v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue:        
Total $ 6,617,687 $ 6,054,457 $ 12,674,534 $ 11,826,253
Cost of revenue:        
Amortization of acquired technology assets 12,805 14,404 25,622 29,078
Total cost of revenue 3,451,606 3,517,927 6,599,214 7,000,120
Gross profit 3,166,081 2,536,530 6,075,320 4,826,133
Operating expenses:        
Product development 608,660 725,288 1,647,533 1,485,987
Sales and marketing 664,955 549,731 1,315,463 1,054,191
General and administrative 825,869 449,237 1,683,433 941,034
Transaction, loan, and consumer receivable losses 585,450 294,090 1,085,575 463,779
Amortization of customer and other acquired intangible assets 34,277 33,891 68,436 67,547
Total operating expenses 2,719,211 2,052,237 5,800,440 4,012,538
Operating income 446,870 484,293 274,880 813,595
Interest expense, net 55,721 23,687 108,916 40,930
Remeasurement loss (gain) on bitcoin investment 88,474 (212,165) 261,292 (118,814)
Other expense (income), net 1,199 13,389 (4,227) 5,047
Income (loss) before income tax 301,476 659,382 (91,101) 886,432
Provision for income taxes 214,407 121,048 130,425 159,376
Net income (loss) 87,069 538,334 (221,526) 727,056
Less: Net loss attributable to noncontrolling interests (1,448) (124) (1,362) (1,274)
Net income (loss) attributable to common stockholders $ 88,517 $ 538,458 $ (220,164) $ 728,330
Net income (loss) per share attributable to common stockholders:        
Basic (in USD per share) $ 0.15 $ 0.88 $ (0.37) $ 1.18
Diluted (in USD per share) $ 0.15 $ 0.87 $ (0.37) $ 1.17
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:        
Basic (in shares) 597,829 612,882 597,702 616,108
Diluted (in shares) 608,847 618,928 597,702 627,103
Commerce enablement revenue        
Revenue:        
Total $ 3,341,571 $ 2,898,302 $ 6,280,041 $ 5,465,277
Cost of revenue:        
Cost of revenue 1,523,639 1,354,370 2,841,098 2,506,570
Financial solutions revenue        
Revenue:        
Total 1,382,368 984,553 2,704,353 1,859,564
Cost of revenue:        
Cost of revenue 93,819 82,649 183,194 160,571
Bitcoin ecosystem revenue        
Revenue:        
Total 1,893,748 2,171,602 3,690,140 4,501,412
Cost of revenue:        
Cost of revenue $ 1,821,343 $ 2,066,504 $ 3,549,300 $ 4,303,901