v3.26.3
Financial Statements Details
 9 Months Ended
Sep. 30, 2026
Balance Sheet Components [Abstract]  
Financial Statements Details Financial Statements Details
Inventories
    Inventories consist of the following (in millions):
September 30, 2026December 31, 2025
Raw materials $1,137.9 $611.2 
Finished goods(1)
2,071.9 1,635.9 
   Total inventories $3,209.8 $2,247.1 
(1) The balance includes evaluation inventory totaling $874.3 million and $403.7 million as of September 30, 2026 and December 31, 2025, respectively.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in millions):
September 30, 2026December 31, 2025
Deferred cost of goods sold(1)
$1,586.2 $1,197.0 
Other prepaid expenses and deposits649.5 313.0 
Total prepaid expenses and other current assets$2,235.7 $1,510.0 
(1) The increase as of September 30, 2026 was driven by a corresponding increase in deferred product revenue.
Property and Equipment, net
    Property and equipment, net consists of the following (in millions):
September 30, 2026December 31, 2025
Land$47.3 $47.3 
Equipment and machinery 230.1 188.3 
Computer hardware and software 67.4 66.2 
Leasehold improvements
38.3 38.4 
Furniture and fixtures 3.8 3.7 
Construction-in-process 264.0 107.9 
    Property and equipment, gross 650.9 451.8 
Less: accumulated depreciation (272.1)(248.7)
    Property and equipment, net $378.8 $203.1 
Deferred Revenue and Other Performance Obligations        
Deferred Revenue
    Deferred revenue is comprised mainly of unearned revenue related to multi-year post-contract support ("PCS") contracts and product deferrals related to contracts with acceptance clauses. The following table summarizes the activity related to our deferred revenue (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Deferred revenue, beginning balance
$6,865.9 $4,061.7 $5,372.4 $2,791.4 
Less: Revenue recognized from beginning balance(1,715.0)(699.7)(3,137.7)(1,094.5)
Add: Deferral of revenue in current period, excluding amounts recognized during the period1,688.6 1,324.2 4,604.8 2,989.3 
Deferred revenue, ending balance$6,839.5 $4,686.2 $6,839.5 $4,686.2 
Other Performance Obligations
    Other performance obligations totaling $1.4 billion as of September 30, 2026 include unbilled multi-year PCS and service contract amounts of $497.1 million, and $943.5 million of binding contractual agreements with certain customers that are primarily related to future product shipments.
Revenue from Total Remaining Performance Obligations
    Total revenue from our deferred revenue, contract liabilities and other performance obligations that is expected to be recognized in future periods amounts to $8.6 billion as of September 30, 2026. Approximately 91% of this future revenue is expected to be recognized over the next two years and the remaining 9% is expected to be recognized during the third to the fifth year.
Other Income (Expense), net
    Other income (expense), net consists of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Interest income$137.3 $99.8 $368.9 $280.4 
Other135.8 (0.9)144.1 8.7 
    Total$273.1 $98.9 $513.0 $289.1