TRAVELERS COMPANIES, INC. Earnings Per Share Disclosure
| (for the year ended December 31, in millions, except per share amounts) | 2025 | 2024 | 2023 | |||||||||||||||||
| Basic and Diluted | ||||||||||||||||||||
| Net income, as reported | $ | 6,288 | $ | 4,999 | $ | 2,991 | ||||||||||||||
| Participating share-based awards — allocated income | (46) | (38) | (22) | |||||||||||||||||
| Net income available to common shareholders — basic and diluted | $ | 6,242 | $ | 4,961 | $ | 2,969 | ||||||||||||||
| Common Shares | ||||||||||||||||||||
| Basic | ||||||||||||||||||||
| Weighted average shares outstanding | 224.2 | 228.0 | 229.7 | |||||||||||||||||
| Diluted | ||||||||||||||||||||
| Weighted average shares outstanding | 224.2 | 228.0 | 229.7 | |||||||||||||||||
| Weighted average effects of dilutive securities: | ||||||||||||||||||||
| Stock options and performance shares | 3.4 | 3.1 | 2.5 | |||||||||||||||||
| Total | 227.6 | 231.1 | 232.2 | |||||||||||||||||
| Net income Per Common Share | ||||||||||||||||||||
| Basic | $ | 27.83 | $ | 21.76 | $ | 12.93 | ||||||||||||||
| Diluted | $ | 27.43 | $ | 21.47 | $ | 12.79 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 11, 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.