The split adjustment on Massive's income statements reaches further than any SEC filing does. A quarter reported before a split carries share counts and earnings per share on today's share basis, even when the split came years after the filing named in the record's filing_date, so the record can show per-share figures that no filing ever reported. The dollar amounts on the same record, such as revenue and net income, do not change with a split.
Applies to
- Plans: the income statements need Stocks Advanced, or any plan carrying the Financials and Ratios Expansion. Short interest, short volume, splits and the SEC EDGAR Index are included in all Stocks plans.
- Endpoints: /stocks/financials/v1/income-statements, /stocks/v1/short-interest, /stocks/v1/short-volume, /stocks/v1/splits and /stocks/filings/vX/index.
- Asset classes: US stocks.
Which fundamentals fields are split-adjusted
Split adjustment on the Massive fundamentals endpoints applies only to the four share-based fields on the income statements, as the table shows:
| Endpoint and fields | Split-adjusted? |
|---|---|
| Income statements: basic_shares_outstanding, diluted_shares_outstanding, basic_earnings_per_share, diluted_earnings_per_share | Yes, to the current share basis |
| Income statements, balance sheets and cash flow statements: dollar amounts such as revenue and net_income_loss_attributable_common_shareholders | Not applicable: a split does not change a dollar amount |
| Short interest: short_interest, avg_daily_volume | No |
| Short volume: short_volume, total_volume | No |
None of these endpoints has an adjusted parameter. Passing adjusted=false to the income statements, balance sheets, cash flow statements, ratios, short interest or short volume endpoints is ignored rather than refused: the request succeeds and the values are the same as without it. The adjusted parameter belongs to the aggregate bars, which are covered in Is Massive's stock data adjusted for splits or dividends?
What a pre-split quarter looks like
NVIDIA's quarter ending 25 October 2020 came before two splits, four-for-one on 20 July 2021 and ten-for-one on 10 June 2024:
curl -X GET "https://api.massive.com/stocks/financials/v1/income-statements?tickers=NVDA&timeframe=quarterly&period_end=2020-10-25&apiKey=YOUR_API_KEY"
Response
{
"status": "OK",
"results": [
{
"tickers": ["NVDA"],
"period_end": "2020-10-25",
"filing_date": "2021-11-22",
"timeframe": "quarterly",
"net_income_loss_attributable_common_shareholders": 1336000000.0,
"diluted_earnings_per_share": 0.05,
"diluted_shares_outstanding": 2.52e10
}
]
}
The record shows 25,200 million diluted shares and diluted EPS of $0.05. NVIDIA's original 10-Q, filed on 18 November 2020, reported 630 million shares and $2.12. The 10-Q filed on 22 November 2021, the filing the record's filing_date names, restated the quarter for the 2021 split as 2,520 million shares and $0.53. The Massive figure is 40 times the original, so it also includes the 2024 split, which no filing dated 2021 could contain. Net income is $1,336 million in all three.
How to recover the share count as first filed
The share count as first filed can be rebuilt from the Massive record and the splits endpoint:
- Find the date the period was first filed. The SEC EDGAR Index endpoint lists each 10-Q and 10-K with its filing date, as explained in Does Massive provide the filing date for any financial reports?
- List the company's splits with /stocks/v1/splits and take the first split executed after that date.
- Multiply the share count by that split's historical_adjustment_factor, which already combines every later split.
- Recompute EPS as net income divided by the share count from step 3. Do not scale the EPS field, which is rounded to two decimal places.
curl -X GET "https://api.massive.com/stocks/v1/splits?ticker=NVDA&limit=2&apiKey=YOUR_API_KEY"
Response
{
"status": "OK",
"results": [
{ "execution_date": "2024-06-10", "split_from": 1.0, "split_to": 10.0,
"ticker": "NVDA", "adjustment_type": "forward_split", "historical_adjustment_factor": 0.1 },
{ "execution_date": "2021-07-20", "split_from": 1.0, "split_to": 4.0,
"ticker": "NVDA", "adjustment_type": "stock_dividend", "historical_adjustment_factor": 0.025 }
]
}
The splits come back newest first. For NVIDIA's quarter, first filed on 18 November 2020, the first later split is 20 July 2021, with a factor of 0.025: 25,200,000,000 × 0.025 is 630,000,000 shares, and $1,336,000,000 divided by 630,000,000 is $2.12, the diluted EPS the original 10-Q reported. Scaling the rounded EPS instead gives 0.05 × 40 = $2.00.
Use the first filing date, not period_end, because a split that lands between the end of a period and its first filing can already be in that filing. Walmart's three-for-one split on 26 February 2024 came after its fiscal year ended on 31 January 2024, and its 10-K filed on 15 March 2024 already reported 8,108 million diluted shares for that year on the post-split basis.
Short interest and short volume are not split-adjusted
Short interest on Massive is not restated after a split, so the series steps by about the split ratio at the first settlement after it:
curl -X GET "https://api.massive.com/stocks/v1/short-interest?ticker=NVDA&settlement_date.gte=2024-05-31&settlement_date.lte=2024-06-14&sort=settlement_date.asc&apiKey=YOUR_API_KEY"
Response
{
"status": "OK",
"results": [
{ "settlement_date": "2024-05-31", "ticker": "NVDA", "short_interest": 29202972,
"avg_daily_volume": 49227322 },
{ "settlement_date": "2024-06-14", "ticker": "NVDA", "short_interest": 315033985,
"avg_daily_volume": 382568606 }
]
}
The jump from 29 million to 315 million shares is NVIDIA's ten-for-one split on 10 June 2024, not a tenfold rise in short positions. Short volume behaves the same way: NVIDIA's daily short_volume was 10,296,528 on 7 June 2024 and 79,004,393 on 10 June 2024. To compare short interest or short volume across a split, multiply the pre-split values by the split ratio (split_to divided by split_from).
Why the financials records differ from the filings
The financials endpoints keep one record per period, and the dollar figures on it come from the most recent filing that included the period. A restatement in a later filing replaces them, and there is no parameter that returns an earlier version. The share counts and EPS on the same record are then expressed in the company's current share basis, which is why they can differ from every filing, including the one in filing_date. A backtest that needs share counts as they were known on a past date has to take them from the original filing, or rebuild them with the steps above.
Known issue: some quarterly share counts are not on the current basis
Some quarterly income-statement records for companies that have split their stock are not restated to the current share basis. Two patterns appear: a quarter still shows the share count and EPS as first filed, or a fiscal fourth-quarter record shows a share count several times larger than the quarters around it. NVDA shows both. Its quarters ending 31 July and 30 October 2022 report about 2.5 billion diluted shares, as filed before the 2024 10-for-1 split, its quarter ending 29 January 2023 reports 92.7 billion, and the quarters before and after report about 25 billion. The issue has been reported to engineering for a fix.
Until the share-basis issue is fixed, compare diluted_shares_outstanding with the adjacent quarters before you use a record. A value that differs sharply from both neighbors is not on the current share basis, so the steps above for recovering the share count as first filed do not apply to it. Report it in a chat at massive.com/contact.
