v3.26.1
Financial Statements Details
 3 Months Ended
Mar. 31, 2026
Balance Sheet Components [Abstract]  
Financial Statements Details Financial Statements Details
Inventories
    Inventories consist of the following (in millions):
March 31, 2026December 31, 2025
Raw materials $811.1 $611.2 
Finished goods(1)
1,568.9 1,635.9 
   Total inventories $2,380.0 $2,247.1 
(1) The balance includes evaluation inventory totaling $525.7 million and $403.7 million as of March 31, 2026 and December 31, 2025, respectively.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in millions):
March 31, 2026December 31, 2025
Deferred cost of goods sold(1)
$1,546.5 $1,197.0 
Other prepaid expenses and deposits353.2 313.0 
Total prepaid expenses and other current assets$1,899.7 $1,510.0 
(1) The increase in the quarter ended March 31, 2026 was driven by a corresponding increase in deferred product revenue.
Property and Equipment, net
    Property and equipment, net consists of the following (in millions):
March 31, 2026December 31, 2025
Land$47.3 $47.3 
Equipment and machinery 199.4 188.3 
Computer hardware and software 66.3 66.2 
Leasehold improvements
38.2 38.4 
Furniture and fixtures 3.7 3.7 
Construction-in-process 151.8 107.9 
    Property and equipment, gross 506.7 451.8 
Less: accumulated depreciation (256.4)(248.7)
    Property and equipment, net $250.3 $203.1 
Contract Liabilities, Deferred Revenue and Other Performance Obligations    
Contract Liabilities
    A contract liability is recognized when we have received customer payments in advance of our satisfaction of a performance obligation under a cancellable contract. The following table summarizes the activity related to our contract liabilities (in millions):
Three Months Ended March 31,
20262025
Contract liabilities, beginning balance$250.1 $160.8 
Less: Revenue recognized from beginning balance(17.6)(12.9)
Add: Contract liabilities recognized, net41.2 12.6 
Contract liabilities, ending balance$273.7 $160.5 
    As of March 31, 2026 and December 31, 2025, $131.0 million and $114.0 million of our contract liabilities, respectively, were included in "Other current liabilities" with the remaining balances included in "Other long-term liabilities" on the condensed consolidated balance sheets.
Deferred Revenue
    Deferred revenue is comprised mainly of unearned revenue related to multi-year post-contract support ("PCS") contracts and product deferrals related to contracts with acceptance clauses. The following table summarizes the activity related to our deferred revenue (in millions):
Three Months Ended March 31,
20262025
Deferred revenue, beginning balance
$5,372.4 $2,791.4 
Less: Revenue recognized from beginning balance(1,264.4)(418.3)
Add: Deferral of revenue in current period, excluding amounts recognized during the period2,090.7 715.7 
Deferred revenue, ending balance$6,198.7 $3,088.8 
Other Performance Obligations
    Other performance obligations totaling $1.2 billion as of March 31, 2026 include unbilled multi-year PCS and service contract amounts of $264.6 million, and $968.4 million of binding contractual agreements with certain customers that are primarily related to future product shipments.
Revenue from Total Remaining Performance Obligations
    Total revenue from our contract liabilities, deferred revenue and other performance obligations that is expected to be recognized in future periods amounts to $7.7 billion as of March 31, 2026. Approximately 91% of this future revenue is expected to be recognized over the next two years and the remaining 9% is expected to be recognized during the third to the fifth year.
Other Income (Expense), net
    Other income (expense), net consists of the following (in millions):
Three Months Ended March 31,
20262025
Interest income$109.2 $90.2 
Other income (expense), net4.4 6.0 
    Total$113.6 $96.2