NASDAQ, INC. Earnings Per Share Disclosure
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
Numerator: | (in millions, except share and per share amounts) | ||||
Net income attributable to common shareholders | $1,788 | $1,117 | $1,059 | ||
Denominator: | |||||
Weighted-average common shares outstanding for basic earnings per share | |||||
Weighted-average effect of dilutive securities - Employee equity awards | 5,339,927 | 3,760,986 | 3,483,590 | ||
Weighted-average common shares outstanding for diluted earnings per share | |||||
Basic and diluted earnings per share: | |||||
Basic earnings per share | $3.12 | $1.94 | $2.10 | ||
Diluted earnings per share | $3.09 | $1.93 | $2.08 | ||
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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.