Net Loss Per Share, Basic and Diluted
The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data):
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| | | Fiscal Year Ended |
| | | | | January 31, 2026 | | February 1, 2025 | | February 3, 2024 |
| Numerator: | | | | | | | | | |
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| Net loss | | | | | $ | (9,117) | | $ | (154,907) | | $ | (286,726) |
| Denominator: | | | | | | | | | |
| Weighted-average shares used in computing net loss per share, basic and diluted | | | | | 573,483,155 | | 556,317,440 | | 534,878,501 |
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| Net loss per share, basic and diluted | | | | | $ | (0.02) | | $ | (0.28) | | $ | (0.54) |
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The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been antidilutive:
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| | | Fiscal Year Ended |
| | | | | January 31, 2026 | | February 1, 2025 | | February 3, 2024 |
| | | | | | | | | |
| Outstanding stock options | | | | | 5,406,188 | | 5,632,520 | | 6,165,885 |
| RSUs | | | | | 17,331,045 | | 22,310,864 | | 35,371,274 |
| Employee stock purchase plan obligations | | | | | 1,220,082 | | 842,488 | | 898,152 |
| Total antidilutive securities | | | | | 23,957,315 | | 28,785,872 | | 42,435,311 |
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.