PRUDENTIAL FINANCIAL INCPRU
PRUDENTIAL FINANCIAL INC Earnings Per Share Disclosure
EARNINGS PER SHARE
A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the years ended December 31, is as follows:
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income | Weighted Average Shares | Per Share Amount | Income | Weighted Average Shares | Per Share Amount | Income | Weighted Average Shares | Per Share Amount | ||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 3,732 | $ | 2,846 | $ | 2,508 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 156 | 119 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards | 41 | 32 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Prudential Financial available to holders of Common Stock | $ | 3,535 | 351.8 | $ | 10.05 | $ | 2,695 | 357.5 | $ | 7.54 | $ | 2,459 | 363.5 | $ | 6.76 | |||||||||||||||||||||||||||||||||||||||||
| Effect of dilutive securities and compensation programs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic | $ | 41 | $ | 32 | $ | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted | 41 | 32 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock options | 0.1 | 0.3 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred and long-term compensation programs | 1.8 | 1.5 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Prudential Financial available to holders of Common Stock | $ | 3,535 | 353.7 | $ | 9.99 | $ | 2,695 | 359.3 | $ | 7.50 | $ | 2,459 | 364.6 | $ | 6.74 | |||||||||||||||||||||||||||||||||||||||||
Unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and included in the computation of earnings per share pursuant to the two-class method. Under this method, earnings attributable to Prudential Financial are allocated between Common Stock and the participating awards, as if the awards were a second class of stock. During periods of net income available to holders of Common Stock, the calculation of earnings per share excludes the income attributable to participating securities in the numerator and the dilutive impact of these securities from the denominator. In the event of a net loss available to holders of Common Stock, undistributed earnings are not allocated to participating securities and the denominator excludes the dilutive impact of these securities as they do not share in the losses of the Company. Undistributed earnings allocated to participating unvested share-based payment awards for the years ended December 31, 2025, 2024 and 2023, as applicable, were based on 3.8 million, 4.0 million and 4.1 million of such awards, respectively, weighted for the period they were outstanding.
Stock options and shares related to deferred and long-term compensation programs that are considered antidilutive are excluded from the computation of diluted earnings per share. Stock options are considered antidilutive based on application of the treasury stock method or in the event of a net loss available to holders of Common Stock. Shares related to deferred and long-term compensation programs are considered antidilutive in the event of a net loss available to holders of Common Stock. For the years ended December 31, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows:
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||
| Shares | Exercise Price Per Share | Shares | Exercise Price Per Share | Shares | Exercise Price Per Share | |||||||||||||||||||||||||||||||||
(in millions, except per share amounts, based on weighted average) | ||||||||||||||||||||||||||||||||||||||
| Antidilutive stock options based on application of the treasury stock method | 0.1 | $ | 109.02 | 0.1 | $ | 110.42 | 1.2 | $ | 102.63 | |||||||||||||||||||||||||||||
| Antidilutive stock options due to net loss available to holders of Common Stock | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Antidilutive shares based on application of the treasury stock method | 0.0 | 0.0 | 0.1 | |||||||||||||||||||||||||||||||||||
| Antidilutive shares due to net loss available to holders of Common Stock | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Total antidilutive stock options and shares | 0.1 | 0.1 | 1.3 | |||||||||||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 19, 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.