Caesars Entertainment, Inc.CZR

Caesars Entertainment, Inc. Earnings Per Share Disclosure

10-KFiled Feb 17, 20262 min read
Earnings per Share
Basic earnings per share (“EPS”) is computed by dividing net income (loss) attributable to Caesars by the weighted average shares outstanding during the reporting period. Diluted EPS is computed similarly to basic EPS except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of stock options and the assumed vesting of restricted share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted share units were released and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period.
For a period in which the Company generated a net loss attributable to Caesars, the weighted average shares outstanding - basic was used in calculating diluted loss per share because using diluted shares would have been anti-dilutive to loss per share.
The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations during the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
(In millions, except per share amounts)202520242023
Net income (loss) attributable to Caesars
$(502)$(278)$786 
Shares outstanding:
Weighted average shares outstanding – basic208 215 215 
Effect of dilutive securities:
Stock-based compensation awards— — 1 
Weighted average shares outstanding – diluted208 215 216 
Net income (loss) per common share attributable to common stockholders – basic:
$(2.42)$(1.29)$3.65 
Net income (loss) per common share attributable to common stockholders – diluted:
$(2.42)$(1.29)$3.64 
Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS
Years Ended December 31,
(In millions)202520242023
Stock-based compensation awards5 4 1 
Total anti-dilutive common stock5 4 1 

Historical Timeline

Fiscal YearFiled
2025Feb 17, 2026Showing above
2024Feb 25, 2025
2023Feb 20, 2024
2022Feb 22, 2023
2021Feb 24, 2022
2020Mar 1, 2021
2019Feb 28, 2020
2018Mar 1, 2019
2017Feb 27, 2018
2016Mar 13, 2017
2015Mar 15, 2016

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.

Other Available Disclosures

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