v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 1,545 $ 1,498
Marketable securities 4,233 3,981
Trade and other receivables, net 500 342
Loans and merchant cash advances, net 1,784 1,224
Other current assets 234 209
Total current assets 8,296 7,254
Long-term assets    
Property and equipment, net 53 47
Operating lease right-of-use assets, net 88 93
Intangible assets, net 30 22
Deferred tax assets 33 37
Other long-term assets 39 21
Long-term investments 975 709
Equity and other investments ($3,619 and $3,930, carried at fair value) 4,582 4,647
Equity method investment 602 642
Goodwill 491 452
Total long term assets 6,893 6,670
Total assets 15,189 13,924
Current liabilities    
Accounts payable and accrued liabilities 1,075 737
Deferred revenue 300 283
Operating lease liabilities 17 18
Convertible senior notes 0 918
Total current liabilities 1,392 1,956
Long-term liabilities    
Deferred revenue 98 147
Operating lease liabilities 171 190
Deferred tax liabilities 55 73
Total long term liabilities 324 410
Contingencies (Note 17)
Shareholders’ equity    
Common stock, unlimited Class A subordinate voting shares authorized, 1,225,830,706 and 1,215,229,233, issued and outstanding; unlimited Class B restricted voting shares authorized, 78,073,594 and 79,350,906 issued and outstanding; 1 Founder share authorized, 1 and 1 issued and outstanding 10,376 9,634
Additional paid-in capital 236 305
Accumulated other comprehensive income (loss) 1 (10)
Accumulated surplus 2,860 1,629
Total shareholders’ equity 13,473 11,558
Total liabilities and shareholders’ equity $ 15,189 $ 13,924