Riot Platforms, Inc. Earnings Per Share Disclosure
Note 19. Earnings Per Share
The following table presents the computation of basic and diluted earnings per share (“EPS”):
Years Ended December 31, | ||||||||||
| | 2025 | 2024 | 2023 | ||||||
Numerator: | ||||||||||
Net income (loss) | $ | (663,181) | $ | 109,401 | $ | (49,472) | ||||
Interest incurred on the 2030 Notes, net of income taxes | — | 382 | — | |||||||
Numerator for diluted EPS | $ | (663,181) | $ | 109,783 | $ | (49,472) | ||||
Denominator: | ||||||||||
Denominator for basic EPS - weighted average shares outstanding | 340,719,298 | 275,980,010 | 175,026,051 | |||||||
Effect of dilutive securities: | ||||||||||
Unvested RSAs | — | 2,553,095 | — | |||||||
Unvested RSUs | — | 404,730 | — | |||||||
2030 Notes | — | 39,988,127 | — | |||||||
Dilutive potential common shares | — | 42,945,951 | — | |||||||
Denominator for diluted EPS - adjusted weighted average shares outstanding | 340,719,298 | 318,925,961 | 175,026,051 | |||||||
Basic EPS | $ | (1.95) | $ | 0.40 | $ | (0.28) | ||||
Diluted EPS | $ | (1.95) | $ | 0.34 | $ | (0.28) | ||||
The following table presents potentially dilutive securities that are not included in the computation of diluted net income (loss) per share as their inclusion would be anti-dilutive:
Years Ended December 31, | ||||||||||
| 2025 | 2024 | 2023 | |||||||
Warrants to purchase common stock | 63,000 | 63,000 | 63,000 | |||||||
Unvested RSAs(a) | 24,141,879 | — | 9,824,546 | |||||||
Unvested RSUs | 1,999,449 | — | 401,639 | |||||||
Stock options | 1,166,861 | — | — | |||||||
2030 Notes | 39,988,127 | — | — | |||||||
Total | 67,359,316 | 63,000 | 10,289,185 | |||||||
| (a) | Unvested restricted stock awards are included in total common shares outstanding but are excluded from the calculation of basic earnings per share. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Mar 2, 2023 | |
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.