In November 2025, the board of directors of the Company authorized an increase to the Company's share repurchase program to repurchase up to an additional $5 billion of the Company’s Class A common stock, for a total authorization of $9 billion. During the six months ended June 30, 2026, the Company repurchased 11.6 million shares of its Class A common stock for an aggregate amount of $700.9 million, excluding excise tax, which was immaterial. As of June 30, 2026, $4.6 billion remained available and authorized for repurchases under this share repurchase program.

Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company’s discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.

The Company maintains two share-based employee compensation plans: the 2015 Equity Incentive Plan ("2015 Plan") and the 2025 Equity Incentive Plan ("2025 Plan"). The 2025 Plan became effective as of June 17, 2025 and replaced the 2015 Plan as of such date, such that no further awards will be granted under the 2015 Plan. Any awards outstanding under the 2015 Plan as of the date the 2025 Plan became effective will remain outstanding under the 2015 Plan in accordance with their existing terms.

Under the 2025 Plan, shares of the Company's Class A common stock are reserved for the issuance of incentive and nonstatutory stock options (ISOs and NSOs, respectively), stock appreciation rights ("SARs"), restricted stock awards, restricted stock units ("RSUs"), performance awards, and other stock and cash-based awards to eligible employees, directors, and consultants. The awards must be granted at a price per share not less than the fair market value at the date of grant. A maximum aggregate of 80,000,000 shares were reserved for issuance pursuant to awards under the 2025 Plan. As of June 30, 2026, there were 15.5 million shares outstanding under the 2015 Plan and 49.3 million shares available for future issuance under our 2025 Plan.


	Number of Stock Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding, beginning of the year	3,757	$	69.29	6.95	$	29,151
Granted	—	—
Exercised	(18)	53.68
Forfeited	(266)	58.19
Expired	(11)	65.60
Outstanding, end of the period	3,462	$	70.24	6.54	$	53,448

Exercisable, end of the period	2,212	$	76.76	5.40	$	31,838

Activity related to RSUs during the six months ended June 30, 2026 is set forth below (in thousands, except per share data):


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested, beginning of the year	31,287	$	66.31
Granted	30,043	60.48
Vested	(9,410)	66.56
Forfeited	(11,941)	64.96
Unvested, end of the period	39,979	$	62.27


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	104	$	135	$	217	$	291
Product development	168,476		214,927		413,516		437,468
Sales and marketing	26,575		27,140		57,932		60,490
General and administrative	64,596		55,139		126,786		114,328
Total	$	259,751	$	297,341	$	598,451	$	612,577

The Company capitalized $6.1 million and $13.3 million of share-based compensation expense related to capitalized software costs during the three and six months ended June 30, 2026, respectively, compared to $6.4 million and $15.3 million during the three and six months ended June 30, 2025, respectively.

As of June 30, 2026, there was $2.5 billion of total unrecognized compensation cost related to outstanding stock options and restricted stock awards that are expected to be recognized over a weighted-average period of 3.0 years.