v3.26.1
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Equity Investments
We hold investments in privately held equity securities, which are recorded in other assets, with a carrying value of $58.8 million as of June 30, 2026 and December 31, 2025.
Revenue Recognition
Disaggregated Revenue
Revenue by major product type was as follows:
Three Months Ended
 June 30,		Six Months Ended June 30,
2026202520262025
Applications and Commerce$514.8 $463.9 $1,013.0 $910.3 
Core Platform: domains599.3 566.2 1,185.5 1,128.1 
Core Platform: other183.9 187.5 366.4 373.5 
$1,298.0 $1,217.6 $2,564.9 $2,411.9 
No single customer represented over 10% of our total revenue for any period presented.
Revenue by geography is based on the customer's billing address and was as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
U.S.$870.9 $821.7 $1,721.9 $1,627.2 
International427.1 395.9 843.0 784.7 
$1,298.0 $1,217.6 $2,564.9 $2,411.9 
No country outside the U.S. represented more than 10% of total revenue in any period presented.
See Note 7 for information regarding our deferred revenue.
Assets Recognized from Contract Costs
Fees paid to various registries at the inception of a domain registration or renewal represent costs to fulfill a contract. We capitalize and amortize these prepaid domain name registry fees to cost of revenue consistent with the pattern of transfer of the product to which the assets relate. Amortization expense of such assets was $214.9 million and $208.2 million for the three months ended June 30, 2026 and 2025, respectively, and was $424.0 million and $410.0 million for the six months ended June 30, 2026 and 2025, respectively.
We have no other material capitalized contract costs.
Fair Value Measurements
Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows:
Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets;
Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and
Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions.
We hold certain assets and liabilities required to be measured at fair value on a recurring basis. These include time deposits and notice deposits, which we classify within Level 1 because we use quoted market prices to determine their fair value. Level 2 assets and liabilities include commercial paper and derivative financial instruments associated with hedging activity, as further discussed in Note 10. Derivative financial instruments are measured at fair value on the contract date and are subsequently remeasured each reporting period using inputs such as spot rates, discount rates and forward rates. There are no active markets for the commercial paper or hedge contracts themselves; however, the inputs used to calculate the fair value of the instruments are tied to active markets.
The following tables set forth our material assets and liabilities measured and recorded at fair value on a recurring basis:
June 30, 2026
Level 1Level 2Level 3Total
Assets:
Cash and cash equivalents:
Commercial paper$— $134.0 $— $134.0 
Time deposits175.0 — — 175.0 
Notice deposits350.0 — — 350.0 
Derivative assets— 55.1 — 55.1 
Total assets$525.0 $189.1 $— $714.1 
Liabilities:
 Derivative liabilities$— $91.1 $— $91.1 
December 31, 2025
Level 1Level 2Level 3Total
Assets:
Cash and cash equivalents:
Commercial paper$— $208.9 $— $208.9 
Time deposits100.0 — — 100.0 
Notice deposits250.0 — — 250.0 
Derivative assets— 49.2 — 49.2 
Total assets$350.0 $258.1 $— $608.1 
Liabilities:
 Derivative liabilities $— $136.0 $— $136.0 
We have no other material assets or liabilities measured at fair value on a recurring basis.