v3.26.1
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
16. STOCK-BASED COMPENSATION
Stock options
The following is a summary of stock option activity, including performance-based options (in thousands, except per share and years data):
Weighted Average
Options OutstandingExercise Price Per ShareRemaining Contractual Life (Years)Aggregate Intrinsic Value
Balance at January 1, 202619,700 $25.58 4.3$3,950,983 
Exercised(1,070)10.87 
Forfeited and cancelled(13)136.20 
Balance at June 30, 202618,617 $26.35 3.9$2,253,320 
Vested and exercisable at June 30, 202614,937 $27.06 3.9$1,801,626 
Other awards
A summary of restricted stock units and performance restricted stock units activity is as follows (in thousands, except per share data):
Restricted Stock Units
Performance Restricted Stock Units
Number of Shares
Fair Value(1)
Number of Shares
Fair Value(1)
Balance at January 1, 20262,145 $247.04 643 $55.42 
Granted5,956 165.15 426 156.92 
Vested(2,140)203.75 (643)55.70 
Forfeited and cancelled(764)174.32 — — 
Balance at June 30, 20265,197 $181.70 426 $156.92 
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(1)Represents the weighted-average grant date fair value per share.
Stock-based compensation
The following are the effects of stock-based compensation on the Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Statements of Operations
Technology and development$152,917 $117,240 $313,558 $225,332 
Sales and marketing12,601 14,533 27,412 29,438 
General and administrative72,823 64,387 145,426 132,119 
Total stock-based compensation expense$238,341 $196,160 $486,396 $386,889 
Balance Sheets
Software and equipment, net(1)
$4,707 $12,020 $9,105 $28,585 
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(1)Represents capitalized stock-based compensation that was recorded to Software and equipment, net during the periods presented. See Note 13. Condensed Consolidated Balance Sheets Details for additional details.
As of June 30, 2026, there was total unrecognized compensation cost of $815.4 million and $130.1 million related to unvested restricted stock units (excluding performance restricted stock units) and restricted stock awards, respectively, which is expected to be recognized over a weighted-average of 1.4
years and 3.1 years, respectively. As of June 30, 2026, there was unrecognized compensation cost related to performance restricted stock units subject to market conditions of $29.6 million, which is expected to be recognized over a weighted-average period of 2.3 years. Unrecognized compensation cost for all other stock-based compensation awards was immaterial as of June 30, 2026.