Equitable Holdings, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
(in millions) | |||||||||||||||||
| Weighted-average common shares outstanding: | |||||||||||||||||
Weighted-average common shares outstanding — basic | 298.1 | 321.2 | 350.1 | ||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Employee share awards (1) | 0.0 | 3.6 | 1.5 | ||||||||||||||
Weighted-average common shares outstanding — diluted | 298.1 | 324.8 | 351.6 | ||||||||||||||
| Net income (loss): | |||||||||||||||||
| Net income (loss) | $ | (1,037) | $ | 1,796 | $ | 1,624 | |||||||||||
| Less: Net income (loss) attributable to the noncontrolling interest | 343 | 516 | 341 | ||||||||||||||
| Net income (loss) attributable to Holdings | (1,380) | 1,280 | 1,283 | ||||||||||||||
| Less: Preferred stock dividends | 61 | 80 | 80 | ||||||||||||||
| Net income (loss) available to Holdings’ common shareholders | $ | (1,441) | $ | 1,200 | $ | 1,203 | |||||||||||
| EPS: | |||||||||||||||||
| Basic | $ | (4.83) | $ | 3.74 | $ | 3.44 | |||||||||||
| Diluted | $ | (4.83) | $ | 3.69 | $ | 3.42 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2019 | Feb 27, 2020 | |
| 2018 | Mar 8, 2019 | |
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.