v3.26.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option and SARs Activity
The following table summarizes stock option and SAR activity for the nine months ended September 30, 2026 (in thousands, except per share amounts, years, and aggregate intrinsic value):
Options OutstandingSARs Outstanding
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)
Balance as of December 31, 2025152,202 $9.98 6.1$25,536 11,271 $130.00 7.1$794 
Granted— — 7,896 143.76 
Exercised(4,782)4.73 (36)113.22 
Canceled and forfeited(579)6.27 (620)163.75 
Balance as of September 30, 2026146,841 $10.16 5.5$25,974 18,511 $134.77 11.4$1,178 
Vested and exercisable as of September 30, 202679,866 $9.14 5.1$14,209 2,349 $131.59 39.8$130 
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions
The Company determined the grant-date fair value of these awards using a Black-Scholes option-pricing model, calculated as the difference in fair value between a SAR with a strike price at the exercise price and a SAR with the strike price at its maximum appreciation, using the following assumptions:
Nine Months Ended September 30,
20262025
Expected volatility rate
56.7% - 61.7%
56.9% - 66.1%
Expected term (in years)
8.7 - 9.7
3.4 - 9.3
Risk-free interest rate
3.9% - 5.1%
4.0% - 4.6%
Expected dividend yield
—%
—%
The Company also grants SARs that are fully vested and exercisable upon grant, with an exercise price equal to the fair market value of the Company’s common stock on the grant date and contractual periods of up to 40 years. The Company determined the grant-date fair value of these awards using a Monte Carlo simulation model using the following assumptions:
Nine Months Ended September 30,
2026
Expected volatility rate60.0%
Expected exercise factor2.6x
Risk-free interest rate4.9%
Expected dividend yield—%
Summary of RSU Activity
The following table summarizes the RSU and P-RSU activity for the nine months ended September 30, 2026 (in thousands, except per share amounts):
RSUs OutstandingWeighted Average Grant Date Fair Value per ShareP-RSUs OutstandingWeighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 202541,644 $27.74 118 $180.79 
Granted9,089 130.66 378 145.40 
Vested(13,212)36.29 (340)166.06 
Canceled and forfeited(2,018)74.41 (16)148.92 
Adjustment for performance achievement(1)
— — 
Unvested and outstanding as of September 30, 202635,503 $48.26 140 $124.57 
(1) This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance.
Summary of Stock-Based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Cost of revenue$37,892 $15,789 $86,687 $45,778 
Sales and marketing123,477 63,148 306,440 171,701 
Research and development65,214 35,049 159,952 98,951 
General and administrative92,306 58,332 232,611 171,198 
Total stock-based compensation expense$318,889 $172,318 $785,690 $487,628