MARA Holdings, Inc. Earnings Per Share Disclosure
| For the Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Warrants | 324,375 | 324,375 | 324,375 | |||||||||||||||||
| Restricted stock units | 7,644,581 | — | — | |||||||||||||||||
Performance-based restricted stock units (1) | 6,945,601 | — | — | |||||||||||||||||
Convertible Notes (2) | 81,852,078 | — | — | |||||||||||||||||
| Series A Preferred Stock | — | — | 322,654 | |||||||||||||||||
Total anti-dilutive shares | 96,766,635 | 324,375 | 647,029 | |||||||||||||||||
| For the Year Ended December 31, | ||||||||||||||||||||
| (in thousands, except share and per share data) | 2025 | 2024 | 2023 | |||||||||||||||||
Basic earnings per share of common stock: | ||||||||||||||||||||
Net income (loss) attributable to common stockholders - basic | $ | (1,311,480) | $ | 541,253 | $ | 259,052 | ||||||||||||||
Weighted average shares of common stock - basic | 355,167,578 | 289,961,989 | 183,855,570 | |||||||||||||||||
Net income (loss) per share of common stock - basic | $ | (3.69) | $ | 1.87 | $ | 1.41 | ||||||||||||||
Diluted earnings per share of common stock: | ||||||||||||||||||||
Net income (loss) attributable to common stockholders - basic | $ | (1,311,480) | $ | 541,253 | $ | 259,052 | ||||||||||||||
| Add: Notes interest expense, net of tax | — | 6,364 | 7,421 | |||||||||||||||||
Less: Gain from extinguishment of debt, net of tax | — | (10,278) | (62,909) | |||||||||||||||||
Net income (loss) attributable to common stockholders - diluted | $ | (1,311,480) | $ | 537,339 | $ | 203,564 | ||||||||||||||
Weighted average shares of common stock - basic | 355,167,578 | 289,961,989 | 183,855,570 | |||||||||||||||||
| Restricted stock units | — | 4,492,213 | 330,928 | |||||||||||||||||
| Performance-based restricted stock units | — | 849,739 | — | |||||||||||||||||
Convertible Notes | — | 16,537,406 | 8,106,779 | |||||||||||||||||
Weighted average shares of common stock - diluted | 355,167,578 | 311,841,347 | 192,293,277 | |||||||||||||||||
Net income (loss) per share of common stock - diluted | $ | (3.69) | $ | 1.72 | $ | 1.06 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
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.