v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Balance at Dec. 31, 2024 $ 4,296,470 $ 1,136 $ 4,271,269 $ 24,065
Balance, shares at Dec. 31, 2024   113,578    
Vesting of restricted stock units   $ 4 (4)  
Vesting of restricted stock units, shares   376    
Stock-based compensation expense 14,238   14,238  
Repurchase of common stock [1] $ (12,750) $ (1)   (12,749)
Repurchase of common stock, shares (100) (97) [1]    
Exercise of stock options $ 77   77  
Exercise of stock options, shares   9    
Shares withheld for restricted stock units vested (20,179) $ (2) (20,177)  
Shares withheld for restricted stock units vested, shares   (140)    
Net income (loss) 96,304     96,304
Balance at Mar. 31, 2025 4,374,160 $ 1,137 4,265,403 107,620
Balance, shares at Mar. 31, 2025   113,726    
Balance at Dec. 31, 2024 4,296,470 $ 1,136 4,271,269 24,065
Balance, shares at Dec. 31, 2024   113,578    
Net income (loss) 281,335      
Balance at Jun. 30, 2025 4,178,092 $ 1,105 4,176,987  
Balance, shares at Jun. 30, 2025   110,537    
Balance at Mar. 31, 2025 4,374,160 $ 1,137 4,265,403 107,620
Balance, shares at Mar. 31, 2025   113,726    
Vesting of restricted stock units   $ 2 (2)  
Vesting of restricted stock units, shares   166    
Stock-based compensation expense 16,160   16,160  
Repurchase of common stock [1],[2] $ (390,856) $ (33) (98,172) (292,651)
Repurchase of common stock, shares (3,300) (3,305) [1],[2]    
Exercise of stock options $ 69   69  
Exercise of stock options, shares   5    
Shares withheld for restricted stock units vested (6,472) $ (1) (6,471)  
Shares withheld for restricted stock units vested, shares   (55)    
Net income (loss) 185,031     185,031
Balance at Jun. 30, 2025 4,178,092 $ 1,105 4,176,987  
Balance, shares at Jun. 30, 2025   110,537    
Balance at Dec. 31, 2025 $ 4,352,251 $ 1,106 4,197,279 153,866
Balance, shares at Dec. 31, 2025 110,585 110,585    
Vesting of restricted stock units   $ 3 (3)  
Vesting of restricted stock units, shares   341    
Stock-based compensation expense $ 13,628   13,628  
Repurchase of common stock [2],[3] $ (302,873) $ (33) (196,388) (106,452)
Repurchase of common stock, shares (3,300) (3,283) [2],[3]    
Exercise of stock options $ 21   21  
Exercise of stock options, shares   2    
Shares withheld for restricted stock units vested (11,393) $ (1) (11,392)  
Shares withheld for restricted stock units vested, shares   (127)    
Net income (loss) (47,414)     (47,414)
Balance at Mar. 31, 2026 4,004,220 $ 1,075 4,003,145  
Balance, shares at Mar. 31, 2026   107,518    
Balance at Dec. 31, 2025 $ 4,352,251 $ 1,106 4,197,279 153,866
Balance, shares at Dec. 31, 2025 110,585 110,585    
Net income (loss) $ (51,314)      
Balance at Jun. 30, 2026 $ 4,005,175 $ 1,076 4,007,999 (3,900)
Balance, shares at Jun. 30, 2026 107,594 107,594    
Balance at Mar. 31, 2026 $ 4,004,220 $ 1,075 4,003,145  
Balance, shares at Mar. 31, 2026   107,518    
Vesting of restricted stock units   $ 1 (1)  
Vesting of restricted stock units, shares   102    
Stock-based compensation expense 7,210   7,210  
Shares withheld for restricted stock units vested (2,355)   (2,355)  
Shares withheld for restricted stock units vested, shares   (26)    
Net income (loss) (3,900)     (3,900)
Balance at Jun. 30, 2026 $ 4,005,175 $ 1,076 $ 4,007,999 $ (3,900)
Balance, shares at Jun. 30, 2026 107,594 107,594    
[1] During the three months ended March 31, 2025, and the three months ended June 30, 2025, we repurchased and retired 0.1 million shares and 3.3 million shares of our common stock for $12.8 million and $390.9 million, inclusive of applicable fees and taxes, at an average price of $131.51 and $118.27 per share, respectively.
[2] Amounts paid in excess of par are allocated to additional paid-in capital during periods in which retained earnings is depleted.
[3] During the three months ended March 31, 2026, we repurchased and retired 3.3 million shares of our common stock for $302.9 million, inclusive of applicable fees and taxes, at an average price of $92.25 per share.