v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option and SARs Activity
The following table summarizes stock option and SAR activity for the six months ended June 30, 2026 (in thousands, except per share amounts, years, and aggregate intrinsic value):
Options OutstandingSARs Outstanding
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)
Balance as of December 31, 2025152,202 $9.98 6.1$25,536 11,271 $130.00 7.1$794 
Granted— — 2,889 143.59 
Exercised(2,067)4.72 — — 
Canceled and forfeited(458)6.22 (489)165.15 
Balance as of June 30, 2026149,677 $10.06 5.7$15,957 13,671 $131.61 11.1$377 
Vested and exercisable as of June 30, 202679,177 $8.89 5.3$8,534 1,772 $113.27 40.0$6 
Summary Of Valuation Assumptions
The Company determined the grant date fair value of these awards using a Black-Scholes option-pricing model, calculated as the difference in fair value between a SAR with a strike price at the exercise price and a SAR with the strike price at its maximum appreciation, using the following assumptions:
Six Months Ended June 30,
20262025
Expected volatility rate
56.7% - 57.0%
61.0% - 66.1%
Expected term (in years)
8.7 - 9.7
3.4 - 8.9
Risk-free interest rate
3.9% - 4.2%
4.3% - 4.6%
Expected dividend yield—%—%
The Company also grants SARs that are fully vested and exercisable upon grant, with an exercise price equal to the fair market value of the Company’s common stock on the grant date and contractual periods of up to 40 years. The Company determined the grant-date fair value of these awards using a Monte Carlo simulation model using the following assumptions:
Six Months Ended June 30,
2026
Expected volatility rate60.0%
Expected exercise factor2.6x
Risk-free interest rate4.9%
Expected dividend yield—%
Summary of RSU and P-RSU Activity
The following table summarizes the RSU and P-RSU activity for the six months ended June 30, 2026 (in thousands, except per share amounts):
RSUs OutstandingWeighted Average Grant Date Fair Value per ShareP-RSUs OutstandingWeighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 202541,644 $27.74 118 $180.79 
Granted2,653 138.14 233 158.25 
Vested(9,745)31.83 (218)179.69 
Canceled and forfeited(1,303)67.71 (12)158.22 
Adjustment for performance achievement(1)
— — 
Unvested and outstanding as of June 30, 202633,249 $33.79 121 $141.57 
—————
(1)This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance.
Summary of Stock-Based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$30,889 $14,973 $48,795 $29,989 
Sales and marketing106,067 56,040 182,963 108,553 
Research and development58,193 32,068 94,738 63,902 
General and administrative70,060 56,890 140,305 112,866 
Total stock-based compensation expense$265,209 $159,971 $466,801 $315,310