Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represents amounts invoiced and revenue recognized prior to invoicing when we have satisfied our performance obligation and have the unconditional right to payment. The allowance for doubtful accounts and authorized credits is estimated based upon our assessment of various factors including historical experience, the age of the accounts receivable balances, current economic conditions, reasonable and supportable forecasts, and other factors that may affect our customers’ ability to pay. The allowance for doubtful accounts and authorized credits is immaterial as of both June 30, 2026 and December 31, 2025.

Deferred revenue consists of fees received related to unsatisfied performance obligations at the end of the period. Due to the generally short-term duration of contracts, the majority of the performance obligations are satisfied in the following reporting period. The amount of revenue recognized for both the six months ended June 30, 2026 and June 30, 2025 that was included in the deferred revenue balance at the beginning of the respective periods was immaterial.


	June 30, 2026		December 31, 2025
	(In millions)
Customer accounts	$	1,231	$	1,017
Funds receivable	358		263
Customer accounts and funds receivable	$	1,589	$	1,280


	June 30, 2026		December 31, 2025
	(In millions)
Income and other tax receivable	$	338	$	194
Restricted cash	156		170
Accounts receivable, net	155		135
Prepaid expenses	144		126
Short-term derivative assets	50		17
Other	264		245
Other current assets	$	1,107	$	887


	June 30, 2026		December 31, 2025
	(In millions)
Compensation and related benefits	$	518	$	644
Accrued indirect tax expense	498		509
Accrued marketing expenses	267		226
Operating lease liabilities	117		119
Transaction loss liability	108		90
Accrued general and administrative expenses	91		70
Shipping and carrier liabilities	88		91
Deferred revenue	51		43
Accrued interest expense	48		45


Other	548		420
Accrued expenses and other current liabilities	$	2,334	$	2,257


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)
Interest income	$	58	$	64	$	116	$	141
Foreign exchange and other	(6)		(5)		2		(1)
Total interest income and other, net	$	52	$	59	$	118	$	140