v3.26.1
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its co-chief executive officers, who review financial information presented on a consolidated basis. The CODM uses consolidated operating margin and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow global operating margin and the allocation of budget between cost of revenues, sales and marketing, technology and development, and general and administrative expenses.
The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
 June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
(in thousands)
Revenues$12,559,938 $11,079,166 $24,809,695 $21,621,967 
Less:
Content amortization4,311,309 3,832,074 8,529,209 7,655,186 
Other cost of revenues1,725,656 1,493,237 3,395,994 2,933,272 
Sales and marketing823,838 713,265 1,666,055 1,401,635 
Technology and development1,007,675 824,683 1,967,371 1,647,506 
General and administrative498,850 441,213 1,101,459 862,675 
Operating income4,192,610 3,774,694 8,149,607 7,121,693 
Operating margin33.4 %34.1 %32.8 %32.9 %
Other income (expense)
Interest expense(175,685)(182,649)(437,762)(366,821)
Interest and other income (expense)(1)
51,661 39,630 2,903,827 90,529 
Income before income taxes4,068,586 3,631,675 10,615,672 6,845,401 
Provision for income taxes(667,172)(506,262)(1,931,467)(829,637)
Net income$3,401,414 $3,125,413 $8,684,205 $6,015,764 
(1) Interest and other income (expense) for the six months ended June 30, 2026 includes a $2.8 billion termination fee received during the first quarter of 2026 in connection with the termination of the WBD transaction. Interest and other income (expense) also includes interest income of $82 million and $152 million, respectively, for the three and six months ended June 30, 2026, and $72 million and $154 million, respectively, for the three and six months ended June 30, 2025.
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
Total U.S. revenues were $5.1 billion and $9.9 billion, respectively, for the three and six months ended June 30, 2026, and $4.6 billion and $8.9 billion, respectively, for the three and six months ended June 30, 2025. See Note 2 Revenue Recognition for additional information about revenues by region.
The Company’s long-lived tangible assets, as well as the Company’s operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, were located as follows:
As of
June 30,
2026		December 31,
2025
(in thousands)
United States$3,294,287 $3,075,477 
International1,142,103 1,136,034