v3.26.1
Deferred Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Deferred Revenue Deferred Revenue
Three months ended June 30,Six months ended June 30,
2026202520262025
(in US $ millions)
Balance, beginning of the period407 430 398 430 
Deferral of revenue(1)
128 114 190 171 
Recognition of deferred revenue from beginning balance(121)(123)(174)(180)
Balance, end of the period414 421 414 421 
(1) Deferral of revenue includes only the portion of collections from merchant billings throughout the period, primarily related to subscription fees, for which the services have not yet been provided. The amounts primarily exclude subscription revenue that has both been deferred and recognized within the period presented.
June 30, 2026June 30, 2025
(in US $ millions)
Current portion335 298 
Long-term portion79 123 
414 421 
The opening balances of current and long-term deferred revenue were $283 million and $147 million, respectively, as of January 1, 2025.
As of June 30, 2026, the long-term deferred revenue, excluding non-cash consideration received, will be recognized ratably over the remaining terms of the contracts with the customers, which range from two years to three years.
The Company has received non-cash consideration in the form of equity investments in exchange for services to be rendered as part of strategic partnerships. As the Company is required to provide referral services and other services to support the partners' merchant offerings over the period of the performance obligations, revenue is deferred and recognized over time on a ratable basis over the expected terms of the contracts.
The table below summarizes the gross changes in deferred revenue associated with this non-cash consideration received for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
2026202520262025
(in US $ millions)
Balance, beginning of the period129 177 141 190 
Non-cash consideration received in exchange for services8 — 8 — 
Revenue recognized related to non-cash consideration(13)(12)(25)(25)
Balance, end of the period124 165 124 165 
Current portion50 49 
Long-term portion74 116 
124 165 
The Company will recognize this revenue ratably over the remaining terms of the respective strategic partnership service agreements, which range from one year to four years.