v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenue and reserve income        
Reserve income $ 657,624 $ 711,241 $ 1,977,865 $ 1,903,426
Other revenue 207,264 28,518 282,471 72,984
Total revenue and reserve income 864,888 739,759 2,260,336 1,976,410
Distribution, transaction and other costs        
Distribution and transaction costs 409,169 447,199 1,224,985 1,200,983
Other costs 2,465 413 5,900 1,218
Total distribution, transaction and other costs 411,634 447,612 1,230,885 1,202,201
Operating expenses        
Compensation expenses 124,130 129,295 396,256 708,307
General and administrative expenses 59,542 45,477 183,076 119,301
Depreciation and amortization expenses 34,169 23,002 90,832 51,091
IT infrastructure costs 17,919 9,401 47,000 25,833
Marketing expenses 11,318 5,623 26,592 17,393
Digital assets losses (gains) (2,158) (1,671) (2,000) 3,906
Total operating expenses 244,920 211,127 741,756 925,831
Operating income (loss) from continuing operations 208,334 81,020 287,695 (151,622)
Other income (expense), net 19,915 72,071 49,545 (91,453)
Net income (loss) from continuing operations before income taxes 228,249 153,091 337,240 (243,075)
Income tax expense (benefit) 2,237 (61,294) 7,768 (40,151)
Net income (loss) from continuing operations 226,012 214,385 329,472 (202,924)
Less: Net loss attributable to noncontrolling interests (12) 0 (26) 0
Net income (loss) attributable to common stockholders $ 226,024 $ 214,385 $ 329,498 $ (202,924)
Earnings (loss) per share attributable to common stockholders:        
Basic (in dollars per share) $ 0.89 $ 0.93 $ 1.33 $ (1.53)
Diluted (in dollars per share) $ 0.84 $ 0.64 $ 1.23 $ (1.53)
Weighted-average common shares used in computing earnings (loss) per share attributable to common stockholders:        
Basic (in shares) 253,070 229,895 248,463 132,422
Diluted (in shares) 267,776 266,682 268,155 132,422