ETSY INC Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| Numerator: | |||||||||||
| Net income | $ | 162,982 | $ | 303,281 | $ | 307,568 | |||||
| Add back interest expense, net of tax attributable to assumed conversion of convertible senior notes | 10,125 | 6,325 | 6,336 | ||||||||
| Net income attributable to common stockholders—diluted | $ | 173,107 | $ | 309,606 | $ | 313,904 | |||||
| Denominator: | |||||||||||
| Weighted average common shares outstanding—basic | 102,356 | 114,944 | 122,503 | ||||||||
| Dilutive effect of outstanding stock-based compensation awards | 2,596 | 2,063 | 2,928 | ||||||||
| Dilutive effect of assumed conversion of convertible senior notes | 19,162 | 14,714 | 14,714 | ||||||||
| Weighted average common shares outstanding—diluted | 124,114 | 131,721 | 140,145 | ||||||||
| Net income per share attributable to common stockholders—basic | $ | 1.59 | $ | 2.64 | $ | 2.51 | |||||
| Net income per share attributable to common stockholders—diluted | $ | 1.39 | $ | 2.35 | $ | 2.24 | |||||
Outstanding stock-based compensation awards excluded from net income per diluted share because their effect would have been anti-dilutive | 3,497 | 6,296 | 4,894 | ||||||||
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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.