
	Three Months Ended March 31,
(in millions)		2026		2025
Net revenues
Product Commerce		$	7,176	$	6,870
Developing Offerings		1,328		1,038
Total net revenues		$	8,504	$	7,908
Cost of sales
Product Commerce		$	5,002	$	4,719
Developing Offerings		1,205		873
Total cost of sales		$	6,207	$	5,592
Gross profit
Product Commerce		$	2,174	$	2,151
Developing Offerings		123		165
Total gross profit		$	2,297	$	2,316
Other segment items (1)
Product Commerce		$	1,816	$	1,601
Developing Offerings		452		333
Total other segment items		$	2,268	$	1,934
Segment adjusted EBITDA
Product Commerce		$	358	$	550
Developing Offerings		(329)		(168)
Total segment adjusted EBITDA		$	29	$	382

(1)Other segment items relate to operating, general and administrative expense, excluding depreciation and amortization, equity-based compensation expense, impairments and other items that we do not believe are reflective of our ongoing operations. The CODM does not regularly review disaggregated expense information included within “Other segment Items” for any individual segment.


	Three Months Ended March 31,
(in millions)		2026		2025
Total gross profit		$	2,297	$	2,316
Operating, general and administrative		(2,539)		(2,162)
Interest expense		(13)		(23)
Interest income		44		49
Other (expense) income, net		(44)		36
(Loss) income before income taxes		$	(255)	$	216


	Three Months Ended March 31,
(in millions)		2026		2025
Total segment adjusted EBITDA		$	29	$	382
Depreciation and amortization		(143)		(122)
Equity-based compensation		(128)		(121)
Acquisition and restructuring related gains, net		—		15
Interest expense		(13)		(23)
Interest income		44		49
Other (expense) income, net		(44)		36
(Loss) income before income taxes		$	(255)	$	216