v3.26.1
Common Stock
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Common Stock Common Stock
Share Repurchase Program
In February 2025, the Company announced the authorization of a share repurchase program for the repurchase of shares of its Class A common stock in an aggregate amount of up to $5.0 billion, which is inclusive of the remaining share repurchase authority of $876 million under the share repurchase program that was previously announced by the Company in February 2024. During the three months ended June 30, 2026, the Company repurchased 5.7 million shares of its Class A common stock at a weighted-average price of $156.88 per share for a total amount of $887 million. During the six months ended June 30, 2026, the Company repurchased 6.8 million shares of its Class A common stock at a weighted-average price of $155.25 per share for a total amount of $1.0 billion. The shares were retired immediately upon repurchase.
Restricted Stock
The Company granted restricted stock to certain continuing employees in connection with the acquisition of Wolt Enterprises Oy ("Wolt") on May 31, 2022. Vesting of this stock is dependent on the respective employee’s continued employment at the Company during the requisite service period, which is generally up to four years from the issuance date. The fair value of the restricted stock issued to employees that is subject to post-acquisition employment is recorded as compensation expense on a straight-line basis over the requisite service period.
The activities for the restricted stock issued to employees was as follows (in thousands, except per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value Per Share
Unvested restricted stock as of December 31, 202574 
Granted— $— 
Vested(74)$76.91 
Forfeited— $— 
Unvested restricted stock as of June 30, 2026— 
Stock Award Activities
A summary of stock option activity under the 2014 Equity Incentive Plan, 2020 Equity Incentive Plan, and 2022 Inducement Equity Incentive Plan was as follows (in millions, except share amounts which are reflected in thousands, and per share data):
Options Outstanding
Shares
subject to
Options
Outstanding		Weighted-
Average
Exercise
Price Per Share		Weighted-
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
Balance as of December 31, 20252,411 $6.70 2.37$530 
Granted— $— 
Exercised(343)$4.30 $63 
Cancelled and forfeited(1)$13.50 
Balance as of June 30, 20262,067 $7.10 2.00$367 
Exercisable as of June 30, 20262,067 $7.10 2.00$367 
Vested and expected to vest as of June 30, 20262,067 $7.10 2.00$367 
The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2025 and 2026 was $220 million and $63 million, respectively. There were no stock options granted during the six months ended June 30, 2025 and 2026.
A summary of RSU activity was as follows (in millions, except share amounts which are reflected in thousands, and per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value Per Share		Aggregate
Intrinsic
Value
Unvested RSUs as of December 31, 202523,961 $5,427 
Granted9,611 $187.56 
Vested(4)$131.30 
Vested and settled(5,364)$125.43 
Forfeited(1,472)$169.16 
Unvested RSUs as of June 30, 202626,732 $4,933 
The aggregate intrinsic value disclosed in the above table is based on the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The weighted-average fair value per share of RSUs granted during the six months ended June 30, 2025 and 2026 was $181.45 and $187.56, respectively.
Stock-Based Compensation Expense
The Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2025202620252026
Cost of revenue, exclusive of depreciation and amortization$37 $48 $70 $83 
Sales and marketing33 35 59 58 
Research and development141 189 257 302 
General and administrative71 77 131 134 
Restructuring charges— — — 3 
Total stock-based compensation expense$282 $349 $517 $580 
In November 2020, the Company’s board of directors approved the grant of 10,379,000 performance-based RSUs to the Company's Chief Executive Officer (the “CEO Performance Award”), of which 9,341,100 remain eligible to vest as of June 30, 2026. The CEO Performance Award vests upon the satisfaction of a service condition and achievement of certain stock price goals. As of June 30, 2026, there was no remaining unrecognized stock-based compensation expense related to the CEO Performance Award.
As of June 30, 2026, there was $2.8 billion of unrecognized stock-based compensation expense related to unvested RSUs. The Company expects to recognize this expense over the remaining weighted-average period of 2.74 years.