Vertiv Holdings Co Earnings Per Share Disclosure
| Year Ended December 31, | ||||||||||||||||||||
| (in millions, except per share and per share amounts) | 2025 | 2024 | 2023 | |||||||||||||||||
| Net income (loss) | $ | 1,332.8 | $ | 495.8 | $ | 460.2 | ||||||||||||||
| Weighted-average number of shares outstanding - basic | 381,712,181 | 376,418,933 | 380,144,059 | |||||||||||||||||
| Dilutive effect of equity-based compensation | $ | 8,940,643 | $ | 9,906,125 | $ | 6,082,208 | ||||||||||||||
| Weighted-average number of shares outstanding - diluted | 390,652,824 | 386,325,058 | 386,226,267 | |||||||||||||||||
| Earnings (loss) per share | ||||||||||||||||||||
| Basic | 3.49 | 1.32 | 1.21 | |||||||||||||||||
| Diluted | 3.41 | 1.28 | 1.19 | |||||||||||||||||
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.