PubMatic, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
| Numerator: | |||||||||||||||||
Net income (loss) attributable to common stockholders – basic | $ | (14,462) | $ | 12,504 | $ | 8,881 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted average shares outstanding – basic | 47,008 | 49,213 | 51,760 | ||||||||||||||
| Options to purchase common stock | — | 3,722 | 4,037 | ||||||||||||||
| Restricted stock | — | 1,272 | 178 | ||||||||||||||
| Employee stock purchase plan shares | — | 87 | 52 | ||||||||||||||
| Weighted average shares outstanding – diluted | 47,008 | 54,294 | 56,027 | ||||||||||||||
Net income (loss) per share attributable to common stockholders – diluted | $ | (0.31) | $ | 0.23 | $ | 0.16 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Options to purchase common stock | 4,488 | 3,354 | 2,167 | ||||||||||||||
| Unvested restricted stock units | 1,979 | 100 | 1,106 | ||||||||||||||
| ESPP | — | — | 37 | ||||||||||||||
Total common stock equivalents excluded from net income (loss) per share attributable to common stockholders – diluted | 6,467 | 3,454 | 3,310 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
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.