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| Stock-Based Compensation | Note 8—Stock-Based Compensation Stock-Based Compensation Expense Stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows (in thousands):
Stock Options, Excluding the CEO Performance Option The following summarizes stock option activity:
Stock-based compensation expense relating to stock options was $20 million and $18 million for the three months ended June 30, 2026 and 2025, respectively. Stock-based compensation expense relating to stock options was $36 million and $32 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company had unrecognized stock-based compensation relating to stock options of approximately $185 million, which is expected to be recognized over a weighted-average period of 3.4 years. CEO Performance Option In October 2021, the Company granted a market-based performance award to the Company’s Chief Executive Officer (the “CEO Performance Option”) under the 2016 Plan. The CEO Performance Option has an exercise price of $68.29 per share. As of December 31, 2025, the CEO Performance Option had 17.8 million options outstanding. No options under the CEO Performance Option were granted, exercised, forfeited or expired during the three and six months ended June 30, 2026. As of June 30, 2026, the CEO Performance Option had 17.8 million options outstanding and 3.4 million exercisable options. There was no stock-based compensation expense relating to the CEO Performance Option during the three months ended June 30, 2026, as stock-based compensation expense relating to the CEO Performance Option had been fully recognized as of March 31, 2026. Stock-based compensation expense of $19 million for the CEO Performance Option was recorded as a component of general and administrative expense during the three months ended June 30, 2025. Stock-based compensation expense of $5 million and $43 million for the CEO Performance Option was recorded as a component of general and administrative expense during the six months ended June 30, 2026 and 2025, respectively. Restricted Stock The following summarizes restricted stock activity:
Stock-based compensation expense relating to restricted stock was $85 million and $81 million for the three months ended June 30, 2026 and 2025, respectively. Stock-based compensation expense relating to restricted stock was $167 million and $152 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $808 million, which is expected to be recognized over a weighted-average period of 3.3 years. Employee Stock Purchase Plan (“ESPP”) Stock-based compensation expense relating to the ESPP was $5 million and $11 million for the three months ended June 30, 2026 and 2025, respectively. Stock-based compensation expense relating to the ESPP was $11 million and $30 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company had unrecognized stock-based compensation relating to ESPP awards of approximately $17 million, which is expected to be recognized over a weighted-average period of 1.2 years.
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