Earnings Per Share
Basic earnings per share is computed as net earnings divided by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed as net earnings divided by the weighted-average number of common shares outstanding and common stock equivalents outstanding for the period using the treasury stock method. Common stock equivalents consist of shares subject to stock-based awards to the extent their inclusion would be dilutive.
The following is a reconciliation of net earnings and the number of shares used in the basic and diluted earnings per share computations:
(In thousands, except per share amounts)Net EarningsWeighted-Average SharesEarnings
Per Share
Fiscal 2025
Basic
$1,088,437 121,446 $8.96 
Effect of dilutive stock-based awards1,707 
Diluted
$1,088,437 123,153 $8.84 
Fiscal 2024
Basic
$1,125,251 126,242 $8.91 
Effect of dilutive stock-based awards1,799 
Diluted
$1,125,251 128,041 $8.79 
Fiscal 2023
Basic
$949,762 129,148 $7.35 
Effect of dilutive stock-based awards1,395 
Diluted
$949,762 130,543 $7.28 
The effect of anti-dilutive stock-based awards was not material for fiscal 2025, fiscal 2024 and fiscal 2023.
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Historical Timeline

Fiscal YearFiled
2026Mar 26, 2026Showing above
2025Mar 27, 2025
2024Mar 20, 2024
2023Mar 24, 2023
2022Mar 28, 2022
2021Mar 30, 2021
2020Mar 27, 2020
2019Apr 4, 2019
2018Mar 29, 2018
2017Mar 30, 2017
2016Mar 31, 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.