WEALTHFRONT CORP Earnings Per Share Disclosure
| Fiscal Year Ended January 31 | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| Basic earnings per share | |||||||||||||||||
| Numerator: | |||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (42,066) | $ | 194,447 | $ | 76,966 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average number of common stock outstanding used in computing earnings per share, basic | 56,647,662 | 38,990,556 | 37,297,221 | ||||||||||||||
| Earnings per share attributable to common stockholders, basic | $ | (0.74) | $ | 4.99 | $ | 2.06 | |||||||||||
| Diluted earnings per share | |||||||||||||||||
| Numerator: | |||||||||||||||||
Net income (loss) attributable to common stockholders, basic | $ | (42,066) | $ | 194,447 | $ | 76,966 | |||||||||||
| Fair value adjustment for the convertible note, net of tax effect | — | (12,695) | 953 | ||||||||||||||
| Fair value adjustment for liability-classified Series G Warrant, net of tax effect | (893) | — | — | ||||||||||||||
| Fair value adjustment for liability-classified common stock warrant, net of tax effect | (244) | — | — | ||||||||||||||
Net income (loss) attributable to common stockholders, dilutive | $ | (43,203) | $ | 181,752 | $ | 77,919 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average number of common stock outstanding used in computing earnings per share, basic | 56,647,662 | 38,990,556 | 37,297,221 | ||||||||||||||
| Conversion of the convertible note | — | 492,096 | 6,888,298 | ||||||||||||||
| Conversion of redeemable convertible preferred stock, all series | — | 69,914,359 | 69,914,359 | ||||||||||||||
| Dilutive effect of stock options | — | 27,962,907 | 28,567,993 | ||||||||||||||
| Dilutive effect of equity-classified common stock warrants | — | 1,300,400 | 1,210,425 | ||||||||||||||
Dilutive effect of liability-classified Series G Warrant | 164,242 | — | — | ||||||||||||||
Dilutive effect of liability-classified common stock warrant | 78,552 | — | — | ||||||||||||||
| Weighted-average number of common stock outstanding used in computing earnings per share, dilutive | 56,890,456 | 138,660,318 | 143,878,296 | ||||||||||||||
Earnings (loss) per share attributable to common stockholders, diluted | $ | (0.76) | $ | 1.31 | $ | 0.54 | |||||||||||
| Fiscal Year Ended January 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Liability-classified common stock warrant | — | 60,000 | |||||||||
| Series G Warrant | — | 251,750 | |||||||||
| Dual-trigger RSUs | 15,676,155 | 31,308,443 | |||||||||
| SAFEs | Various | Various | |||||||||
| Options | 23,755,365 | — | |||||||||
| Equity-classified common stock warrants | 1,641,713 | — | |||||||||
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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.