Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

Our 2019 Plan provides for the issuance of stock options, RSAs, RSUs and other equity- or cash-based awards to qualified employees, directors and consultants. Stock options granted under our 2019 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant.

The number of shares of our Class A common stock reserved for issuance under our 2019 Plan will automatically increase on the first day of each fiscal year through and including January 1, 2029, in an amount equal to 5% of the total number of shares of our Class A common stock and our Class B common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors. 176,814,803 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of June 30, 2026.

Stock Option Activity

Stock option activity during the six months ended June 30, 2026, was as follows (in thousands, except per share amounts):


	Stock Options Outstanding
	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
				(in years)
Outstanding as of December 31, 2025	8,554	$	19.96	6.5	$	50,720



Outstanding as of June 30, 2026	8,554	$	19.96	6.0	$	9,152
Exercisable as of June 30, 2026	8,019	$	19.96	6.0	$	8,580

(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.

The total grant-date fair value of stock options vested was $12.6 million and $12.6 million for the six months ended June 30, 2026 and 2025, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2025 was $46.7 million. No stock options were exercised during the six months ended June 30, 2026.

Restricted Stock Unit and Restricted Stock Award Activity

RSU and RSA activity during the six months ended June 30, 2026, was as follows (in thousands, except per share amounts):


	Restricted Stock Units and Restricted Stock Awards Outstanding
	Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2025	39,119	$	30.25
Granted	59,190	19.19
Released	(20,947)	24.72
Forfeited	(8,277)	25.86
Outstanding as of June 30, 2026	69,085	$	22.97

During the first quarter of 2026, we granted 1,004,022 RSUs that vest subject to continued service and a market condition under which the number of RSUs that vest will range from 0% to 200% of the number granted based on our total stockholder return relative to the returns of the companies in the Nasdaq CTA Internet Index over two- and three-year performance periods from January 1, 2026 to December 31, 2027 and January 1, 2026 to December 31, 2028, respectively. The weighted-average grant-date fair value of these RSUs was $34.13, which we estimated using a Monte Carlo simulation model with an expected term equal to the length of the performance periods, a risk-free rate of 3.7% and an expected volatility of 46.1%.

Share-Based Compensation

Share-based compensation expense during the three and six months ended June 30, 2026 and 2025, was as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	8,484	$	4,983	$	13,046	$	9,055
Research and development	212,537		145,939		353,213		265,421
Sales and marketing	52,155		38,715		91,099		69,046
General and administrative	46,553		37,597		84,492		71,138
Restructuring	4,788		—		14,113		—
Total share-based compensation	$	324,517	$	227,234	$	555,963	$	414,660

We recognized income tax benefits on share-based compensation expense of $65.1 million and $47.7 million for the three months ended June 30, 2026 and 2025, respectively, and $111.4 million and $86.0 million for the six months ended June 30, 2026 and 2025, respectively, which are reflected in the provision for (benefit from) income taxes on our condensed consolidated statements of operations.

As of June 30, 2026, we had $1,443.8 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 2.1 years.

Stock Repurchase Programs

In November 2024, our board of directors authorized a stock repurchase program of up to $2,000.0 million of our Class A common stock (the "November 2024 program"). During the six months ended June 30, 2026, we repurchased and retired 27,664,663 shares of our Class A common stock through open market purchases under the November 2024 program for an aggregate purchase price of $472.9 million at an average price per share of $17.09.

In March 2026, our board of directors authorized a new stock repurchase program of up to $3,500.0 million of our Class A common stock (the "March 2026 program") and canceled the November 2024 program, under which $499.9 million had remained available for repurchase. Under the March 2026 program, we are authorized to repurchase, from time to time, shares of our Class A common stock through open market purchases, block transactions, privately negotiated purchase transactions or in such other manner as deemed advisable by management. In addition, we may establish one or more trading plans pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or enter into arrangements with brokers or other third parties for accelerated purchases of our Class A common stock. The March 2026 program does not obligate us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time. The timing, manner, price and amount of any repurchases are determined by management in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. During the six months ended June 30, 2026, we repurchased and retired 28,950,481 shares of our Class A common stock through open market purchases under the March 2026 program for an aggregate purchase price of $551.0 million at an average price per share of $19.03. We also repurchased and retired 54,796,613 shares of our Class A common stock at an average price per share of $18.25 through an accelerated share repurchase agreement under the March 2026 program as described below. As of June 30, 2026, $1,948.0 million remained available for repurchases under the March 2026 program.

During the six months ended June 30, 2026, we recorded $14.9 million of excise tax resulting from the Inflation Reduction Act of 2022 in relation to stock repurchases under the November 2024 and March 2026 programs.

Accelerated Share Repurchase Agreement

In March 2026, we entered into an accelerated share repurchase agreement (the “ASR”) with a financial institution to repurchase $1,000.0 million of our Class A common stock as part of our March 2026 program. Under the terms of the ASR, we made an up-front payment of $1,000.0 million, which we recorded as a reduction of stockholders' equity. We received an initial delivery of 41,279,670 shares of our Class A common stock in March 2026 and the remaining

13,516,943 shares in April 2026. In total, during the six months ended June 30, 2026, we repurchased and retired 54,796,613 shares of our Class A common stock at an average price per share of $18.25 under the ASR.