributable to common stockholders because their effect was not dilutive:


	As of December 31,
	2023	2024	2025

	(in thousands)

Series A redeemable convertible preferred stock (1)	6,925	—	—
Stock options	19,553	417	384
Restricted stock units	27,229	1,853	1,505
Unvested restricted non-voting common stock	326	144	—

Total	54,033	2,414	1,889

___________

(1) Series A redeemable convertible preferred stock included in the table above considers the Conversion Shortfall, as applicable, as further described in Note 11 — Redeemable Convertible Preferred Stock.

The following potentially dilutive outstanding securities were excluded from the table above because they are subject to performance-based and / or market-based vesting conditions that were not achieved as of those dates:


	As of December 31,
	2023	2024	2025

	(in thousands)
Restricted stock units	1,890	1,139	335


Total	1,890	1,139	335

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.

Maplebear Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures