Leases (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Leases |
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| Schedule of components of lease expense |
| | | | | | | | | For the Three Months Ended | | | March 31, | | | 2026 | | 2025 | | | | (In thousands) | Operating lease cost | | $ | 127,991 | | $ | 167,357 | | | | | | | | Short-term lease cost (1) | | | 3,131 | | | 5,290 | | | | | | | | Finance lease cost: | | | | | | | Amortization of right-of-use assets | | | 3,107 | | | 13,231 | Interest on lease liabilities | | | 828 | | | 1,502 | Total finance lease cost | | | 3,935 | | | 14,733 | Total lease costs | | $ | 135,057 | | $ | 187,380 |
| (1) | Leases that have terms of 12 months or less. |
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| Summary of supplemental cash flow information related to leases |
| | | | | | | | | For the Three Months Ended | | | March 31, | | | 2026 | | 2025 | | | | (In thousands) | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | Operating cash flows from operating leases | | $ | 28,564 | | $ | 143,546 | Operating cash flows from finance leases | | $ | — | | $ | 1,018 | Financing cash flows from finance leases | | $ | — | | $ | 4,676 | | | | | | | | Right-of-use assets obtained in exchange for lease obligations: | | | | | | | Operating leases | | $ | 19,350 | | $ | 59,980 | Finance leases | | $ | — | | $ | — |
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| Summary of supplemental balance sheet information related to leases |
| | | | | | | | | As of | | | March 31, | | December 31, | | | 2026 | | 2025 | | | | (In thousands) | Operating Leases: | | | | | | | Operating lease assets | | $ | 217,635 | | $ | 214,549 | | | | | | | | Other current liabilities | | $ | 1,003,840 | | $ | 845,326 | Operating lease liabilities | | | 3,985,604 | | | 4,137,269 | Total operating lease liabilities | | $ | 4,989,444 | | $ | 4,982,595 | | | | | | | | Finance Leases: | | | | | | | Property and equipment, gross | | $ | 84,058 | | $ | 83,141 | Accumulated depreciation | | | (8,206) | | | (5,124) | Property and equipment, net | | $ | 75,852 | | $ | 78,017 | | | | | | | | Other current liabilities | | $ | 44,048 | | $ | 41,520 | Other long-term liabilities | | | — | | | 2,528 | Total finance lease liabilities | | $ | 44,048 | | $ | 44,048 | | | | | | | | Weighted Average Remaining Lease Term: | | | | | | | Operating leases | | | 9.3 years | | | 9.5 years | Finance leases | | | 0.6 years | | | 0.8 years | | | | | | | | Weighted Average Discount Rate: | | | | | | | Operating leases | | | 9.9% | | | 9.9% | Finance leases | | | 10.7% | | | 10.0% |
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| Summary of maturities of lease liabilities |
| | | | | | | | | | | | Maturities of Lease Liabilities | | | Operating | | Finance | | | | For the Years Ending December 31, | | Leases | | Leases | | Total | | | | (In thousands) | 2026 (remaining nine months) | | $ | 847,129 | | $ | 44,522 | | $ | 891,651 | 2027 | | | 800,004 | | | 2,574 | | | 802,578 | 2028 | | | 739,012 | | | — | | | 739,012 | 2029 | | | 702,492 | | | — | | | 702,492 | 2030 | | | 681,567 | | | — | | | 681,567 | Thereafter | | | 3,854,030 | | | — | | | 3,854,030 | Total lease payments | | | 7,624,234 | | | 47,096 | | | 7,671,330 | Less: Imputed interest | | | (2,634,790) | | | (3,048) | | | (2,637,838) | Total | | | 4,989,444 | | | 44,048 | | | 5,033,492 | Less: Current portion | | | (1,003,840) | | | (44,048) | | | (1,047,888) | Long-term portion of lease obligations | | $ | 3,985,604 | | $ | — | | $ | 3,985,604 |
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| Schedule of lease revenue |
| | | | | | | | | For the Three Months Ended | | | March 31, | | | 2026 | | 2025 | | | | (In thousands) | Lease revenue: | | | | | | | Sales-type lease revenue | | $ | 761 | | $ | 2,197 | Operating lease revenue | | | 3,804 | | | 2,401 | Total lease revenue | | $ | 4,565 | | $ | 4,598 |
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| Schedule of operating lease payments to be received |
| | | | For the Years Ending December 31, | | Total | | | (In thousands) | 2026 (remaining nine months) | | $ | 11,347 | 2027 | | | 7,456 | 2028 | | | 4,238 | 2029 | | | 3,262 | 2030 | | | 2,033 | Thereafter | | | 355 | Total lease payments to be received | | $ | 28,691 |
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