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 following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented.
Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, primarily by monitoring actual results versus historical periods. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses.
Financial information for each reportable segment, including the disaggregation of revenue, was as follows (in thousands, except percentages):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Amount%Amount%Amount%Amount%
Contribution:
Government revenue$1,145,540 $632,676 $2,993,982 $1,672,622 
Expenses attributable to government segment(348,282)(214,967)(866,207)(603,541)
Government contribution797,258 70 %417,709 66 %2,127,775 71 %1,069,081 64 %
Commercial revenue1,167,871 548,416 2,887,476 1,396,022 
Expenses attributable to commercial segment(270,346)(188,039)(692,051)(506,924)
Commercial contribution897,525 77 %360,377 66 %2,195,425 76 %889,098 64 %
Total contribution$1,694,783 73 %$778,086 66 %$4,323,200 74 %$1,958,179 64 %
The reconciliation of total contribution to income from operations is as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Income from operations$1,084,845 $393,256 $2,750,847 $838,621 
Research and development expenses (1)
154,506 109,142 413,262 315,172 
General and administrative expenses (1)
136,543 103,370 373,401 316,758 
Total stock-based compensation expense318,889 172,318 785,690 487,628 
Total contribution$1,694,783 $778,086 $4,323,200 $1,958,179 
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(1) Excludes stock-based compensation expense.
Geographic Information
Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Amount%Amount%Amount%Amount%
Revenue:
United States$1,937,189 84 %$882,571 75 %$4,792,302 81 %$2,243,657 73 %
Rest of world (1)
376,222 16 %298,521 25 %1,089,156 19 %824,987 27 %
Total revenue$2,313,411 100 %$1,181,092 100 %$5,881,458 100 %$3,068,644 100 %
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(1) No other country represented 10% or more of total revenue for the three and nine months ended September 30, 2026 or 2025.