EARNINGS PER SHARE CALCULATIONS
On the Separation and Distribution Date, approximately 209 million shares of the Company's common stock, par value $0.01 per share, were distributed to DuPont shareholders of record as of October 22, 2025. This share amount is being utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Separation as all common stock was owned by DuPont prior to the Separation. For all periods presented prior to the Separation, it is assumed that there are no dilutive equity instruments as there were no equity awards of Qnity outstanding prior to the Separation. Therefore, the calculation of basic and diluted earnings per share is the same for those periods. Subsequent to Separation, actual basic share counts and diluted share counts were utilized for the calculation.

The following tables provide earnings per share calculations for the years ended December 31, 2025, 2024 and 2023:
Net Income for Earnings Per Share Calculations - Basic & Diluted
In millions
202520242023
Net income$729 $724 $533 
Net income attributable to noncontrolling interests37 31 26 
Net income attributable to common stockholders$692 $693 $507 
Earnings attributable to common stockholders - basic$3.30 $3.31 $2.42 
Earnings attributable to common stockholders - diluted$3.30 $3.31 $2.42 

Share Count Information
Shares in millions
202520242023
Weighted-average common shares - basic209.6 209.4 209.4 
Plus dilutive effect of equity compensation plans0.2 — — 
Weighted-average common shares - diluted209.8 209.4 209.4 
Stock option, restricted stock units and performance-based restricted stock units excluded from EPS calculations1
0.1 — — 
1.These outstanding options to purchase shares of common stock, restricted stock units and performance based restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.
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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.