v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table summarizes revenues by region for the three and six months ended June 30, 2026 and June 30, 2025. Total revenues are inclusive of hedging gains (losses) of $(48) million and $(180) million for the three and six months ended June 30, 2026, respectively, and $(37) million and $127 million for the three and six months ended June 30, 2025, respectively. See Note 8 Derivative Financial Instruments and Hedging Activities for further information.
Three Months EndedSix Months Ended
 June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
 (in thousands)
United States and Canada (UCAN)$5,431,667 $4,929,003 $10,676,965 $9,546,101 
Europe, Middle East, and Africa (EMEA)4,033,515 3,538,175 8,031,934 6,942,851 
Latin America (LATAM)1,584,290 1,306,735 3,081,348 2,568,669 
Asia-Pacific (APAC)1,510,466 1,305,253 3,019,448 2,564,346 
Total Revenues$12,559,938 $11,079,166 $24,809,695 $21,621,967 
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 June 30, 2026, total deferred revenue was $1,797 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 increased $22 million from $1,776 million as of December 31, 2025 to $1,797 million as of June 30, 2026. Deferred revenue balances may fluctuate due to the number of paid memberships and the price of our memberships.