v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Total revenues $ 7,352 $ 6,798 $ 12,884 $ 11,560
Operating expenses:        
Marketing expenses 2,371 2,139 4,439 3,916
Sales and other expenses 942 899 1,746 1,601
Personnel, including stock-based compensation of $140, $154, $281, and $296, respectively 900 896 1,793 1,589
General and administrative 217 199 317 341
Information technology 263 219 503 419
Depreciation and amortization 129 158 260 312
Transformation costs 30 38 55 70
Total operating expenses 4,852 4,548 9,113 8,248
Operating income 2,500 2,250 3,771 3,312
Interest expense (300) (418) (553) (1,067)
Interest and dividend income 201 234 388 475
Other income (expense), net 159 (962) 353 (1,220)
Income before income taxes 2,560 1,104 3,959 1,500
Income tax expense 610 209 926 272
Net income $ 1,950 $ 895 $ 3,033 $ 1,228
Net income applicable to common stockholders per basic common share (in dollars per share) $ 2.54 $ 1.10 $ 3.89 $ 1.50
Weighted-average number of basic common shares outstanding (in shares) 768 812 779 817
Net income applicable to common stockholders per diluted common share (in dollars per share) $ 2.53 $ 1.10 $ 3.88 $ 1.50
Weighted-average number of diluted common shares outstanding (in shares) 770 815 782 821
Merchant revenues        
Total revenues $ 5,127 $ 4,457 $ 8,825 $ 7,375
Agency revenues        
Total revenues 1,903 2,044 3,431 3,608
Advertising and other revenues        
Total revenues $ 322 $ 297 $ 628 $ 577