Share-based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock Option Activity |
The following table summarizes the Company’s stock option activity for the six months ended June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands, except per share data and years) | | Shares | | Weighted Average
Exercise Price
Per Share | | Aggregate
Intrinsic
Value | | Weighted Average
Remaining Contractual
Term (Years) | | Balance as of January 1, 2026 | | 3,535 | | $ | 42.63 | | | | | | | Granted | | 68 | | $ | 151.39 | | | | | | | Exercised | | (421) | | $ | 48.44 | | | $ | 46,127 | | | | | Forfeited/Expired | | (6) | | $ | 281.98 | | | | | | | Balance as of June 30, 2026 | | 3,176 | | $ | 43.72 | | | | | | | Exercisable as of June 30, 2026 | | 2,822 | | $ | 37.73 | | | $ | 144,360 | | | 4.9 | | Expected to vest as of June 30, 2026 | | 354 | | $ | 91.46 | | | $ | 13,043 | | | 7.5 | | Total | | 3,176 | | $ | 43.72 | | | $ | 157,403 | | | 5.2 |
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| Schedule of Range of Exercise Prices per Share |
Stock options outstanding as of June 30, 2026 are comprised of the following range of exercise prices per share: | | | | | | | | | | | | | | | | | | | | | | | Stock Options Outstanding at June 30, 2026 | (in thousands, except per share data and years) Range of Exercise Prices per Share | | Shares | | Weighted Average
Exercise Price
Per Share | | Weighted Average
Remaining Contractual
Term (Years) | $12.45 - $20.00 | | 800 | | $ | 14.98 | | | 3.4 | $20.01 - $30.00 | | 842 | | $ | 24.33 | | | 6.3 | $30.01 - $40.00 | | 15 | | $ | 30.16 | | | 6.9 | $40.01 - $50.00 | | 813 | | $ | 41.26 | | | 5.5 | $50.01 - $70.00 | | 516 | | $ | 69.12 | | | 4.6 | $70.01 - $220.00 | | 140 | | $ | 156.98 | | | 8.8 | $220.01 - $300.00 | | 36 | | $ | 261.38 | | | 8.6 | $300.01 - $364.20 | | 11 | | $ | 364.20 | | | 8.5 | $364.21 and over | | 3 | | $ | 369.06 | | | 8.9 | | Total | | 3,176 | | $ | 43.72 | | | 5.2 |
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| Assumptions Used in Pricing Model |
The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $151.39 and $296.15 for each share subject to a stock option granted during the six months ended June 30, 2026 and 2025, respectively, based on the following assumptions: | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2026 | | 2025 | | Expected term of awards in years | | 5.5 - 6.3 | | 5.5 - 6.3 | | Expected volatility | | 89.4% - 90.1% | | 83.8% - 91.5% | | Risk-free interest rate | | 3.9% - 4.2% | | 4.0% - 4.4% | | Expected dividend yield | | 0.0 | % | | 0.0 | % |
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| Summary of Share-Settled Restricted Stock Unit Activity |
The following table summarizes the Company’s share-settled restricted stock unit activity for the periods indicated: | | | | | | | | | | | | | | | | | Share-Settled Restricted Stock Units Outstanding | | (in thousands) | | Units | | Aggregate
Intrinsic Value | | Balance as of January 1, 2026 | | 731 | | | | Granted | | 279 | | | | Vested | | (287) | | $ | 38,499 | | | Forfeited | | (64) | | | Balance as of June 30, 2026 | | 659 | | | Expected to vest as of June 30, 2026 | | 659 | | $ | 57,319 | |
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| Summary of Share-Settled Performance Stock Unit Activity |
The following table summarizes the Company’s performance stock unit activity for the periods indicated: | | | | | | | | | | | | | | | | | Share-Settled Performance Stock Units Outstanding | | (in thousands) | | Units | | Aggregate
Intrinsic Value | | Balance as of January 1, 2026 | | 239 | | | | Granted | | 227 | | | | Vested | | (351) | | | $ | 45,386 | | | Forfeited | | — | | | | Balance as of June 30, 2026 | | 115 | | | Expected to vest as of June 30, 2026 | | 115 | | $ | 9,148 | |
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| Summary of Performance Shares, Assumptions Used in Pricing Model |
The weighted average grant date fair value of performance stock units using the Monte-Carlo simulation model was $267.03 and $445.66 for each performance stock unit granted during the six months ended June 30, 2026 and 2025, respectively, based on the following assumptions: | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2026 | | 2025 | | Expected term of awards in years | | 3.0 | | 3.0 | | Expected volatility | | 87.2 | % | | 99.2 | % | | Risk-free interest rate | | 3.7 | % | | 3.9 | % | | Expected dividend yield | | 0.0% | | 0.0% |
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