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 | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 26, 2016 | |
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.