v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table summarizes revenues by region for the three months ended March 31, 2026 and March 31, 2025. Total revenues are inclusive of hedging gains (losses) of $(133) million and $165 million for the three months ended March 31, 2026 and 2025, respectively. See Note 8 Derivative Financial Instruments and Hedging Activities for further information.
Three Months Ended
 March 31,
2026		March 31,
2025
 (in thousands)
United States and Canada (UCAN)$5,245,298 $4,617,098 
Europe, Middle East, and Africa (EMEA)3,998,419 3,404,676 
Latin America (LATAM)1,497,058 1,261,934 
Asia-Pacific (APAC)1,508,982 1,259,093 
Total Revenues$12,249,757 $10,542,801 
Deferred revenue consists primarily of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of March 31, 2026, total deferred revenue was $1,743 million, the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. Deferred revenue balances related to gift cards and other prepaid memberships will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. Deferred revenue decreased $32 million from $1,776 million as of December 31, 2025 to $1,743 million as of March 31, 2026. Deferred revenue balances may fluctuate due to the number of paid memberships and the price of our memberships.