ROBLOX CORP, 10-K filed on 2/11/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Jan. 30, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-04321    
Entity Registrant Name Roblox Corporation    
Entity Incorporation, State or Country Code NV    
Entity Tax Identification Number 20-0991664    
Entity Address, Address Line One 3150 South Delaware Street    
Entity Address, City or Town San Mateo    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94403    
City Area Code 888    
Local Phone Number 858-2569    
Title of 12(b) Security Class A common stock, par value of $0.0001 per share    
Trading Symbol RBLX    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 65.5
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement relating to its 2026 annual meeting of shareholders (the “2026 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2026 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
    
Entity Central Index Key 0001315098    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   661,635,583  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   47,070,464  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location San Jose, California
Auditor Firm ID 34
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,205,319 $ 711,683
Short-term investments 1,849,823 1,697,862
Accounts receivable—net of allowances 900,646 614,838
Prepaid expenses and other current assets 109,294 75,415
Deferred cost of revenue, current portion 832,941 628,232
Total current assets 4,898,023 3,728,030
Long-term investments 2,492,593 1,610,215
Property and equipment—net 884,776 659,589
Operating lease right-of-use assets 651,055 665,885
Deferred cost of revenue, long-term 448,169 321,824
Intangible assets, net 18,234 34,153
Goodwill 142,624 141,688
Other assets 21,644 13,619
Total assets 9,557,118 7,175,003
Current liabilities:    
Accounts payable 64,948 42,885
Accrued expenses and other current liabilities 396,451 275,754
Developer exchange liability 496,020 339,600
Deferred revenue—current portion 4,168,971 3,004,969
Total current liabilities 5,126,390 3,663,208
Deferred revenue—net of current portion 2,336,959 1,567,007
Operating lease liabilities 643,356 670,051
Long-term debt, net 993,098 1,006,371
Other long-term liabilities 82,335 59,712
Total liabilities 9,182,138 6,966,349
Commitments and contingencies (Note 9)
Stockholders’ equity    
Common stock issued, value 64 62
Additional paid-in capital 5,438,559 4,220,916
Accumulated other comprehensive income/(loss) 16,555 (3,895)
Accumulated deficit (5,060,694) (3,995,637)
Total Roblox Corporation stockholders’ equity 394,484 221,446
Noncontrolling interest (19,504) (12,792)
Total stockholders’ equity 374,980 208,654
Total liabilities and stockholders’ equity $ 9,557,118 $ 7,175,003
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Dec. 31, 2025
Dec. 31, 2024
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 5,000,000 5,000,000
Common stock, shares issued (in shares) 708,359 666,419
Common stock, shares outstanding (in shares) 708,359 666,419
Common Class A    
Common stock, shares authorized (in shares) 4,935,000 4,935,000
Common stock, shares issued (in shares) 661,289 618,116
Common stock, shares outstanding (in shares) 661,289 618,116
Common Class B    
Common stock, shares authorized (in shares) 65,000 65,000
Common stock, shares issued (in shares) 47,070 48,303
Common stock, shares outstanding (in shares) 47,070 48,303
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 4,890,551 $ 3,601,979 $ 2,799,274
Costs and expenses:      
Cost of revenue [1] 1,072,299 801,162 649,115
Developer exchange fees 1,503,106 922,821 740,752
Infrastructure and trust & safety 1,153,454 915,418 878,361
Research and development 1,567,747 1,444,207 1,253,598
General and administrative 580,114 407,507 390,055
Sales and marketing 246,173 174,181 146,460
Total costs and expenses 6,122,893 4,665,296 4,058,341
Loss from operations (1,232,342) (1,063,317) (1,259,067)
Interest income 201,610 179,531 141,818
Interest expense (41,457) (41,184) (40,707)
Other income/(expense), net 4,164 (11,530) (527)
Loss before income taxes (1,068,025) (936,500) (1,158,483)
Provision for/(benefit from) income taxes 3,593 4,114 454
Consolidated net loss (1,071,618) (940,614) (1,158,937)
Net loss attributable to noncontrolling interest (6,561) (5,230) (6,991)
Net loss attributable to common stockholders $ (1,065,057) $ (935,384) $ (1,151,946)
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (1.54) $ (1.44) $ (1.87)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (1.54) $ (1.44) $ (1.87)
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic (in shares) 689,612 647,482 616,445
Weighted-average shares used in computing net loss per share attributable to common stockholders—diluted (in shares) 689,612 647,482 616,445
[1] Depreciation of servers and infrastructure equipment included in infrastructure and trust & safety.
v3.25.4
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Consolidated net loss $ (1,071,618) $ (940,614) $ (1,158,937)
Other comprehensive income/(loss), net of tax:      
Foreign currency translation adjustments 5,720 (3,507) 1,089
Net change in unrealized gains/(losses) on available-for-sale marketable securities 14,579 (1,822) 94
Other comprehensive income/(loss), net of tax 20,299 (5,329) 1,183
Total comprehensive loss, including noncontrolling interest (1,051,319) (945,943) (1,157,754)
Less: net loss attributable to noncontrolling interest (6,561) (5,230) (6,991)
Less: cumulative translation adjustments attributable to noncontrolling interest (151) 102 318
Other comprehensive loss attributable to noncontrolling interest, net of tax (6,712) (5,128) (6,673)
Total comprehensive loss attributable to common stockholders $ (1,044,607) $ (940,815) $ (1,151,081)
v3.25.4
Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and Class B Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income/(Loss)
Accumulated Deficit
Non- Controlling Interest
Balance beginning (in shares) at Dec. 31, 2022   604,674        
Balance beginning at Dec. 31, 2022 $ 305,035 $ 59 $ 2,213,603 $ 671 $ (1,908,307) $ (991)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock upon exercise of stock options (in shares) 10,670 10,670        
Issuance of common stock upon exercise of stock options $ 23,749 $ 2 23,747      
Issuance of common stock under Employee Stock Purchase Plan (in shares)   1,065        
Issuance of common stock under Employee Stock Purchase Plan 29,629   29,629      
Vesting of restricted stock units and performance stock units (in shares)   14,812        
Stock-based compensation expense 867,967   867,967      
Other comprehensive income/(loss) 1,183     865   318
Net loss (1,158,937)       (1,151,946) (6,991)
Balance ending (in shares) at Dec. 31, 2023   631,221        
Balance ending at Dec. 31, 2023 $ 68,626 $ 61 3,134,946 1,536 (3,060,253) (7,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock upon exercise of stock options (in shares) 12,498 12,498        
Issuance of common stock upon exercise of stock options $ 34,410 $ 1 34,409      
Issuance of common stock under Employee Stock Purchase Plan (in shares)   1,530        
Issuance of common stock under Employee Stock Purchase Plan 35,767   35,767      
Vesting of restricted stock units and performance stock units (in shares)   21,170        
Stock-based compensation expense 1,015,794   1,015,794      
Other comprehensive income/(loss) (5,329)     (5,431)   102
Net loss $ (940,614)       (935,384) (5,230)
Balance ending (in shares) at Dec. 31, 2024 666,419 666,419        
Balance ending at Dec. 31, 2024 $ 208,654 $ 62 4,220,916 (3,895) (3,995,637) (12,792)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock upon exercise of stock options (in shares) 18,266 18,266        
Issuance of common stock upon exercise of stock options $ 51,018 $ 2 51,016      
Issuance of common stock under Employee Stock Purchase Plan (in shares)   1,448        
Issuance of common stock under Employee Stock Purchase Plan 37,623   37,623      
Vesting of restricted stock units and performance stock units (in shares)   22,226        
Stock-based compensation expense 1,129,004   1,129,004      
Other comprehensive income/(loss) 20,299     20,450   (151)
Net loss $ (1,071,618)       (1,065,057) (6,561)
Balance ending (in shares) at Dec. 31, 2025 708,359 708,359        
Balance ending at Dec. 31, 2025 $ 374,980 $ 64 $ 5,438,559 $ 16,555 $ (5,060,694) $ (19,504)
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Consolidated net loss $ (1,071,618) $ (940,614) $ (1,158,937)
Adjustments to reconcile consolidated net loss to net cash and cash equivalents provided by operating activities:      
Depreciation and amortization expense 225,820 226,437 208,142
Stock-based compensation expense 1,129,004 1,015,794 867,967
Operating lease non-cash expense 120,277 118,119 97,063
(Accretion)/amortization on marketable securities, net (66,546) (82,835) (73,162)
Amortization of debt issuance costs 1,427 1,371 1,316
Impairment expense, (gain)/loss on investments and other asset sales, and other, net 4,031 3,072 8,969
Changes in operating assets and liabilities, net of effect of acquisitions:      
Accounts receivable (290,693) (110,479) (126,172)
Prepaid expenses and other current assets (33,778) (3,140) (12,770)
Deferred cost of revenue (331,395) (165,697) (139,879)
Other assets (6,390) (3,376) (5,961)
Accounts payable 25,352 (7,527) (3,475)
Accrued expenses and other current liabilities 83,931 (2,705) 8,680
Developer exchange liability 156,420 24,734 83,162
Deferred revenue 1,935,318 795,422 742,294
Operating lease liabilities (111,818) (77,428) (50,454)
Other long-term liabilities 27,016 31,168 11,397
Net cash and cash equivalents provided by operating activities 1,796,358 822,316 458,180
Cash flows from investing activities:      
Acquisition of property and equipment (440,978) (179,646) (320,667)
Payments related to business combination, net of cash acquired 0 (2,840) (3,859)
Purchases of intangible assets (2,500) (1,370) (13,500)
Purchases of investments (5,437,159) (4,642,540) (4,591,974)
Maturities of investments 3,676,551 3,351,970 1,642,719
Sales of investments 811,445 622,354 462,182
Net cash and cash equivalents used in investing activities (1,392,641) (852,072) (2,825,099)
Cash flows from financing activities:      
Proceeds from issuance of common stock 88,526 70,344 53,226
Financing payments related to acquisitions 0 (4,450) (750)
Proceeds from debt issuances 0 0 14,700
Net cash and cash equivalents provided by financing activities 88,526 65,894 67,176
Effect of exchange rate changes on cash and cash equivalents 1,393 (2,921) 735
Net increase/(decrease) in cash and cash equivalents 493,636 33,217 (2,299,008)
Cash and cash equivalents      
Beginning of period 711,683 678,466 2,977,474
End of period 1,205,319 711,683 678,466
Supplemental disclosure of cash flow information:      
Cash paid for interest 38,750 38,750 38,750
Supplemental disclosure of noncash investing and financing activities:      
Property and equipment additions in accounts payable, accrued expenses and other current liabilities, and other long-term liabilities 16,460 26,748 31,340
Intangible asset purchases in accounts payable $ 0 $ 0 $ 1,200
v3.25.4
Overview and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Overview and Summary of Significant Accounting Policies
1. Overview and Summary of Significant Accounting Policies
Organization and Description of Business—Roblox Corporation (the “Company” or “Roblox”) was incorporated under the laws of the state of Delaware in March 2004. On May 30, 2025, following approval of the Company’s stockholders at its 2025 annual meeting of stockholders, the Company completed its reincorporation from Delaware to Nevada.
The Company operates a immersive gaming and creation platform (the “Roblox Platform” or “Platform”) that offers people millions of ways to be together, inviting its community to explore, create, and share endless unique experiences. Users are free to immerse themselves in experiences on the Roblox Platform and can acquire experience-specific enhancements or avatar items by using purchased Robux, the Company’s virtual currency. Any user can be a creator on the Platform using Roblox Studio, a free software toolset. Creators build the experiences that are published on Roblox Client and can earn Robux by monetizing their developed experience, IP licensing, creating and selling or reselling avatar items, or creating and selling Roblox Studio plugins.
Direct Listing—On March 10, 2021, the Company completed a direct listing of its Class A common stock (“Direct Listing”) on the New York Stock Exchange (“NYSE”).
Basis of Presentation and Summary of Significant Accounting Policies
Fiscal Year—The Company’s fiscal year ends on December 31.
Basis of Presentation—The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”).
Principles of Consolidation—The consolidated financial statements include the accounts of the Company and subsidiaries over which the Company has control. All intercompany transactions and balances have been eliminated. The consolidated financial statements include 100% of the accounts of wholly owned and majority owned subsidiaries, and the ownership interest of minority investors is recorded as noncontrolling interest.
Use of Estimates—The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in the consolidated financial statements include, but are not limited to, the estimated period of time the virtual items are available to the user, which is estimated as the average lifetime of a paying user, and the estimated amount of consumable and durable virtual items purchased for which the Company lacks specific information that is used for revenue recognition, the estimated amount of expected breakage related to prepaid card sales, useful lives of property and equipment and intangible assets, fair value of assets and liabilities acquired through acquisitions, accrued liabilities (including accrued developer exchange fees), contingent liabilities, valuation of deferred tax assets and liabilities, stock-based compensation expense, the discount rate used in measuring operating lease liabilities, the carrying value of operating lease right-of-use assets, evaluation of recoverability of goodwill, intangible assets, and long-lived assets, and as necessary, estimates of fair value to measure impairment losses. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. Actual results could differ from those estimates and any such differences may be material to the consolidated financial statements. To the extent that there are material differences between these estimates and actual results, the Company’s consolidated financial statements will be affected.
Revenue Recognition
Roblox Platform
The Company operates the Roblox Platform as live services that allow users to play and connect with others for free. However, users can purchase virtual currency (“Robux”) to ultimately obtain virtual items to enhance their social experience. Proceeds from the sale of Robux are initially recorded in deferred revenue and recognized as revenue as a user purchases and uses virtual items. The Company classifies deferred revenue as short-term or long-term based on when the Company expects to recognize the revenue. The Company’s identified performance obligation is to provide users with the ability to acquire, use, and hold virtual items on the Roblox Platform over the estimated period of time the virtual items are available to the user or until the virtual items are consumed.
Users can purchase Robux via payment processors or through prepaid cards either as one-time purchases or through a monthly subscription. The Company offers prepaid cards through online and physical retailers, as well as on the Company website. The Company estimates expected breakage on prepaid card sales by taking into consideration historical patterns of redemption and escheatment laws as applicable.
Payments from users are non-refundable and relate to non-cancellable contracts for a fixed price that specify the Company’s obligations. Revenue is recorded net of taxes assessed by government authorities that are both imposed on and concurrent with specific revenue transactions between the Company and its users, and estimated chargebacks and refunds.
The satisfaction of the Company’s performance obligation is dependent on the nature of the virtual item purchased and as a result, the Company categorizes its virtual items as either consumable or durable.
•Consumable virtual items represent items that can be consumed by a specific user action (e.g., a one-time boost or the ability to skip or redo an action). Common characteristics of consumable virtual items may include items that are no longer displayed on the user’s inventory after a short period of time or do not provide the user any continuing benefit following consumption. For the sale of consumable virtual items, the Company recognizes revenue as the items are consumed.
•Durable virtual items represent items which result in a persistent change to a users’ character or item set (e.g., virtual hat, pet, or house). These items are generally available to the customer to hold, use, or display for as long as they are on the Roblox Platform. The Company recognizes revenue from the sale of durable virtual items ratably over the estimated period of time the items are available to the user which is estimated as the average lifetime of a paying user.
To separately account for consumable and durable virtual items, the Company specifically identifies each purchase for the majority of virtual items purchased on the Roblox Platform. For the remaining population, the Company estimates the amount of consumable and durable virtual items purchased based on data from specifically identified purchases and the expected behavior of the users within similar experiences. The estimation of consumable and durable virtual items purchased for the population of purchases not specifically identified requires management’s judgment as the Company evaluates and estimates the expected behavior of users in the population using information from known purchases in similar experiences.
At the onset of each quarter, the average lifetime of a paying user estimate is calculated based on historical monthly retention data for each user cohort to project future participation on the Roblox Platform. Determining the estimated average lifetime of a paying user requires management’s judgment as the Company analyzes the most recent trends in player cohort activity and other qualitative factors, including changes to paying user behavior influenced by broader product changes and/or content virality, the availability of the Roblox Platform across markets and user demographics, impacts due to macroeconomic factors such as COVID-19, existing and new competition from a variety of entertainment resources for the Company’s users, and other factors. The Company also considers results from prior analyses in determining the estimated average lifetime of a paying user. The Company believes this estimate is the best representation of the average life of the durable virtual items.
In the second quarter of 2024, the Company updated its estimated paying user life from 28 months to 27 months, where it remained through December 31, 2025. Based on the carrying amount of deferred revenue and deferred cost of revenue as of March 31, 2024, the change resulted in an increase in revenue and cost of revenue of $98.0 million and $20.4 million, respectively, during fiscal year 2024. The estimated paying user life was 28 months during fiscal year 2023.
Principal Agent Considerations
The Company evaluates the sales of Robux to determine whether its revenues should be reported gross or net of fees either retained by the payment processor or paid to the creators. The Company is the principal in the transaction with the end user as a result of controlling, hosting, and integrating the delivery of the virtual items to the end user. The Company records revenue gross as a principal and presents the expense associated with fees paid to payment processors as a component of cost of revenue and the expense associated with fees paid to creators as a component of developer exchange fees.
Other Revenue
Other revenue primarily consists of revenue from advertising, licenses, and royalties. The Company recognizes revenue based on the performance obligations of the underlying agreements, in an amount that reflects the consideration that the Company expects to be entitled to.
Cost of Revenue and Deferred Cost of Revenue—Cost of revenue primarily consists of payment processing fees charged by third-party payment processors in connection with sales of Robux. Cost of revenue also includes sales tax expense for jurisdictions where the Company does not collect sales tax from the purchaser at the time of the sale and costs associated with the printing of prepaid cards.
Deferred cost of revenue consists of payment processing fees charged by third-party payment processors as the Company defers contract costs that are direct and incremental to obtaining user contracts (i.e., sales of Robux). Payment processing fees are amortized over the estimated period of time virtual items are available to the user on the Roblox Platform (based on the nature of the virtual item as either consumable or durable) in proportion to the revenue recognized. The Company classifies deferred cost of revenue as short-term or long-term based on when the Company expects to recognize the expense.
Concentration of Credit Risk and Significant Payment Processors—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, long-term investments, and accounts receivables. Cash is deposited with high quality financial institutions and may, at times, exceed federally insured limits. Management believes that the financial institutions that hold the Company’s cash deposits are financially creditworthy and, accordingly, minimal credit risk exists with respect to those balances. Generally, these deposits may be redeemed upon demand and therefore, bear minimal interest rate risk. As it relates to cash equivalents, short-term investments, and long-term investments, the Company’s investment policy limits the amount of credit exposure in its portfolio by imposing credit rating minimums and limiting purchases by security type.
The Company uses various payment processors to collect and remit payments from users. As of December 31, 2025 and 2024, three payment processors accounted for 67% and 69% of our accounts receivable, net, respectively.
For the years ended December 31, 2025, 2024, and 2023, one payment processor processed 29%, 30%, and 30% of our overall revenue transactions, respectively, and a second payment processor processed 15%, 16%, and 17% of our overall revenue transactions, respectively.
Fair Value Hierarchy—Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity, associated with the inputs to the valuation of these assets or liabilities are as follows:
Level 1—Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.
Cash, Cash Equivalents, and Restricted Cash—Cash and cash equivalents primarily consist of cash in hand and money market instruments and/or other debt instruments with maturities of 90 days or less from the date of purchase.
The Company had no restricted cash balances as of December 31, 2025 and 2024.
Short-Term and Long-Term Investments—Realized gains and losses for all investments are determined using the specific-identification method and are reflected as a component of other income/(expense), net in the consolidated statements of operations.
Debt Securities
Short-term and long-term investments generally include corporate debt securities, commercial paper, U.S. Treasury securities, and U.S. agency securities. Based on the Company’s intentions, all debt investments are classified as available-for-sale and are reported at fair value with unrealized gains and losses recorded as a separate component of other comprehensive income, net of tax (except in the instances outlined below, if any). The Company determines the appropriate classification of its investments as short-term or long-term at each reporting period based on their respective maturity dates and the Company’s reasonable expectation with regard to those investments (e.g. expectations of future sales or redemptions).
For debt securities in an unrealized loss position, the Company first considers whether it intends to or it is more likely than not that it will be required to sell the individual security prior to recovery of its amortized cost basis and if so, it adjusts the carrying value of security down to its fair value, with the amount of the write-down recorded as a realized loss within other income/(expense), net.
Otherwise, the Company determines whether a decline in fair value is attributable to a partial or full credit loss by reviewing factors such as the extent to which the fair value is less than the amortized cost basis, changes in interest rates since the purchase of the security, the financial condition of the issuer, including changes in credit ratings, the remaining payment terms of the security, and any adverse conditions specifically related to the security, the issuer’s industry or its geographic area. If a credit loss exists, the Company adjusts the carrying value by recording expense within other income/(expense), net equal to the amount of the credit loss, with such amount limited to the amount of the unrealized loss. Subsequent recoveries of fair value originally attributed to a credit loss are subsequently recognized as income within other income/(expense), net. Finally, any unrealized loss not deemed to be attributable to a credit loss is recognized as a component of other comprehensive income/(loss), net of tax. The Company has not experienced any material credit losses to date.
For purposes of identifying and measuring credit losses, the Company excludes any related accrued interest from both the fair value and amortized cost basis of the investment. Accrued interest receivable, net of the allowance for credit losses (if any), is recorded as a component of prepaid expenses and other current assets in the Company’s consolidated financial statements.
Equity Securities with Readily Determinable Fair Value
Short-term investments include mutual fund investments related to the Company’s nonqualified deferred compensation plan, which are held in a rabbi trust. The Company classifies these investments as trading securities as the rabbi trust actively manages the asset allocation to match the participants’ hypothetical fund allocations. The Company considers investments held in the rabbi trust to be restricted given their withdrawal and general use is legally restricted.
All equity investments are reported at fair value, with unrealized gains and losses recorded within other income/(expense), net in our consolidated statement of operations.
Deferred Compensation Plan—The Company established the Roblox Corporation Nonqualified Deferred Compensation Plan (as amended, the “NQDC Plan”) for its non-employee directors and a select group of management employees. Eligible participants may voluntarily elect to participate in the NQDC Plan. Unless otherwise determined by the committee that administers the NQDC Plan, eligible employee participants may elect annually to defer up to 90% of their base salary, up to 100% of their cash bonus compensation (if any), and up to 65% of any RSUs or PSUs granted under the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) (if any), and eligible non-employee director participants may elect annually to defer up to 100% of their cash director fees and any RSUs granted under the 2020 Plan. Obligations of the Company under the NQDC Plan represent at all times unsecured general obligations of the Company to pay deferred compensation in the future in accordance with the terms of the NQDC Plan.
Cash amounts deferred under the plan may only later be settled in cash and are credited or charged with the performance of investment options offered under the NQDC Plan as elected by the participants. The amount credited or charged to each participant’s cash deferrals are based on the performance of a hypothetical portfolio of investments which are tracked by an administrator, with such credits or charges included as a component of operating expenses in the Company’s consolidated statements of operations. The cash obligations due to participants are presented as liabilities on the Company’s consolidated balance sheets.
The Company generally funds the cash obligations associated with the NQDC Plan by purchasing investments that match the hypothetical investment choices made by the plan participants. The investments (and any uninvested cash) are held in a rabbi trust in order to receive certain tax benefits. The rabbi trust is subject to creditor claims in the event of insolvency, but the assets held in the rabbi trust are not available for general corporate purposes. The investments held in the rabbi trust are presented as short-term investments and any uninvested cash is presented as cash and cash equivalents on the Company’s consolidated balance sheets.
As it relates to any deferred RSUs and PSUs, the Company ensures enough shares of its Class A common stock are reserved to settle all obligations under the NQDC Plan. These obligations are settled on the date(s) elected by the participant. The accounting for the RSUs and PSUs deferred under the NQDC Plan is consistent with the accounting for non-deferred RSUs and PSUs.
Accounts Receivable and Related Allowances—Accounts receivable represent amounts due based on contractual obligations with our customers, less payment processing fees owed to third-party payment processors and any taxes withheld by such payment processors, if applicable. Payments made by the Company’s users are collected by third-party payment processors and remitted to the Company generally within 30 days of invoicing. The Company maintains allowances for potential credit losses when deemed necessary. The Company has not experienced any material credit losses to date. In cases where the Company is aware of circumstances that may impair a specific payment processor’s ability to meet its financial obligations, it records a specific allowance as a reduction to the accounts receivable balance to reduce it to its net realizable value. In addition, the Company holds a reserve for chargebacks and refunds based on historical data and current trends and projections. Specific allowances, chargeback, and refund reserves have not been material for any of the periods presented.
Property and Equipment—Net—Property and equipment are recorded at historical cost less accumulated depreciation and amortization. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred. The estimated useful life for each asset category is as follows:
Property and EquipmentEstimated Useful Life
Servers and related equipment
5 years
Computer hardware and software
2 - 5 years
Furniture and fixtures
2 years
Leasehold improvements
Shorter of remaining lease term or estimated useful life
Goodwill and Intangible Assets—Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized but rather tested for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. When conducting the annual goodwill impairment assessment, the Company performs a quantitative evaluation by comparing the estimated fair value of its single reporting unit, determined using the Company’s market capitalization as of the testing date, to its carrying value. Goodwill impairment is recognized when the quantitative assessment results in the carrying value exceeding the fair value, in which case an impairment charge is recorded to the extent the carrying value exceeds the fair value. There were no impairment charges to goodwill during any of the periods presented.
Intangible assets with finite lives are carried at cost, less accumulated amortization. Intangible assets with finite lives are generally amortized on a straight-line basis over the estimated useful life of the respective asset, generally up to 5 years, or in the case of acquired patents, up to 10 years.
Business Combinations and Asset Acquisitions—To determine whether a transaction is accounted for as an asset acquisition or business combination, the Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test does not result in substantially all of the fair value concentrated in a single identifiable asset or group of similar identifiable assets, the Company performs a second test to evaluate whether the assets and activities transferred include inputs and substantive processes that together, significantly contribute to the ability to create outputs, which would constitute a business. If the result of the second test indicates that the acquired assets and activities constitute a business, the Company accounts for the transaction as a business combination.
For business combinations, the purchase consideration is allocated to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their respective estimated fair values. The excess of the fair value of purchase consideration over their fair values is recorded as goodwill. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. As a result, during the measurement period, which may be up to one year following the acquisition date, if new information is obtained about facts and circumstances that existed as of the acquisition date, the Company may record adjustments to the fair value of these assets and liabilities, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded within the accompanying consolidated statements of operations.
The Company accounts for a transaction as an asset acquisition when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, or otherwise does not meet the definition of a business. Asset acquisition-related costs, if material, are capitalized as part of the asset or assets acquired.
Software Development Costs—The Company incurs costs related to developing the Roblox Platform and related support systems. If material, the Company capitalizes development costs, such as salaries and wages, stock-based compensation expense, and other direct compensation-related costs, once the preliminary project stage is completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Development costs meeting the Company’s capitalization criteria were not material during any of the periods presented.
Impairment of Long-Lived Assets—The Company periodically evaluates the carrying value of long-lived assets to be held and used when indicators of impairment exist. The carrying value of a long-lived asset to be held and used is considered impaired when the estimated separately identifiable undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying value of the asset. In that event, an impairment loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset.
Significant judgment is required to assess the appropriate asset grouping(s) and estimate the amount and timing of future cash flows and the relative risk of achieving those cash flows. Assumptions and estimates about future values and remaining useful lives are complex and often subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in the Company’s business strategy and internal forecasts.
Developer Exchange Fees—The Company has established an incentive program for creators to build and operate virtual experiences within the Roblox environment. Creators can primarily accumulate earned Robux through the sale of access to their experiences and enhancements in their experiences, the incorporation of immersive ads, the sale of items to users through the Marketplace, and the sale of content and tools between creators through the Creator Store. Creators can also accumulate earned Robux through the Creator Rewards Program, which launched on July 24, 2025 and replaced the legacy Engagement-Based Payouts Program, and allows creators who publish experiences to accumulate earned Robux based on the achievement of various metrics that the Company believes drive user engagement and monetization supporting the long-term health of the Platform. Prior to the launch of the Creator Rewards Program, the Engagement-Based Payouts Program allowed creators to accumulate earned Robux based on the share of time that Roblox Premium subscribers engage in their experience. Under certain conditions, and in compliance with applicable law, these creators are eligible to receive a fiat currency payout based on the amount of earned Robux they have accumulated through the Developer Exchange Program. In order to be qualified for the Developer Exchange Program, creators must meet certain conditions, such as having accumulated the minimum amount of earned Robux required to qualify for the program and having a verified creator account in good standing. On January 31, 2022, the Company reduced the minimum amount of accumulated earned Robux required to qualify for the program from 100,000 Robux to 50,000 Robux and subsequently on January 31, 2023, the Company further reduced the minimum requirement from 50,000 Robux to 30,000 Robux.
The Company recognizes the expense associated with the Developer Exchange Program as earned Robux are accumulated by creators that are qualified and registered in the Developer Exchange Program.
Infrastructure and Trust & Safety Expense—Infrastructure and trust & safety expense consists primarily of costs related to the operation of the Company’s data centers and technical infrastructure in order to deliver the Platform to its users and are expensed as incurred. Infrastructure and trust & safety expenses also include personnel costs, moderation and customer support related costs, and allocated overhead expenses.
Research and Development Cost—Research and development costs consist primarily of personnel costs and allocated overhead expenses for the Company’s engineering, design, product management, data science, and other employees engaged in maintaining and enhancing the functionality of the Platform and are expensed as incurred.
Stock-Based Compensation Expense—The Company measures and recognizes stock-based compensation expense for all stock-based awards, including stock options, unregistered restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and performance stock units (“PSUs”) granted to employees, directors, and non-employees, and stock purchase rights granted under the 2020 Employee Stock Purchase Plan (the “2020 ESPP”) to employees, based on the estimated grant date fair value of the awards. The Company records forfeitures when they occur for all stock-based awards.
The fair value of each stock option and stock purchase right granted is estimated using the Black-Scholes option-pricing model and is recognized as compensation expense on a straight-line basis over the requisite service period of the awards. The Black-Scholes option pricing model requires certain subjective inputs and assumptions and involve inherent uncertainties and the application of management’s judgment. These assumptions and estimates are as follows:
•Fair value of Class A common stock—Prior to the Direct Listing, the fair value of the shares of Class A common stock underlying the stock options and RSUs was historically determined by the Company’s Board of Directors along with management as there was no public market for the underlying common stock. The Company’s Board of Directors along with management determined the fair value of the Company’s common stock by considering a number of objective and subjective factors including: contemporaneous third-party valuations of its common stock, the valuation of comparable companies, sales of the Company’s common and convertible preferred stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and the general and industry specific economic outlook, amongst other factors. After the completion of the Direct listing, the fair value of the Company’s Class A common stock is determined based on the NYSE closing price on the date of grant.
•Expected term—The expected term represents the period that stock-based awards are expected to be outstanding. The expected term assumptions are determined based on the vesting terms, estimated exercise behavior, post-vesting cancellations and contractual lives of the awards.
•Risk-free interest rates—The risk-free interest rate is based on the implied yields in effect at the time of the grant of U.S. Treasury notes with terms approximately equal to the expected term of the award.
•Expected stock price volatility—Prior to the Direct Listing, the Company used the historical volatility of the Class A common stock price of publicly-traded peer companies. After the completion of the Direct Listing, the Company continued to use the historical volatility of the stock price of publicly traded peer companies until the first quarter of 2024, at which point Company believed it had sufficient public trading history.
•Expected dividend yield—The Company utilizes a dividend yield of zero, as it has no history or plan of declaring dividends on its common stock.
RSUs granted by the Company prior to March 2021 vest upon the satisfaction of both a service-based vesting condition, which is typically four years, and a liquidity event-related performance vesting condition. The liquidity event-related performance vesting condition was satisfied on March 2, 2021 (the “Effective Date”) and the Company recorded a cumulative stock-based compensation expense as of the Direct Listing date for those RSUs for which the service-based vesting condition has been satisfied. Stock-based compensation related to the remaining service-based period after the liquidity event-related performance vesting condition was satisfied is recorded over the remaining requisite service period using the accelerated attribution method. For RSUs granted subsequent to the Direct Listing, during each reporting period, the Company recognizes stock-based compensation expense based on grant date fair value on a straight-line basis over the requisite service period for the entire award, or, if greater, based on the number of awards vested during the reporting period. The grant date fair value of the Company’s Class A common stock associated with the Company’s RSUs granted subsequent to the Direct Listing is determined based on the NYSE closing price on the date of grant.
Advertising Expense—Costs for advertising are expensed as incurred and are included in sales and marketing expense in the Company’s consolidated statement of operations. Advertising costs totaled $79.2 million, $45.4 million, and $38.3 million during the years ended December 31, 2025, 2024, and 2023, respectively.
Basic and Diluted Net Loss Per Common Share—Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, convertible preferred stock, stock options, RSUs, PSUs, RSAs, convertible preferred stock warrants, and common stock warrants, as applicable, are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for all periods presented.
Income Taxes—The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefit for which the future realization is uncertain.
The tax effects of a position are recognized only if it is more likely than not to be sustained based solely on its technical merits as of the reporting date. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments.
The Company recognizes interest and penalties related to income taxes as components of interest expense and other expense, respectively.
Leases—The Company accounts for lessee and lessor arrangements as follows:
Lessee Arrangements
The Company leases facilities under non-cancellable operating lease agreements primarily for real estate and co-located data centers. These leases have varying terms up to 12 years and generally contain leasehold improvement incentives, rent holidays, and escalation clauses. In addition, some of these leases have renewal options for up to five years after expiration of the initial term. The Company determines if an arrangement contains a lease at inception. The Company determines if a contract contains a lease based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration.
Operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease at the commencement date and are recognized based on the present value of lease payments over the lease term at the lease commencement date. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term. Operating lease ROU assets are recognized at an amount equal to the lease liability, adjusted for lease incentives received, initial direct costs, and prepayments made, if any.
In determining the present value of lease payments, the Company discounts future lease payments using its incremental borrowing rate (“IBR”) since the implicit rate is unknown. The IBR represents the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. The Company utilizes a market-based approach to estimate the IBR, which requires significant judgment. The Company primarily considers the current economic environment, lease term, and currency in which the lease is denominated, as well as (i) yields on corporate bonds with a credit rating similar to the Company; (ii) yields on the Company’s outstanding unsecured debt; and (iii) indicative pricing on both secured and unsecured debt received from potential lenders (if any).
Certain lease agreements include options to renew or early terminate the lease, and the Company includes such extension periods when it is reasonably certain that they will be exercised and include such periods beyond the early termination date when it is reasonably certain the early terminations will not be exercised.
Lease expense is recognized on a straight-line basis over the lease term.
Variable lease payments are expensed when the underlying uncertainty is resolved, which is generally when the obligation for those costs are incurred and are excluded from the measurement of the lease liabilities and ROU assets. Variable lease payments primarily include common-area maintenance, utilities, taxes or other operating costs, which are generally based on a percentage of actual expenses incurred or a fluctuating rate which is unknown at the inception of the contract.
Leases with an initial term of 12 months or less (“short-term leases”) are not recognized on the consolidated balance sheets. The Company recognizes lease expense for short-term leases on a straight-line basis over the lease term. The Company does not account for lease components (e.g., fixed payments including rent) separately from the non-lease components (e.g., common-area maintenance costs).
Lessor Arrangements
The Company has subleased office space in its former San Mateo, California corporate headquarters with lease terms expiring up through 2028. The Company does not separate lease components from non-lease components and therefore allocates the entire consideration in its contracts to the lease components. All of the lease and non-lease components qualify for accounting under ASC Topic 842 Leases. The Company presents sublease income as a reduction to lease expense.
Foreign Currency Transactions—Beginning January 1, 2024, the functional currency of certain non-U.S. dollar functional currency international subsidiaries was re-assessed from the U.S. dollar to the local currency that the international subsidiary operates in. Prior to January 1, 2024, the functional currency of the Company’s international subsidiaries was primarily the U.S. dollar. The effects of the changes in functional currency were not significant to the consolidated financial statements.
The Company translates the financial statements of non-U.S. dollar functional currency subsidiaries to U.S. dollars using the period-end exchange rate for assets and liabilities and the average exchange rate for the period for revenues and expenses. The effects of foreign currency translation are included in stockholders’ equity and periodic movements are summarized as a line item in the consolidated statements of comprehensive loss.
The Company reflects foreign exchange transaction gains and (losses) resulting from the conversion of the transaction currency to the functional currency, which includes gains and losses from the remeasurement of assets and liabilities, as a component of other income/(expense), net. Net foreign exchange gains/(losses) totaled $2.1 million, $(14.1) million, and $(2.0) million for the years ended December 31, 2025, 2024, and 2023, respectively.
Reportable Segments—Roblox derives revenue globally and manages its business activities on a consolidated basis, resulting in a single operating and reportable segment, which is at the consolidated level. The technology used in its customer arrangements is primarily based on a similar software application that is available on various platforms, such as mobile devices, consoles, and computers, that is used by customers in a similar manner.
The chief operating decision maker (“CODM”) of the Company is its chief executive officer (“CEO”) who assesses performance of the Company’s single operating segment and decides how to allocate resources based on consolidated net loss that is reported on the consolidated statement of operations, as well as through other performance measures. The CODM considers consolidated net loss in deciding how to reinvest profits into the Company, including to its creator community, people, and technology and infrastructure, including its trust and safety systems, and other areas such as for acquisitions.
The measure of segment assets is reported on the consolidated balance sheets as total assets.
Accounting Pronouncements
Accounting Pronouncements Recently Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires public entities to disclose specific tax rate reconciliation categories, as well as income taxes paid disaggregated by jurisdiction, amongst other disclosure enhancements. The Company adopted the ASU retrospectively in the current period. Refer to the newly required and retrospectively revised disclosures in Note 15, “Income Taxes” below.
Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, “Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures,” which requires disclosure of certain costs and expenses in the notes of financial statements, including, amongst others, the amount of employee compensation expense and depreciation and amortization expense within each caption presented on the face of the income statement within continuing operations. Further, the disclosures require a qualitative description of the remaining cost and expense amounts within each relevant expense caption that are not separately disaggregated, as well as a description and the total amount of selling expenses. The ASU is effective for financial statements issued for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The ASU can be early adopted and should be applied either prospectively or retrospectively. The Company is currently evaluating the disclosure requirements related to the new standard.
In September 2025, the FASB issued ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which modernizes the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introduces a more judgment-based approach. The ASU is effective for financial statements issued for annual periods beginning after December 15, 2027 and interim periods within those fiscal years. The ASU can be early adopted and should be applied using either the prospective, modified, or retrospective transition approach. The Company is currently evaluating the impact related to this ASU.
v3.25.4
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
2. Revenue from Contracts with Customers
The following table summarizes revenue by region based on the billing country of users (in thousands, except percentages):
Year Ended December 31,
202520242023
AmountPercentage of RevenueAmountPercentage of RevenueAmountPercentage of Revenue
United States and Canada (1)
$2,969,150 61%$2,281,319 63%$1,803,812 64%
Europe
944,226 19659,593 18505,633 18
Asia-Pacific, including Australia and New Zealand
541,532 11379,027 11286,930 10
Rest of world
435,643 9282,040 8202,899 7
Total
$4,890,551 100%$3,601,979 100%$2,799,274 100%
(1)The Company’s revenues in the United States were 57%, 59%, and 60% of consolidated revenue for each of the years ended December 31, 2025, 2024, and 2023, respectively.
No individual country, other than the United States, exceeded 10% of the Company’s consolidated revenue for any period presented.
As a percentage of total virtual item-related revenue, durable revenue and consumable revenues were as follows:
Year Ended December 31,
202520242023
Durable virtual item revenue
85 %91 %91 %
Consumable virtual item revenue
15 %9 %9 %
Deferred Revenue
The Company receives payments from its users based on the payment terms established in its contracts. Such payments are initially recorded to deferred revenue and are recognized into revenue as the Company satisfies its performance obligations. The aggregate amount of revenue allocated to unsatisfied performance obligations is included in the Company’s deferred revenue balances.
The increase in deferred revenue for the year ended December 31, 2025 was driven by sales during the period exceeding revenue recognized from the satisfaction of the Company’s performance obligations, which includes the revenue recognized during the period that was included in the current portion of deferred revenue at the beginning of the period. During the year ended December 31, 2025, the Company recognized all of the revenue that was included in the $3,005.0 million current deferred revenue balance as of December 31, 2024.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
3. Leases
Lessee Arrangements
The Company took possession of a data center leased space in the first quarter of 2024 and later de-recognized the remaining $70.3 million of right-of-use assets and lease liabilities associated with the lease in the third quarter of 2024 due to an early termination. The early termination did not have a material impact on the results of operations during the fiscal year 2024.
During the year ended December 31, 2023, the Company recognized a $7.0 million impairment loss within general and administrative expenses, which included $4.8 million related to operating lease right-of-use assets and $2.2 million related to property and equipment, net, as a result of the execution of a sub-lease arrangement for a portion of its prior San Mateo, California corporate headquarters.
The components of lease expense were as follows (in thousands):
Year Ended December 31,
202520242023
Operating lease expense$178,697 $174,174 $139,482 
Variable and short-term lease expense67,637 53,627 31,655 
Net operating lease expense$246,334 $227,801 $171,137 
For leases which have commenced, the following table presents the expected timing of future lease payments as of December 31, 2025 (in thousands):
Year ending December 31,
2026$171,440 
2027159,647 
2028137,753 
2029123,009 
203099,002 
Thereafter299,590 
Total lease payments$990,441 
Less: imputed interest (1)
(195,535)
Present value of lease liabilities$794,906 
(1)Calculated using each lease’s incremental borrowing rate.
In addition, the Company has executed operating leases for real estate and co-located data centers which have not commenced as of December 31, 2025, with lease payments totaling $1,618.6 million over lease terms ranging between five to fifteen years.
The following table presents the weighted average remaining lease terms and discount rates as of December 31, 2025, and December 31, 2024:
As of December 31,
20252024
Weighted average remaining lease term (years)6.77.5
Weighted average discount rate6.2 %6.3 %
Supplemental cash and noncash information related to operating leases is as follows (in thousands):
Year ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities, net of leasehold incentives received
$172,734 $158,381 $105,337 
Lease liabilities arising from obtaining new right-of-use assets (noncash)$105,786 $120,822 $256,500 
Sublease Arrangements as Lessor
Sublease income was as follows (in thousands):
Year ended December 31,
202520242023
Sublease income
$10,317 $8,405 $3,337 
The following table presents future sublease payments due to the Company as of December 31, 2025 (in thousands):
Year ending December 31,
2026
$12,520 
2027
7,094 
2028525 
Thereafter— 
Total sublease income
$20,139 
v3.25.4
Cash Equivalents and Investments
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Investments
4. Cash Equivalents and Investments
Financial Assets
The following is a summary of the Company’s cash equivalents and short-term and long-term investments (in thousands):
As of December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-Term Investments
Debt Securities
Level 1
Money market funds$1,010,307 $— $— $1,010,307 $1,010,307 $— $— 
U.S. Treasury securities2,550,720 7,543 (41)2,558,222 3,290 1,427,150 1,127,782 
Subtotal3,561,027 7,543 (41)3,568,529 1,013,597 1,427,150 1,127,782 
Level 2
U.S. agency securities542,151 145 (183)542,113 — — 542,113 
Commercial paper325,261 9 — 325,270 — 325,270 — 
Corporate debt securities910,836 5,508 (130)916,214 — 93,516 822,698 
Subtotal1,778,248 5,662 (313)1,783,597 — 418,786 1,364,811 
Total Debt Securities$5,339,275 $13,205 $(354)$5,352,126 $1,013,597 $1,845,936 $2,492,593 
Equity Securities
Level 1
Mutual funds (1)
$3,887 $— $3,887 $— 
Total Equity Securities$3,887 $— $3,887 $— 
Total Cash Equivalents and Investments
$5,339,275 $13,205 $(354)$5,356,013 $1,013,597 $1,849,823 $2,492,593 
As of December 31, 2024
Amortized Cost
Gross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-Term Investments
Debt Securities
Level 1
Money market funds$615,890 $— $— $615,890 $615,890 $— $— 
U.S. Treasury securities2,159,558 1,886 (4,446)2,156,998 — 1,402,694 754,304 
Subtotal2,775,4481,886(4,446)2,772,888615,8901,402,694754,304
Level 2
U.S. agency securities293,423 82 (211)293,294 — 1 293,293 
Commercial paper280,243 — (1)280,242 19,818 260,424 — 
Corporate debt securities594,221 2,202 (1,240)595,183 — 32,565 562,618 
Subtotal1,167,887 2,284 (1,452)1,168,719 19,818 292,990 855,911 
Total Debt Securities$3,943,335 $4,170 $(5,898)$3,941,607 $635,708 $1,695,684 $1,610,215 
Equity Securities
Level 1
Mutual funds (1)
$2,178 $— $2,178 $— 
Total Equity Securities$2,178 $— $2,178 $— 
Total Cash Equivalents and Investments
$3,943,335 $4,170 $(5,898)$3,943,785 $635,708 $1,697,862 $1,610,215 
(1)The equity securities relate to the Company’s nonqualified deferred compensation plan and are held in a rabbi trust. Refer to Note 1, “Overview and Summary of Significant Accounting Policies”, section titled “Deferred Compensation Plan” to the notes to the consolidated financial statements for more information.
As of December 31, 2025, all of the Company’s short-term debt investments have contractual maturities of one year or less and all of the Company’s long-term debt investments have contractual maturities between one and five years.
Changes in market interest rates, credit risk of borrowers, and overall market liquidity, amongst other factors, may cause the Company’s short-term and long-term debt investments to fall below their amortized cost basis, resulting in unrealized losses. For those debt securities in an unrealized loss position as of December 31, 2025, the unrealized losses were primarily driven by increases in market interest rates following the date of purchase and the Company does not intend to sell, nor is it more likely than not it will be required to sell, such securities before recovering the amortized cost basis.
The following table presents fair values and gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):
As of December 31, 2025
Less Than 12 Months
12 Months or Greater
Total
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
U.S. Treasury securities
$120,509 $(41)$— $— $120,509 $(41)
U.S. agency securities
218,506 (183)— — 218,506 (183)
Corporate debt securities
115,243 (130)— — 115,243 (130)
Total
$454,258 $(354)$— $— $454,258 $(354)
As of December 31, 2024
Less Than 12 Months
12 Months or Greater
Total
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
U.S. Treasury securities
$638,363 $(4,434)$25,891 $(12)$664,254 $(4,446)
U.S. agency securities
102,229 (211)— — 102,229 (211)
Commercial paper
10,937 (1)— — 10,937 (1)
Corporate debt securities
256,629 (1,233)3,041 (7)259,670 (1,240)
Total
$1,008,158 $(5,879)$28,932 $(19)$1,037,090 $(5,898)
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions
5. Acquisitions
Speechly, Inc.
On September 18, 2023 (the “Speechly Acquisition Date”), the Company acquired all outstanding equity interests of Speechly, Inc. and its wholly owned Finnish subsidiary Speechly Oy (together, “Speechly”). Speechly was a privately held company that operated a speech recognition software focused on voice moderation. The acquisition has been accounted for as a business combination. The consideration totaled $10.1 million, which included (i) $4.8 million of cash paid on the Speechly Acquisition Date and (ii) $5.3 million of cash held back until certain post-acquisition conditions were satisfied.
The following table summarizes the Company’s allocation of the purchase consideration based on the fair value of assets acquired and liabilities assumed at the Speechly Acquisition Date (in thousands):
 September 18, 2023
Cash and cash equivalents$970 
Other current assets acquired111 
Intangible assets, net
Developed technology, useful life of five years
2,800 
Goodwill7,536 
Other current liabilities assumed$(1,117)
Other long-term liabilities assumed(182)
Total purchase price$10,118 
Goodwill is attributable to the assembled workforce and anticipated synergies arising from the acquisition. The goodwill recognized is not deductible for income tax purposes.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
6. Goodwill and Intangible Assets
Goodwill
The following table represents the changes to goodwill from December 31, 2023 to December 31, 2025 (in thousands):
Carrying Amount
Balance as of December 31, 2023
$142,129 
Foreign currency translation adjustments(441)
Balance as of December 31, 2024
$141,688 
Foreign currency translation adjustments936 
Balance as of December 31, 2025
$142,624 
Intangible Assets
The following tables present details of the Company’s finite-lived intangible assets as of December 31, 2025 and December 31, 2024 (in thousands):
As of December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology$76,791 $(70,738)$6,053 
Patents14,200 (3,650)10,550 
Assembled workforce11,000 (10,111)889 
Trade name500 (500)— 
Total intangible assets$102,491 $(84,999)$17,492 
As of December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology$75,291 $(54,348)$20,943 
Patents14,200 (2,150)12,050 
Assembled workforce10,000 (9,750)250 
Trade name500 (333)167 
Total intangible assets$99,991 $(66,581)$33,410 
The above tables do not include $0.7 million of indefinite lived intangible assets as of December 31, 2025 and December 31, 2024, respectively.
As of December 31, 2025, the weighted-average remaining useful lives of the Company’s finite-lived intangible assets, weighted based on net carrying amounts, were 2.7 years for developed technology, 7.2 years for patents, 2.7 years for assembled workforce, and 5.4 years in total.
Amortization expense related to the Company’s finite-lived intangible assets was $18.4 million, $18.9 million, and $19.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Expected future amortization expenses related to the Company’s finite lived intangible assets as of December 31, 2025 are as follows (in thousands):
Year ending December 31:
2026$4,680 
20273,730 
20282,432 
20291,800 
20301,600 
Thereafter
3,250 
Total remaining amortization expense
$17,492 
v3.25.4
Other Balance Sheet Components
 12 Months Ended
Dec. 31, 2025
Other Balance Sheet Components [Abstract]  
Other Balance Sheet Components
7. Other Balance Sheet Components
Prepaid expenses and other current assets
Prepaid expenses and other current assets consisted of the following (in thousands):
As of December 31,
20252024
Prepaid expenses$63,015 $47,919 
Accrued interest receivable35,218 19,690 
Other current assets11,061 7,806 
Total prepaid expenses and other current assets
$109,294 $75,415 
Property and equipment, net
Property and equipment, net, consisted of the following (in thousands):
As of December 31,
20252024
Servers and related equipment and software$1,065,828 $898,598 
Computer hardware and software licenses58,716 55,002 
Furniture and fixtures2,369 2,121 
Leasehold improvements262,733 245,150 
Construction in progress10,657 46,158 
Prepayments for purchase of equipment and construction in progress
168,914 — 
Total property and equipment
1,569,217 1,247,029 
Less accumulated depreciation and amortization
(684,441)(587,440)
Property and equipment—net
$884,776 $659,589 
Construction in progress primarily relates to leasehold improvements for the Company’s leased office buildings, and networking and other infrastructure equipment to support the Company’s data centers.
Property and equipment, net, by geographic area was as follows (in thousands):
As of December 31,
20252024
United States
$762,181 $615,665 
Rest of world
122,595 43,924 
Total
$884,776 $659,589 
Total depreciation and amortization expense of property and equipment was $207.4 million, $207.5 million, and $188.9 million for years ended December 31, 2025, 2024, and 2023, respectively. In the third quarter of 2024, the Company re-assessed the estimated useful life of certain software licenses, resulting in the acceleration of their remaining depreciation expense of $17.9 million within infrastructure and trust & safety expenses.
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
As of December 31,
20252024
Accrued operating expenses and liabilities$67,414 $49,478 
Short-term operating lease liabilities151,550 128,857 
Accrued interest on the 2030 Notes6,458 6,458 
Taxes payable98,528 54,609 
Accrued compensation and other employee related liabilities47,586 28,147 
Short-term debt
14,700 — 
Other current liabilities10,215 8,205 
Total accrued expenses and other current liabilities
$396,451 $275,754 
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt
8. Debt
2030 Notes
On October 29, 2021, the Company issued $1.0 billion aggregate principal amount of its 3.875% Senior Notes due 2030 (the “2030 Notes”). The 2030 Notes mature on May 1, 2030. The 2030 Notes bear interest at a rate of 3.875% per annum. Interest on the 2030 Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2022.
The aggregate proceeds from the offering of the 2030 Notes were approximately $987.5 million, after deducting lenders costs and other issuance costs incurred by the Company. The issuance costs of $12.5 million are amortized into interest expense using the effective interest method over the term of the 2030 Notes.
The Company may voluntarily redeem the 2030 Notes, in whole or in part, under the following circumstances:
(1)Prior to November 1, 2024, the Company could have, on any one or more occasions, redeemed up to 40% of the aggregate principal amount of the 2030 Notes at a redemption price of 103.875% of the principal amount including accrued and unpaid interest, if any, with the net cash proceeds of certain equity offerings; provided that (1) at least 50% of the aggregate principal amount of 2030 Notes originally issued remained outstanding immediately after the occurrence of such redemption (excluding 2030 Notes held by the Company and its subsidiaries); and (2) the redemption occurred within 180 days of the date of the closing of such equity offerings.
(2)On or after November 1, 2024, the Company may voluntarily redeem all or a part of the 2030 Notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date:
YearPercentage
2024
101.938 %
2025
100.969 %
2026 and thereafter
100.000 %
(3)Prior to November 1, 2024, the Company could have redeemed all or a part of the 2030 Notes at a redemption price equal to 100% of the principal amount of 2030 Notes redeemed, including accrued and unpaid interest, if any, plus the applicable “make-whole” premium set forth in the indenture governing the 2030 Notes (the “Indenture”) as of the date of such redemption; and
(4)In connection with any tender offer for the 2030 Notes, including an offer to purchase (as defined in the Indenture), if holders of not less than 90% in aggregate principal amount of the outstanding 2030 Notes validly tender and do not withdraw such notes in such tender offer and the Company (or any third party making such a tender offer in lieu of the Company) purchases all of the 2030 Notes validly tendered and not withdrawn by such holders, the Company (or such third party) will have the right, upon not less than 10, but not more than 60 days’ prior notice, given not more than 30 days following such purchase date to the holders of the 2030 Notes and the trustee, to redeem all of the 2030 Notes that remain outstanding following such purchase at a redemption price equal to the price offered to each holder of 2030 Notes (excluding any early tender or incentive fee) in such tender offer plus to the extent not included in the tender offer payment, accrued and unpaid interest, if any.
In certain circumstances involving a change of control triggering event (as defined in the Indenture), the Company will be required to make an offer to repurchase all, or at the holder’s option, any part, of each holder’s 2030 Notes at a repurchase price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to the applicable repurchase date.
The 2030 Notes are unsecured obligations and the Indenture contains covenants limiting the Company and its subsidiaries’ ability to: (i) create certain liens and enter into sale and lease-back transactions; (ii) create, assume, incur or guarantee certain indebtedness; or (iii) consolidate or merge with or into, or sell or otherwise dispose of all of substantially all of the Company and its subsidiaries’ assets to another person. These covenants are subject to a number of limitations and exceptions set forth in the Indenture and non-compliance with these covenants may result in the accelerated repayment of the 2030 Notes and any accrued and unpaid interest.
As of December 31, 2025, the Company was in compliance with all of its covenants under the Indenture.
The net carrying amount of the 2030 Notes, which is presented as a component of long-term debt in the Company’s consolidated financial statements, was as follows (in thousands):
As of December 31,
20252024
2030 Notes
Principal
$1,000,000 $1,000,000 
Unamortized issuance costs
(6,902)(8,329)
Net carrying amount
$993,098 $991,671 
Interest expense related to the 2030 Notes was as follows (in thousands):
Year Ended December 31,
202520242023
Contractual interest expense
$38,750 $38,750 $38,750 
Amortization of debt issuance costs
1,427 1,371 1,316 
Total interest expense
$40,177 $40,121 $40,066 
The debt issuance costs for the 2030 Notes are amortized to interest expense over the term of the 2030 Notes using an annual effective interest rate of 4.05%.
As of December 31, 2025 and 2024, the estimated fair value of the 2030 Notes was approximately $957.5 million and $901.5 million, respectively, determined based on the last trading price of the 2030 Notes during the reporting period (a Level 2 input).
Future interest and principal payments related to the 2030 Notes, as of December 31, 2025, were as follows (in thousands):
Year ending December 31,
2026$38,750 
202738,750 
202838,750 
202938,750 
2030
1,019,370 
Total future interest and principal payments related to the 2030 Notes$1,174,370 
Joint Venture Financing
Refer to Note 14, “Joint Venture”, in the notes to the consolidated financial statements for additional information on debt issued by the Company’s consolidated subsidiary, Roblox China Holding Corp.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
9. Commitments and Contingencies
Purchase Obligations—Non-cancellable contractual purchase obligations, primarily consisting of contracts associated with data center hosting providers, software vendors, and payment processors, were as follows as of December 31, 2025 (in thousands):
Year ending December 31,
2026$85,417 
202711,729 
20281,711 
2029137 
203015 
Thereafter— 
Total non-cancellable contractual purchase obligations$99,009 
Letters of Credit—The Company has letters of credit in connection with its operating leases which are not reflected in the Company’s consolidated balance sheets as of December 31, 2025 and 2024. The Company has not drawn down from the letters of credit and had $9.3 million and $8.3 million available in aggregate as of December 31, 2025 and 2024, respectively.
Legal Proceedings—The Company is and, from time to time may in the future become, involved in legal proceedings, claims and litigation in the ordinary course of business.
As of December 31, 2025 and 2024, the Company accrued for immaterial losses related to litigation matters that the Company believes to be probable and for which an amount of loss can be reasonably estimated. The Company considered the progress of these cases, the opinions and views of its legal counsel and outside advisors, its experience and settlements in similar cases, and other factors in arriving at the conclusion that a potential loss was probable.
The Company cannot determine a reasonable estimate of the maximum possible loss or range of loss for all its litigation matters given that they are at various stages of the litigation process and each case is subject to the inherent uncertainties of litigation. The Company has and may continue to incur substantial legal fees, which are expensed as incurred, in defending against these legal proceedings. The maximum amount of liability that may ultimately result from any of these matters cannot be predicted with absolute certainty and the ultimate resolution of one or more of these matters could ultimately have a material adverse effect on the Company’s operations.
On August 1, 2023, a putative class action was filed against the Company in the United States District Court for the Northern District of California, captioned Colvin v. Roblox (the “Colvin matter”), asserting various claims arising from allegations that minors used third-party virtual casinos to gamble Robux. On December 15, 2023, the Company filed a motion to dismiss and on March 26, 2024, the motion to dismiss was granted in part and denied in part, allowing plaintiffs’ negligence and California Unfair Competition Law claims to proceed. On March 28, 2024, a supplemental order clarified that plaintiffs’ claims for unjust enrichment and equitable relief could proceed as well. On April 9, 2024, plaintiffs filed an amended complaint re-alleging the California Consumer Legal Remedies Act and New York General Business Law claims that had been dismissed.
Separately, on March 14, 2024, Gentry v. Roblox (the “Gentry matter”) was filed in the United States District Court for the Northern District of California premised on substantially identical allegations as the Colvin matter. On April 18, 2024, the Gentry matter was consolidated with the Colvin matter. Plaintiffs filed a consolidated complaint on April 23, 2024. The consolidated complaint sought monetary damages, including actual, punitive, and statutory damages, restitution, attorneys’ fees and costs, and declaratory and injunctive relief. The Company filed a motion to dismiss the consolidated complaint on May 14, 2024, which the court granted in part and denied in part on September 19, 2024. The court dismissed with prejudice plaintiffs’ fraud-based claims and claims for injunctive relief, but allowed plaintiffs’ claims under California’s Unfair Competition Law and for negligence and unjust enrichment to proceed. On October 30, 2024, the Company filed an answer denying plaintiffs’ claims. On November 20, 2024, the Company filed an Amended Answer, again denying plaintiffs’ claims, and adding cross-claims against virtual casino defendants for intellectual property infringement, violation of the Computer Fraud and Abuse Act, breach of contract, tortious interference, and indemnification, among others. One of the cross-defendants, Based Plate Studios, LLC moved to dismiss the Company’s claims. On April 16, 2025, the court granted in part and denied in part Based Plate Studios’ motion to dismiss, allowing the Company’s claims against Based Plate Studios for trademark infringement, violation of California Comprehensive Computer Data Access and Fraud Act, tortious interference with contract, breach of contract, and indemnification to proceed. On June 2, 2025, plaintiffs filed a Second Amended Complaint, adding new defendants and more detailed allegations regarding existing plaintiffs. The Company filed a motion to dismiss portions of the Second Amended Complaint on June 23, 2025. That motion was granted, and certain claims were dismissed as a result. Other claims remain pending and discovery is ongoing.
On September 16, 2024, Robinson v. Binello was filed in the United States District Court for the Northern District of California as Case No. 3:24-cv-06501. The complaint alleged the Company and one of its creators engaged in copyright infringement because a recording that plaintiff allegedly owns a copyright for was allegedly featured in the “Meep City” experience on Roblox from 2016 to 2022. The parties have agreed to a settlement in principle, subject to finalization of the settlement agreement. The settlement amount is not material.
The Company intends to defend itself vigorously against all claims asserted against it. At this time, the Company is unable to reasonably estimate the loss or range of loss, if any, arising from the above-referenced matters that have not yet been resolved.
Indemnification—In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless, and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. To date, the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions.
The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted under applicable law. To date, the Company has not incurred any material costs and has not accrued any liabilities related to such obligations. The Company also has directors’ and officers’ insurance.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders’ Equity
10. Stockholders’ Equity
Preferred Stock —The Company’s articles of incorporation authorize the issuance of 100.0 million shares of convertible preferred stock with a par value of $0.0001 per share.
Common Stock —The Company’s articles of incorporation authorize the issuance of Class A common stock and Class B common stock. As of December 31, 2025, the Company is authorized to issue 4,935.0 million shares of Class A common stock and 65.0 million shares of Class B common stock. Holders of Class A common stock and Class B common stock are entitled to dividends on a pro rata basis, when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of the Company’s convertible preferred stock. Holders of Class A common stock are entitled to one vote per share, and holders of Class B common stock are entitled to 20 votes per share. Each share of Class B common stock is convertible into one share of Class A common stock at any time and will convert automatically upon certain transfers and upon the earliest of (i) the date that is specified by the affirmative vote of the holders of two-thirds of the then-outstanding shares of Class B common stock, (ii) the date on which less than 30% of the Class B common stock that was outstanding on March 2, 2021 continues to remain outstanding, (iii) March 10, 2036, (iv) nine months after the death or permanent disability of Mr. David Baszucki, and (v) nine months after the date on which Mr. Baszucki no longer serves as the Company’s CEO or as a member of its Board of Directors. Class A common stock and Class B common stock are not redeemable at the option of the holder.
Class A and Class B common stock are referred to as common stock throughout the notes to the consolidated financial statements, unless otherwise noted.
The Company reserved shares of common stock for future issuance as follows (in thousands):
As of December 31,
202520242023
Stock options outstanding9,178 27,458 40,159 
RSUs outstanding24,524 34,941 39,846 
PSUs outstanding (1)
2,719 2,304 905 
CEO Long-Term Performance Award (1)(2)
— — 11,500 
2020 Plan
112,747 91,642 66,114 
2020 ESPP
26,072 20,855 16,075 
Other awards and warrants outstanding or unreleased
342 367 413 
Total
175,582 177,567 175,012 
(1)For awards with ongoing performance periods as of the respective balance sheet date, the shares of common stock reserved for future issuance are included at maximum achievement levels.
(2)On March 1, 2024, the Leadership Development and Compensation Committee (i) approved the cancellation of the CEO Long-Term Performance Award, which was previously granted to Mr. Baszucki under the 2017 Amended and Restated Equity Incentive Plan and (ii) granted Mr. Baszucki a new PSU award and RSU award. Any still unvested PSUs and RSUs granted to Mr. Baszucki on March 1, 2024 are included in those respective rows above as of December 31, 2025 and 2024. Refer to Note 11, “Stock-Based Compensation Expense”, to the notes to the consolidated financial statements for further discussion.
v3.25.4
Stock-Based Compensation Expense
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense
11. Stock-Based Compensation Expense
2004 Incentive Stock Plan
In 2004, the Company approved the 2004 Incentive Stock Plan (the “2004 Plan”), under which the Board of Directors may grant incentive stock options to employees and nonstatutory stock options to employees, members of the Board of Directors and consultants of the Company and its subsidiaries.
Under the 2004 Plan, incentive stock options and nonstatutory stock options may be granted at a price not less than fair value and 85% of the fair value, respectively (110% of fair value for incentive stock options granted to holders of 10% or more of voting stock). Fair value is determined by the Board of Directors. Options are exercisable over periods not to exceed 10 years (five years for incentive stock options granted to holders of 10% or more of the voting stock) from the date of grant.
The 2004 Plan was terminated on the effective date of the 2017 Amended and Restated Equity Incentive Plan, and accordingly, no shares are available for issuance under the 2004 Plan. The 2004 Plan continues to govern outstanding awards granted thereunder.
2017 Amended and Restated Equity Incentive Plan
In 2017, the Company approved the 2017 Amended and Restated Equity Incentive Plan (the “2017 Plan”), under which the Board of Directors may grant incentive stock options to employees and nonstatutory stock options, stock appreciation rights, restricted stock, and RSUs, to employees, members of the Board of Directors and consultants of the Company and its subsidiaries.
Under the 2017 Plan, stock options may be granted at a price not less than fair value (110% of fair value for incentive stock options issued to holders of 10% or more of voting stock). Stock appreciation rights may be granted at a price not less than fair value. Fair value is determined by the Board of Directors. Options are exercisable over periods not to exceed 10 years (five years for incentive stock options granted to holders of 10% or more of the voting stock) from the date of grant.
In connection with the Direct Listing, the 2017 Plan was terminated effective immediately prior to the effectiveness of the 2020 Plan, and accordingly, no shares are available for issuance under the 2017 Plan. The 2017 Plan continues to govern outstanding awards granted thereunder.
2020 Plan
In 2020, the Company’s Board of Directors adopted, and its stockholders approved, the 2020 Plan, which became effective on the business day immediately prior to the effective date of the registration statement for the Company’s Direct Listing. Under the 2020 Plan, the Board of Directors may grant incentive stock options to employees and stock appreciation rights, RSAs, and RSUs, performance units and performance shares to employees, members of the Board of Directors and consultants of the Company and its subsidiaries.
Under the 2020 Plan, incentive stock options, nonstatutory stock options, and stock appreciation rights may be granted at a price not less than 100% of the fair market value of the underlying common stock on the date of grant (110% of fair value for incentive stock options issued to holders of 10% or more of voting stock). Options and stock appreciation rights are exercisable over a period not to exceed 10 years (five years for incentive stock options granted to holders of 10% or more of the voting stock) from the date of grant.
Under the 2020 Plan, 60.0 million shares of Class A common stock were initially reserved for future issuance. The number of shares of Class A common stock reserved for future issuance under the 2020 Plan automatically increases on January 1 of each year by the least of (i) 75.0 million shares; (ii) five percent (5%) of the outstanding shares of all classes of the Company’s common stock as of December 31 of the preceding fiscal year; or (iii) a number of shares that may be determined by the Company’s Board of Directors. Stock-based awards under the 2020 Plan that expire or are forfeited, cancelled, or repurchased generally are returned to the pool of shares of Class A common stock available for issuance under the 2020 Plan. In addition, subject to the adjustment provisions of the 2020 Plan, the shares reserved for issuance under the 2020 Plan also include (i) any shares that, as of the day immediately prior to the effective date of the registration statement, have been reserved but not issued pursuant to any awards granted under the 2017 Plan and are not subject to any awards thereunder and (ii) any shares subject to stock options, RSUs or similar awards granted under the 2017 Plan and 2004 Plan that, after the effective date of the registration statement, expire or otherwise terminate without having been exercised or issued in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Company due to failure to vest.
Employee Stock Purchase Plan
In 2020, the Company’s Board of Directors adopted, and its stockholders approved, the 2020 ESPP, which became effective in connection with the Direct Listing. The 2020 ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. At inception, 6.0 million shares of the Company’s Class A common stock were reserved for future issuance under the 2020 ESPP. The number of shares of Class A common stock reserved for future issuance under the 2020 ESPP automatically increases on January 1 of each year by the least of (i) 15.0 million shares; (ii) one percent (1%) of the outstanding shares of all classes of the Company’s common stock as of December 31 of the preceding fiscal year; or (iii) a number of shares that may be determined by the Company’s Board of Directors
The 2020 ESPP is a compensatory plan and includes two components: a component that allows the Company to make offerings intended to qualify under Section 423 of the Internal Revenue Code of 1986 (the “Code”) and a component that allows the Company to make offerings not intended to qualify under Section 423 of the Code. Subject to any limitations contained therein, the 2020 ESPP allows eligible employees to contribute (in the form of payroll deductions or otherwise to the extent permitted by the administrator) an amount established by the administrator from time to time in its discretion to purchase Class A common stock at a discounted price per share. The price at which Class A common stock is purchased under the 2020 ESPP is equal to 85% of the fair market value of a share of the Company’s Class A common stock on the enrollment date or exercise date, whichever is lower. Offering periods are generally 24 months long and begin on the first trading day on or after February 25 and August 25 of each year with each offering period having four purchase periods of approximately six months each.
Stock-based compensation expense
Stock-based compensation expense was as follows (in thousands):
Year Ended December 31,
202520242023
Infrastructure and trust & safety
$142,353 $113,708 $92,147 
Research and development
764,124 723,326 607,593 
General and administrative
172,373 138,444 131,577 
Sales and marketing
50,154 40,316 36,650 
Total stock-based compensation expense
$1,129,004 $1,015,794 $867,967 
Stock Options
The following table summarizes the Company’s stock option activity (in thousands, except per option data and remaining contractual term):
Stock Options Outstanding
Number of
Shares
Subject to
Options		Weighted-
Average
Exercise
Price (per Option)		Weighted-Average Remaining
Contractual
Term
(Years)		 
Aggregate
Intrinsic
Value
Balances as of December 31, 2022
51,591 $2.85 6.00$1,321,183 
Granted
— — 
Cancelled, forfeited, and expired
(762)$4.60 
Exercised
(10,670)$2.23 
Balances as of December 31, 2023
40,159 $2.98 5.16$1,716,171 
Granted
— — 
Cancelled, forfeited, and expired
(203)$4.80 
Exercised
(12,498)$2.75 
Balances as of December 31, 2024
27,458 $3.08 4.24$1,504,261 
Granted
— — 
Cancelled, forfeited, and expired
(14)$5.21 
Exercised
(18,266)$2.80 
Balances as of December 31, 2025
9,178 $3.64 3.07$710,292 
Exercisable as of December 31, 2025
9,178 $3.64 3.07$710,292 
Vested and expected to vest at December 31, 2025
9,178 $3.64 3.07$710,292 
The aggregate intrinsic value of options exercised for the years ended December 31, 2025, 2024, and 2023 was $1,513.1 million, $530.0 million, and $373.4 million, respectively. Aggregate intrinsic value represents the difference between the exercise price of the options and the estimated fair value of the Company’s Class A common stock at the time of exercise. The aggregate grant-date fair value of options that vested during the years ended December 31, 2025, 2024, and 2023 was $2.8 million, $23.5 million, and $51.9 million, respectively.
As of December 31, 2025, all of the Company’s stock options are fully vested.
RSUs and PSUs
The following table summarizes the Company’s RSU and PSU activity, excluding the 2024 CEO PSU Award, which is described in more detail in the following section (in thousands, except per share data):
Unvested RSUs Outstanding(1)
Unvested Management PSUs Outstanding(2)
Number of
Shares
Weighted-
Average
Grant Date
Value (per Share)
Number of
Shares
Weighted-
Average
Grant Date
Value (per Share)
Unvested as of December 31, 2022
30,322 $48.73 415 $43.13 
Granted
27,377 $37.59 724 $45.70 
Vested
(14,812)$45.97 — — 
Cancelled(3,041)$46.79 (234)$44.99 
Unvested as of December 31, 2023
39,846 $42.25 905 $44.71 
Granted
22,604 $40.54 706 $41.32 
Vested
(21,241)$42.83 — — 
Cancelled(6,268)$40.68 (200)$44.78 
Unvested as of December 31, 2024
34,941 $41.07 1,411 $43.00 
Granted
15,361 $85.13 1,261 $57.91 
Vested
(22,008)$46.43 (224)$45.70 
Cancelled(3,770)$42.81 (622)$46.48 
Unvested as of December 31, 2025
24,524 $63.59 1,826 $51.78 
(1)As of both December 31, 2025 and 2024, 0.1 million RSUs have vested, but not yet been released, under the Company's nonqualified deferred compensation plan and therefore are not considered outstanding.
(2)Includes PSUs granted to certain members of management (the “Management PSUs”) in each of the years 2022 through 2025 and excludes the 2024 CEO PSU Award, which is described in more detail below. All unvested PSU grants and balances are shown at the aggregate maximum number of shares that were granted and may be earned and issued with respect to each award over its full term (up through any applicable cancellation). Stock-based compensation expense recognized related to the Management PSUs was $43.8 million, $17.7 million, and $9.6 million during the years ended December 31, 2025, 2024, and 2023, respectively.
As of December 31, 2025, the Company had $1,437.4 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted-average remaining requisite service period of 1.7 years.
RSUs granted subsequent to the Direct Listing only have service conditions, which historically have been satisfied generally over four years. For grants made subsequent to July 2022, the service condition is satisfied generally over three years.
The Management PSUs include awards with financial performance-based targets and market performance-based targets. For Management PSUs with financial performance-based targets, the Company recognizes stock-based compensation expense based upon the per-share grant date fair value on an accelerated attribution method over the requisite service period of each separately vesting tranche. At each reporting period, the amount of stock-based compensation expense is determined based on the probability of achievement against the pre-established performance measures and if necessary, a cumulative catch-up adjustment is recorded to reflect any revised estimates regarding the probability of achievement. The stock-based compensation expense associated with market performance-based Management PSUs was not material to any of the periods presented. The Management PSUs have service conditions which are generally satisfied over a period between two and three years.
As of December 31, 2025, the Company had $43.5 million of unrecognized stock-based compensation expense related to the Management PSUs, which is expected to be recognized over the weighted-average remaining requisite service period of 1.6 years.
CEO PSU and RSUs
CEO Long-Term Performance Award
In February 2021, the Leadership Development and Compensation Committee granted a PSU award (the “CEO Long-Term Performance Award”) under the 2017 Plan, which provided the Company’s CEO the opportunity to earn a maximum number of 11,500,000 shares of Class A common stock. The CEO Long-Term Performance Award would have vested upon the satisfaction of a service condition and achievement of certain Class A common stock price targets over five years. On March 1, 2024, the Leadership Development and Compensation Committee approved the cancellation of the CEO-Long Term Performance Award, as further discussed below. The Class A common stock price targets were not achieved and therefore no shares vested under the CEO Long-Term Performance Award prior to its cancellation.
The CEO Long-Term Performance Award would have been eligible to vest based upon the satisfaction of a service condition and achievement of certain Class A common stock price targets (referred to as a “Company Stock Price Hurdle”) over various performance periods, with the first performance period beginning two years after the Effective Date and ending on the seventh anniversary of the Effective Date. The CEO Long-Term Performance Award was divided into seven performance periods that were eligible to vest based on the achievement of various Company Stock Price Hurdles, measured based on an average of the Company’s stock price over a consecutive 90-day trading period applicable to the performance period. In addition, Mr. Baszucki must have remained employed as the Company’s CEO through the date a Company Stock Price Hurdle was achieved in order to earn the awards that relate to the applicable Company Stock Price Hurdle. The following table summarizes the various Company Stock Price Hurdles and associated awards that would have been eligible to vest over each performance period (in thousands, except Company Stock Price Hurdles):
Company Stock Price Hurdle
Number of Awards Eligible to Vest
Performance Period Commencement Dates as Measured from the Effective Date
1$165.00 750 2 years
2$200.00 750 3 years
3$235.00 2,000 4 years
4$270.00 2,000 5 years
5$305.00 2,000 5 years
6$340.00 2,000 5 years
7$375.00 2,000 5 years
The Company estimated the grant date fair value of the CEO Long-Term Performance Award using a model based on multiple stock price outcomes developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the Company Stock Price Hurdles may not be satisfied. A Monte Carlo simulation model requires use of various assumptions, including the underlying stock price, volatility, the risk-free interest rate as of the valuation date corresponding to the length of time remaining in the performance period, and expected dividend yield. The weighted-average grant date fair value of the CEO Long-Term Performance Award was estimated to be $20.19 per share, and the Company estimated that as of the grant date, it would have recognized total stock-based compensation expense of approximately $232.2 million over the derived service period of each of the seven separate tranches which was between 3.45 – 5.38 years, using the accelerated attribution method.
2024 CEO PSUs and RSUs
On March 1, 2024 (the “Modification Date”), the Leadership Development and Compensation Committee concurrently (i) approved the cancellation of the CEO Long-Term Performance Award and (ii) granted Mr. Baszucki a new PSU award (the “2024 CEO PSU Award”) and RSU award (collectively, the “2024 CEO Award”), which was determined to represent a modification of the CEO Long-Term Performance Award.
As of the Modification Date, total subsequent stock-based compensation expense to be recognized was measured as (i) the remaining unrecognized stock-based compensation expense related to the grant date fair value of the CEO Long-Term Performance Award of $84.4 million and (ii) the incremental fair value resulting from the modification, if any. To estimate the incremental fair value resulting from the modification (if any), the Company first estimated the fair value of the modified CEO Long-Term Performance Award immediately prior to the Modification Date using a model based on multiple stock price outcomes developed through the use of a Monte Carlo simulation that incorporated into the valuation the possibility that the stock price targets may not be satisfied. A Monte Carlo simulation model requires the use of various assumptions, including the underlying stock price, volatility, the risk-free interest rate as of the valuation date corresponding to the length of time remaining in the performance period, and expected dividend yield. On the Modification Date, the estimated fair value of the CEO Long-Term Performance Award immediately prior to the modification was greater than the estimated fair value of the 2024 CEO Award (which was generally estimated based on the Modification Date fair value of the Class A common stock underlying the 2024 CEO Award, with consideration of the probability of achievement against the pre-established performance measures). As a result, the modification did not result in any incremental stock-based compensation expense and therefore, as of the Modification Date, total subsequent stock-based compensation expense to be recognized totaled $84.4 million. Of the total estimated stock-based compensation expense, 75% of the value was allocated to the 2024 CEO PSU Award with the remaining 25% allocated to the RSUs, based on the relative value of the two awards on the Modification Date.
Under the 2024 CEO PSU Award, the number of shares earned ranged from 0% to 200% of the target number of shares based on the Company’s performance against two independent performance measures relative to pre-established thresholds during a two-year performance period that ended on December 31, 2025. The two independent performance measures were the Company’s cumulative (i) bookings during the performance period, as defined in the grant agreement with the CEO and (ii) Adjusted EBITDA during the performance period, which correlates to the covenant Adjusted EBITDA calculation used in certain covenant calculations specified in the Indenture (the “PSU Adjusted EBITDA”). Further, the awards are subject to Mr. Baszucki’s continuous service with the Company through each vesting date. In the first quarter of 2026, 67% of the award earned will vest and the remaining 33% of the award earned will vest in four equal quarterly installments thereafter beginning in the second quarter of 2026. The Company recognizes stock-based compensation expense for the 2024 CEO PSU Award on an accelerated attribution method over the requisite service period of each separately vesting tranche. Actual performance against the pre-established thresholds under the 2024 CEO PSU Award has no impact on the subsequent stock-based compensation expense recognized.
The target number of the 2024 CEO PSU Award was 446,534 in aggregate, with 80% of the target number of shares allocated to the cumulative bookings performance measure and 20% of the target number of shares allocated to the cumulative PSU Adjusted EBITDA performance measure. Based on actual performance through the end of the performance period ending on December 31, 2025, a total of 893,068 shares were earned under the 2024 CEO PSU Award, subject to Mr. Baszucki's continuous employment through the required vesting dates.
The Company recorded $29.3 million of stock-based compensation expense related to the 2024 CEO PSU Award during the year ended December 31, 2025 within general and administrative expenses. The Company recorded $32.6 million of stock-based compensation expense related to the 2024 CEO PSU Award and CEO Long-Term Performance Award, in total, during the year ended December 31, 2024 within general and administrative expenses. The Company recorded $48.9 million of stock-based compensation expense related to the CEO Long-Term Performance Award during the year ended December 31, 2023 within general and administrative expenses. Unrecognized stock-based compensation expense related to the 2024 CEO PSU Award was $9.4 million as of December 31, 2025, which is expected to be recognized over the remaining derived service period of each respective tranche.
Under the 2024 CEO Award, Mr. Baszucki was granted 148,844 RSUs which will vest quarterly over a three-year service period beginning March 1, 2024, subject to Mr. Baszucki’s continued service with the Company on each vesting date.
Employee Stock Purchase Plan
The following table presents the assumptions used in estimating the grant date fair value of purchase rights granted under the 2020 ESPP for the offerings made in the respective years including reset and rollover:
 
Year Ended December 31,
 202520242023
Risk-free interest rate3.7%-4.3%3.9%-5.3%4.8%-5.6%
Expected volatility45.1%-50.6%44.4%-76.1%47.9%-76.0%
Dividend yield—%—%—%
Expected terms (in years)0.50-2.000.50-2.000.49-2.00
The Company recorded $15.6 million, $18.5 million, and $32.0 million of stock-based compensation expense related to the 2020 ESPP during the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Accumulated Other Comprehensive Income/(Loss)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income/(Loss)
12. Accumulated Other Comprehensive Income/(Loss)
The following table shows a summary of changes in accumulated other comprehensive income/(loss) by component for the periods presented (in thousands):
Foreign Currency TranslationUnrealized Gains/(Losses) on Available-For-Sale Debt SecuritiesTotal
Balance as of December 31, 2023$1,442 $94 $1,536 
Other comprehensive loss, net of tax, before reclassifications
(3,609)(3,130)(6,739)
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax
— 1,308 1,308 
Change in accumulated other comprehensive income/(loss), net of tax
(3,609)(1,822)(5,431)
Balance as of December 31, 2024$(2,167)$(1,728)$(3,895)
Other comprehensive gain, net of tax, before reclassifications
5,871 17,740 23,611 
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax
— (3,161)(3,161)
Change in accumulated other comprehensive income/(loss), net of tax
5,871 14,579 20,450 
Balance as of December 31, 2025$3,704 $12,851 $16,555 
v3.25.4
Employee Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefits
13. Employee Benefits
Defined Contribution Plan
The Company sponsors a 401(k) defined contribution retirement plan for eligible employees. For the years ended December 31, 2025, 2024, and 2023, the Company matched 100% of all employee contributions, up to 50% of the Internal Revenue Service (“IRS”) deferral limit.
The Company made matching contributions in the amounts of $32.5 million, $28.0 million, and $24.9 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Joint Venture
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Joint Venture
14. Joint Venture
Background
In February 2019, the Company entered into a joint venture agreement with Songhua River Investment Limited (“Songhua”), an affiliate of Tencent Holdings Ltd., (“Tencent Holdings”), to create Roblox China Holding Corp. (in which the Company holds a 51% ownership interest as it relates to the voting shares). Songhua contributed $50.0 million in capital in exchange for a 49% ownership interest in Roblox China Holding Corp. The business of the joint venture (either directly or indirectly through the joint venture’s wholly owned subsidiaries) is to engage in the (i) development, localization, and licensing of the Roblox application to Shenzhen Tencent Computer Systems Co., Ltd. for operation and publication as a game in China, and (ii) development, localization, and licensing to creators of a Chinese version of the Roblox Studio and to oversee relations with local Chinese developers.
The joint venture is consolidated into the Company’s consolidated financial statements as the Company maintains a controlling financial interest through voting rights, while the minority member of the joint venture does not have substantive participating rights or veto rights. The Company classifies the 49% ownership interest held by Songhua as a noncontrolling interest on its consolidated balance sheets.
Joint Venture Financing
On May 10, 2023, Roblox China Holding Corp. (the “Borrower”) issued $30.0 million aggregate principal debt which matures on May 10, 2026 (the “2026 Notes”), unless earlier prepaid by the Borrower or converted by the holders into the Borrower’s voting shares. Further, the Borrower, at its sole election, may extend the maturity date by two years.
The 2026 Notes were funded by the Company and Songhua (the “Lenders”) in the amounts of $15.3 million and $14.7 million, respectively. The 2026 Notes bear interest at a rate of 6.0% per annum, with accrued interest payable on the final maturity date.
At any point, the Lenders may voluntarily convert the 2026 Notes into voting shares of the Borrower, provided that immediately after such conversion, the Lenders continue to own the same percentage of voting shares in the Borrower as they did immediately prior to the conversion. The conversion ratio will be determined at the time of such conversion (if any), and will be determined by dividing the then fair value of the Borrower’s voting shares (as mutually agreed to by the Lenders and Borrower) into the sum of the unpaid principal and accrued interest.
The portion of the 2026 Notes outstanding to Songhua is reflected in the Company’s consolidated financial statements as accrued expenses and other current liabilities as of December 31, 2025 and long-term debt, net as of December 31, 2024, at its principal amount, while the portion outstanding to the Company – including any related interest expense – is eliminated upon consolidation. Interest expense related to the 2026 Notes was not material for any of the periods presented.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
15. Income Taxes
The components of loss before income taxes were as follows (in thousands):
Year Ended December 31,
202520242023
Domestic
$(1,068,357)$(935,487)$(1,151,493)
Foreign
332 (1,013)(6,990)
Loss before income taxes
$(1,068,025)$(936,500)$(1,158,483)
The components of the provision for/(benefit from) income taxes were as follows (in thousands):
Year Ended December 31,
202520242023
Current provision for/(benefit from) income taxes:
Federal
$— $— $(144)
State
1,578 2,007 (561)
Foreign
3,355 2,691 1,255 
Current provision
4,933 4,698 550 
Deferred benefit from income taxes:
Foreign
(1,340)(584)(96)
Deferred benefit
(1,340)(584)(96)
Total provision for/(benefit from) income taxes:
Federal
— — (144)
State
1,578 2,007 (561)
Foreign
2,015 2,107 1,159 
Provision for/(benefit from) income taxes
$3,593 $4,114 $454 
The provision for/(benefit from) income taxes differs from the statutory tax rate, expressed as a percentage of loss before income taxes, as follows (in thousands, except percentages):
Year Ended December 31,
202520242023
U.S. federal statutory tax rate
$(224,286)21.0 %$(196,666)21.0 %$(243,281)21.0 %
State and local income taxes, net of federal income tax effect (1)
1,578 (0.1)%2,007 (0.2)%(561)0.1 %
Foreign tax effects1,630 (0.2)%599 0.0 %2,263 (0.2)%
Tax credits:
Research and development credits(113,450)10.6 %(51,706)5.5 %(44,131)3.8 %
Change in valuation allowance635,965 (59.5)%271,618 (29.0)%260,156 (22.5)%
Nontaxable or nondeductible items:
Stock-based compensation(302,618)28.3 %(25,719)2.7 %23,192 (2.0)%
Other3,865 (0.4)%2,911 (0.3)%2,380 (0.2)%
Changes in unrecognized tax benefits
315 0.0 %1,721 (0.2)%364 0.0 %
Other adjustments
594 0.0 %(651)0.1 %72 0.0 %
Provision for/(benefit from) income taxes
$3,593 (0.3)%$4,114 (0.4)%$454 0.0 %
(1)In 2025 and 2024, state and local income taxes in Texas made up the majority (greater than 50 percent) of the tax effect in this category. In 2023, state and local income taxes in Illinois and Texas made up the majority (greater than 50 percent) of the tax effect in this category.
Net cash paid for income taxes/(refunds received) is as follows (in thousands):
Year Ended December 31,
202520242023
U.S. federal$— $— $7 
U.S. state and local:
   Illinois(850)*1,141 
   Pennsylvania*(621)*
   Texas1,119 909 754 
   Virginia607 *301 
   Other478 (487)168 
Subtotal1,354 (199)2,364 
Foreign:
   Canada307 *391 
   India520 **
   Japan*963 *
   Netherlands657 **
   Other280 377 383 
Subtotal1,764 1,340 774 
Total income taxes paid (net of refunds)
$3,118 $1,141 $3,145 
* The amount of income taxes paid (net of refunds) during the year does not meet the 5% disaggregation threshold or is immaterial.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents the components of the Company’s deferred tax assets/(liabilities) for the periods presented (in thousands):
As of December 31,
20252024
Deferred tax assets:
Accrued expenses
$26,621 $17,730 
Intangible assets
6,028 2,050 
Deferred revenue
348,089 285,033 
Net operating loss carryforwards
800,321 599,380 
Tax credit carryforwards
422,107 234,868 
Stock-based compensation
31,983 31,089 
Operating lease liabilities183,443 186,229 
Capitalized research and development979,811 605,278 
Other
2,257 5,650 
Total gross deferred tax asset
2,800,660 1,967,307 
Less: valuation allowance
(2,319,702)(1,551,700)
Net deferred tax assets
480,958 415,607 
Deferred tax liabilities:
Fixed assets
(34,745)(40,178)
Operating lease right-of-use assets(149,883)(155,121)
Deferred cost of revenue(294,550)(219,859)
Total deferred tax liabilities
(479,178)(415,158)
Net deferred tax assets/(liabilities)
$1,780 $449 
The Company has not provided U.S. income taxes or foreign withholding taxes on the undistributed earnings of its profitable foreign subsidiaries because it intends to permanently reinvest such earnings in foreign operations. As of December 31, 2025 and 2024, the amount of unrecognized deferred tax liability is not material.
The Company accounts for deferred taxes under ASC 740, Income Taxes, which requires a reduction of the carrying amounts of deferred tax assets by a valuation allowance if, based on available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the ASC 740 more-likely-than-not realization threshold criterion. This assessment considers matters such as future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. The evaluation of the recoverability of the deferred tax assets requires that the Company weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax assets will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. Due to the Company’s lack of U.S. earnings history, the net U.S. deferred tax assets have been fully offset by a valuation allowance. There are valuation allowances on net deferred tax assets in certain foreign jurisdictions. The deferred tax assets and deferred tax liabilities in other foreign jurisdictions without valuation allowances are immaterial.
The Company’s valuation allowance increased by $768.0 million, $329.5 million, and $315.0 million, in the years ended December 31, 2025, 2024, and 2023, respectively. The increase in the valuation allowance for the years ended December 31, 2025, 2024, and 2023 were primarily due to U.S. federal, state, and certain foreign net operating losses, as well as an increase in U.S. tax credit carryforward and capitalized research and development deferred tax assets that, in management’s judgment, are not more likely than not to be realized.
As of December 31, 2025, the Company had federal net operating loss carryforwards of $3,241.5 million, which do not expire, federal net operating loss carryforwards of $32.8 million, which begin to expire in 2037, state net operating loss carryforwards of $1,717.7 million, which begin to expire in 2028, and foreign net operating loss carryforwards of $61.9 million, which begin to expire in 2026.
As of December 31, 2025, the Company had U.S. federal and California research and development tax credits of approximately $466.9 million and $343.4 million, respectively. The federal research and development credits begin to expire in 2030, while California credits do not expire.
Under Internal Revenue Code Section 382 (“Section 382”), an ownership change generally occurs if one or more stockholders or groups of stockholders who own at least 5% of the stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Similar rules may apply under state tax laws. The Company did experience one or more ownership changes in financial periods ending on or before December 31, 2025. In this regard, the Company has determined that based on the timing of the ownership change and the corresponding Section 382 limitations, none of its net operating losses or other tax attributes appear to expire subject to such limitation.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
Year Ended December 31,
202520242023
Unrecognized tax benefits at beginning of year
$261,155 $172,389 $96,372 
Increases related to current year tax positions
88,821 89,881 59,917 
Increases related to prior year tax positions
275 61 16,100 
Decreases related to prior year tax positions
— (1,176)— 
Unrecognized tax benefits at end of year
$350,251 $261,155 $172,389 
The Company classifies uncertain tax positions as non-current liabilities unless expected to be paid within one year or otherwise directly related to an existing deferred tax asset, in which case the uncertain tax position is recorded as an offset to the deferred tax asset on the consolidated balance sheets. As of December 31, 2025, the Company had gross unrecognized tax benefits of approximately $350.3 million, of which $3.5 million would impact income tax expense if recognized. As of December 31, 2024, the Company had gross unrecognized tax benefits of approximately $261.2 million.
The Company accrued interest and penalties of $1.0 million, $0.7 million, and $0.4 million in the years ended December 31, 2025, 2024 and 2023, respectively.
The Company is subject to taxation in the United States, various states, and foreign jurisdictions. All tax years for U.S. federal and California tax returns currently remain open for examination by the tax authorities. As of December 31, 2025, the Company is no longer subject to foreign examinations by tax authorities for years before 2019. As of December 31, 2025, the Company is not under examination by the Internal Revenue Service or any state tax jurisdictions.
v3.25.4
Basic and Diluted Net Loss Per Common Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Basic and Diluted Net Loss Per Common Share
16. Basic and Diluted Net Loss Per Common Share
The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data):
Year ended December 31,
202520242023
Basic and diluted net loss per share
Numerator
Consolidated net loss
$(1,071,618)$(940,614)$(1,158,937)
Less: net loss attributable to noncontrolling interest
(6,561)(5,230)(6,991)
Net loss attributable to common stockholders
$(1,065,057)$(935,384)$(1,151,946)
Denominator
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic and diluted
689,612 647,482 616,445 
Net loss per share attributable to common stockholders, basic and diluted
$(1.54)$(1.44)$(1.87)
The potential shares of common stock that were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive are as follows (in thousands):
As of December 31,
202520242023
Stock options outstanding
9,178 27,458 40,159 
RSUs outstanding
24,524 34,941 39,846 
2020 ESPP1,382 1,634 3,347 
Other awards(1) and warrants outstanding or unreleased
2,229 740 422 
Total
37,313 64,773 83,774 
(1)
v3.25.4
Reportable Segments
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Reportable Segments
17. Reportable Segments
The following represents segment information for the Company’s single operating segment, for the periods presented (in thousands):
Year ended December 31,
202520242023
Revenue$4,890,551 $3,601,979 $2,799,274 
Add (deduct):
Cost of revenue(1)
(1,072,299)(801,162)(649,115)
Developer exchange fees(1,503,106)(922,821)(740,752)
Adjusted infrastructure expenses(2)
(682,357)(465,782)(458,753)
Adjusted trust & safety expenses(2)
(286,505)(254,300)(239,711)
Personnel costs, excluding stock-based compensation expense and excluding infrastructure and trust & safety personnel costs(860,658)(729,424)(691,899)
Stock-based compensation expense, excluding infrastructure and trust & safety stock-based compensation expense(986,651)(902,086)(775,820)
Depreciation and amortization expense(225,820)(226,437)(208,142)
Other segment items(3)
(501,333)(374,814)(294,676)
Interest income201,610 179,531 141,818 
Interest expense(41,457)(41,184)(40,707)
(Provision for)/benefit from income taxes(3,593)(4,114)(454)
Consolidated net loss$(1,071,618)$(940,614)$(1,158,937)
(1)Depreciation of servers and infrastructure equipment is included in infrastructure and trust & safety expenses in the Company’s consolidated statement of operations.
(2)Adjusted infrastructure and adjusted trust & safety expenses exclude depreciation and amortization expense.
(3)Other segment items primarily include expenses for professional services, facilities, advertising and promotions, transactional taxes, and other income/(expense), net
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Matt Kaufman [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On October 31, 2025, Matt Kaufman, our Chief Safety Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 30,000 shares of Class A common stock, with the actual number of shares sold determined based on a written formula at specified market prices. The trading arrangement expires on November 13, 2026, or earlier if all transactions under the trading arrangement are completed.
Name Matt Kaufman
Title Chief Safety Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date October 31, 2025
Expiration Date November 13, 2026
Arrangement Duration 378 days
Aggregate Available 30,000
Anthony Lee [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On November 24, 2025, Anthony Lee, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement as trustee of The Fallen Leaf Revocable Trust and co-trustee of trusts for his children providing for the sale from time to time of an aggregate of up to 552,000 shares of Class A common stock, with the actual number of shares sold determined based on a written formula at specified market prices. The trading arrangement expires on March 31, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Anthony Lee
Title Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 24, 2025
Expiration Date March 31, 2027
Arrangement Duration 492 days
Aggregate Available 552,000
Chris Carvalho [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On November 24, 2025, Chris Carvalho, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 120,000 shares of Class A common stock, with the actual number of shares sold determined based on a written formula at specified market prices. The trading arrangement expires on February 26, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Chris Carvalho
Title Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 24, 2025
Expiration Date February 26, 2027
Arrangement Duration 459 days
Aggregate Available 120,000
Greg Baszucki [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On November 28, 2025, Greg Baszucki, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement as an individual and as trustee of the Greg & Christina Baszucki Living Trust, dated August 18, 2006, providing for the sale from time to time of an aggregate of up to 199,992 shares of Class A common stock, with the actual number of shares sold determined based on a written formula at specified market prices. The trading arrangement expires on March 1, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Greg Baszucki
Title Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 28, 2025
Expiration Date March 1, 2027
Arrangement Duration 458 days
Aggregate Available 199,992
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management and Strategy
We conduct periodic risk assessments to identify significant cybersecurity threats that may affect information systems that are vulnerable to such cybersecurity threats and regularly review these risk assessments for changes in our business practices and the external cybersecurity landscape as well as the impacts of our security processes. These risk assessments include identification of reasonably foreseeable internal and external risks and evaluation of the likelihood and potential damage that could result from the realization of such risks.
Following our risk assessments, we evaluate when and how to design, implement, and maintain reasonable safeguards to minimize the identified risks and address any identified gaps in existing safeguards, and proceed with such design, implementation, and maintenance as deemed appropriate. However, at any given time, we may face cybersecurity risks and threats that our existing safeguards do not fully mitigate, so we work on an ongoing basis to enhance our information security program. We devote significant resources and designate high-level personnel, including our Chief Information Security Officer (“CISO”) who reports to our Chief People and Systems Officer, to manage the risk assessment and mitigation process. Our CISO has served in various roles in information technology and information security for over 15 years, including leading information security initiatives and incident response at two other large public companies and serving as the Chief Security Officer for the Arkansas Department of Human Services and working for the United States Department of Defense. He has an MS in Information Assurance from the University of Advanced Technology in Arizona and a BS in Computer Science from the University of Arkansas at Little Rock.
All employees receive cybersecurity training during their onboarding. In addition, we have implemented a cybersecurity awareness program designed to educate employees on best security practices, emerging risk areas, and how to identify and report security threats. We include security expectations in employee performance management systems. We also engage third-party service providers in connection with our risk assessment process and certain risk management processes. Our collaboration with these third-party service providers includes threat assessments, risk analyses, assessments of the capability, maturity, and effectiveness of our cybersecurity program, policies, and practices, and consultations on opportunities and potential enhancements to strengthen our cybersecurity program.
We perform risk-tiered information security risk reviews for certain third-party service providers who have access to sensitive Company, user or employee information, reviewing areas such as data protection, endpoint management and protection, access management, phishing, business continuity, incident response management, and, more recently, use of AI and AI subprocessors. We contractually require certain third-party service providers with access to our information technology systems, sensitive business data, and/or personal information to implement and maintain appropriate security controls and provide for contractual restrictions on their ability to use our data. Certain of our service providers are contractually required to notify us promptly of information security incidents that may affect our systems or data, including personal information.
We also share and receive threat intelligence with federal, state, and local government agencies, peers, and other organizations, information sharing and analysis centers, and cybersecurity associations.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Managing cybersecurity risk is a critical component of our overall risk management effort. We operate in an industry that is prone to cybersecurity threats and attacks, and we believe our prominence and scale, and the volume of sensitive data on our systems, make us a particularly attractive target. Our risk management strategy accounts for the scale and complexity of our operations, which span multiple jurisdictions across the globe and rely on a large network of employees, contractors, vendors, partners, and creators. Additionally, we depend on software and hardware that is highly technical and complex, creating an environment where cybersecurity risks are constantly evolving. To navigate these risks, we maintain an enterprise-wide information security program that is designed to identify, protect, detect, and respond to significant cybersecurity risks and threats and we have integrated this program into our overall enterprise risk management systems and processes. We routinely assess material risks from cybersecurity threats, including taking reasonable steps to detect any potential unauthorized occurrence on or behaviors conducted through our information systems that may result in adverse effects to the confidentiality, integrity, or availability of our information systems or any information residing therein. We maintain an incident response plan designed to identify, evaluate, respond to, and recover from a cybersecurity incident. The plans are designed to be flexible so that they may be adapted to an array of potential scenarios, and provide for the creation of cross-functional incident response teams in the event of a cybersecurity incident. We also periodically conduct testing, simulations, and tabletop exercises to help support our overall preparedness for a cybersecurity incident.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board of Directors has the ultimate responsibility for the oversight of our risk management framework, which is designed to identify, assess, and manage risks to which we are exposed, as well as to foster a corporate culture of integrity.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit and Compliance Committee (the “ACC”) is central to the Board of Directors’ oversight of cybersecurity risks and has been delegated the primary responsibility for this domain. The ACC is composed of independent board members with diverse expertise including risk management, technology, and finance, equipping them to oversee cybersecurity risks effectively. The ACC has also engaged a cybersecurity advisor to assist them in cybersecurity matters. In overseeing our cybersecurity risks and mitigation strategies, at least quarterly the CISO, members of management, and the ACC’s cybersecurity advisor, review and discuss with the ACC guidelines, practices and policies to identify, monitor, and address enterprise risks, including cybersecurity risks. The ACC then oversees and monitors management’s plans to address such risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our CISO provides briefings to the ACC at least quarterly regarding, among other topics, recent notable cybersecurity incidents, even if immaterial, and our response, cybersecurity systems testing results, our cybersecurity threat landscape, which includes emerging risks and threats, compliance with regulatory requirements, and industry standards.
To oversee the material risks and strategic opportunities associated with AI, we formally established a specialized AI governance committee in September 2025. The committee, which has been operating since May 2025, is composed of senior leaders from our legal, security, engineering, and people and systems organizations, and is responsible for overseeing our AI governance framework, defining our risk tolerance, evaluating AI use cases, driving company policy, and supporting compliance with evolving regulatory obligations. The committee provides periodic updates regarding our AI strategy and risk management program to management and the ACC.
Cybersecurity Risk Role of Management [Text Block] Management is responsible for the day-to-day oversight and management of strategic, operational, legal and compliance, cybersecurity, and financial risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Governance
Our Board of Directors has the ultimate responsibility for the oversight of our risk management framework, which is designed to identify, assess, and manage risks to which we are exposed, as well as to foster a corporate culture of integrity. Management is responsible for the day-to-day oversight and management of strategic, operational, legal and compliance, cybersecurity, and financial risks.
The Audit and Compliance Committee (the “ACC”) is central to the Board of Directors’ oversight of cybersecurity risks and has been delegated the primary responsibility for this domain. The ACC is composed of independent board members with diverse expertise including risk management, technology, and finance, equipping them to oversee cybersecurity risks effectively. The ACC has also engaged a cybersecurity advisor to assist them in cybersecurity matters. In overseeing our cybersecurity risks and mitigation strategies, at least quarterly the CISO, members of management, and the ACC’s cybersecurity advisor, review and discuss with the ACC guidelines, practices and policies to identify, monitor, and address enterprise risks, including cybersecurity risks. The ACC then oversees and monitors management’s plans to address such risks.
Our CISO, and management committee on cybersecurity consisting of our Chief People and Systems Officer, Chief Legal Officer, Chief Financial Officer, and CISO, are primarily responsible for assessing and managing our material risks from cybersecurity threats and overseeing our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which our CISO, and our management committee on cybersecurity, are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents includes both manual reviews and automated reviews of our systems and data, a bug bounty program, self-reporting, participation in information sharing forums on cybersecurity, proactive education of our service providers, and product and application security reviews.
The ACC reports to the full Board of Directors regarding its oversight activities, including specific updates on cybersecurity risks. In addition to the ACC reports, the full Board of Directors receives periodic briefings directly from our CISO concerning the efficacy and status of our cyber risk management program.
In the event of a cybersecurity incident, the CISO is equipped with a well-defined incident response plan to guide response actions. This incident response plan includes immediate actions to assess and mitigate the impact of the incident, long-term strategies for remediation and prevention of future incidents, and provides for internal notification of the incident functional areas (e.g. legal) as well as senior leadership and the ACC, as appropriate.
Our CISO provides briefings to the ACC at least quarterly regarding, among other topics, recent notable cybersecurity incidents, even if immaterial, and our response, cybersecurity systems testing results, our cybersecurity threat landscape, which includes emerging risks and threats, compliance with regulatory requirements, and industry standards.
To oversee the material risks and strategic opportunities associated with AI, we formally established a specialized AI governance committee in September 2025. The committee, which has been operating since May 2025, is composed of senior leaders from our legal, security, engineering, and people and systems organizations, and is responsible for overseeing our AI governance framework, defining our risk tolerance, evaluating AI use cases, driving company policy, and supporting compliance with evolving regulatory obligations. The committee provides periodic updates regarding our AI strategy and risk management program to management and the ACC.
Notwithstanding the extensive approach we take to cybersecurity, including managing associated risks, we may not be successful in managing risks from cybersecurity threats, including identifying, preventing, or mitigating a cybersecurity incident that could have a material adverse effect on us. While we maintain cybersecurity insurance, the costs related to cybersecurity threats or disruptions may not be fully insured.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] We devote significant resources and designate high-level personnel, including our Chief Information Security Officer (“CISO”) who reports to our Chief People and Systems Officer, to manage the risk assessment and mitigation process. Our CISO has served in various roles in information technology and information security for over 15 years, including leading information security initiatives and incident response at two other large public companies and serving as the Chief Security Officer for the Arkansas Department of Human Services and working for the United States Department of Defense. He has an MS in Information Assurance from the University of Advanced Technology in Arizona and a BS in Computer Science from the University of Arkansas at Little Rock.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The processes by which our CISO, and our management committee on cybersecurity, are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents includes both manual reviews and automated reviews of our systems and data, a bug bounty program, self-reporting, participation in information sharing forums on cybersecurity, proactive education of our service providers, and product and application security reviews.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Overview and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Fiscal Year
Fiscal Year—The Company’s fiscal year ends on December 31.
Basis of Presentation
Basis of Presentation—The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”).
Principles of Consolidation
Principles of Consolidation—The consolidated financial statements include the accounts of the Company and subsidiaries over which the Company has control. All intercompany transactions and balances have been eliminated. The consolidated financial statements include 100% of the accounts of wholly owned and majority owned subsidiaries, and the ownership interest of minority investors is recorded as noncontrolling interest.
Use of Estimates
Use of Estimates—The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in the consolidated financial statements include, but are not limited to, the estimated period of time the virtual items are available to the user, which is estimated as the average lifetime of a paying user, and the estimated amount of consumable and durable virtual items purchased for which the Company lacks specific information that is used for revenue recognition, the estimated amount of expected breakage related to prepaid card sales, useful lives of property and equipment and intangible assets, fair value of assets and liabilities acquired through acquisitions, accrued liabilities (including accrued developer exchange fees), contingent liabilities, valuation of deferred tax assets and liabilities, stock-based compensation expense, the discount rate used in measuring operating lease liabilities, the carrying value of operating lease right-of-use assets, evaluation of recoverability of goodwill, intangible assets, and long-lived assets, and as necessary, estimates of fair value to measure impairment losses. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. Actual results could differ from those estimates and any such differences may be material to the consolidated financial statements. To the extent that there are material differences between these estimates and actual results, the Company’s consolidated financial statements will be affected.
Revenue Recognition
Revenue Recognition
Roblox Platform
The Company operates the Roblox Platform as live services that allow users to play and connect with others for free. However, users can purchase virtual currency (“Robux”) to ultimately obtain virtual items to enhance their social experience. Proceeds from the sale of Robux are initially recorded in deferred revenue and recognized as revenue as a user purchases and uses virtual items. The Company classifies deferred revenue as short-term or long-term based on when the Company expects to recognize the revenue. The Company’s identified performance obligation is to provide users with the ability to acquire, use, and hold virtual items on the Roblox Platform over the estimated period of time the virtual items are available to the user or until the virtual items are consumed.
Users can purchase Robux via payment processors or through prepaid cards either as one-time purchases or through a monthly subscription. The Company offers prepaid cards through online and physical retailers, as well as on the Company website. The Company estimates expected breakage on prepaid card sales by taking into consideration historical patterns of redemption and escheatment laws as applicable.
Payments from users are non-refundable and relate to non-cancellable contracts for a fixed price that specify the Company’s obligations. Revenue is recorded net of taxes assessed by government authorities that are both imposed on and concurrent with specific revenue transactions between the Company and its users, and estimated chargebacks and refunds.
The satisfaction of the Company’s performance obligation is dependent on the nature of the virtual item purchased and as a result, the Company categorizes its virtual items as either consumable or durable.
•Consumable virtual items represent items that can be consumed by a specific user action (e.g., a one-time boost or the ability to skip or redo an action). Common characteristics of consumable virtual items may include items that are no longer displayed on the user’s inventory after a short period of time or do not provide the user any continuing benefit following consumption. For the sale of consumable virtual items, the Company recognizes revenue as the items are consumed.
•Durable virtual items represent items which result in a persistent change to a users’ character or item set (e.g., virtual hat, pet, or house). These items are generally available to the customer to hold, use, or display for as long as they are on the Roblox Platform. The Company recognizes revenue from the sale of durable virtual items ratably over the estimated period of time the items are available to the user which is estimated as the average lifetime of a paying user.
To separately account for consumable and durable virtual items, the Company specifically identifies each purchase for the majority of virtual items purchased on the Roblox Platform. For the remaining population, the Company estimates the amount of consumable and durable virtual items purchased based on data from specifically identified purchases and the expected behavior of the users within similar experiences. The estimation of consumable and durable virtual items purchased for the population of purchases not specifically identified requires management’s judgment as the Company evaluates and estimates the expected behavior of users in the population using information from known purchases in similar experiences.
At the onset of each quarter, the average lifetime of a paying user estimate is calculated based on historical monthly retention data for each user cohort to project future participation on the Roblox Platform. Determining the estimated average lifetime of a paying user requires management’s judgment as the Company analyzes the most recent trends in player cohort activity and other qualitative factors, including changes to paying user behavior influenced by broader product changes and/or content virality, the availability of the Roblox Platform across markets and user demographics, impacts due to macroeconomic factors such as COVID-19, existing and new competition from a variety of entertainment resources for the Company’s users, and other factors. The Company also considers results from prior analyses in determining the estimated average lifetime of a paying user. The Company believes this estimate is the best representation of the average life of the durable virtual items.
In the second quarter of 2024, the Company updated its estimated paying user life from 28 months to 27 months, where it remained through December 31, 2025. Based on the carrying amount of deferred revenue and deferred cost of revenue as of March 31, 2024, the change resulted in an increase in revenue and cost of revenue of $98.0 million and $20.4 million, respectively, during fiscal year 2024. The estimated paying user life was 28 months during fiscal year 2023.
Principal Agent Considerations
The Company evaluates the sales of Robux to determine whether its revenues should be reported gross or net of fees either retained by the payment processor or paid to the creators. The Company is the principal in the transaction with the end user as a result of controlling, hosting, and integrating the delivery of the virtual items to the end user. The Company records revenue gross as a principal and presents the expense associated with fees paid to payment processors as a component of cost of revenue and the expense associated with fees paid to creators as a component of developer exchange fees.
Other Revenue
Other revenue primarily consists of revenue from advertising, licenses, and royalties. The Company recognizes revenue based on the performance obligations of the underlying agreements, in an amount that reflects the consideration that the Company expects to be entitled to.
Cost of Revenue and Deferred Cost of Revenue
Cost of Revenue and Deferred Cost of Revenue—Cost of revenue primarily consists of payment processing fees charged by third-party payment processors in connection with sales of Robux. Cost of revenue also includes sales tax expense for jurisdictions where the Company does not collect sales tax from the purchaser at the time of the sale and costs associated with the printing of prepaid cards.
Deferred Cost of Revenue
Deferred cost of revenue consists of payment processing fees charged by third-party payment processors as the Company defers contract costs that are direct and incremental to obtaining user contracts (i.e., sales of Robux). Payment processing fees are amortized over the estimated period of time virtual items are available to the user on the Roblox Platform (based on the nature of the virtual item as either consumable or durable) in proportion to the revenue recognized. The Company classifies deferred cost of revenue as short-term or long-term based on when the Company expects to recognize the expense.
Concentration of Credit Risk and Significant Customers
Concentration of Credit Risk and Significant Payment Processors—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, long-term investments, and accounts receivables. Cash is deposited with high quality financial institutions and may, at times, exceed federally insured limits. Management believes that the financial institutions that hold the Company’s cash deposits are financially creditworthy and, accordingly, minimal credit risk exists with respect to those balances. Generally, these deposits may be redeemed upon demand and therefore, bear minimal interest rate risk. As it relates to cash equivalents, short-term investments, and long-term investments, the Company’s investment policy limits the amount of credit exposure in its portfolio by imposing credit rating minimums and limiting purchases by security type.
The Company uses various payment processors to collect and remit payments from users. As of December 31, 2025 and 2024, three payment processors accounted for 67% and 69% of our accounts receivable, net, respectively.
For the years ended December 31, 2025, 2024, and 2023, one payment processor processed 29%, 30%, and 30% of our overall revenue transactions, respectively, and a second payment processor processed 15%, 16%, and 17% of our overall revenue transactions, respectively.
Fair Value Hierarchy
Fair Value Hierarchy—Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity, associated with the inputs to the valuation of these assets or liabilities are as follows:
Level 1—Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents, and Restricted Cash—Cash and cash equivalents primarily consist of cash in hand and money market instruments and/or other debt instruments with maturities of 90 days or less from the date of purchase.
Short-Term and Long-Term Investments
Short-Term and Long-Term Investments—Realized gains and losses for all investments are determined using the specific-identification method and are reflected as a component of other income/(expense), net in the consolidated statements of operations.
Debt Securities
Short-term and long-term investments generally include corporate debt securities, commercial paper, U.S. Treasury securities, and U.S. agency securities. Based on the Company’s intentions, all debt investments are classified as available-for-sale and are reported at fair value with unrealized gains and losses recorded as a separate component of other comprehensive income, net of tax (except in the instances outlined below, if any). The Company determines the appropriate classification of its investments as short-term or long-term at each reporting period based on their respective maturity dates and the Company’s reasonable expectation with regard to those investments (e.g. expectations of future sales or redemptions).
For debt securities in an unrealized loss position, the Company first considers whether it intends to or it is more likely than not that it will be required to sell the individual security prior to recovery of its amortized cost basis and if so, it adjusts the carrying value of security down to its fair value, with the amount of the write-down recorded as a realized loss within other income/(expense), net.
Otherwise, the Company determines whether a decline in fair value is attributable to a partial or full credit loss by reviewing factors such as the extent to which the fair value is less than the amortized cost basis, changes in interest rates since the purchase of the security, the financial condition of the issuer, including changes in credit ratings, the remaining payment terms of the security, and any adverse conditions specifically related to the security, the issuer’s industry or its geographic area. If a credit loss exists, the Company adjusts the carrying value by recording expense within other income/(expense), net equal to the amount of the credit loss, with such amount limited to the amount of the unrealized loss. Subsequent recoveries of fair value originally attributed to a credit loss are subsequently recognized as income within other income/(expense), net. Finally, any unrealized loss not deemed to be attributable to a credit loss is recognized as a component of other comprehensive income/(loss), net of tax. The Company has not experienced any material credit losses to date.
For purposes of identifying and measuring credit losses, the Company excludes any related accrued interest from both the fair value and amortized cost basis of the investment. Accrued interest receivable, net of the allowance for credit losses (if any), is recorded as a component of prepaid expenses and other current assets in the Company’s consolidated financial statements.
Equity Securities with Readily Determinable Fair Value
Short-term investments include mutual fund investments related to the Company’s nonqualified deferred compensation plan, which are held in a rabbi trust. The Company classifies these investments as trading securities as the rabbi trust actively manages the asset allocation to match the participants’ hypothetical fund allocations. The Company considers investments held in the rabbi trust to be restricted given their withdrawal and general use is legally restricted.
All equity investments are reported at fair value, with unrealized gains and losses recorded within other income/(expense), net in our consolidated statement of operations.
Accounts Receivable and Related Allowance
Accounts Receivable and Related Allowances—Accounts receivable represent amounts due based on contractual obligations with our customers, less payment processing fees owed to third-party payment processors and any taxes withheld by such payment processors, if applicable. Payments made by the Company’s users are collected by third-party payment processors and remitted to the Company generally within 30 days of invoicing. The Company maintains allowances for potential credit losses when deemed necessary. The Company has not experienced any material credit losses to date. In cases where the Company is aware of circumstances that may impair a specific payment processor’s ability to meet its financial obligations, it records a specific allowance as a reduction to the accounts receivable balance to reduce it to its net realizable value. In addition, the Company holds a reserve for chargebacks and refunds based on historical data and current trends and projections. Specific allowances, chargeback, and refund reserves have not been material for any of the periods presented.
Property and Equipment—Net Property and Equipment—Net—Property and equipment are recorded at historical cost less accumulated depreciation and amortization. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred.
Goodwill and Intangible Assets
Goodwill and Intangible Assets—Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized but rather tested for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. When conducting the annual goodwill impairment assessment, the Company performs a quantitative evaluation by comparing the estimated fair value of its single reporting unit, determined using the Company’s market capitalization as of the testing date, to its carrying value. Goodwill impairment is recognized when the quantitative assessment results in the carrying value exceeding the fair value, in which case an impairment charge is recorded to the extent the carrying value exceeds the fair value. There were no impairment charges to goodwill during any of the periods presented.
Intangible assets with finite lives are carried at cost, less accumulated amortization. Intangible assets with finite lives are generally amortized on a straight-line basis over the estimated useful life of the respective asset, generally up to 5 years, or in the case of acquired patents, up to 10 years.
Business Combinations and Asset Acquisitions
Business Combinations and Asset Acquisitions—To determine whether a transaction is accounted for as an asset acquisition or business combination, the Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test does not result in substantially all of the fair value concentrated in a single identifiable asset or group of similar identifiable assets, the Company performs a second test to evaluate whether the assets and activities transferred include inputs and substantive processes that together, significantly contribute to the ability to create outputs, which would constitute a business. If the result of the second test indicates that the acquired assets and activities constitute a business, the Company accounts for the transaction as a business combination.
For business combinations, the purchase consideration is allocated to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their respective estimated fair values. The excess of the fair value of purchase consideration over their fair values is recorded as goodwill. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. As a result, during the measurement period, which may be up to one year following the acquisition date, if new information is obtained about facts and circumstances that existed as of the acquisition date, the Company may record adjustments to the fair value of these assets and liabilities, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded within the accompanying consolidated statements of operations.
The Company accounts for a transaction as an asset acquisition when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, or otherwise does not meet the definition of a business. Asset acquisition-related costs, if material, are capitalized as part of the asset or assets acquired.
Software Development Costs and Research and Development Cost
Software Development Costs—The Company incurs costs related to developing the Roblox Platform and related support systems. If material, the Company capitalizes development costs, such as salaries and wages, stock-based compensation expense, and other direct compensation-related costs, once the preliminary project stage is completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Development costs meeting the Company’s capitalization criteria were not material during any of the periods presented.
Research and Development Cost—Research and development costs consist primarily of personnel costs and allocated overhead expenses for the Company’s engineering, design, product management, data science, and other employees engaged in maintaining and enhancing the functionality of the Platform and are expensed as incurred.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets—The Company periodically evaluates the carrying value of long-lived assets to be held and used when indicators of impairment exist. The carrying value of a long-lived asset to be held and used is considered impaired when the estimated separately identifiable undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying value of the asset. In that event, an impairment loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset.
Significant judgment is required to assess the appropriate asset grouping(s) and estimate the amount and timing of future cash flows and the relative risk of achieving those cash flows. Assumptions and estimates about future values and remaining useful lives are complex and often subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in the Company’s business strategy and internal forecasts.
Developer Exchange Fees Expense
Developer Exchange Fees—The Company has established an incentive program for creators to build and operate virtual experiences within the Roblox environment. Creators can primarily accumulate earned Robux through the sale of access to their experiences and enhancements in their experiences, the incorporation of immersive ads, the sale of items to users through the Marketplace, and the sale of content and tools between creators through the Creator Store. Creators can also accumulate earned Robux through the Creator Rewards Program, which launched on July 24, 2025 and replaced the legacy Engagement-Based Payouts Program, and allows creators who publish experiences to accumulate earned Robux based on the achievement of various metrics that the Company believes drive user engagement and monetization supporting the long-term health of the Platform. Prior to the launch of the Creator Rewards Program, the Engagement-Based Payouts Program allowed creators to accumulate earned Robux based on the share of time that Roblox Premium subscribers engage in their experience. Under certain conditions, and in compliance with applicable law, these creators are eligible to receive a fiat currency payout based on the amount of earned Robux they have accumulated through the Developer Exchange Program. In order to be qualified for the Developer Exchange Program, creators must meet certain conditions, such as having accumulated the minimum amount of earned Robux required to qualify for the program and having a verified creator account in good standing. On January 31, 2022, the Company reduced the minimum amount of accumulated earned Robux required to qualify for the program from 100,000 Robux to 50,000 Robux and subsequently on January 31, 2023, the Company further reduced the minimum requirement from 50,000 Robux to 30,000 Robux.
The Company recognizes the expense associated with the Developer Exchange Program as earned Robux are accumulated by creators that are qualified and registered in the Developer Exchange Program.
Infrastructure and Trust & Safety Expense Infrastructure and Trust & Safety Expense—Infrastructure and trust & safety expense consists primarily of costs related to the operation of the Company’s data centers and technical infrastructure in order to deliver the Platform to its users and are expensed as incurred. Infrastructure and trust & safety expenses also include personnel costs, moderation and customer support related costs, and allocated overhead expenses.
Stock-Based Compensation Expense
Stock-Based Compensation Expense—The Company measures and recognizes stock-based compensation expense for all stock-based awards, including stock options, unregistered restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and performance stock units (“PSUs”) granted to employees, directors, and non-employees, and stock purchase rights granted under the 2020 Employee Stock Purchase Plan (the “2020 ESPP”) to employees, based on the estimated grant date fair value of the awards. The Company records forfeitures when they occur for all stock-based awards.
The fair value of each stock option and stock purchase right granted is estimated using the Black-Scholes option-pricing model and is recognized as compensation expense on a straight-line basis over the requisite service period of the awards. The Black-Scholes option pricing model requires certain subjective inputs and assumptions and involve inherent uncertainties and the application of management’s judgment. These assumptions and estimates are as follows:
•Fair value of Class A common stock—Prior to the Direct Listing, the fair value of the shares of Class A common stock underlying the stock options and RSUs was historically determined by the Company’s Board of Directors along with management as there was no public market for the underlying common stock. The Company’s Board of Directors along with management determined the fair value of the Company’s common stock by considering a number of objective and subjective factors including: contemporaneous third-party valuations of its common stock, the valuation of comparable companies, sales of the Company’s common and convertible preferred stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and the general and industry specific economic outlook, amongst other factors. After the completion of the Direct listing, the fair value of the Company’s Class A common stock is determined based on the NYSE closing price on the date of grant.
•Expected term—The expected term represents the period that stock-based awards are expected to be outstanding. The expected term assumptions are determined based on the vesting terms, estimated exercise behavior, post-vesting cancellations and contractual lives of the awards.
•Risk-free interest rates—The risk-free interest rate is based on the implied yields in effect at the time of the grant of U.S. Treasury notes with terms approximately equal to the expected term of the award.
•Expected stock price volatility—Prior to the Direct Listing, the Company used the historical volatility of the Class A common stock price of publicly-traded peer companies. After the completion of the Direct Listing, the Company continued to use the historical volatility of the stock price of publicly traded peer companies until the first quarter of 2024, at which point Company believed it had sufficient public trading history.
•Expected dividend yield—The Company utilizes a dividend yield of zero, as it has no history or plan of declaring dividends on its common stock.
RSUs granted by the Company prior to March 2021 vest upon the satisfaction of both a service-based vesting condition, which is typically four years, and a liquidity event-related performance vesting condition. The liquidity event-related performance vesting condition was satisfied on March 2, 2021 (the “Effective Date”) and the Company recorded a cumulative stock-based compensation expense as of the Direct Listing date for those RSUs for which the service-based vesting condition has been satisfied. Stock-based compensation related to the remaining service-based period after the liquidity event-related performance vesting condition was satisfied is recorded over the remaining requisite service period using the accelerated attribution method. For RSUs granted subsequent to the Direct Listing, during each reporting period, the Company recognizes stock-based compensation expense based on grant date fair value on a straight-line basis over the requisite service period for the entire award, or, if greater, based on the number of awards vested during the reporting period. The grant date fair value of the Company’s Class A common stock associated with the Company’s RSUs granted subsequent to the Direct Listing is determined based on the NYSE closing price on the date of grant.
Advertising Expense Advertising Expense—Costs for advertising are expensed as incurred and are included in sales and marketing expense in the Company’s consolidated statement of operations.
Basic and Diluted Net Loss Per Common Share
Basic and Diluted Net Loss Per Common Share—Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, convertible preferred stock, stock options, RSUs, PSUs, RSAs, convertible preferred stock warrants, and common stock warrants, as applicable, are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for all periods presented.
Income Taxes
Income Taxes—The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefit for which the future realization is uncertain.
The tax effects of a position are recognized only if it is more likely than not to be sustained based solely on its technical merits as of the reporting date. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments.
The Company recognizes interest and penalties related to income taxes as components of interest expense and other expense, respectively.
Leases
Leases—The Company accounts for lessee and lessor arrangements as follows:
Lessee Arrangements
The Company leases facilities under non-cancellable operating lease agreements primarily for real estate and co-located data centers. These leases have varying terms up to 12 years and generally contain leasehold improvement incentives, rent holidays, and escalation clauses. In addition, some of these leases have renewal options for up to five years after expiration of the initial term. The Company determines if an arrangement contains a lease at inception. The Company determines if a contract contains a lease based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration.
Operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease at the commencement date and are recognized based on the present value of lease payments over the lease term at the lease commencement date. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term. Operating lease ROU assets are recognized at an amount equal to the lease liability, adjusted for lease incentives received, initial direct costs, and prepayments made, if any.
In determining the present value of lease payments, the Company discounts future lease payments using its incremental borrowing rate (“IBR”) since the implicit rate is unknown. The IBR represents the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. The Company utilizes a market-based approach to estimate the IBR, which requires significant judgment. The Company primarily considers the current economic environment, lease term, and currency in which the lease is denominated, as well as (i) yields on corporate bonds with a credit rating similar to the Company; (ii) yields on the Company’s outstanding unsecured debt; and (iii) indicative pricing on both secured and unsecured debt received from potential lenders (if any).
Certain lease agreements include options to renew or early terminate the lease, and the Company includes such extension periods when it is reasonably certain that they will be exercised and include such periods beyond the early termination date when it is reasonably certain the early terminations will not be exercised.
Lease expense is recognized on a straight-line basis over the lease term.
Variable lease payments are expensed when the underlying uncertainty is resolved, which is generally when the obligation for those costs are incurred and are excluded from the measurement of the lease liabilities and ROU assets. Variable lease payments primarily include common-area maintenance, utilities, taxes or other operating costs, which are generally based on a percentage of actual expenses incurred or a fluctuating rate which is unknown at the inception of the contract.
Leases with an initial term of 12 months or less (“short-term leases”) are not recognized on the consolidated balance sheets. The Company recognizes lease expense for short-term leases on a straight-line basis over the lease term. The Company does not account for lease components (e.g., fixed payments including rent) separately from the non-lease components (e.g., common-area maintenance costs).
Lessor Arrangements
The Company has subleased office space in its former San Mateo, California corporate headquarters with lease terms expiring up through 2028. The Company does not separate lease components from non-lease components and therefore allocates the entire consideration in its contracts to the lease components. All of the lease and non-lease components qualify for accounting under ASC Topic 842 Leases. The Company presents sublease income as a reduction to lease expense.
Foreign Currency Transactions
Foreign Currency Transactions—Beginning January 1, 2024, the functional currency of certain non-U.S. dollar functional currency international subsidiaries was re-assessed from the U.S. dollar to the local currency that the international subsidiary operates in. Prior to January 1, 2024, the functional currency of the Company’s international subsidiaries was primarily the U.S. dollar. The effects of the changes in functional currency were not significant to the consolidated financial statements.
The Company translates the financial statements of non-U.S. dollar functional currency subsidiaries to U.S. dollars using the period-end exchange rate for assets and liabilities and the average exchange rate for the period for revenues and expenses. The effects of foreign currency translation are included in stockholders’ equity and periodic movements are summarized as a line item in the consolidated statements of comprehensive loss.
The Company reflects foreign exchange transaction gains and (losses) resulting from the conversion of the transaction currency to the functional currency, which includes gains and losses from the remeasurement of assets and liabilities, as a component of other income/(expense), net. Net foreign exchange gains/(losses) totaled $2.1 million, $(14.1) million, and $(2.0) million for the years ended December 31, 2025, 2024, and 2023, respectively.
Reportable Segments
Reportable Segments—Roblox derives revenue globally and manages its business activities on a consolidated basis, resulting in a single operating and reportable segment, which is at the consolidated level. The technology used in its customer arrangements is primarily based on a similar software application that is available on various platforms, such as mobile devices, consoles, and computers, that is used by customers in a similar manner.
The chief operating decision maker (“CODM”) of the Company is its chief executive officer (“CEO”) who assesses performance of the Company’s single operating segment and decides how to allocate resources based on consolidated net loss that is reported on the consolidated statement of operations, as well as through other performance measures. The CODM considers consolidated net loss in deciding how to reinvest profits into the Company, including to its creator community, people, and technology and infrastructure, including its trust and safety systems, and other areas such as for acquisitions.
The measure of segment assets is reported on the consolidated balance sheets as total assets.
Accounting Pronouncements
Accounting Pronouncements
Accounting Pronouncements Recently Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires public entities to disclose specific tax rate reconciliation categories, as well as income taxes paid disaggregated by jurisdiction, amongst other disclosure enhancements. The Company adopted the ASU retrospectively in the current period. Refer to the newly required and retrospectively revised disclosures in Note 15, “Income Taxes” below.
Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, “Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures,” which requires disclosure of certain costs and expenses in the notes of financial statements, including, amongst others, the amount of employee compensation expense and depreciation and amortization expense within each caption presented on the face of the income statement within continuing operations. Further, the disclosures require a qualitative description of the remaining cost and expense amounts within each relevant expense caption that are not separately disaggregated, as well as a description and the total amount of selling expenses. The ASU is effective for financial statements issued for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The ASU can be early adopted and should be applied either prospectively or retrospectively. The Company is currently evaluating the disclosure requirements related to the new standard.
In September 2025, the FASB issued ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which modernizes the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introduces a more judgment-based approach. The ASU is effective for financial statements issued for annual periods beginning after December 15, 2027 and interim periods within those fiscal years. The ASU can be early adopted and should be applied using either the prospective, modified, or retrospective transition approach. The Company is currently evaluating the impact related to this ASU.
v3.25.4
Overview and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Property Plant and Equipment, Useful Life The estimated useful life for each asset category is as follows:
Property and EquipmentEstimated Useful Life
Servers and related equipment
5 years
Computer hardware and software
2 - 5 years
Furniture and fixtures
2 years
Leasehold improvements
Shorter of remaining lease term or estimated useful life
Property and equipment, net, consisted of the following (in thousands):
As of December 31,
20252024
Servers and related equipment and software$1,065,828 $898,598 
Computer hardware and software licenses58,716 55,002 
Furniture and fixtures2,369 2,121 
Leasehold improvements262,733 245,150 
Construction in progress10,657 46,158 
Prepayments for purchase of equipment and construction in progress
168,914 — 
Total property and equipment
1,569,217 1,247,029 
Less accumulated depreciation and amortization
(684,441)(587,440)
Property and equipment—net
$884,776 $659,589 
v3.25.4
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Disaggregated By Geography and Total Virtual Item-Related Revenue, Durable Virtual Items and Consumable Items
The following table summarizes revenue by region based on the billing country of users (in thousands, except percentages):
Year Ended December 31,
202520242023
AmountPercentage of RevenueAmountPercentage of RevenueAmountPercentage of Revenue
United States and Canada (1)
$2,969,150 61%$2,281,319 63%$1,803,812 64%
Europe
944,226 19659,593 18505,633 18
Asia-Pacific, including Australia and New Zealand
541,532 11379,027 11286,930 10
Rest of world
435,643 9282,040 8202,899 7
Total
$4,890,551 100%$3,601,979 100%$2,799,274 100%
(1)The Company’s revenues in the United States were 57%, 59%, and 60% of consolidated revenue for each of the years ended December 31, 2025, 2024, and 2023, respectively.
As a percentage of total virtual item-related revenue, durable revenue and consumable revenues were as follows:
Year Ended December 31,
202520242023
Durable virtual item revenue
85 %91 %91 %
Consumable virtual item revenue
15 %9 %9 %
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease, Cost
The components of lease expense were as follows (in thousands):
Year Ended December 31,
202520242023
Operating lease expense$178,697 $174,174 $139,482 
Variable and short-term lease expense67,637 53,627 31,655 
Net operating lease expense$246,334 $227,801 $171,137 
Schedule of Non-cancelable Operating Leases
For leases which have commenced, the following table presents the expected timing of future lease payments as of December 31, 2025 (in thousands):
Year ending December 31,
2026$171,440 
2027159,647 
2028137,753 
2029123,009 
203099,002 
Thereafter299,590 
Total lease payments$990,441 
Less: imputed interest (1)
(195,535)
Present value of lease liabilities$794,906 
(1)Calculated using each lease’s incremental borrowing rate.
Schedule of Supplemental Information
The following table presents the weighted average remaining lease terms and discount rates as of December 31, 2025, and December 31, 2024:
As of December 31,
20252024
Weighted average remaining lease term (years)6.77.5
Weighted average discount rate6.2 %6.3 %
Supplemental cash and noncash information related to operating leases is as follows (in thousands):
Year ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities, net of leasehold incentives received
$172,734 $158,381 $105,337 
Lease liabilities arising from obtaining new right-of-use assets (noncash)$105,786 $120,822 $256,500 
Schedule of Sublease Income
Sublease income was as follows (in thousands):
Year ended December 31,
202520242023
Sublease income
$10,317 $8,405 $3,337 
Schedule of Future Sublease Payments Due
The following table presents future sublease payments due to the Company as of December 31, 2025 (in thousands):
Year ending December 31,
2026
$12,520 
2027
7,094 
2028525 
Thereafter— 
Total sublease income
$20,139 
v3.25.4
Cash Equivalents and Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash Equivalents and Short and Long-Term Investments
The following is a summary of the Company’s cash equivalents and short-term and long-term investments (in thousands):
As of December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-Term Investments
Debt Securities
Level 1
Money market funds$1,010,307 $— $— $1,010,307 $1,010,307 $— $— 
U.S. Treasury securities2,550,720 7,543 (41)2,558,222 3,290 1,427,150 1,127,782 
Subtotal3,561,027 7,543 (41)3,568,529 1,013,597 1,427,150 1,127,782 
Level 2
U.S. agency securities542,151 145 (183)542,113 — — 542,113 
Commercial paper325,261 9 — 325,270 — 325,270 — 
Corporate debt securities910,836 5,508 (130)916,214 — 93,516 822,698 
Subtotal1,778,248 5,662 (313)1,783,597 — 418,786 1,364,811 
Total Debt Securities$5,339,275 $13,205 $(354)$5,352,126 $1,013,597 $1,845,936 $2,492,593 
Equity Securities
Level 1
Mutual funds (1)
$3,887 $— $3,887 $— 
Total Equity Securities$3,887 $— $3,887 $— 
Total Cash Equivalents and Investments
$5,339,275 $13,205 $(354)$5,356,013 $1,013,597 $1,849,823 $2,492,593 
As of December 31, 2024
Amortized Cost
Gross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-Term Investments
Debt Securities
Level 1
Money market funds$615,890 $— $— $615,890 $615,890 $— $— 
U.S. Treasury securities2,159,558 1,886 (4,446)2,156,998 — 1,402,694 754,304 
Subtotal2,775,4481,886(4,446)2,772,888615,8901,402,694754,304
Level 2
U.S. agency securities293,423 82 (211)293,294 — 1 293,293 
Commercial paper280,243 — (1)280,242 19,818 260,424 — 
Corporate debt securities594,221 2,202 (1,240)595,183 — 32,565 562,618 
Subtotal1,167,887 2,284 (1,452)1,168,719 19,818 292,990 855,911 
Total Debt Securities$3,943,335 $4,170 $(5,898)$3,941,607 $635,708 $1,695,684 $1,610,215 
Equity Securities
Level 1
Mutual funds (1)
$2,178 $— $2,178 $— 
Total Equity Securities$2,178 $— $2,178 $— 
Total Cash Equivalents and Investments
$3,943,335 $4,170 $(5,898)$3,943,785 $635,708 $1,697,862 $1,610,215 
(1)The equity securities relate to the Company’s nonqualified deferred compensation plan and are held in a rabbi trust. Refer to Note 1, “Overview and Summary of Significant Accounting Policies”, section titled “Deferred Compensation Plan” to the notes to the consolidated financial statements for more information.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents fair values and gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):
As of December 31, 2025
Less Than 12 Months
12 Months or Greater
Total
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
U.S. Treasury securities
$120,509 $(41)$— $— $120,509 $(41)
U.S. agency securities
218,506 (183)— — 218,506 (183)
Corporate debt securities
115,243 (130)— — 115,243 (130)
Total
$454,258 $(354)$— $— $454,258 $(354)
As of December 31, 2024
Less Than 12 Months
12 Months or Greater
Total
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
U.S. Treasury securities
$638,363 $(4,434)$25,891 $(12)$664,254 $(4,446)
U.S. agency securities
102,229 (211)— — 102,229 (211)
Commercial paper
10,937 (1)— — 10,937 (1)
Corporate debt securities
256,629 (1,233)3,041 (7)259,670 (1,240)
Total
$1,008,158 $(5,879)$28,932 $(19)$1,037,090 $(5,898)
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
The following table summarizes the Company’s allocation of the purchase consideration based on the fair value of assets acquired and liabilities assumed at the Speechly Acquisition Date (in thousands):
 September 18, 2023
Cash and cash equivalents$970 
Other current assets acquired111 
Intangible assets, net
Developed technology, useful life of five years
2,800 
Goodwill7,536 
Other current liabilities assumed$(1,117)
Other long-term liabilities assumed(182)
Total purchase price$10,118 
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table represents the changes to goodwill from December 31, 2023 to December 31, 2025 (in thousands):
Carrying Amount
Balance as of December 31, 2023
$142,129 
Foreign currency translation adjustments(441)
Balance as of December 31, 2024
$141,688 
Foreign currency translation adjustments936 
Balance as of December 31, 2025
$142,624 
Schedule of Finite-Lived Intangible Assets
The following tables present details of the Company’s finite-lived intangible assets as of December 31, 2025 and December 31, 2024 (in thousands):
As of December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology$76,791 $(70,738)$6,053 
Patents14,200 (3,650)10,550 
Assembled workforce11,000 (10,111)889 
Trade name500 (500)— 
Total intangible assets$102,491 $(84,999)$17,492 
As of December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology$75,291 $(54,348)$20,943 
Patents14,200 (2,150)12,050 
Assembled workforce10,000 (9,750)250 
Trade name500 (333)167 
Total intangible assets$99,991 $(66,581)$33,410 
Schedule of Expected Future Amortization Expenses Related to the Intangible Assets
Expected future amortization expenses related to the Company’s finite lived intangible assets as of December 31, 2025 are as follows (in thousands):
Year ending December 31:
2026$4,680 
20273,730 
20282,432 
20291,800 
20301,600 
Thereafter
3,250 
Total remaining amortization expense
$17,492 
v3.25.4
Other Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 2025
Other Balance Sheet Components [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
As of December 31,
20252024
Prepaid expenses$63,015 $47,919 
Accrued interest receivable35,218 19,690 
Other current assets11,061 7,806 
Total prepaid expenses and other current assets
$109,294 $75,415 
Schedule of Property Plant and Equipment, Useful Life The estimated useful life for each asset category is as follows:
Property and EquipmentEstimated Useful Life
Servers and related equipment
5 years
Computer hardware and software
2 - 5 years
Furniture and fixtures
2 years
Leasehold improvements
Shorter of remaining lease term or estimated useful life
Property and equipment, net, consisted of the following (in thousands):
As of December 31,
20252024
Servers and related equipment and software$1,065,828 $898,598 
Computer hardware and software licenses58,716 55,002 
Furniture and fixtures2,369 2,121 
Leasehold improvements262,733 245,150 
Construction in progress10,657 46,158 
Prepayments for purchase of equipment and construction in progress
168,914 — 
Total property and equipment
1,569,217 1,247,029 
Less accumulated depreciation and amortization
(684,441)(587,440)
Property and equipment—net
$884,776 $659,589 
Schedule of Long-lived Assets by Geographic Areas
Property and equipment, net, by geographic area was as follows (in thousands):
As of December 31,
20252024
United States
$762,181 $615,665 
Rest of world
122,595 43,924 
Total
$884,776 $659,589 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
As of December 31,
20252024
Accrued operating expenses and liabilities$67,414 $49,478 
Short-term operating lease liabilities151,550 128,857 
Accrued interest on the 2030 Notes6,458 6,458 
Taxes payable98,528 54,609 
Accrued compensation and other employee related liabilities47,586 28,147 
Short-term debt
14,700 — 
Other current liabilities10,215 8,205 
Total accrued expenses and other current liabilities
$396,451 $275,754 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Instrument Redemption
YearPercentage
2024
101.938 %
2025
100.969 %
2026 and thereafter
100.000 %
Schedule of Long-term Debt
The net carrying amount of the 2030 Notes, which is presented as a component of long-term debt in the Company’s consolidated financial statements, was as follows (in thousands):
As of December 31,
20252024
2030 Notes
Principal
$1,000,000 $1,000,000 
Unamortized issuance costs
(6,902)(8,329)
Net carrying amount
$993,098 $991,671 
Schedule of Interest Expense
Interest expense related to the 2030 Notes was as follows (in thousands):
Year Ended December 31,
202520242023
Contractual interest expense
$38,750 $38,750 $38,750 
Amortization of debt issuance costs
1,427 1,371 1,316 
Total interest expense
$40,177 $40,121 $40,066 
Schedule of Maturities of 2023 Notes
Future interest and principal payments related to the 2030 Notes, as of December 31, 2025, were as follows (in thousands):
Year ending December 31,
2026$38,750 
202738,750 
202838,750 
202938,750 
2030
1,019,370 
Total future interest and principal payments related to the 2030 Notes$1,174,370 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Purchase Obligations Non-cancellable contractual purchase obligations, primarily consisting of contracts associated with data center hosting providers, software vendors, and payment processors, were as follows as of December 31, 2025 (in thousands):
Year ending December 31,
2026$85,417 
202711,729 
20281,711 
2029137 
203015 
Thereafter— 
Total non-cancellable contractual purchase obligations$99,009 
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock Shares Available for Future Issuance
The Company reserved shares of common stock for future issuance as follows (in thousands):
As of December 31,
202520242023
Stock options outstanding9,178 27,458 40,159 
RSUs outstanding24,524 34,941 39,846 
PSUs outstanding (1)
2,719 2,304 905 
CEO Long-Term Performance Award (1)(2)
— — 11,500 
2020 Plan
112,747 91,642 66,114 
2020 ESPP
26,072 20,855 16,075 
Other awards and warrants outstanding or unreleased
342 367 413 
Total
175,582 177,567 175,012 
(1)For awards with ongoing performance periods as of the respective balance sheet date, the shares of common stock reserved for future issuance are included at maximum achievement levels.
(2)On March 1, 2024, the Leadership Development and Compensation Committee (i) approved the cancellation of the CEO Long-Term Performance Award, which was previously granted to Mr. Baszucki under the 2017 Amended and Restated Equity Incentive Plan and (ii) granted Mr. Baszucki a new PSU award and RSU award. Any still unvested PSUs and RSUs granted to Mr. Baszucki on March 1, 2024 are included in those respective rows above as of December 31, 2025 and 2024. Refer to Note 11, “Stock-Based Compensation Expense”, to the notes to the consolidated financial statements for further discussion.
v3.25.4
Stock-Based Compensation Expense (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
Stock-based compensation expense was as follows (in thousands):
Year Ended December 31,
202520242023
Infrastructure and trust & safety
$142,353 $113,708 $92,147 
Research and development
764,124 723,326 607,593 
General and administrative
172,373 138,444 131,577 
Sales and marketing
50,154 40,316 36,650 
Total stock-based compensation expense
$1,129,004 $1,015,794 $867,967 
Schedule of the Stock Option Activity
The following table summarizes the Company’s stock option activity (in thousands, except per option data and remaining contractual term):
Stock Options Outstanding
Number of
Shares
Subject to
Options		Weighted-
Average
Exercise
Price (per Option)		Weighted-Average Remaining
Contractual
Term
(Years)		 
Aggregate
Intrinsic
Value
Balances as of December 31, 2022
51,591 $2.85 6.00$1,321,183 
Granted
— — 
Cancelled, forfeited, and expired
(762)$4.60 
Exercised
(10,670)$2.23 
Balances as of December 31, 2023
40,159 $2.98 5.16$1,716,171 
Granted
— — 
Cancelled, forfeited, and expired
(203)$4.80 
Exercised
(12,498)$2.75 
Balances as of December 31, 2024
27,458 $3.08 4.24$1,504,261 
Granted
— — 
Cancelled, forfeited, and expired
(14)$5.21 
Exercised
(18,266)$2.80 
Balances as of December 31, 2025
9,178 $3.64 3.07$710,292 
Exercisable as of December 31, 2025
9,178 $3.64 3.07$710,292 
Vested and expected to vest at December 31, 2025
9,178 $3.64 3.07$710,292 
Schedule of Restricted Stock Units and Unregistered Restricted Stock Awards Activity
The following table summarizes the Company’s RSU and PSU activity, excluding the 2024 CEO PSU Award, which is described in more detail in the following section (in thousands, except per share data):
Unvested RSUs Outstanding(1)
Unvested Management PSUs Outstanding(2)
Number of
Shares
Weighted-
Average
Grant Date
Value (per Share)
Number of
Shares
Weighted-
Average
Grant Date
Value (per Share)
Unvested as of December 31, 2022
30,322 $48.73 415 $43.13 
Granted
27,377 $37.59 724 $45.70 
Vested
(14,812)$45.97 — — 
Cancelled(3,041)$46.79 (234)$44.99 
Unvested as of December 31, 2023
39,846 $42.25 905 $44.71 
Granted
22,604 $40.54 706 $41.32 
Vested
(21,241)$42.83 — — 
Cancelled(6,268)$40.68 (200)$44.78 
Unvested as of December 31, 2024
34,941 $41.07 1,411 $43.00 
Granted
15,361 $85.13 1,261 $57.91 
Vested
(22,008)$46.43 (224)$45.70 
Cancelled(3,770)$42.81 (622)$46.48 
Unvested as of December 31, 2025
24,524 $63.59 1,826 $51.78 
(1)As of both December 31, 2025 and 2024, 0.1 million RSUs have vested, but not yet been released, under the Company's nonqualified deferred compensation plan and therefore are not considered outstanding.
(2)Includes PSUs granted to certain members of management (the “Management PSUs”) in each of the years 2022 through 2025 and excludes the 2024 CEO PSU Award, which is described in more detail below. All unvested PSU grants and balances are shown at the aggregate maximum number of shares that were granted and may be earned and issued with respect to each award over its full term (up through any applicable cancellation). Stock-based compensation expense recognized related to the Management PSUs was $43.8 million, $17.7 million, and $9.6 million during the years ended December 31, 2025, 2024, and 2023, respectively.
Schedule of Measured Based on an Average of Our Stock Price The following table summarizes the various Company Stock Price Hurdles and associated awards that would have been eligible to vest over each performance period (in thousands, except Company Stock Price Hurdles):
Company Stock Price Hurdle
Number of Awards Eligible to Vest
Performance Period Commencement Dates as Measured from the Effective Date
1$165.00 750 2 years
2$200.00 750 3 years
3$235.00 2,000 4 years
4$270.00 2,000 5 years
5$305.00 2,000 5 years
6$340.00 2,000 5 years
7$375.00 2,000 5 years
Schedule of Valuation of ESPP Program
The following table presents the assumptions used in estimating the grant date fair value of purchase rights granted under the 2020 ESPP for the offerings made in the respective years including reset and rollover:
 
Year Ended December 31,
 202520242023
Risk-free interest rate3.7%-4.3%3.9%-5.3%4.8%-5.6%
Expected volatility45.1%-50.6%44.4%-76.1%47.9%-76.0%
Dividend yield—%—%—%
Expected terms (in years)0.50-2.000.50-2.000.49-2.00
v3.25.4
Accumulated Other Comprehensive Income/(Loss) (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table shows a summary of changes in accumulated other comprehensive income/(loss) by component for the periods presented (in thousands):
Foreign Currency TranslationUnrealized Gains/(Losses) on Available-For-Sale Debt SecuritiesTotal
Balance as of December 31, 2023$1,442 $94 $1,536 
Other comprehensive loss, net of tax, before reclassifications
(3,609)(3,130)(6,739)
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax
— 1,308 1,308 
Change in accumulated other comprehensive income/(loss), net of tax
(3,609)(1,822)(5,431)
Balance as of December 31, 2024$(2,167)$(1,728)$(3,895)
Other comprehensive gain, net of tax, before reclassifications
5,871 17,740 23,611 
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax
— (3,161)(3,161)
Change in accumulated other comprehensive income/(loss), net of tax
5,871 14,579 20,450 
Balance as of December 31, 2025$3,704 $12,851 $16,555 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Tax, Domestic and Foreign
The components of loss before income taxes were as follows (in thousands):
Year Ended December 31,
202520242023
Domestic
$(1,068,357)$(935,487)$(1,151,493)
Foreign
332 (1,013)(6,990)
Loss before income taxes
$(1,068,025)$(936,500)$(1,158,483)
Schedule of Provision for (benefit from) Income Taxes
The components of the provision for/(benefit from) income taxes were as follows (in thousands):
Year Ended December 31,
202520242023
Current provision for/(benefit from) income taxes:
Federal
$— $— $(144)
State
1,578 2,007 (561)
Foreign
3,355 2,691 1,255 
Current provision
4,933 4,698 550 
Deferred benefit from income taxes:
Foreign
(1,340)(584)(96)
Deferred benefit
(1,340)(584)(96)
Total provision for/(benefit from) income taxes:
Federal
— — (144)
State
1,578 2,007 (561)
Foreign
2,015 2,107 1,159 
Provision for/(benefit from) income taxes
$3,593 $4,114 $454 
Schedule of Effective Income Tax Rate Reconciliation
The provision for/(benefit from) income taxes differs from the statutory tax rate, expressed as a percentage of loss before income taxes, as follows (in thousands, except percentages):
Year Ended December 31,
202520242023
U.S. federal statutory tax rate
$(224,286)21.0 %$(196,666)21.0 %$(243,281)21.0 %
State and local income taxes, net of federal income tax effect (1)
1,578 (0.1)%2,007 (0.2)%(561)0.1 %
Foreign tax effects1,630 (0.2)%599 0.0 %2,263 (0.2)%
Tax credits:
Research and development credits(113,450)10.6 %(51,706)5.5 %(44,131)3.8 %
Change in valuation allowance635,965 (59.5)%271,618 (29.0)%260,156 (22.5)%
Nontaxable or nondeductible items:
Stock-based compensation(302,618)28.3 %(25,719)2.7 %23,192 (2.0)%
Other3,865 (0.4)%2,911 (0.3)%2,380 (0.2)%
Changes in unrecognized tax benefits
315 0.0 %1,721 (0.2)%364 0.0 %
Other adjustments
594 0.0 %(651)0.1 %72 0.0 %
Provision for/(benefit from) income taxes
$3,593 (0.3)%$4,114 (0.4)%$454 0.0 %
(1)In 2025 and 2024, state and local income taxes in Texas made up the majority (greater than 50 percent) of the tax effect in this category. In 2023, state and local income taxes in Illinois and Texas made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Net Cash Paid for Income Taxes Refunds Received
Net cash paid for income taxes/(refunds received) is as follows (in thousands):
Year Ended December 31,
202520242023
U.S. federal$— $— $7 
U.S. state and local:
   Illinois(850)*1,141 
   Pennsylvania*(621)*
   Texas1,119 909 754 
   Virginia607 *301 
   Other478 (487)168 
Subtotal1,354 (199)2,364 
Foreign:
   Canada307 *391 
   India520 **
   Japan*963 *
   Netherlands657 **
   Other280 377 383 
Subtotal1,764 1,340 774 
Total income taxes paid (net of refunds)
$3,118 $1,141 $3,145 
* The amount of income taxes paid (net of refunds) during the year does not meet the 5% disaggregation threshold or is immaterial.
Schedule of Deferred Tax Assets and Liabilities The following table presents the components of the Company’s deferred tax assets/(liabilities) for the periods presented (in thousands):
As of December 31,
20252024
Deferred tax assets:
Accrued expenses
$26,621 $17,730 
Intangible assets
6,028 2,050 
Deferred revenue
348,089 285,033 
Net operating loss carryforwards
800,321 599,380 
Tax credit carryforwards
422,107 234,868 
Stock-based compensation
31,983 31,089 
Operating lease liabilities183,443 186,229 
Capitalized research and development979,811 605,278 
Other
2,257 5,650 
Total gross deferred tax asset
2,800,660 1,967,307 
Less: valuation allowance
(2,319,702)(1,551,700)
Net deferred tax assets
480,958 415,607 
Deferred tax liabilities:
Fixed assets
(34,745)(40,178)
Operating lease right-of-use assets(149,883)(155,121)
Deferred cost of revenue(294,550)(219,859)
Total deferred tax liabilities
(479,178)(415,158)
Net deferred tax assets/(liabilities)
$1,780 $449 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
Year Ended December 31,
202520242023
Unrecognized tax benefits at beginning of year
$261,155 $172,389 $96,372 
Increases related to current year tax positions
88,821 89,881 59,917 
Increases related to prior year tax positions
275 61 16,100 
Decreases related to prior year tax positions
— (1,176)— 
Unrecognized tax benefits at end of year
$350,251 $261,155 $172,389 
v3.25.4
Basic and Diluted Net Loss Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss Per Share
The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data):
Year ended December 31,
202520242023
Basic and diluted net loss per share
Numerator
Consolidated net loss
$(1,071,618)$(940,614)$(1,158,937)
Less: net loss attributable to noncontrolling interest
(6,561)(5,230)(6,991)
Net loss attributable to common stockholders
$(1,065,057)$(935,384)$(1,151,946)
Denominator
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic and diluted
689,612 647,482 616,445 
Net loss per share attributable to common stockholders, basic and diluted
$(1.54)$(1.44)$(1.87)
Schedule of Antidilutive Securities
The potential shares of common stock that were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive are as follows (in thousands):
As of December 31,
202520242023
Stock options outstanding
9,178 27,458 40,159 
RSUs outstanding
24,524 34,941 39,846 
2020 ESPP1,382 1,634 3,347 
Other awards(1) and warrants outstanding or unreleased
2,229 740 422 
Total
37,313 64,773 83,774 
(1)
v3.25.4
Reportable Segments (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Represents Segment Revenue, Significant Segment Expenses, and Other Segment Items
The following represents segment information for the Company’s single operating segment, for the periods presented (in thousands):
Year ended December 31,
202520242023
Revenue$4,890,551 $3,601,979 $2,799,274 
Add (deduct):
Cost of revenue(1)
(1,072,299)(801,162)(649,115)
Developer exchange fees(1,503,106)(922,821)(740,752)
Adjusted infrastructure expenses(2)
(682,357)(465,782)(458,753)
Adjusted trust & safety expenses(2)
(286,505)(254,300)(239,711)
Personnel costs, excluding stock-based compensation expense and excluding infrastructure and trust & safety personnel costs(860,658)(729,424)(691,899)
Stock-based compensation expense, excluding infrastructure and trust & safety stock-based compensation expense(986,651)(902,086)(775,820)
Depreciation and amortization expense(225,820)(226,437)(208,142)
Other segment items(3)
(501,333)(374,814)(294,676)
Interest income201,610 179,531 141,818 
Interest expense(41,457)(41,184)(40,707)
(Provision for)/benefit from income taxes(3,593)(4,114)(454)
Consolidated net loss$(1,071,618)$(940,614)$(1,158,937)
(1)Depreciation of servers and infrastructure equipment is included in infrastructure and trust & safety expenses in the Company’s consolidated statement of operations.
(2)Adjusted infrastructure and adjusted trust & safety expenses exclude depreciation and amortization expense.
(3)Other segment items primarily include expenses for professional services, facilities, advertising and promotions, transactional taxes, and other income/(expense), net
v3.25.4
Overview and Summary of Significant Accounting Policies - Additional Information (Details)
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jan. 31, 2023
robux
Jan. 31, 2022
robux
Jan. 30, 2022
robux
Disaggregation of Revenue [Line Items]              
Average lifetime of a paying user 27 months     28 months      
Increase (decrease) in revenue   $ 98,000,000          
Cost of revenue   20,400,000          
Restricted cash   $ 0 $ 0        
Payment remittance term (within) (in days)   30 days          
Intangible asset, useful life (in years)   5 years 4 months 24 days          
Developer exchange program, minimum virtual currency earned requirement | robux         30,000 50,000 100,000
Advertising cost   $ 79,200,000 45,400,000 $ 38,300,000      
Operating lease, renewal term (up to) (in years)   5 years          
Net foreign exchange gains (losses)   $ 2,100,000 $ (14,100,000) $ (2,000,000.0)      
Employee | NQDC Plan              
Disaggregation of Revenue [Line Items]              
Maximum of salary (in percent)   90.00%          
Maximum granted (in percent)   100.00%          
Maximum of cash bonus compensation (in percent)   65.00%          
Non-Employee Director Member | NQDC Plan              
Disaggregation of Revenue [Line Items]              
Maximum of salary (in percent)   100.00%          
RSUs outstanding              
Disaggregation of Revenue [Line Items]              
Vesting period   4 years          
Three Payment Processors | Accounts Receivable | Customer Concentration Risk              
Disaggregation of Revenue [Line Items]              
Revenue (in percent)   67.00% 69.00%        
One Payment Processor | Revenue Benchmark | Customer Concentration Risk              
Disaggregation of Revenue [Line Items]              
Revenue (in percent)   29.00% 30.00% 30.00%      
Second Payment Processor | Revenue Benchmark | Customer Concentration Risk              
Disaggregation of Revenue [Line Items]              
Revenue (in percent)   15.00% 16.00% 17.00%      
Minimum              
Disaggregation of Revenue [Line Items]              
Intangible asset, useful life (in years)   5 years          
Maximum              
Disaggregation of Revenue [Line Items]              
Intangible asset, useful life (in years)   10 years          
Operating lease term (in years)   12 years          
v3.25.4
Overview and Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment, Useful Life (Details)
Dec. 31, 2025
Servers and related equipment  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 5 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 2 years
Minimum | Computer hardware and software  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 2 years
Maximum | Computer hardware and software  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 5 years
v3.25.4
Revenue from Contracts with Customers - Schedule of Revenue Disaggregated by Geography (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 4,890,551 $ 3,601,979 $ 2,799,274
Revenue Benchmark | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenue $ 4,890,551 $ 3,601,979 $ 2,799,274
Percentage of Revenue 100.00% 100.00% 100.00%
Revenue Benchmark | United States and Canada | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenue $ 2,969,150 $ 2,281,319 $ 1,803,812
Percentage of Revenue 61.00% 63.00% 64.00%
Revenue Benchmark | Europe | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenue $ 944,226 $ 659,593 $ 505,633
Percentage of Revenue 19.00% 18.00% 18.00%
Revenue Benchmark | Asia-Pacific, including Australia and New Zealand | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenue $ 541,532 $ 379,027 $ 286,930
Percentage of Revenue 11.00% 11.00% 10.00%
Revenue Benchmark | Rest of world | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenue $ 435,643 $ 282,040 $ 202,899
Percentage of Revenue 9.00% 8.00% 7.00%
Revenue Benchmark | United States | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Percentage of Revenue 57.00% 59.00% 60.00%
v3.25.4
Revenue from Contracts with Customers - Schedule of Total Virtual Item-Related Revenue, Durable Virtual Items and Consumable Items (Details) - Revenue Benchmark - Product Concentration Risk
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Durable virtual item revenue      
Disaggregation of Revenue [Line Items]      
Revenue (in percent) 85.00% 91.00% 91.00%
Consumable virtual item revenue      
Disaggregation of Revenue [Line Items]      
Revenue (in percent) 15.00% 9.00% 9.00%
v3.25.4
Revenue from Contracts with Customers - Additional Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Deferred revenue—current portion $ 4,168,971 $ 3,004,969
v3.25.4
Leases - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2025
Lessee, Lease, Description [Line Items]      
Asset impairment charges   $ 7.0  
Operating lease, impairment loss   4.8  
Impairment, property and equipment, net   $ 2.2  
Maximum      
Lessee, Lease, Description [Line Items]      
Operating lease term (in years)     12 years
Data Center Agreement      
Lessee, Lease, Description [Line Items]      
Write-off of right-of-use assets $ 70.3    
Write-off of operating lease liabilities $ 70.3    
Operating Lease, Lease Not Yet Commenced      
Lessee, Lease, Description [Line Items]      
Operating lease, lease not yet commenced, liability to be paid     $ 1,618.6
Operating Lease, Lease Not Yet Commenced | Minimum      
Lessee, Lease, Description [Line Items]      
Operating lease term (in years)     5 years
Operating Lease, Lease Not Yet Commenced | Maximum      
Lessee, Lease, Description [Line Items]      
Operating lease term (in years)     15 years
v3.25.4
Leases - Schedule of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease expense $ 178,697 $ 174,174 $ 139,482
Variable and short-term lease expense 67,637 53,627 31,655
Net operating lease expense $ 246,334 $ 227,801 $ 171,137
v3.25.4
Leases - Schedule of Non-cancelable Operating Leases (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 171,440
2027 159,647
2028 137,753
2029 123,009
2030 99,002
Thereafter 299,590
Total lease payments 990,441
Less: imputed interest (195,535)
Present value of lease liabilities $ 794,906
v3.25.4
Leases - Schedule of Supplemental Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Weighted average remaining lease term (years) 6 years 8 months 12 days 7 years 6 months  
Weighted average discount rate 6.20% 6.30%  
Cash paid for amounts included in the measurement of lease liabilities $ 172,734 $ 158,381 $ 105,337
Lease liabilities arising from obtaining new right-of-use assets (noncash) $ 105,786 $ 120,822 $ 256,500
v3.25.4
Leases - Schedule of Sublease Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Sublease income $ 10,317 $ 8,405 $ 3,337
v3.25.4
Leases - Schedule of Future Sublease Payments Due (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 12,520
2027 7,094
2028 525
Thereafter 0
Total sublease income $ 20,139
v3.25.4
Cash Equivalents and Investments - Schedule of Cash Equivalents and Short and Long-Term Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 5,339,275 $ 3,943,335
Gross Unrealized Gains 13,205 4,170
Gross Unrealized Losses (354) (5,898)
Fair Value 5,356,013 3,943,785
Cash Equivalents 1,013,597 635,708
Short-Term Investments 1,849,823 1,697,862
Long-Term Investments 2,492,593 1,610,215
Debt Securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 5,339,275 3,943,335
Gross Unrealized Gains 13,205 4,170
Gross Unrealized Losses (354) (5,898)
Fair Value 5,352,126 3,941,607
Cash Equivalents 1,013,597 635,708
Short-Term Investments 1,845,936 1,695,684
Long-Term Investments 2,492,593 1,610,215
Fair Value, Inputs, Level 1 | Debt Securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 3,561,027 2,775,448
Gross Unrealized Gains 7,543 1,886
Gross Unrealized Losses (41) (4,446)
Fair Value 3,568,529 2,772,888
Cash Equivalents 1,013,597 615,890
Short-Term Investments 1,427,150 1,402,694
Long-Term Investments 1,127,782 754,304
Fair Value, Inputs, Level 1 | Equity Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fair Value 3,887 2,178
Cash Equivalents 0 0
Short-Term Investments 3,887 2,178
Long-Term Investments 0 0
Fair Value, Inputs, Level 2 | Debt Securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 1,778,248 1,167,887
Gross Unrealized Gains 5,662 2,284
Gross Unrealized Losses (313) (1,452)
Fair Value 1,783,597 1,168,719
Cash Equivalents 0 19,818
Short-Term Investments 418,786 292,990
Long-Term Investments 1,364,811 855,911
Money market funds | Fair Value, Inputs, Level 1 | Debt Securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 1,010,307 615,890
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 1,010,307 615,890
Cash Equivalents 1,010,307 615,890
Short-Term Investments 0 0
Long-Term Investments 0 0
U.S. Treasury securities | Fair Value, Inputs, Level 1 | Debt Securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 2,550,720 2,159,558
Gross Unrealized Gains 7,543 1,886
Gross Unrealized Losses (41) (4,446)
Fair Value 2,558,222 2,156,998
Cash Equivalents 3,290 0
Short-Term Investments 1,427,150 1,402,694
Long-Term Investments 1,127,782 754,304
U.S. agency securities | Fair Value, Inputs, Level 2 | Debt Securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 542,151 293,423
Gross Unrealized Gains 145 82
Gross Unrealized Losses (183) (211)
Fair Value 542,113 293,294
Cash Equivalents 0 0
Short-Term Investments 0 1
Long-Term Investments 542,113 293,293
Commercial paper | Fair Value, Inputs, Level 2 | Debt Securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 325,261 280,243
Gross Unrealized Gains 9 0
Gross Unrealized Losses 0 (1)
Fair Value 325,270 280,242
Cash Equivalents 0 19,818
Short-Term Investments 325,270 260,424
Long-Term Investments 0 0
Corporate debt securities | Fair Value, Inputs, Level 2 | Debt Securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 910,836 594,221
Gross Unrealized Gains 5,508 2,202
Gross Unrealized Losses (130) (1,240)
Fair Value 916,214 595,183
Cash Equivalents 0 0
Short-Term Investments 93,516 32,565
Long-Term Investments $ 822,698 562,618
Mutual funds | Fair Value, Inputs, Level 1 | Equity Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fair Value   2,178
Cash Equivalents   0
Short-Term Investments   2,178
Long-Term Investments   $ 0
v3.25.4
Cash Equivalents and Investments - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]  
Short-term debt investments contractual maturities period (in years) 1 year
Minimum  
Debt Securities, Available-for-Sale [Line Items]  
Long-term debt investments contractual maturities period (in years) 1 year
Maximum  
Debt Securities, Available-for-Sale [Line Items]  
Long-term debt investments contractual maturities period (in years) 5 years
v3.25.4
Cash Equivalents and Investments - Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value $ 454,258 $ 1,008,158
Less than 12 Months, Unrealized Losses (354) (5,879)
12 Months or Greater, Fair Value 0 28,932
12 Months or Greater, Unrealized Losses 0 (19)
Total, Fair Value 454,258 1,037,090
Total, Unrealized Losses (354) (5,898)
U.S. Treasury securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 120,509 638,363
Less than 12 Months, Unrealized Losses (41) (4,434)
12 Months or Greater, Fair Value 0 25,891
12 Months or Greater, Unrealized Losses 0 (12)
Total, Fair Value 120,509 664,254
Total, Unrealized Losses (41) (4,446)
U.S. agency securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 218,506 102,229
Less than 12 Months, Unrealized Losses (183) (211)
12 Months or Greater, Fair Value 0 0
12 Months or Greater, Unrealized Losses 0 0
Total, Fair Value 218,506 102,229
Total, Unrealized Losses (183) (211)
Commercial paper    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value   10,937
Less than 12 Months, Unrealized Losses   (1)
12 Months or Greater, Fair Value   0
12 Months or Greater, Unrealized Losses   0
Total, Fair Value   10,937
Total, Unrealized Losses   (1)
Corporate debt securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Less than 12 Months, Fair Value 115,243 256,629
Less than 12 Months, Unrealized Losses (130) (1,233)
12 Months or Greater, Fair Value 0 3,041
12 Months or Greater, Unrealized Losses 0 (7)
Total, Fair Value 115,243 259,670
Total, Unrealized Losses $ (130) $ (1,240)
v3.25.4
Acquisitions - Additional Information (Detail) - Speechly, Inc.
$ in Millions
Sep. 18, 2023
USD ($)
Business Combination and Asset Acquisition [Line Items]  
Business combination total consideration transferred value $ 10.1
Payment of cash to acquire business 4.8
Cash holdback $ 5.3
v3.25.4
Acquisitions - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sep. 18, 2023
Business Combination [Line Items]        
Intangible asset, useful life (in years) 5 years 4 months 24 days      
Goodwill $ 142,624 $ 141,688 $ 142,129  
Speechly, Inc.        
Business Combination [Line Items]        
Cash and cash equivalents       $ 970
Other current assets acquired       $ 111
Intangible asset, useful life (in years)       5 years
Developed technology, useful life of five years       $ 2,800
Goodwill       7,536
Other current liabilities assumed       (1,117)
Other long-term liabilities assumed       (182)
Total purchase price       $ 10,118
v3.25.4
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning balance $ 141,688 $ 142,129
Foreign currency translation adjustments 936 (441)
Ending balance $ 142,624 $ 141,688
v3.25.4
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 102,491 $ 99,991
Accumulated Amortization (84,999) (66,581)
Total remaining amortization expense 17,492 33,410
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 76,791 75,291
Accumulated Amortization (70,738) (54,348)
Total remaining amortization expense 6,053 20,943
Patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 14,200 14,200
Accumulated Amortization (3,650) (2,150)
Total remaining amortization expense 10,550 12,050
Assembled workforce    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 11,000 10,000
Accumulated Amortization (10,111) (9,750)
Total remaining amortization expense 889 250
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 500 500
Accumulated Amortization (500) (333)
Total remaining amortization expense $ 0 $ 167
v3.25.4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Indefinite-lived intangible assets $ 0.7    
Intangible asset, useful life (in years) 5 years 4 months 24 days    
Amortization expense  $ 18.4 $ 18.9 $ 19.3
Developed technology      
Finite-Lived Intangible Assets [Line Items]      
Intangible asset, useful life (in years) 2 years 8 months 12 days    
Patents      
Finite-Lived Intangible Assets [Line Items]      
Intangible asset, useful life (in years) 7 years 2 months 12 days    
Assembled workforce      
Finite-Lived Intangible Assets [Line Items]      
Intangible asset, useful life (in years) 2 years 8 months 12 days    
v3.25.4
Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expenses Related To The Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 4,680  
2027 3,730  
2028 2,432  
2029 1,800  
2030 1,600  
Thereafter 3,250  
Total remaining amortization expense $ 17,492 $ 33,410
v3.25.4
Other Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Other Balance Sheet Components [Abstract]    
Prepaid expenses $ 63,015 $ 47,919
Accrued interest receivable 35,218 19,690
Other current assets 11,061 7,806
Total prepaid expenses and other current assets $ 109,294 $ 75,415
v3.25.4
Other Balance Sheet Components - Schedule of Property Plant and Equipment, Useful Life (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,569,217 $ 1,247,029
Less accumulated depreciation and amortization (684,441) (587,440)
Property and equipment—net 884,776 659,589
Servers and related equipment and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 1,065,828 898,598
Computer hardware and software licenses    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 58,716 55,002
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 2,369 2,121
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 262,733 245,150
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 10,657 46,158
Prepayments for purchase of equipment and construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 168,914 $ 0
v3.25.4
Other Balance Sheet Components - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment—net $ 884,776 $ 659,589
United States    
Property, Plant and Equipment [Line Items]    
Property and equipment—net 762,181 615,665
Rest of world    
Property, Plant and Equipment [Line Items]    
Property and equipment—net $ 122,595 $ 43,924
v3.25.4
Other Balance Sheet Components - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Balance Sheet Components [Abstract]        
Depreciation expense $ 17.9 $ 207.4 $ 207.5 $ 188.9
v3.25.4
Other Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Other Balance Sheet Components [Abstract]    
Accrued operating expenses and liabilities $ 67,414 $ 49,478
Short-term operating lease liabilities $ 151,550 $ 128,857
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Accrued interest on the 2030 Notes $ 6,458 $ 6,458
Taxes payable 98,528 54,609
Accrued compensation and other employee related liabilities 47,586 28,147
Short-term debt 14,700 0
Other current liabilities 10,215 8,205
Accrued expenses and other current liabilities $ 396,451 $ 275,754
v3.25.4
Debt - Additional Information (Details) - USD ($)
$ in Millions
Oct. 29, 2021
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Inputs, Level 2 | Long-term Debt      
Short-term Debt [Line Items]      
Financial liabilities, fair value disclosure   $ 957.5 $ 901.5
2030 Notes | Unsecured Debt      
Short-term Debt [Line Items]      
Debt instrument, aggregated principal amount $ 1,000.0    
Interest rate (in percent) 3.875%    
Proceeds from debt, net of issuance costs $ 987.5    
Debt issuance costs $ 12.5    
Effective interest rate (in percent)   4.05%  
2030 Notes | Unsecured Debt | Redemption Period, at Any Time Prior to November 1, 2024      
Short-term Debt [Line Items]      
Percentage of principal amount of debt redeemed (up to) (in percent) 40.00%    
Debt instrument, redemption price (in percent) 103.875%    
Debt instrument, redemption terms, threshold percentage of principal amount outstanding (in percent) 50.00%    
Debt instrument, redemption terms, period (in days) 180 days    
2030 Notes | Unsecured Debt | Redemption Period, at Any Time Prior to November 1, 2024      
Short-term Debt [Line Items]      
Debt instrument, redemption price (in percent) 100.00%    
2030 Notes | Unsecured Debt | Redemption Period, in Connection with Tender Offer      
Short-term Debt [Line Items]      
Debt instrument, redemption terms, percentage of outstanding debt hold by lender (no less than) (in percent) 90.00%    
Debt Instrument, redemption terms, period following purchase date (not more than) (in days) 30 days    
2030 Notes | Unsecured Debt | Redemption Period, in Connection with Tender Offer | Minimum      
Short-term Debt [Line Items]      
Debt Instrument, redemption terms, prior notice period (in days) 10 days    
2030 Notes | Unsecured Debt | Redemption Period, in Connection with Tender Offer | Maximum      
Short-term Debt [Line Items]      
Debt Instrument, redemption terms, prior notice period (in days) 60 days    
2030 Notes | Unsecured Debt | Redemption Period, Certain Circumstances Involving Change of Control Event      
Short-term Debt [Line Items]      
Debt instrument, redemption price (in percent) 101.00%    
v3.25.4
Debt - Schedule of Debt Instrument Redemption (Details) - 2030 Notes - Unsecured Debt
Oct. 29, 2021
2024  
Debt Instrument [Line Items]  
Debt instrument, redemption price (in percent) 101.938%
2025  
Debt Instrument [Line Items]  
Debt instrument, redemption price (in percent) 100.969%
2026 and thereafter  
Debt Instrument [Line Items]  
Debt instrument, redemption price (in percent) 100.00%
v3.25.4
Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total future interest and principal payments related to the 2030 Notes $ 1,174,370  
Unsecured Debt | 2030 Notes    
Debt Instrument [Line Items]    
Principal 1,000,000 $ 1,000,000
Unamortized issuance costs (6,902) (8,329)
Total future interest and principal payments related to the 2030 Notes $ 993,098 $ 991,671
v3.25.4
Debt - Schedule of Interest Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Total interest expense $ 41,457 $ 41,184 $ 40,707
2030 Notes | Unsecured Debt      
Debt Instrument [Line Items]      
Contractual interest expense 38,750 38,750 38,750
Amortization of debt issuance costs 1,427 1,371 1,316
Total interest expense $ 40,177 $ 40,121 $ 40,066
v3.25.4
Debt - Schedule of Maturities of 2023 Notes (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 38,750
2027 38,750
2028 38,750
2029 38,750
2030 1,019,370
Total future interest and principal payments related to the 2030 Notes $ 1,174,370
v3.25.4
Commitments and Contingencies - Schedule of Purchase Obligations (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 85,417
2027 11,729
2028 1,711
2029 137
2030 15
Thereafter 0
Total non-cancellable contractual purchase obligations $ 99,009
v3.25.4
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Letters of credit outstanding, amount $ 9.3 $ 8.3
v3.25.4
Stockholders' Equity - Additional Information (Details)
shares in Thousands
Dec. 31, 2025
vote
$ / shares
shares
Dec. 31, 2024
shares
Class of Stock [Line Items]    
Preferred stock, shares authorized (in shares) 100,000  
Common stock, shares authorized (in shares) 5,000,000 5,000,000
Common stock, conversion ratio 1  
Convertible Preferred Stock    
Class of Stock [Line Items]    
Convertible preferred stock, par value (in dollars per share) | $ / shares $ 0.0001  
Common Class A    
Class of Stock [Line Items]    
Common stock, shares authorized (in shares) 4,935,000 4,935,000
Common stock, number of votes allocated to each share | vote 1  
Common Class B    
Class of Stock [Line Items]    
Common stock, shares authorized (in shares) 65,000 65,000
Common stock, number of votes allocated to each share | vote 20  
Maximum percentage of stock outstanding of a particular class before which shares of another class are converted into this class (in percent) 30.00%  
Term of conversion, threshold percentage of common stock outstanding 67.00%  
v3.25.4
Stockholders' Equity - Schedule of Common Stock Shares Available for Future Issuance (Details) - shares
shares in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]      
Common stock shares reserved for future issuance (in shares) 175,582 177,567 175,012
Stock options outstanding      
Class of Stock [Line Items]      
Common stock shares reserved for future issuance (in shares) 9,178 27,458 40,159
RSUs outstanding      
Class of Stock [Line Items]      
Common stock shares reserved for future issuance (in shares) 24,524 34,941 39,846
Performance Shares | 2022 Performance Stock Units      
Class of Stock [Line Items]      
Common stock shares reserved for future issuance (in shares) 2,719 2,304 905
Performance Shares | CEO Long Term Performance Award      
Class of Stock [Line Items]      
Common stock shares reserved for future issuance (in shares) 0 0 11,500
2020 Plan      
Class of Stock [Line Items]      
Common stock shares reserved for future issuance (in shares) 112,747 91,642 66,114
2020 ESPP      
Class of Stock [Line Items]      
Common stock shares reserved for future issuance (in shares) 26,072 20,855 16,075
Other awards and warrants outstanding or unreleased      
Class of Stock [Line Items]      
Common stock shares reserved for future issuance (in shares) 342 367 413
v3.25.4
Stock-Based Compensation Expense - Additional Information (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended 42 Months Ended
Mar. 01, 2024
USD ($)
measure
installment
shares
Feb. 28, 2021
USD ($)
tranche
$ / shares
shares
Dec. 31, 2025
USD ($)
period
tranche
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2020
shares
Dec. 31, 2017
shares
Dec. 31, 2004
Feb. 11, 2026
Dec. 31, 2022
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Common stock shares reserved for future issuance (in shares)     175,582,000 177,567,000 175,012,000          
Share-based compensation arrangement options, exercises in period, intrinsic value | $     $ 1,513,100 $ 530,000 $ 373,400          
Share-based compensation, options vested in period, fair value | $     2,800 23,500 51,900          
Stock-based compensation expense (benefit) | $     1,129,004 1,015,794 867,967          
Research and development                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock-based compensation expense (benefit) | $     764,124 723,326 607,593          
2020 Equity Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock options to be granted price as a percentage of fair value (in percent)           110.00%        
Voting stock eligible for options (in percent)           10.00%        
2020 Equity Incentive Plan | Common Class A                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Common stock shares reserved for future issuance, annual increase (in shares)           75,000,000        
Common stock shares reserved for future issuance, annual increase (in percent)           5.00%        
2020 Equity Incentive Plan | Holders of Ten Percent or More of The Voting Equity Capital                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share based compensation by share based payment arrangement contractual term of stock options (in years)           5 years        
2020 Equity Incentive Plan | Holders of Ten Percent or More of The Voting Equity Capital | Common Class A                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Common stock shares reserved for future issuance (in shares)           60,000,000        
2020 ESPP                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock-based compensation expense (benefit) | $     $ 15,600 $ 18,500 $ 32,000          
2020 ESPP | Common Class A                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock options to be granted price as a percentage of fair value (in percent)           85.00%        
Common stock shares reserved for future issuance (in shares)           6,000,000        
Common stock shares reserved for future issuance, annual increase (in shares)           15,000,000        
Common stock shares reserved for future issuance, annual increase (in percent)           1.00%        
Offering period, employee stock purchase plan (in months)     24 months              
Number of purchase periods | period     4              
Purchase period, employee stock purchase plan (in months)     6 months              
2024 CEO PSUs And RSUs                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock-based compensation expense (benefit) | $ $ 84,400                  
Share-based payment arrangement, nonvested award, cost not yet recognized (in percent) 0.75                  
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $     $ 9,400              
Stock options outstanding                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Common stock shares reserved for future issuance (in shares)     9,178,000 27,458,000 40,159,000          
Stock options outstanding | 2004 Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share based compensation by share based payment arrangement number of shares available for issuance (in shares)     0              
Stock options outstanding | 2004 Plan | Holders of Ten Percent or More of The Voting Equity Capital                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share based compensation by share based payment arrangement contractual term of stock options (in years)               5 years    
Stock options outstanding | 2017 Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Voting stock eligible for options (in percent)             10.00%      
Share based compensation by share based payment arrangement number of shares available for issuance (in shares)             0      
Stock options outstanding | 2017 Plan | Holders of Ten Percent or More of The Voting Equity Capital                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share based compensation by share based payment arrangement contractual term of stock options (in years)             5 years      
RSUs outstanding                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Common stock shares reserved for future issuance (in shares)     24,524,000 34,941,000 39,846,000          
Unrecognized compensation, equity instruments other than options | $     $ 1,437,400              
Share based payment arrangement, unvested award, period for recognition     1 year 8 months 12 days              
Service period (in years)     4 years              
Grant date fair value (in dollars per share) | $ / shares     $ 63.59 $ 41.07 $ 42.25         $ 48.73
Granted (in shares)     15,361,000 22,604,000 27,377,000          
Granted (in dollars per share) | $ / shares     $ 85.13 $ 40.54 $ 37.59          
RSUs outstanding | Subsequent Event                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Service period (in years)                 3 years  
RSUs outstanding | CEO Long Term Performance Award                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $ $ 84,400                  
RSUs outstanding | CEO Long Term Performance Award | Founder CEO                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Unrecognized compensation, equity instruments other than options | $   $ 232,200                
Number of awards eligible to vest (in shares)   11,500,000                
Share-based compensation arrangement by share-based payment award, number of tranches | tranche   7                
Number of consecutive trading days for the stock hurdle price to be achieved (in days)   90 days                
Grant date fair value (in dollars per share) | $ / shares   $ 20.19                
RSUs outstanding | CEO Long Term Performance Award | Founder CEO                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based compensation arrangement by share-based payment award, beginning of award performance period, period after effective date (in years)   2 years                
Share-based compensation arrangement by share-based payment award, number of tranches | tranche     7              
RSUs outstanding | CEO Long Term Performance Award | Common Class A | Founder CEO                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Service period (in years)   5 years                
Performance-Based Restricted Stock Units (RSUs) | CEO Long Term Performance Award                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock-based compensation expense (benefit) | $       $ 32,600 $ 48,900          
Performance-Based Restricted Stock Units (RSUs) | 2024 CEO PSUs And RSUs                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Service period (in years) 3 years                  
Performance stock units, performance period (in years) 2 years                  
Share-based compensation arrangement by share-based payment award, equity instruments other than options, number of performance measures | measure 2                  
PSU target number of shares (in shares) 446,534   893,068              
Share-based compensation arrangement by share-based payment award, target number of shares, performance measures of cumulative (in percent) 80.00%                  
Share-based compensation arrangement by share-based payment award, target number of shares, adjusted EBITDA (in percent) 20.00%                  
Stock-based compensation expense (benefit) | $     $ 29,300              
Share-based payment arrangement, nonvested award, cost not yet recognized (in percent) 0.25                  
Granted (in shares) 148,844                  
Performance-Based Restricted Stock Units (RSUs) | 2024 CEO PSUs And RSUs | Tranche One                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based compensation arrangement by share-based payment award, award vesting rights (in percent) 67.00%                  
Number of installments | installment 4                  
Performance-Based Restricted Stock Units (RSUs) | 2024 CEO PSUs And RSUs | Tranche Two                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based compensation arrangement by share-based payment award, award vesting rights (in percent) 33.00%                  
Performance Shares                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Unrecognized compensation, equity instruments other than options | $     $ 43,500              
Share based payment arrangement, unvested award, period for recognition     1 year 7 months 6 days              
Grant date fair value (in dollars per share) | $ / shares     $ 51.78 $ 43.00 $ 44.71         $ 43.13
Stock-based compensation expense (benefit) | $     $ 43,800 $ 17,700 $ 9,600          
Granted (in shares)     1,261,000 706,000 724,000          
Granted (in dollars per share) | $ / shares     $ 57.91 $ 41.32 $ 45.70          
Performance Shares | CEO Long Term Performance Award                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Common stock shares reserved for future issuance (in shares)     0 0 11,500,000          
Minimum | 2020 Equity Incentive Plan | Holders of Ten Percent or More of The Voting Equity Capital                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock options to be granted price as a percentage of fair value (in percent)           100.00%        
Minimum | Stock options outstanding | 2004 Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock options to be granted price as a percentage of fair value (in percent)               85.00%    
Voting stock eligible for options (in percent)               10.00%    
Minimum | Stock options outstanding | 2004 Plan | Holders of Ten Percent or More of The Voting Equity Capital                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock options to be granted price as a percentage of fair value (in percent)               110.00%    
Minimum | Stock options outstanding | 2017 Plan | Holders of Ten Percent or More of The Voting Equity Capital                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock options to be granted price as a percentage of fair value (in percent)             110.00%      
Minimum | RSUs outstanding | CEO Long Term Performance Award | Founder CEO                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share based payment arrangement, unvested award, period for recognition   3 years 5 months 12 days                
Minimum | Performance-Based Restricted Stock Units (RSUs) | 2024 CEO PSUs And RSUs                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Shares earned of the target number of shares (in percent) 0.00%                  
Minimum | Performance Shares                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Service period (in years)     2 years              
Maximum | 2020 Equity Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share based compensation by share based payment arrangement contractual term of stock options (in years)           10 years        
Maximum | Stock options outstanding | 2004 Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share based compensation by share based payment arrangement contractual term of stock options (in years)               10 years    
Maximum | Stock options outstanding | 2017 Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share based compensation by share based payment arrangement contractual term of stock options (in years)             10 years      
Maximum | RSUs outstanding | CEO Long Term Performance Award | Founder CEO                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share based payment arrangement, unvested award, period for recognition   5 years 4 months 17 days                
Maximum | Performance-Based Restricted Stock Units (RSUs) | 2024 CEO PSUs And RSUs                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Shares earned of the target number of shares (in percent) 200.00%                  
Maximum | Performance Shares                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Service period (in years)     3 years              
v3.25.4
Stock-Based Compensation Expense - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation $ 1,129,004 $ 1,015,794 $ 867,967
Infrastructure and trust & safety      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation 142,353 113,708 92,147
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation 764,124 723,326 607,593
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation 172,373 138,444 131,577
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation $ 50,154 $ 40,316 $ 36,650
v3.25.4
Stock-Based Compensation Expense - Schedule of the Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Shares Subject to Options        
Beginning balance (in shares) 27,458 40,159 51,591  
Granted (in shares) 0 0 0  
Cancelled, forfeited, and expired (in shares) (14) (203) (762)  
Exercised (in shares) (18,266) (12,498) (10,670)  
Ending balance (in shares) 9,178 27,458 40,159 51,591
Exercisable (in shares) 9,178      
Vested and expected to vest (in shares) 9,178      
Weighted- Average Exercise Price (per Option)        
Beginning balance, weighted average exercise price (in dollars per share) $ 3.08 $ 2.98 $ 2.85  
Granted, weighted average exercise price (in dollars per share) 0 0 0  
Cancelled, forfeited, and expired, weighted average exercise price (in dollars per share) 5.21 4.80 4.60  
Exercised, weighted average exercise price (in dollars per share) 2.80 2.75 2.23  
Ending balance, weighted average exercise price (in dollars per share) 3.64 $ 3.08 $ 2.98 $ 2.85
Exercisable, weighted average exercise price (in dollars per share) 3.64      
Vested and expected to vest, weighted average exercise price (in dollars per share) $ 3.64      
Weighted-Average Remaining Contractual Term (Years) 3 years 25 days 4 years 2 months 26 days 5 years 1 month 28 days 6 years
Exercisable, remaining contractual term 3 years 25 days      
Vested and expected to vest, remaining contractual term 3 years 25 days      
Aggregate intrinsic value $ 710,292 $ 1,504,261 $ 1,716,171 $ 1,321,183
Exercisable, aggregate intrinsic value 710,292      
Vested and expected to vest, aggregate intrinsic value $ 710,292      
v3.25.4
Stock-Based Compensation Expense - Schedule of Restricted Stock Units and Restricted Stock Awards Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Weighted- Average Grant Date Value (per Share)      
Stock-based compensation $ 1,129,004 $ 1,015,794 $ 867,967
Unvested RSUs Outstanding      
Number of
Shares      
Beginning balance (in shares) 34,941 39,846 30,322
Granted (in shares) 15,361 22,604 27,377
Vested (in shares) (22,008) (21,241) (14,812)
Cancelled (in shares) (3,770) (6,268) (3,041)
Ending balance (in shares) 24,524 34,941 39,846
Weighted- Average Grant Date Value (per Share)      
Beginning balance (in dollars per share) $ 41.07 $ 42.25 $ 48.73
Granted (in dollars per share) 85.13 40.54 37.59
Vested (in dollars per share) 46.43 42.83 45.97
Cancelled (in dollars per share) 42.81 40.68 46.79
Ending balance (in dollars per share) $ 63.59 $ 41.07 $ 42.25
Shares vested but not yet released (in shares) 100 100  
Unvested PSUs Outstanding      
Number of
Shares      
Beginning balance (in shares) 1,411 905 415
Granted (in shares) 1,261 706 724
Vested (in shares) (224) 0 0
Cancelled (in shares) (622) (200) (234)
Ending balance (in shares) 1,826 1,411 905
Weighted- Average Grant Date Value (per Share)      
Beginning balance (in dollars per share) $ 43.00 $ 44.71 $ 43.13
Granted (in dollars per share) 57.91 41.32 45.70
Vested (in dollars per share) 45.70 0 0
Cancelled (in dollars per share) 46.48 44.78 44.99
Ending balance (in dollars per share) $ 51.78 $ 43.00 $ 44.71
Stock-based compensation $ 43,800 $ 17,700 $ 9,600
v3.25.4
Stock-Based Compensation Expense - Schedule of Measured Based on an Average of Our Stock Price (Details)
shares in Thousands
 1 Months Ended
Feb. 28, 2021
$ / shares
shares
Tranche One  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company Stock Price Hurdle (in dollars per share) | $ / shares $ 165.00
Number of awards eligible to vest (in shares) | shares 750
Performance Period Commencement Dates as Measured from the Effective Date 2 years
Tranche Two  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company Stock Price Hurdle (in dollars per share) | $ / shares $ 200.00
Number of awards eligible to vest (in shares) | shares 750
Performance Period Commencement Dates as Measured from the Effective Date 3 years
Tranche Three  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company Stock Price Hurdle (in dollars per share) | $ / shares $ 235.00
Number of awards eligible to vest (in shares) | shares 2,000
Performance Period Commencement Dates as Measured from the Effective Date 4 years
Tranche Four  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company Stock Price Hurdle (in dollars per share) | $ / shares $ 270.00
Number of awards eligible to vest (in shares) | shares 2,000
Performance Period Commencement Dates as Measured from the Effective Date 5 years
Tranche Five  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company Stock Price Hurdle (in dollars per share) | $ / shares $ 305.00
Number of awards eligible to vest (in shares) | shares 2,000
Performance Period Commencement Dates as Measured from the Effective Date 5 years
Tranche Six  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company Stock Price Hurdle (in dollars per share) | $ / shares $ 340.00
Number of awards eligible to vest (in shares) | shares 2,000
Performance Period Commencement Dates as Measured from the Effective Date 5 years
Tranche Seven  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company Stock Price Hurdle (in dollars per share) | $ / shares $ 375.00
Number of awards eligible to vest (in shares) | shares 2,000
Performance Period Commencement Dates as Measured from the Effective Date 5 years
v3.25.4
Stock-Based Compensation Expense - Schedule of Valuation of ESPP Program (Details) - 2020 ESPP
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk free interest rate, minimum 3.70% 3.90% 4.80%
Risk free interest rate, maximum 4.30% 5.30% 5.60%
Expected volatility rate, minimum 45.10% 44.40% 47.90%
Expected volatility rate, maximum 50.60% 76.10% 76.00%
Dividend yield 0.00% 0.00% 0.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected terms (in years) 6 months 6 months 5 months 26 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected terms (in years) 2 years 2 years 2 years
v3.25.4
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance beginning $ 208,654 $ 68,626 $ 305,035
Other comprehensive income/(loss), net of tax 20,299 (5,329) 1,183
Balance ending 374,980 208,654 68,626
Total      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance beginning (3,895) 1,536 671
Other comprehensive loss, net of tax, before reclassifications 23,611 (6,739)  
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax (3,161) 1,308  
Other comprehensive income/(loss), net of tax 20,450 (5,431) 865
Balance ending 16,555 (3,895) 1,536
Foreign Currency Translation      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance beginning (2,167) 1,442  
Other comprehensive loss, net of tax, before reclassifications 5,871 (3,609)  
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax 0 0  
Other comprehensive income/(loss), net of tax 5,871 (3,609)  
Balance ending 3,704 (2,167) 1,442
Unrealized Gains/(Losses) on Available-For-Sale Debt Securities      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance beginning (1,728) 94  
Other comprehensive loss, net of tax, before reclassifications 17,740 (3,130)  
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax (3,161) 1,308  
Other comprehensive income/(loss), net of tax 14,579 (1,822)  
Balance ending $ 12,851 $ (1,728) $ 94
v3.25.4
Employee Benefits - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Defined contribution plan, employer matching contribution, percent of match (in percent) 100.00% 100.00% 100.00%
Defined contribution plan, employer matching contribution, deferral limit (in percent) 50.00% 50.00%  
Defined contribution plan, employer contribution amount $ 32.5 $ 28.0 $ 24.9
v3.25.4
Joint Venture - Additional Information (Details) - USD ($)
 1 Months Ended
May 10, 2023
Feb. 28, 2019
6.0% Notes Due 2026 | Unsecured Debt    
Schedule of Equity Method Investments [Line Items]    
Interest rate (in percent) 6.00%  
Songhua River Investment Limited | 6.0% Notes Due 2026    
Schedule of Equity Method Investments [Line Items]    
Proceeds from debt, net of issuance costs $ 14,700,000  
Roblox China Holding Corp    
Schedule of Equity Method Investments [Line Items]    
Equity method investment ownership (in percent)   51.00%
Roblox China Holding Corp | 6.0% Notes Due 2026    
Schedule of Equity Method Investments [Line Items]    
Proceeds from debt, net of issuance costs 15,300,000  
Roblox China Holding Corp | 6.0% Notes Due 2026 | Unsecured Debt    
Schedule of Equity Method Investments [Line Items]    
Debt instrument, aggregated principal amount $ 30,000,000  
Debt instrument, term of maturity date extension (in years) 2 years  
Roblox China Holding Corp | Songhua River Investment Limited    
Schedule of Equity Method Investments [Line Items]    
Minority interest percentage in joint venture (in percent)   49.00%
Roblox China Holding Corp | Songhua River Investment Limited    
Schedule of Equity Method Investments [Line Items]    
Contribution by non controlling interest to the joint venture   $ 50,000,000.0
v3.25.4
Income Taxes - Schedule of Income (Loss) before Income Tax, Domestic and Foreign (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ (1,068,357) $ (935,487) $ (1,151,493)
Foreign 332 (1,013) (6,990)
Loss before income taxes $ (1,068,025) $ (936,500) $ (1,158,483)
v3.25.4
Income Taxes - Schedule of Provision for (benefit from) Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current provision for/(benefit from) income taxes:      
Federal $ 0 $ 0 $ (144)
State 1,578 2,007 (561)
Foreign 3,355 2,691 1,255
Current provision 4,933 4,698 550
Deferred benefit from income taxes:      
Foreign (1,340) (584) (96)
Deferred benefit (1,340) (584) (96)
Total provision for/(benefit from) income taxes:      
Federal 0 0 (144)
State 1,578 2,007 (561)
Foreign 2,015 2,107 1,159
Provision for/(benefit from) income taxes $ 3,593 $ 4,114 $ 454
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory tax rate $ (224,286) $ (196,666) $ (243,281)
State and local income taxes, net of federal income tax effect 1,578 2,007 (561)
Foreign tax effects 1,630 599 2,263
Research and development credits (113,450) (51,706) (44,131)
Change in valuation allowance 635,965 271,618 260,156
Stock-based compensation (302,618) (25,719) 23,192
Other 3,865 2,911 2,380
Changes in unrecognized tax benefits 315 1,721 364
Other adjustments 594 (651) 72
Provision for/(benefit from) income taxes $ 3,593 $ 4,114 $ 454
Percent      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect (0.10%) (0.20%) 0.10%
Foreign tax effects (0.20%) 0.00% (0.20%)
Research and development credits 10.60% 5.50% 3.80%
Change in valuation allowance (59.50%) (29.00%) (22.50%)
Stock-based compensation 28.30% 2.70% (2.00%)
Other (0.40%) (0.30%) (0.20%)
Changes in unrecognized tax benefits 0.00% (0.20%) 0.00%
Other adjustments 0.00% 0.10% 0.00%
Provision for/(benefit from) income taxes (0.30%) (0.40%) 0.00%
v3.25.4
Income Taxes - Schedule of Net Cash Paid for Income Taxes Refunds Received (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. federal $ 0 $ 0 $ 7
U.S. state and local: 1,354 (199) 2,364
Foreign: 1,764 1,340 774
Total income taxes paid (net of refunds) 3,118 1,141 3,145
Illinois      
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. state and local: (850)   1,141
Pennsylvania      
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. state and local:   (621)  
Texas      
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. state and local: 1,119 909 754
Virginia      
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. state and local: 607   301
Other      
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. state and local: 478 (487) 168
Canada      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: 307   391
India      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: 520    
Japan      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign:   963  
Netherlands      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: 657    
Other      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: $ 280 $ 377 $ 383
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Accrued expenses $ 26,621 $ 17,730
Intangible assets 6,028 2,050
Deferred revenue 348,089 285,033
Net operating loss carryforwards 800,321 599,380
Tax credit carryforwards 422,107 234,868
Stock-based compensation 31,983 31,089
Operating lease liabilities 183,443 186,229
Capitalized research and development 979,811 605,278
Other 2,257 5,650
Total gross deferred tax asset 2,800,660 1,967,307
Less: valuation allowance (2,319,702) (1,551,700)
Net deferred tax assets 480,958 415,607
Deferred tax liabilities:    
Fixed assets (34,745) (40,178)
Operating lease right-of-use assets (149,883) (155,121)
Deferred cost of revenue (294,550) (219,859)
Total deferred tax liabilities (479,178) (415,158)
Net deferred tax assets/(liabilities) $ 1,780 $ 449
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]        
Valuation allowance, period increase (decrease) $ 768,000 $ 329,500 $ 315,000  
Unrecognized tax benefits 350,251 261,155 172,389 $ 96,372
Unrecognized tax benefits that would impact effective tax rate 3,500      
Unrecognized tax benefits, income tax penalties and interest accrued 1,000 $ 700 $ 400  
Domestic Tax Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards 32,800      
Domestic Tax Jurisdiction | Federal        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards 3,241,500      
Domestic Tax Jurisdiction | Federal | Research Tax Credit Carryforward        
Operating Loss Carryforwards [Line Items]        
Research and development tax credit 466,900      
Other        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards 1,717,700      
Other | Federal | Research Tax Credit Carryforward        
Operating Loss Carryforwards [Line Items]        
Research and development tax credit 343,400      
Foreign Tax Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards $ 61,900      
v3.25.4
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits at beginning of year $ 261,155 $ 172,389 $ 96,372
Increases related to current year tax positions 88,821 89,881 59,917
Increases related to prior year tax positions 275 61 16,100
Decreases related to prior year tax positions 0 (1,176) 0
Unrecognized tax benefits at end of year $ 350,251 $ 261,155 $ 172,389
v3.25.4
Basic and Diluted Net Loss Per Common Share - Schedule of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator      
Consolidated net loss $ (1,071,618) $ (940,614) $ (1,158,937)
Less: net loss attributable to noncontrolling interest (6,561) (5,230) (6,991)
Net loss attributable to common stockholders $ (1,065,057) $ (935,384) $ (1,151,946)
Denominator      
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic (in shares) 689,612 647,482 616,445
Weighted-average common shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 689,612 647,482 616,445
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (1.54) $ (1.44) $ (1.87)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (1.54) $ (1.44) $ (1.87)
v3.25.4
Basic and Diluted Net Loss Per Common Share - Schedule of Antidilutive Securities (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in share) 37,313 64,773 83,774
Stock options outstanding      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in share) 9,178 27,458 40,159
RSUs outstanding      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in share) 24,524 34,941 39,846
2020 ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in share) 1,382 1,634 3,347
Other awards(1) and warrants outstanding or unreleased      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in share) 2,229 740 422
v3.25.4
Reportable Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Revenue $ 4,890,551 $ 3,601,979 $ 2,799,274
Cost of revenue [1] (1,072,299) (801,162) (649,115)
Developer exchange fees (1,503,106) (922,821) (740,752)
Adjusted infrastructure expenses (682,357) (465,782) (458,753)
Adjusted trust & safety expenses (286,505) (254,300) (239,711)
Personnel costs, excluding stock-based compensation expense and excluding infrastructure and trust & safety personnel costs (860,658) (729,424) (691,899)
Stock-based compensation expense, excluding infrastructure and trust & safety stock-based compensation expense (986,651) (902,086) (775,820)
Depreciation and amortization expense (225,820) (226,437) (208,142)
Other segment items (501,333) (374,814) (294,676)
Interest income 201,610 179,531 141,818
Interest expense (41,457) (41,184) (40,707)
(Provision for)/benefit from income taxes (3,593) (4,114) (454)
Consolidated net loss $ (1,071,618) $ (940,614) $ (1,158,937)
[1] Depreciation of servers and infrastructure equipment included in infrastructure and trust & safety.