v3.26.1
LEASES
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
LEASES LEASES
The Group leases its office space, fulfillment centers and other facilities under non-cancelable operating leases with various expiration dates. The Group also has equipment that is leased under non-cancelable finance leases. The Group considers various factors such as market conditions and the terms of any renewal options that may exist to determine whether it will renew or replace the lease. In the event the Group is reasonably certain to exercise the option to extend a lease, the Group will include the extended terms in the operating lease right-of-use asset and operating lease liability. Certain forklifts used in the fulfillment centers are leased under finance leases, which have a fixed lease term of one to six years from the lease commencement dates. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Group recognizes lease expense for these leases on a straight-line basis over the lease term.
The gross amounts of assets and liabilities related to both operating and finance leases were as follows:
June 30, 2026December 31, 2025
Balance Sheet Caption(In thousands)
Assets:
Operating lease right-of-use assetsOperating lease right-of-use assets$456,704 $431,455 
Finance lease right-of-use assetsProperty and equipment, net1,634 1,277 
Total right-of-use assets$458,338 $432,732 
June 30, 2026December 31, 2025
Balance Sheet Caption(In thousands)
Liabilities:
Current:
Operating lease liabilitiesCurrent operating lease liabilities$(121,374)$(100,326)
Finance lease liabilitiesAccrued expenses and other current liabilities(637)(344)
Non-current:
Operating lease liabilitiesOperating lease liabilities, non-current(384,108)(368,321)
Finance lease liabilitiesFinance lease obligations, non-current(774)(690)
Total lease liabilities$(506,893)$(469,681)
The components of lease cost are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)
Operating lease cost$32,942 $27,842 $64,452 $55,290 
Finance lease cost
Amortization of right-of-use assets123 38 250 68 
Interest on lease liabilities24 14 49 26 
Short-term lease costs130 15 192 127 
Total$33,219 $27,909 $64,943 $55,511 
Lease terms and discount rates are as follows:
June 30, 2026December 31, 2025
Weighted average remaining lease term (years):
Operating leases4.604.68
Finance leases2.613.46
Weighted average discount rate:
Operating leases3.7 %3.3 %
Finance leases6.7 %7.6 %
Future minimum lease payments as of June 30, 2026, including rental payments for lease renewal options the Group was reasonably certain to exercise, were as follows:
Operating leases
Finance leases
(In thousands)
  Maturity of Lease Liabilities
Remainder of 2026$71,211 $365 
2027
130,010 595 
2028
125,199 347 
2029
95,527 159 
203057,826 70 
Thereafter78,529 19 
Total lease payments558,302 1,555 
Less: imputed interest(52,820)(144)
Present value of lease liabilities$505,482 $1,411 
LEASES LEASES
The Group leases its office space, fulfillment centers and other facilities under non-cancelable operating leases with various expiration dates. The Group also has equipment that is leased under non-cancelable finance leases. The Group considers various factors such as market conditions and the terms of any renewal options that may exist to determine whether it will renew or replace the lease. In the event the Group is reasonably certain to exercise the option to extend a lease, the Group will include the extended terms in the operating lease right-of-use asset and operating lease liability. Certain forklifts used in the fulfillment centers are leased under finance leases, which have a fixed lease term of one to six years from the lease commencement dates. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Group recognizes lease expense for these leases on a straight-line basis over the lease term.
The gross amounts of assets and liabilities related to both operating and finance leases were as follows:
June 30, 2026December 31, 2025
Balance Sheet Caption(In thousands)
Assets:
Operating lease right-of-use assetsOperating lease right-of-use assets$456,704 $431,455 
Finance lease right-of-use assetsProperty and equipment, net1,634 1,277 
Total right-of-use assets$458,338 $432,732 
June 30, 2026December 31, 2025
Balance Sheet Caption(In thousands)
Liabilities:
Current:
Operating lease liabilitiesCurrent operating lease liabilities$(121,374)$(100,326)
Finance lease liabilitiesAccrued expenses and other current liabilities(637)(344)
Non-current:
Operating lease liabilitiesOperating lease liabilities, non-current(384,108)(368,321)
Finance lease liabilitiesFinance lease obligations, non-current(774)(690)
Total lease liabilities$(506,893)$(469,681)
The components of lease cost are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)
Operating lease cost$32,942 $27,842 $64,452 $55,290 
Finance lease cost
Amortization of right-of-use assets123 38 250 68 
Interest on lease liabilities24 14 49 26 
Short-term lease costs130 15 192 127 
Total$33,219 $27,909 $64,943 $55,511 
Lease terms and discount rates are as follows:
June 30, 2026December 31, 2025
Weighted average remaining lease term (years):
Operating leases4.604.68
Finance leases2.613.46
Weighted average discount rate:
Operating leases3.7 %3.3 %
Finance leases6.7 %7.6 %
Future minimum lease payments as of June 30, 2026, including rental payments for lease renewal options the Group was reasonably certain to exercise, were as follows:
Operating leases
Finance leases
(In thousands)
  Maturity of Lease Liabilities
Remainder of 2026$71,211 $365 
2027
130,010 595 
2028
125,199 347 
2029
95,527 159 
203057,826 70 
Thereafter78,529 19 
Total lease payments558,302 1,555 
Less: imputed interest(52,820)(144)
Present value of lease liabilities$505,482 $1,411