v3.26.1
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented.
Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, primarily by monitoring actual results versus historical periods. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses.
Financial information for each reportable segment, including disaggregation of revenue, was as follows (in thousands, except percentages):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Amount%Amount%Amount%Amount%
Contribution:
Government revenue$990,032 $552,983 $1,848,442 $1,039,946 
Expenses attributable to government segment(288,926)(202,571)(517,925)(388,574)
Government contribution701,106 71 %350,412 63 %1,330,517 72 %651,372 63 %
Commercial revenue945,432 450,714 1,719,605 847,606 
Expenses attributable to commercial segment(210,488)(163,138)(421,705)(318,885)
Commercial contribution734,944 78 %287,576 64 %1,297,900 75 %528,721 62 %
Total contribution$1,436,050 74 %$637,988 64 %$2,628,417 74 %$1,180,093 63 %
The reconciliation of total contribution to income from operations is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Income from operations$912,004 $269,317 $1,666,002 $445,365 
Research and development expenses (1)
134,320 102,975 258,756 206,030 
General and administrative expenses (1)
124,517 105,725 236,858 213,388 
Total stock-based compensation expense265,209 159,971 466,801 315,310 
Total contribution$1,436,050 $637,988 $2,628,417 $1,180,093 
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(1)Excludes stock-based compensation expense.
Geographic Information
Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Amount%Amount%Amount%Amount%
Revenue:
United States$1,573,047 81 %$732,592 73 %$2,855,113 80 %$1,361,086 72 %
Rest of world (1)
362,417 19 %271,105 27 %712,934 20 %526,466 28 %
Total revenue$1,935,464 100 %$1,003,697 100 %$3,568,047 100 %$1,887,552 100 %
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(1)No other country represented 10% or more of total revenue for the three and six months ended June 30, 2026 or 2025.