v3.25.2
Share-Based Awards
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Awards Share-Based Awards
In connection with the annual review cycle, option awards and restricted stock units are granted under the 2020 Plan during the first quarter of each year and typically vest quarterly over four years. For additional information regarding our share-based awards, see Note 13 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Option Awards
The following table summarizes option award activity for the six months ended June 30, 2025:
Number
of Shares
Subject to
Existing
Options (in thousands)		Weighted-
Average
Exercise
Price Per
Share
Weighted-
Average
Remaining
Contractual
Life (in years)
Aggregate
Intrinsic
Value
(in millions)
Outstanding at January 1, 202529,941 $46.58 6.3$861 
Granted2,183 75.95 
Exercised(1,320)41.47 
Forfeited or canceled
(313)51.70 
Outstanding at June 30, 202530,491 48.86 6.1701 
Vested and exercisable at June 30, 202522,470 46.49 5.2571 
The following assumptions were used to determine the fair value of option awards granted for the periods presented:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Expected volatility59%
59%
59% - 60%
57% - 61%
Risk-free interest rate3.92%
4.50%
3.92% - 4.17%
4.14% - 4.50%
Weighted-average expected life5.5 years
5.5 years
5.3 - 6.8 years
5.5 - 6.8 years
Weighted-average fair value of options granted$37.18$29.69$43.17$31.93
As of June 30, 2025, there was a total of $228 million in unrecognized compensation cost related to unvested option awards.
Restricted Stock Units
The following table summarizes activity for restricted stock units for the six months ended June 30, 2025:
Restricted
Stock Units (in thousands)		Weighted-Average Grant Date Fair Value
Unvested outstanding at January 1, 202511,729 $50.31 
Granted4,302 75.73 
Vested(2,967)50.90 
Forfeited(606)52.92 
Unvested outstanding at June 30, 2025
12,458 $58.82 
As of June 30, 2025, there was a total of $680 million in unrecognized compensation cost related to unvested restricted stock units.
Share-Based Compensation Expense
The following table presents the effects of share-based compensation expense in our condensed consolidated statements of operations during the periods presented (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Cost of revenue$3 $4 $6 $8 
Sales and marketing19 20 37 38 
Technology and development40 42 78 84 
General and administrative37 47 75 91 
Total share-based compensation$99 $113 $196 $221