Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. The diluted net income (loss) per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period. For diluted net income (loss) per share attributable to common stockholders, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities by application of the if-converted method, as applicable. For purposes of this calculation, stock options, RSUs, PSUs, the Notes, and stock purchase rights granted under the Company’s ESPP are considered to be common stock equivalents but are excluded from the calculation of diluted net income (loss)

per share attributable to common stockholders when including them has an anti-dilutive effect. Basic and diluted net income (loss) per share attributable to common stockholders are the same for each class of common stock because they are entitled to the same liquidation and dividend rights.

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the periods indicated (in thousands, except per share data):


	Year Ended December 31,
	2025		2024		2023
Numerator
Net income (loss) attributable to common stockholders, basic and diluted	$	2,844,008	$	22,784	$	(340,320)

Denominator
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders	410,840		409,181		385,335
Effect of potentially dilutive common stock equivalents	6,819		4,470		—
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders	417,659		413,651		385,335

Basic net income (loss) per share attributable to common stockholders	$	6.92	$	0.06	$	(0.88)
Diluted net income (loss) per share attributable to common stockholders	$	6.81	$	0.06	$	(0.88)

The following potentially dilutive outstanding shares were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	December 31,
	2025	2024	2023
Restricted stock units	—	1,407	15,538
Performance based restricted stock units	11,590	14,188	14,553
2025 Notes(1)(2)	—	10,178	19,471
2029 Notes(1)(3)	21,821	21,821	—
2030 Notes(1)(3)	21,259	—	—
ESPP	382	1,024	111
Stock options	—	—	780
Total	55,052	48,618	50,453

(1)In connection with the issuance of the Notes, the Company entered into the Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. Refer to Note 11 “Debt” to the consolidated financial statements for further information.

(2)The 2025 Capped Calls were expected to reduce the potential dilution to the Company’s Class A common stock (or, in the event a conversion of the 2025 Notes was settled in cash, to reduce the cash payment obligation) in the event that at the time of conversion of the 2025 Notes the Company’s Class A common stock price exceeded the conversion price of the 2025 Notes. Refer to Note 11 “Debt” to the consolidated financial statements for further information.

(3)The 2029 Capped Calls and 2030 Capped Calls are expected to reduce the potential dilution to the Company’s Class A common stock (or, in the event conversions of the 2029 Notes and 2030 Notes are settled in cash, to reduce the cash payment obligation) in the event that at the time of conversions of the 2029 Notes and 2030 Notes the Company’s Class A common stock price exceeds the conversion price of the 2029 Notes and 2030 Notes, respectively. Refer to Note 11 “Debt” to the consolidated financial statements for further information.