v3.26.3
Segment and Geographic Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its co-chief executive officers, who review financial information presented on a consolidated basis. The CODM uses consolidated operating margin and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow global operating margin and the allocation of budget between cost of revenues, sales and marketing, technology and development, and general and administrative expenses.
The following table presents selected financial information with respect to the Company’s single operating segment for the three and nine months ended September 30, 2026 and 2025:
Three Months EndedNine Months Ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Revenues$12,874,176 $11,510,307 $37,683,871 $33,132,274 
Less:
Content amortization4,235,454 4,002,744 12,764,663 11,657,930 
Other cost of revenues1,843,562 2,161,506 5,239,556 5,094,778 
Sales and marketing837,051 786,295 2,503,106 2,187,930 
Technology and development1,033,142 853,584 3,000,513 2,501,090 
General and administrative466,367 457,931 1,567,826 1,320,606 
Operating income4,458,600 3,248,247 12,608,207 10,369,940 
Operating margin34.6 %28.2 %33.5 %31.3 %
Other income (expense)
Interest expense(184,701)(175,294)(622,463)(542,115)
Interest and other income (expense)(1)
43,006 36,457 2,946,833 126,986 
Income before income taxes4,316,905 3,109,410 14,932,577 9,954,811 
Provision for income taxes(652,978)(562,494)(2,584,445)(1,392,131)
Net income$3,663,927 $2,546,916 $12,348,132 $8,562,680 
(1) Interest and other income (expense) for the nine months ended September 30, 2026 includes a $2.8 billion termination fee received during the first quarter of 2026 in connection with the termination of the WBD transaction. Interest and other income (expense) also includes interest income of $70 million and $222 million, respectively, for the three and nine months ended September 30, 2026, and $67 million and $221 million, respectively, for the three and nine months ended September 30, 2025.
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
Total U.S. revenues were $5.3 billion and $15.2 billion, respectively, for the three and nine months ended September 30, 2026, and $4.7 billion and $13.6 billion, respectively, for the three and nine months ended September 30, 2025. See Note 2 Revenue Recognition for additional information about revenues by region.
The Company’s long-lived tangible assets, as well as the Company’s operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025, were located as follows:
As of
September 30,
2026		December 31,
2025
(in thousands)
United States$3,345,183 $3,075,477 
International1,184,493 1,136,034