v3.26.1
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Stock-Based Compensation

Stock-based compensation expenses recognized for the three and six months ended June 30, 2026 and 2025, were as follows (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$6 $9 $13 $18 
Sales and marketing13 14 26 28 
Research and development22 21 43 41 
General and administrative14 16 27 30 
Restructuring expenses— — — 3 
Stock-based compensation expense
$55 $60 $109 $120 

Stock Options

The following is a summary of stock option activity under the Company’s stock option plans for the six months ended June 30, 2026:


Number of
Shares (in millions)
Weighted-
Average
Exercise
Price (per share)
Weighted-Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic
Value (in millions)(1)
Outstanding as of December 31, 2025
21 $11.84 
Granted1 28.67 
Exercised(2)4.18 
Forfeited— 21.68 
Outstanding as of June 30, 2026
20 $14.25 
Options vested and expected to vest as of June 30, 2026
20 $13.78 5.2$288 
(1) The aggregate intrinsic value was determined as the difference between the closing price of the Class A common stock on the last trading day of June 2026, or the date of exercise, as appropriate, and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their in-the-money options at period end.

The aggregate intrinsic value of options exercised was $16 million and $51 million, respectively, during the three and six months ended June 30, 2026.

As of June 30, 2026, total unrecognized stock-based compensation expense related to the options was $57 million and is expected to be recognized over the remaining weighted-average service period of 3.1 years.
Restricted Stock Units 

The following table summarizes restricted stock units, or RSUs, activity during the six months ended June 30, 2026:

Number of Shares
(in millions)
Weighted-Average Grant Date Fair Value (per share)
Outstanding balance as of December 31, 2025
15 $26.80 
Granted8 28.27 
Vested(4)22.64 
Forfeited(1)27.33 
Outstanding balance as of June 30, 2026
18 $28.36 
Expected to vest as of June 30, 2026
15 $28.03 

The fair value of RSUs vested during the three and six months ended June 30, 2026 was $52 million and $121 million, respectively.

As of June 30, 2026, total unrecognized stock-based compensation expense related to the RSUs was $360 million and is expected to be recognized over the remaining weighted-average service period of 3.0 years.

Share Repurchase Program

In February 2024, the Company announced the authorization of a share repurchase program for the repurchase of shares of Class A common stock, par value $0.000001 per share, in an aggregate amount of up to $250 million. On February 10, 2026, the Company’s board of directors approved an increase of $500 million to the previously authorized share repurchase program for the repurchase of shares of Class A common stock. The repurchase program has no expiration date, does not obligate the Company to acquire any particular amount of Class A common stock, and may be suspended at any time at the Company’s discretion. The timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities.

During the three and six months ended June 30, 2026, the Company repurchased $159 million and $486 million, respectively, of Class A common stock. As of June 30, 2026, approximately $100 million remained authorized for repurchase under the share repurchase program.