NERDWALLET, INC. Earnings Per Share Disclosure
| (in millions, except per share amounts) | ||||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | |||||||||||||||||
| Numerator: | ||||||||||||||||||||
Net income (loss) attributable to common stockholders–basic and diluted | $ | 48.7 | $ | 30.4 | $ | (11.8) | ||||||||||||||
| Denominator: | ||||||||||||||||||||
Weighted-average shares of common stock–basic | 74.3 | 76.5 | 76.7 | |||||||||||||||||
Effect of dilutive RSUs, stock options and ESPP shares | 1.6 | 2.4 | — | |||||||||||||||||
Weighted-average shares of common stock–diluted | 75.9 | 78.9 | 76.7 | |||||||||||||||||
Net income (loss) per share attributable to common stockholders: | ||||||||||||||||||||
| Basic | $ | 0.66 | $ | 0.40 | $ | (0.15) | ||||||||||||||
| Diluted | $ | 0.64 | $ | 0.38 | $ | (0.15) | ||||||||||||||
| (in millions) | ||||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | |||||||||||||||||
Shares subject to outstanding stock options and RSUs | 4.8 | 4.1 | 8.9 | |||||||||||||||||
ESPP | 0.1 | — | 0.3 | |||||||||||||||||
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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.