CLOUDFLARE, INC., 10-K filed on 2/26/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 12, 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 001-39039    
Entity Registrant Name Cloudflare, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 27-0805829    
Entity Address, Address Line One 101 Townsend Street    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94107    
City Area Code 888    
Local Phone Number 993-5273    
Title of 12(b) Security Class A Common Stock, $0.001 par value    
Trading Symbol NET    
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     $ 35.7
Documents Incorporated by Reference Portions of the registrant's definitive Proxy Statement relating to the 2026 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2025.    
Amendment Flag false    
Entity Central Index Key 0001477333    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
Class A common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding (in shares)   317,576,096  
Class B common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding (in shares)   34,404,202  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location Santa Clara, California
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 943,536 $ 147,691
Available-for-sale securities 3,157,715 1,708,228
Accounts receivable, net 382,488 316,753
Contract assets 23,531 16,568
Restricted cash short-term 9,364 4,273
Prepaid expenses and other current assets 128,203 75,484
Total current assets 4,644,837 2,268,997
Property and equipment, net 618,691 467,420
Goodwill 226,563 181,087
Acquired intangible assets, net 41,799 21,865
Operating lease right-of-use assets 237,646 168,379
Deferred contract acquisition costs, noncurrent 219,499 172,217
Restricted cash 1,457 2,250
Other noncurrent assets 45,764 18,947
Total assets 6,036,256 3,301,162
Current liabilities:    
Accounts payable 84,115 105,807
Accrued expenses and other current liabilities 109,054 81,602
Accrued compensation 111,005 80,854
Operating lease liabilities 70,901 47,626
Deferred revenue 684,207 477,765
Current portion of convertible senior notes, net 1,291,281 0
Total current liabilities 2,350,563 793,654
Convertible senior notes, net 1,974,120 1,287,321
Operating lease liabilities, noncurrent 182,025 128,266
Deferred revenue, noncurrent 41,088 22,095
Other noncurrent liabilities 29,337 23,625
Total liabilities 4,577,133 2,254,961
Commitments and contingencies (Note 8)
Stockholders’ Equity    
Additional paid-in capital 2,651,420 2,152,750
Accumulated deficit (1,204,907) (1,102,640)
Accumulated other comprehensive income (loss) 12,259 (4,253)
Total stockholders’ equity 1,459,123 1,046,201
Total liabilities and stockholders’ equity 6,036,256 3,301,162
Class A common stock    
Stockholders’ Equity    
Common stock 317 307
Class B common stock    
Stockholders’ Equity    
Common stock $ 34 $ 37
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Thousands
Dec. 31, 2025
Dec. 31, 2024
Class A common stock    
Stockholders’ Equity    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 2,250,000 2,250,000
Common stock, shares issued (in shares) 317,319 307,892
Common stock, shares outstanding (in shares) 317,319 307,892
Class B common stock    
Stockholders’ Equity    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 315,000 315,000
Common stock, shares issued (in shares) 34,568 36,963
Common stock, shares outstanding (in shares) 34,568 36,963
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 $ 2,167,937 $ 1,669,626 $ 1,296,745
Cost of revenue 552,525 378,702 307,005
Gross profit 1,615,412 1,290,924 989,740
Operating expenses:      
Sales and marketing 920,817 745,791 599,117
Research and development 512,489 421,374 358,143
General and administrative 389,311 278,520 217,965
Total operating expenses 1,822,617 1,445,685 1,175,225
Loss from operations (207,205) (154,761) (185,485)
Non-operating income (expense):      
Interest income 131,219 87,426 68,167
Interest expense (8,766) (5,196) (5,872)
Loss on extinguishment of debt 0 0 (50,300)
Other income (expense), net (7,954) 1,660 (4,372)
Total non-operating income, net 114,499 83,890 7,623
Loss before income taxes (92,706) (70,871) (177,862)
Provision for income taxes 9,561 7,929 6,087
Net loss $ (102,267) $ (78,800) $ (183,949)
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.29) $ (0.23) $ (0.55)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.29) $ (0.23) $ (0.55)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 348,421 341,411 333,656
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 348,421 341,411 333,656
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]      
Net loss $ (102,267) $ (78,800) $ (183,949)
Other comprehensive income (loss), net of tax:      
Change in unrealized gain on investments 4,478 510 13,880
Cash flow hedges:      
Change in unrealized gain (loss) on cash flow hedges 17,133 (4,494) 0
Reclassification of gain included in net loss (5,099) (2,253) 0
Net changes on cash flow hedges 12,034 (6,747) 0
Other comprehensive income (loss), net of tax 16,512 (6,237) 13,880
Comprehensive loss $ (85,755) $ (85,037) $ (170,069)
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Additional paid-in capital
Accumulated deficit
Accumulated other comprehensive income (loss)
Class A common stock
Class A common stock
Common Stock
Class B common stock
Class B common stock
Common Stock
Beginning balance (in shares) at Dec. 31, 2022           286,561   43,525
Beginning balance at Dec. 31, 2022 $ 623,964 $ 1,475,423 $ (839,891) $ (11,896)   $ 286   $ 42
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock upon exercise of stock options (in shares) 2,989         448   2,541
Issuance of common stock upon exercise of stock options $ 14,851 14,848           $ 3
Repurchases of unvested common stock (in shares)           (17)    
Vesting of shares issued upon early exercise of stock options 1,761 1,760           $ 1
Issuance of common stock related to settlement of RSUs and PSUs (in shares)           3,291   398
Issuance of common stock related to settlement of RSUs and PSUs 0 (4)       $ 3   $ 1
Tax withholding on RSU and PSU settlement (in shares)           (105)   (18)
Tax withholding on RSU and PSU settlement (7,953) (7,953)            
Conversion of Class B to Class A Common stock (in shares)           7,003   (7,003)
Conversion of Class B to Class A Common stock 0         $ 7   $ (7)
Common stock issued under employee stock purchase plan (in shares)           447    
Common stock issued under employee stock purchase plan 19,083 19,082       $ 1    
Settlement of common stock in connection with convertible senior notes (in shares)           461    
Settlement of common stock in connection with convertible senior notes 46 46            
Stock-based compensation 281,364 281,364            
Net loss (183,949)   (183,949)     $ (161,296)   $ (22,653)
Other comprehensive income (loss) 13,880     13,880        
Ending balance (in shares) at Dec. 31, 2023           298,089   39,443
Ending balance at Dec. 31, 2023 $ 763,047 1,784,566 (1,023,840) 1,984   $ 297   $ 40
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock upon exercise of stock options (in shares) 2,984         247   2,735
Issuance of common stock upon exercise of stock options $ 12,905 12,902           $ 3
Issuance of common stock related to early exercised stock options (in shares)               2
Vesting of shares issued upon early exercise of stock options 109 109            
Issuance of common stock related to settlement of RSUs and PSUs (in shares)           4,208    
Issuance of common stock related to settlement of RSUs and PSUs 0 (4)       $ 4    
Tax withholding on RSU and PSU settlement (in shares)           (195)    
Tax withholding on RSU and PSU settlement (16,774) (16,774)            
Conversion of Class B to Class A Common stock (in shares)           5,217   (5,217)
Conversion of Class B to Class A Common stock 0         $ 6   $ (6)
Common stock issued under employee stock purchase plan (in shares)           326    
Common stock issued under employee stock purchase plan 19,796 19,796       $ 0    
Other 1,689 1,689            
Stock-based compensation 350,466 350,466            
Net loss (78,800)   (78,800)     $ (69,975)   $ (8,825)
Other comprehensive income (loss) (6,237)     (6,237)        
Ending balance (in shares) at Dec. 31, 2024         307,892 307,892 36,963 36,963
Ending balance at Dec. 31, 2024 $ 1,046,201 2,152,750 (1,102,640) (4,253)   $ 307   $ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock upon exercise of stock options (in shares) 2,342         443   1,899
Issuance of common stock upon exercise of stock options $ 33,123 33,121       $ 1   $ 1
Issuance of common stock related to settlement of RSUs and PSUs (in shares)           4,683    
Issuance of common stock related to settlement of RSUs and PSUs 0 (5)       $ 5    
Tax withholding on RSU and PSU settlement (in shares)           (260)    
Tax withholding on RSU and PSU settlement (48,254) (48,254)            
Conversion of Class B to Class A Common stock (in shares)           4,294   (4,294)
Conversion of Class B to Class A Common stock 0         $ 4   $ (4)
Common stock issued under employee stock purchase plan (in shares)           267    
Common stock issued under employee stock purchase plan 25,435 25,435            
Reclassification of the 2025 capped calls from equity to derivative asset 308,299 308,299            
Purchase of capped calls related to the 2030 convertible senior notes (283,400) (283,400)            
Stock-based compensation 463,474 463,474            
Net loss (102,267)   (102,267)     $ (91,779)   $ (10,488)
Other comprehensive income (loss) 16,512     16,512        
Ending balance (in shares) at Dec. 31, 2025         317,319 317,319 34,568 34,568
Ending balance at Dec. 31, 2025 $ 1,459,123 $ 2,651,420 $ (1,204,907) $ 12,259   $ 317   $ 34
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      
Net loss $ (102,267) $ (78,800) $ (183,949)
Adjustments to reconcile net loss to cash provided by operating activities:      
Depreciation and amortization expense 189,742 127,722 135,820
Non-cash operating lease costs 66,427 49,476 44,792
Amortization of deferred contract acquisition costs 101,623 77,822 61,374
Stock-based compensation expense 451,454 338,461 273,989
Amortization of debt issuance costs 7,070 3,959 4,519
Net accretion of discounts and amortization of premiums on available-for-sale securities (29,897) (42,081) (44,441)
Deferred income taxes 1,333 2,111 2,264
Provision for bad debt 14,989 10,038 13,637
Loss on extinguishment of debt 0 0 50,300
Other (38) 643 829
Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations:      
Accounts receivable, net (80,595) (78,523) (113,361)
Contract assets (4,507) (5,527) (2,749)
Deferred contract acquisition costs (148,905) (116,803) (101,465)
Prepaid expenses and other current assets (79,995) (38,227) (22,125)
Other noncurrent assets 6,792 2,170 1,018
Accounts payable 8,864 18,626 11,781
Accrued expenses and other current liabilities 15,422 9,900 4,001
Accrued compensation 26,675 18,742 21,787
Operating lease liabilities (63,757) (55,248) (40,046)
Deferred revenue 223,815 135,008 134,473
Other noncurrent liabilities (1,131) 960 1,958
Net cash provided by operating activities 603,114 380,429 254,406
Cash Flows from Investing Activities      
Purchases of property and equipment (315,617) (185,037) (114,396)
Capitalized internal-use software (26,935) (28,477) (20,546)
Asset acquisitions and business combinations, net of cash acquired (50,884) (37,991) (6,083)
Purchases of available-for-sale securities (3,537,085) (1,572,113) (1,877,513)
Sales of available-for-sale securities 0 0 20,248
Maturities of available-for-sale securities 2,121,993 1,493,356 1,812,015
Other investing activities 1,828 38 74
Net cash used in investing activities (1,806,700) (330,224) (186,201)
Cash Flows from Financing Activities      
Proceeds from settlement of the 2025 Capped Calls 309,616 0 0
Gross proceeds from issuance of 2030 convertible senior notes 2,000,000 0 0
Purchases of capped calls related to the 2030 convertible senior notes (283,400) 0 0
Cash paid for issuance costs on 2030 convertible senior notes (29,004) 0 0
Repayments of convertible senior notes 0 0 (207,649)
Cash paid for issuance costs on revolving credit facility 0 (2,148) 0
Proceeds from the exercise of stock options 33,123 12,905 14,851
Proceeds from the early exercise of stock options 0 6 0
Repurchases of unvested common stock 0 0 (34)
Proceeds from the issuance of common stock for employee stock purchase plan 25,435 19,796 19,083
Payment of tax withholding obligation on RSU and PSU settlement (48,254) (16,774) (7,953)
Payment of indemnity holdback (3,787) (1,000) (10,483)
Net cash provided by (used in) financing activities 2,003,729 12,785 (192,185)
Net increase (decrease) in cash, cash equivalents, and restricted cash 800,143 62,990 (123,980)
Cash, cash equivalents, and restricted cash, beginning of period 154,214 91,224 215,204
Cash, cash equivalents, and restricted cash, end of period 954,357 154,214 91,224
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 29 75 670
Cash paid for income taxes, net of refunds 7,767 4,995 4,454
Cash paid for operating lease liabilities 70,859 51,387 40,747
Supplemental Disclosure of Non-cash Investing and Financing Activities:      
Stock-based compensation capitalized for software development and cloud computing arrangements 12,020 10,839 6,641
Accounts payable and accrued expenses related to property and equipment additions 26,351 57,241 26,423
Vesting of early exercised stock options 0 109 1,761
Indemnity holdback consideration associated with asset acquisitions and business combinations 7,825 6,523 1,000
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 130,131 $ 71,773 $ 44,707
v3.25.4
Organization and Basis of Presentation
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Basis of Presentation Organization and Basis of Presentation
Organization and Description of Business
Cloudflare, Inc. (the Company, Cloudflare, we, us, or our) is a global cloud services provider that delivers a broad range of services to businesses of all sizes and in all geographies, making them more secure, enhancing the performance of their business-critical applications, and eliminating the cost and complexity of managing individual network hardware. Cloudflare’s network serves as a scalable, easy-to-use, unified control plane to deliver security, performance, and reliability across on-premises, hybrid, cloud, and software-as-a-service (SaaS) applications. The Company was incorporated in Delaware in July 2009. The Company is headquartered in San Francisco, California.
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements and accompanying notes have been prepared in conformity with generally accepted accounting principles in the United States (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on December 31.
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 and disclosed in the consolidated financial statements and accompanying notes to the consolidated financial statements. Such estimates include, but are not limited to, allowance for doubtful accounts, deferred contract acquisitions costs, the period of benefit generated from the Company’s deferred contract acquisition costs, the capitalization and estimated useful life of internal-use software, valuation of acquired intangible assets, the assessment of recoverability of intangible assets and their estimated useful lives, useful lives of property and equipment, the determination of the incremental borrowing rate used for operating lease liabilities, the valuation and recognition of stock-based compensation awards, the assessment of uncertain tax positions, and the recognition and measurement of current and deferred income tax assets and liabilities. Management bases these estimates and assumptions on historical experience and on various other assumptions that are believed to be reasonable. Due in part to conflicts and geopolitical tensions around the world, the potential worsening and expansion of such conflicts and tensions, threats of tariffs and other impediments to cross-border trade, and other macroeconomic and geopolitical conditions, there is ongoing uncertainty and significant disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or assumptions or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Annual Report on Form 10-K. These estimates and assumptions may change in the future, however, as new events occur and additional information is obtained. Actual results could differ materially from these estimates.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Concentrations of Risks
The Company’s revenue is reliant on its customers utilizing Internet-based services. These services can be prone to rapid changes in technology and government regulation. If the Company were unable to keep pace with customers’ needs and continue to improve its technological capabilities, or if another firm were to introduce competitive products, or a government jurisdiction were to enact legislation detrimental to the Company’s business, such an event or events could adversely affect the Company’s operating results.
The Company serves its customers from co-location facilities located in various cities and countries around the world. The Company has internal procedures to restore services in the event of disasters at its current co-location facilities. Even with these procedures for disaster recovery in place, the Company’s services could be significantly interrupted during the implementation of restoration procedures.
The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, available-for-sale securities, and accounts receivable. Although the Company
maintains cash deposits and time deposits with multiple financial institutions, the deposits, at times, may exceed federally insured limits. Cash and cash equivalents may be withdrawn or redeemed on demand. The Company believes that the financial institutions that hold its cash and cash equivalents and available-for-sale securities are financially sound and, accordingly, minimal credit risk exists with respect to these balances. The Company also maintains investments in U.S. treasury securities, U.S. government agency securities, commercial paper, and corporate bonds that carry high credit ratings and accordingly, minimal credit risk exists with respect to these balances.
The Company’s accounts receivable are derived from net revenue to customers located throughout the world. The Company grants credit to its customers in the normal course of business. For the years ended December 31, 2025, 2024, and 2023, no customer accounted for more than 10% of the Company’s revenue. No customer represented 10% or more of accounts receivable, net as of December 31, 2025 and 2024.
Revenue Recognition
In accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to receive in exchange for these services. To achieve this standard, the Company applies the following five steps:
1. Identify the contract with a customer
2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to performance obligations in the contract
5. Recognize revenue when or as the Company satisfies a performance obligation
The Company generates sales directly through its sales team and through its channel partners. Revenue from sales to channel partners is recorded once all revenue recognition criteria above are met. Channel partners generally receive an order from an end-customer prior to placing an order with the Company. Payment from channel partners is not contingent on the partner’s collection from end-customers. The Company’s performance obligation primarily consists of subscription and support services that are provided over the same service period.
Variable Consideration
If the Company’s services do not meet certain service level commitments, its customers are entitled to receive service credits, and in certain cases, refunds, each representing a form of variable consideration. Revenue from sales is recorded at the net sales price, which is the transaction price, and includes estimates of these forms of variable consideration to the extent that a significant reversal of cumulative revenue is probable to not occur in a future period. The Company has historically not experienced any incidents that had a material impact on its consolidated financial statements. Accordingly, any estimated refunds related to these agreements in the consolidated financial statements are not material during the periods presented. Usage-based consideration is primarily related to fees charged for the Company’s customer’s use of excess bandwidth when accessing the Company’s network and products in a given period and is recognized as revenue in the period in which the usage occurs.
Subscription and Support Revenue
The Company generates revenue primarily from sales to its customers of subscriptions to access its network and products, together with related support services. Arrangements with customers generally do not provide the customer with the right to take possession of the Company’s software operating its global network and products at any time. Instead, customers are granted continuous access to the Company’s global network and products over the contractual period. Access to the Company’s network and products is considered a monthly series comprising one performance obligation. A time-elapsed output method is used to measure progress because the Company transfers control evenly over the contractual period. Accordingly, the fixed consideration related to subscription and support revenue is generally recognized on a straight-line basis over the contract term beginning on the date that
the Company’s service is made available to the customer. Usage-based consideration is primarily related to fees charged for the Company’s customer’s use of excess bandwidth when accessing the Company’s network and products in a given period and is recognized as revenue in the period in which the usage occurs.
The subscription and support term contracts for the Company’s contracted customers, typically range from one to three years. Most of the Company’s contracts with contracted customers are non-cancelable over the contractual term. Customers may have the right to terminate their contracts for cause, if the Company fails to perform in accordance with the contractual terms. For the Company’s pay-as-you-go customers, which consist of customers that sign up for the Company's Pro or Business subscription plans through the Company's website (and which the Company previously referred to as self-serve customers), subscription and support terms of service are typically monthly.
Costs to Obtain and Fulfill a Contract
The Company capitalizes sales commission and associated payroll taxes paid to internal sales personnel that are incremental to the acquisition of channel partner and direct customer contracts. These costs are recorded as deferred contract acquisition costs on the consolidated balance sheets. The Company determines whether costs should be deferred based on its sales compensation plans, if the commissions are in fact incremental and would not have occurred absent the customer contract.
Sales commissions for renewal of a contract are not considered commensurate with the commissions paid for the acquisition of the initial contract. Commissions paid upon the initial acquisition of a contract are amortized over an estimated period of benefit of three years while commissions paid for renewal contracts are amortized over the contractual term of the renewals. Amortization of deferred contract acquisition costs is recognized on a straight-line basis commensurate with the pattern of revenue recognition and included in sales and marketing expense in the consolidated statements of operations. The Company determines the period of benefit for commissions paid for the acquisition of the initial contract by taking into consideration the expected subscription term and expected renewals of its customer contracts, the duration of its relationships with its customers, customer retention data, its technology development lifecycle, and other factors. The Company periodically reviews the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs.
Accounts Receivable and Allowance
Accounts receivable are recorded at the invoiced amount and are non-interest bearing. Accounts receivable are stated at their net realizable value, net of a sales allowance and an allowance for doubtful accounts. Credit is extended to customers based on an evaluation of their financial condition and other factors. The Company establishes a sales allowance at the time of revenue recognition based on its history of adjustments and credits provided to customers. In determining the necessary allowance for doubtful accounts, the Company considers the current aging and financial condition of its customers, the amount of receivables in dispute, and current payment patterns. Accounts receivable are written off against the allowance when management determines a balance is uncollectible and the Company no longer actively pursues collection of the receivable. The Company does not have any off-balance-sheet credit exposure related to its customers.
Cost of Revenue
Cost of revenue consists primarily of expenses that are directly related to providing the Company's service to its paying customers. These expenses include expenses related to operating in co-location facilities, network and bandwidth costs, depreciation of the Company's equipment located in co-location facilities, certificate authority services costs for paying customers, related overhead costs, the amortization of the Company's capitalized internal-use software, and the amortization of acquired developed technologies. Cost of revenue also includes employee-related costs, including salaries, benefits, and stock-based compensation for employees whose primary responsibilities relate to supporting the Company's paying customers. Other costs included in cost of revenue include credit card fees related to processing customer transactions and allocated overhead costs.
Research and Development
The Company charges costs related to research, design, and development of products to research and development expense in the consolidated statements of operations as incurred. Research and development
expenses support the Company's efforts to add new features to its existing offerings and to ensure the security, performance, and reliability of its global network. The majority of the Company's research and development expenses result from employee-related costs, including salaries, benefits, and stock-based compensation expense, consulting costs, depreciation of equipment used in research and development, and allocated overhead costs.
Advertising Expense
Advertising costs are charged to sales and marketing expense in the consolidated statements of operations as incurred. Advertising expense for the years ended December 31, 2025, 2024, and 2023 was $95.2 million, $78.6 million, and $57.6 million, respectively.
Stock-based Compensation
The Company measures and recognizes stock-based compensation expense based on the grant date fair value of the awards. The Company accounts for forfeitures as they occur. The grant date fair value of performance stock units (PSUs) with financial performance conditions and restricted stock units (RSUs) are estimated based on the fair value of the Company's underlying common stock. The grant date fair value of stock options with service-based vesting only is estimated using the Black-Scholes option pricing model. The grant date fair value of stock options and PSUs with market conditions are estimated using the Monte Carlo simulation pricing model. The grant date fair value of purchase rights issued under the 2019 Employee Stock Purchase Plan (ESPP) is estimated using the Black-Scholes option pricing model and is based on the estimated number of awards as of the beginning of the offering period, respectively.
The Black-Scholes and Monte Carlo simulation pricing models require the use of highly subjective assumptions, including the award’s expected term, the fair value of the underlying common stock, the expected volatility of the price of the common stock, risk-free interest rates, and the expected dividend yield of the common stock.
The assumptions used to determine the fair value of the stock-based awards are management’s best estimates and involve inherent uncertainties and the application of judgment. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, it has based its expected term on the simplified method available under U.S. GAAP.
Stock-based compensation expense for awards with financial performance conditions is recognized over the requisite service period. When there is a change in management's estimate of expected achievement relative to the performance target for awards that include a performance condition, the change in estimate results in the recognition of a cumulative adjustment of stock-based compensation expense. Stock-based compensation expense for awards with service-based vesting only, is recognized on a straight-line basis over the requisite service period of the awards. The vesting period of these awards is generally four years. Stock-based compensation expense for awards with service and market conditions is recognized on a graded attribution basis over the requisite service period of the awards as derived from the Monte Carlo simulation pricing model.
The 2010 Equity Incentive Plan (2010 Plan) allows for the early exercise of stock options for certain individuals as determined by the Company’s Board of Directors. Shares of common stock issued upon early exercises of unvested options are not deemed, for accounting purposes, to be issued until those shares vest according to their respective vesting schedules and accordingly, the consideration received for early exercises is initially recorded as a liability and reclassified to common stock and additional paid-in capital as the underlying awards vest. Stock options that are early exercised are subject to a repurchase option that allows the Company to repurchase within six months of an individual’s termination for any reason, including death and disability (or in the case of shares issued upon exercise of an option after termination, within six months of the date of exercise), any unvested shares of such individual for a repurchase price equal to the amount previously paid by the individual for such unvested shares.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized by applying the enacted statutory tax rates applicable to future years to differences between the carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period
that includes the enactment date. The measurement of deferred tax assets is reduced, when necessary, by a valuation allowance to amounts that are more likely than not to be realized.
The Company recognizes tax benefits from uncertain tax positions only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position.
Foreign Currency Remeasurement
The Company's functional currency of its foreign subsidiaries is the U.S. dollar. The monetary assets and liabilities that are denominated in a currency other than the U.S. dollar of the Company's foreign subsidiaries are remeasured into U.S. dollars at the exchange rate on the balance sheet date, while nonmonetary items are remeasured at historical rates. Revenue and expenses are remeasured at average exchange rates during the period. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other income (expense), net in the consolidated statements of operations. Remeasurement gains and losses were not material for all periods presented.
Cash and Cash Equivalents
Cash and cash equivalents consist of highly liquid investments with an original maturity from the date of purchase of 90 days or less. Cash equivalents are comprised of highly liquid money market funds, time deposits, U.S. treasury bills and commercial paper.
Restricted Cash
The Company's restricted cash at December 31, 2025 is related to indemnity holdback consideration associated with asset acquisitions and business combinations. The Company classifies restricted cash as current or non-current based on the remaining term of the restriction.
Available-for-sale Securities
The Company’s available-for-sale securities consist of U.S. treasury securities, U.S. government agency securities, commercial paper, and corporate bonds. The Company has designated all securities held by it as available-for-sale and therefore, such securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets. For securities sold prior to maturity, the cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of available-for-sale securities are recorded in other income (expense), net in the consolidated statements of operations. All securities are classified within current assets as such securities can be liquidated to fund current operations without penalty.
All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when the fair value of its investments decline below their respective cost basis. Factors considered in determining whether a loss is temporary include the extent and length of time the investment’s fair value has been lower than its cost basis, the financial condition and near-term prospects of the investee, the extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security prior to the expected recovery of the investment’s amortized cost basis. No such impairment charges were recorded during the years ended December 31, 2025, 2024, and 2023.
Fair Value Measurements
The Company's available-for-sale securities and hedging derivative instruments are recorded at fair value. The Company’s cash and cash equivalents and restricted cash are recorded at cost, which approximates fair value. Additionally, accounts receivable, accounts payable, and accrued expenses approximates fair value due to their short-term nature.
Derivative Instruments
The Company enters into foreign exchange forward contracts with the objective to mitigate certain currency risks associated with operating expenses denominated in foreign currencies. These foreign exchange forward contracts are designated as cash flow hedges. The Company does not enter into derivative instrument transactions for trading or speculative purposes.
The maximum length of time over which forecasted foreign currency denominated expenses are hedged is 12 months. These programs reduce, but do not entirely eliminate, the impact of currency exchange movements. The Company evaluates the effectiveness of hedges of forecasted transactions on a quarterly basis. The Company enters into master netting agreements with financial institutions, which permit net settlement of transactions with the same counterparty. Although the Company is allowed to present the fair value of derivative instruments on a net basis according to master netting arrangements, the Company has elected to present its derivative instruments on a gross basis in the consolidated financial statements.
Hedging derivative instruments are recognized as either current assets or current liabilities and are measured at fair value. For derivative instruments designated as cash flow hedges, the gains and losses resulting from changes in fair value are recorded as a component of other comprehensive income until the forecasted transactions are recognized in the consolidated statements of operations. When the forecasted transactions occur, the related gains and losses on the cash flow hedgers are reclassified into earnings within financial statement line items associated with the forecasted transactions. Cash flows from cash flow hedges are generally classified under operating activities in the consolidated statements of cash flows, reflecting classification for the underlying hedged transactions.
Property and Equipment
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, which is generally as follows:
Useful Lives
Servers—network infrastructure5 years
Buildings30 years
Office and computer equipment3 years
Office furniture3 years
Software3 years
Leasehold improvementsLesser of useful life or term of lease
Asset retirement obligationLesser of useful life or term of lease
Expenditures for maintenance and repairs are expensed as incurred.
Capitalized Internal-Use Software Development Costs
Certain development costs related to the Company’s global network and products during the application development stage are capitalized. Costs incurred in the preliminary stages of development are analogous to research and development activities and are expensed as incurred. The preliminary stage includes such activities as conceptual formulation of alternatives, evaluation of alternatives, determination of existence of needed technology, and final selection of alternatives. Once the application development stage is reached, internal and external costs are capitalized until the software is substantially complete and ready for its intended use. Capitalized costs are recorded as part of property and equipment, net. Capitalized internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years, and is recorded as cost of revenue in the consolidated statements of operations.
Business Combinations
The Company includes the results of operations of the businesses that the Company acquires from the date of acquisition. The fair value of the assets acquired and liabilities assumed is based on their estimated fair values as of the respective date of acquisition. The Company measures and recognizes contract assets and contract liabilities acquired in a business combination on the acquisition date in accordance with ASC 606. The excess purchase price over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. Where the purchase
price is less than the fair value of the net assets acquired and liabilities assumed, the difference is recorded as a bargain purchase gain. Determining the fair value of assets acquired and liabilities assumed requires significant judgment and estimates including the selection of valuation methodologies, future expected cash flows, discount rates, and useful lives. The Company’s estimates of fair value are based on assumptions believed to be reasonable, but which are inherently uncertain and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed with a corresponding offset to goodwill. At 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 reflected in the consolidated statements of operations.
When the Company issues payments or grants of equity to selling stockholders in connection with an acquisition, the Company evaluates whether the payments or awards are compensatory. This evaluation includes whether cash payments or stock award vesting is contingent on the continued employment of the selling stockholder beyond the acquisition date. If continued employment is required for the cash to be paid or stock awards to vest, the award is treated as compensation for post-acquisition services and is recognized as compensation expense.
Transaction costs associated with business combinations are expensed as incurred, and are included in general and administrative expense in the Company’s consolidated statements of operations.
Convertible Senior Notes
The Company accounts for its 0.75% Convertible Senior Notes due 2025 (the 2025 Notes), its 0.00% Convertible Senior Notes due 2026 (the 2026 Notes) and its 0.00% Convertible Senior Notes due 2030 (the 2030 Notes and together with the 2026 Notes, the Notes) as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives.
Transactions involving contemporaneous exchanges of cash between the same debtor and creditor in connection with the issuance of a new debt obligation and satisfaction of an existing debt obligation by the debtor are evaluated as a modification or an exchange transaction depending on whether the exchange is determined to have substantially different terms. For exchange transactions that are considered an extinguishment of debt, the total consideration for such an exchange is separated into liability and equity components by estimating the fair value of a similar liability without a conversion option and assigning the residual value to the equity component. The gain or loss on extinguishment of the debt is subsequently determined by comparing repurchase consideration allocated to the liability component to the sum of the carrying value of the liability component, net of the proportionate amounts of unamortized debt discount and remaining unamortized debt issuance costs.
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price of an acquired business over the fair value of the net tangible and identifiable intangible assets acquired. The carrying amount of goodwill is reviewed for impairment at least annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At December 31, 2025 and 2024, the Company had a single operating segment and reporting unit structure. As part of the annual goodwill impairment test, the Company first performs a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of the qualitative assessment, it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test will be required. If the Company has determined it necessary to perform a quantitative impairment assessment, the Company will compare the fair value of the reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill of the reporting unit.
Intangible assets are carried at cost, net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company estimates the useful life by estimating the expected period of economic benefit. The estimated useful life of the Company’s acquired intangible assets on the consolidated balance sheet as of the year ended December 31, 2025 are as follows:
Useful Lives
Developed technology
1-2 years
Customer relationships
1-8 years
Other
10 years
Indefinite lived intangibles are assessed annually for impairment, which includes an assessment of whether there were any triggering events that required an impairment assessment of the Company’s definite lived intangible assets, and whether it was more likely than not that the Company’s indefinite lived intangible asset was impaired. The Company performed an evaluation for impairment and determined there were no goodwill or intangible asset impairments for the years ended December 31, 2025, 2024, and 2023.
Impairment of Long-Lived Assets
The Company evaluates long-lived assets, which include depreciable tangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of long-lived assets may not be recoverable. The recoverability of these assets is measured by comparing the carrying amounts to the future undiscounted cash flows these assets are expected to generate. The Company recognizes an impairment in the event the carrying amount of such assets exceeds the fair value attributable to such assets. There were no events or changes in circumstances that indicated the long-lived assets were materially impaired during any of the periods presented.
Operating Leases
The Company enters into lease arrangements for real estate assets related to office space and for co-location assets related to space and equipment located in co-location facilities. The Company determines if an arrangement is, or contains, a lease at its inception by assessing whether there is an identified asset and whether the arrangement conveys the right to control the use of the identified asset in exchange for consideration for a period of time. At lease commencement, the Company recognizes right-of-use assets, operating lease liabilities, and operating lease liabilities, noncurrent in the Company’s consolidated balance sheets, with the exception of short-term leases with an original term of 12 months or less. Right-of-use assets represent the Company's right to use an underlying asset for the lease term including any renewal options that it is reasonably certain to exercise. The Company generally uses the base, non-cancelable lease term when initially recognizing the right-of-use assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised. A lease may be modified subsequent to its initial measurement for changes in reasonably certain holding period related to significant events. Such events include, but are not limited to, significant leasehold improvements, and points in time when the Company elects to exercise an option that it was not previously reasonably certain to exercise. Operating lease liabilities represent the present value of the Company's obligation to make payments arising from the lease. Right-of-use assets are initially measured based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives received, incurred or payable under the lease. Right-of-use assets are periodically reviewed for impairment. Lease liabilities are initially measured at the present value of total minimum lease payments not yet paid. As the implicit rate of the Company's leases is not determinable, the Company uses an incremental borrowing rate (IBR) based on the information available at the lease commencement date in determining the present value of lease payments. Minimum lease payments consist of the fixed payments under the arrangement and variable payments that depend on an underlying index or rate, less any lease incentives such as tenant improvement allowances not yet received at commencement date. Variable lease costs that do not depend on an index or a rate are expensed as incurred and not included within the calculation of right-of-use assets and lease liabilities. The Company's operating lease arrangements contain both lease and non-lease components. At inception of an arrangement for co-location assets related to space and equipment located in co-location facilities, the Company allocates the consideration to the lease and non-lease components and recognizes a right-of-use asset and corresponding lease liability for only the lease components. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease.
Legal Contingencies
The Company accrues a liability for an estimated loss for legal contingencies if the potential loss from any claim or legal proceeding is considered probable, and the amount can be reasonably estimated. The Company believes there are no legal proceedings pending that could have, individually or in the aggregate, a material adverse effect
on its results of operations or financial condition. Legal costs incurred and expected to be incurred related to litigation matters are expensed as incurred.
Net Loss per Share Attributable to Common Stockholders
Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for multiple classes of common stock and participating securities. The Company considers any shares issued on the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have nonforfeitable dividend rights in the event a dividend is paid on common stock. Under the two-class method, net income is attributed to common stockholders and participating securities based on their participation rights. The holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the losses of the Company. As such, the Company’s net losses for the years ended December 31, 2025, 2024, and 2023 were not allocated to these participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share proportionately in the Company’s net losses.
Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Vested RSUs that have not been settled have been included in the appropriate common share class used to calculate basic net loss per share.
Diluted net loss per share attributable to common stockholders adjusts basic net loss per share for the effect of dilutive securities, including awards under the Company's equity incentive plans. As the Company has reported losses for all periods presented, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.
Segment and Geographic Information
The Company has one reportable and operating segment. Financial information about the Company’s operating segment and geographic areas is presented in Note 14 to these consolidated financial statements.
Change in Accounting Estimate
In January 2024, the Company completed an assessment of the useful lives of our servers-network infrastructure, resulting in a change in the estimated useful lives of our servers-network infrastructure from four years to five years. This change in accounting estimate was effective beginning fiscal year 2024. Based on the carrying value of assets in service as of December 31, 2023, the change resulted in a reduction of depreciation expense of $21.1 million for the year ended December 31, 2024, recorded primarily in cost of revenue.
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. The ASU also requires entities with a single reportable segment to provide all disclosures required by the ASU as well as existing segment disclosures. The ASU does not change how operating segments are identified or, when applicable, aggregated. The ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this standard effective December 31, 2024, and such adoption did not have a material impact on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an entity, on an annual basis, to disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. The Company adopted this standard on a prospective basis effective December 31, 2025.
Reclassification of Prior Year Presentation
Certain prior year amounts have been reclassified for consistency with the current year presentation. Specifically, accrued compensation is now presented as a separate line item on the consolidated statements of cash flows and was previously included within Accrued expense and other current liabilities.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
Subscription and support revenue is recognized over time and accounted for substantially all of the Company’s revenue for the years ended December 31, 2025, 2024, and 2023.
The following table summarizes the revenue by region based on the billing address of customers who have contracted to use the Company’s global network and products:
Year Ended December 31,
202520242023
(dollars in thousands)
AmountPercentage
of Revenue		AmountPercentage
of Revenue		AmountPercentage
of Revenue
United States$1,072,996 49 %$849,500 51 %$678,184 52 %
Europe, Middle East, and Africa
598,624 28 %466,499 28 %356,569 28 %
Asia Pacific329,760 15 %223,234 13 %168,826 13 %
Other166,557 8 %130,393 8 %93,166 7 %
Total$2,167,937 100 %$1,669,626 100 %$1,296,745 100 %
The following table summarizes the revenue from contracts by type of customer:
Year Ended December 31,
202520242023
(dollars in thousands)
AmountPercentage
of Revenue		AmountPercentage
of Revenue		AmountPercentage
of Revenue
Channel partners
$568,867 26 %$337,394 20 %$202,404 16 %
Direct customers
1,599,070 74 %1,332,232 80 %1,094,341 84 %
Total$2,167,937 100 %$1,669,626 100 %$1,296,745 100 %
Contract Balances
Contract liabilities consist of deferred revenue and include payments received in advance of performance under the contract. Such amounts are recognized as revenue over the contractual period. For the year ended December 31, 2025, the Company recognized revenue of $467.5 million, that was included in the corresponding contract liability balance at the beginning of the period presented.
The Company receives payments from customers based upon contractual billing schedules; accounts receivable are recorded when the right to consideration becomes unconditional. Standard payment terms are due upon receipt.
Contract assets include amounts related to the Company’s contractual right to consideration for both completed and partially completed performance obligations that have not been invoiced.
The following table summarizes the activity of the deferred contract acquisition costs:
Year Ended December 31,
202520242023
(in thousands)
Beginning balance$172,217 $133,236 $93,145 
Capitalization of contract acquisition costs
148,905 116,803 101,465 
Amortization of deferred contract acquisition costs
(101,623)(77,822)(61,374)
Ending balance$219,499 $172,217 $133,236 

The Company did not recognize any impairment losses of deferred contract acquisition costs during the periods presented.
Remaining Performance Obligations
As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $2,495.8 million. As of December 31, 2025, the Company expected to recognize 63% of its remaining performance obligations as revenue over the next 12 months with the remainder recognized thereafter.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the exchange price that would be received from sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
Assets and liabilities measured at fair value are classified into the following categories:
•Level I: Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities;
•Level II: Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments; and
•Level III: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on the Company’s own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation.
The Company classifies money market funds within Level I of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its time deposits and investments, which are comprised of U.S. treasury securities, U.S. government agency securities, commercial paper, and corporate bonds, within Level II of the fair value hierarchy because the fair value of these securities is priced by using inputs based on non-binding market consensus prices that are primarily corroborated by observable market data or quoted market prices for similar instruments. The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each period. There were no transfers between levels during the periods presented.
The following table summarizes the Company’s cash, cash equivalents and available-for-sale securities’ amortized cost, unrealized gains (losses), and fair value by significant investment category reported as cash and cash equivalents, restricted cash short-term, restricted cash, or available-for-sale securities as of December 31, 2025 and 2024.
(in thousands)    Reported as:
December 31, 2025Amortized
Cost		Unrealized
Gain		Unrealized
(Loss)		Fair ValueCash & Cash EquivalentsAvailable-for-sale SecuritiesRestricted Cash (Current and Non-Current)
Cash$68,297 $— $— $68,297 $57,476 $— $10,821 
Level I:
Money market funds
587,823 — — 587,823 587,823 — — 
Level II:
Time Deposits
100,000 — — 100,000 100,000 — — 
Corporate bonds
1,271,232 3,304 (54)1,274,482 — 1,274,482 — 
U.S. treasury securities
1,760,179 3,859 (4)1,764,034 59,768 1,704,266 — 
U.S. government agency securities
146,986 22 (78)146,930 — 146,930 — 
Commercial paper
170,506 — — 170,506 138,469 32,037 — 
Subtotal
3,448,903 7,185 (136)3,455,952 298,237 3,157,715 — 
Total assets measured at fair value on a recurring basis
$4,105,023 $7,185 $(136)$4,112,072 $943,536 $3,157,715 $10,821 
(in thousands)Reported as:
December 31, 2024Amortized
Cost		Unrealized
Gain		Unrealized
(Loss)		Fair ValueCash & Cash EquivalentsAvailable-for-sale SecuritiesRestricted Cash (Current and Non-Current)
Cash$51,410 $— $— $51,410 $44,887 $— $6,523 
Level I:
Money market funds
102,804 — — 102,804 102,804 — — 
Level II:
Corporate bonds
466,769 1,125 (316)467,578 — 467,578 — 
U.S. treasury securities
1,120,478 2,403 (677)1,122,204 — 1,122,204 — 
U.S. government agency securities
69,872 55 (19)69,908 — 69,908 — 
Commercial paper
48,538 — — 48,538 — 48,538 — 
Subtotal
1,705,657 3,583 (1,012)1,708,228 — 1,708,228 — 
Total assets measured at fair value on a recurring basis
$1,859,871 $3,583 $(1,012)$1,862,442 $147,691 $1,708,228 $6,523 
As of December 31, 2025 and 2024, the Company had $10.8 million and $6.5 million, respectively, in total restricted cash, related to indemnity holdback consideration associated with asset acquisitions and business combinations.
The aggregate fair value of the Company’s money market funds and time deposits approximated amortized cost and, as such, there were no unrealized gains or losses on money market funds and time deposits as of December 31, 2025 and 2024. Realized gains and losses, net of tax, were not material for any of the periods presented.
The amortized cost of available-for-sale investments with maturities less than one year was $1,976.5 million and $1,139.9 million as of December 31, 2025 and 2024, respectively. The amortized cost of available-for-sale investments with maturities greater than one year was $1,174.2 million and $565.8 million as of December 31, 2025 and 2024, respectively.
Net unrealized gain on investments was $7.0 million and $2.6 million as of December 31, 2025 and 2024, respectively and was included in accumulated other comprehensive income on the consolidated balance sheet. The
unrealized gains and losses on available-for-sale investments are related to U.S. treasury securities, U.S. government agency securities, commercial paper, and corporate bonds. The Company determined any unrealized losses to be temporary. Factors considered in determining whether a loss is temporary include the financial condition and near-term prospects of the investee, the extent of the loss related to the credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security before the recovery of its amortized cost. As of December 31, 2025, the Company's investment portfolio consisted of investment grade securities with an average credit rating of AA-.
The Company carries the 2026 Notes and 2030 Notes at face value less the unamortized issuance costs on its consolidated balance sheets and presents that fair value for disclosure purposes only. As of December 31, 2025, the fair value of the 2026 Notes and 2030 Notes were $1,527.5 million and $2,198.8 million, respectively. The fair value of the Notes, which are classified as Level II financial instruments, were determined based on the quoted bid prices of the Notes in an over-the-counter market on the last trading day of the reporting period. For further details on the Notes, refer to Note 7 to these consolidated financial statements.
The Company classifies financial instruments in Level III of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model. In addition to these unobservable inputs, the valuation models for Level III financial instruments typically also rely on a number of inputs that are readily observable, either directly or indirectly. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. There were no financial instruments classified as Level III of the fair value hierarchy as of December 31, 2025 and 2024.
v3.25.4
Balance Sheet Components
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Accounts Receivable, Net
Activity in the allowance for doubtful accounts was as follows:
Year Ended December 31,
202520242023
(in thousands)
Beginning balance$8,166 $5,996 $3,134 
Provision for bad debt14,989 9,415 13,641 
Write-off of uncollectible accounts receivable(16,076)(7,245)(10,779)
Ending balance$7,079 $8,166 $5,996 
Property and Equipment, Net
Property and equipment, net consisted of the following:
December 31,
20252024
(in thousands)
Property and equipment:
Servers—network infrastructure$726,763 $488,799 
Construction in progress58,372 68,973 
Capitalized internal-use software109,730 98,055 
Office and computer equipment34,414 30,872 
Office furniture7,816 7,068 
Software9,309 4,097 
Leasehold improvements50,906 49,047 
Asset retirement obligation826 827 
Gross property and equipment998,136 747,738 
Less accumulated depreciation and amortization(379,445)(280,318)
Total property and equipment, net$618,691 $467,420 
Depreciation and amortization expense on property and equipment for the years ended December 31, 2025, 2024, and 2023 was $167.5 million, $109.9 million, and $113.4 million, respectively. This includes amortization expense for capitalized internal-use software which totaled $31.1 million, $24.7 million, and $21.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Goodwill
As of December 31, 2025 and 2024, the Company's goodwill was $226.6 million and $181.1 million, respectively. During the year ended December 31, 2025, the Company recorded $46.6 million of goodwill in connection with the acquisition of Replicate, Inc. (Replicate). For further details on these acquisitions, refer to Note 13 to these consolidated financial statements. No goodwill impairments were recorded during the years ended December 31, 2025 and 2024.
Acquired Intangible Assets, Net
Acquired intangible assets, net consisted of the following:
December 31, 2025
Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value
(in thousands)
Developed technology$46,820 $20,686 $26,134 
Customer relationships17,380 5,813 11,567 
Other4,462 364 4,098 
Total acquired intangible assets, net$68,662 $26,863 $41,799 
December 31, 2024
Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value
(in thousands)
Developed technology$22,131 $7,878 $14,253 
Customer relationships11,600 3,988 7,612 
Total acquired intangible assets, net$33,731 $11,866 $21,865 
During the three months ended December 31, 2025, the Company acquired $22.0 million of developed technology through the acquisition of Replicate. Refer to Note 13 to these consolidated financial statements for further details on this acquisition.
Amortization of acquired intangible assets for the years ended December 31, 2025, 2024, and 2023 was $15.0 million, $12.7 million, and $20.0 million, respectively.
As of December 31, 2025, the estimated future amortization expense of acquired intangible assets was as follows:
Estimated
Amortization
(in thousands)
Year ending December 31,
2026$21,160 
2027
14,171 
2028
1,896 
2029
1,896 
2030
809 
Thereafter1,867 
Total$41,799 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company's lease portfolio consists of real estate and co-location agreements in the United States and internationally. The real estate leases include leases for office space and have remaining lease terms of up to 8.8 years. Certain of these leases contain options that allow the Company to extend or terminate the lease agreement. The Company's co-location leases have remaining lease terms of up to 9.8 years. All of the Company's leases are classified as operating leases.
The components of lease cost related to the Company's operating leases included in the consolidated statements of operations were as follows:
Year Ended December 31,
202520242023
(in thousands)
Operating lease cost$66,427 $49,476 $44,792 
Total lease cost$66,427 $49,476 $44,792 
Variable lease cost, short-term lease cost, and sublease income for the years ended December 31, 2025, 2024, and 2023, were not material.
As of December 31, 2025, the Company had $59.1 million of total undiscounted future payments under operating leases that have not yet commenced, which were not included on the consolidated balance sheet. These operating leases will commence between January 2026 and July 2027 and have an average lease term of 4.3 years.
As of December 31, 2025 and 2024, the weighted-average remaining term of the Company’s operating leases was 4.7 years and 4.3 years, respectively, and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 4.8% and 4.9%, respectively.
Maturities of the operating lease liabilities as of December 31, 2025 are as follows:
December 31, 2025
(in thousands)
2026$80,473 
202768,637 
202845,047 
202932,265 
203023,280 
Thereafter32,333 
Total lease payments$282,035 
Less: Imputed interest$(29,109)
Total operating lease liabilities$252,926 
Leases Leases
The Company's lease portfolio consists of real estate and co-location agreements in the United States and internationally. The real estate leases include leases for office space and have remaining lease terms of up to 8.8 years. Certain of these leases contain options that allow the Company to extend or terminate the lease agreement. The Company's co-location leases have remaining lease terms of up to 9.8 years. All of the Company's leases are classified as operating leases.
The components of lease cost related to the Company's operating leases included in the consolidated statements of operations were as follows:
Year Ended December 31,
202520242023
(in thousands)
Operating lease cost$66,427 $49,476 $44,792 
Total lease cost$66,427 $49,476 $44,792 
Variable lease cost, short-term lease cost, and sublease income for the years ended December 31, 2025, 2024, and 2023, were not material.
As of December 31, 2025, the Company had $59.1 million of total undiscounted future payments under operating leases that have not yet commenced, which were not included on the consolidated balance sheet. These operating leases will commence between January 2026 and July 2027 and have an average lease term of 4.3 years.
As of December 31, 2025 and 2024, the weighted-average remaining term of the Company’s operating leases was 4.7 years and 4.3 years, respectively, and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 4.8% and 4.9%, respectively.
Maturities of the operating lease liabilities as of December 31, 2025 are as follows:
December 31, 2025
(in thousands)
2026$80,473 
202768,637 
202845,047 
202932,265 
203023,280 
Thereafter32,333 
Total lease payments$282,035 
Less: Imputed interest$(29,109)
Total operating lease liabilities$252,926 
v3.25.4
Financing Arrangements
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
2030 Convertible Senior Notes
In June 2025, the Company issued $2,000.0 million aggregate principal amount of 0% Convertible Senior Notes due 2030 (the 2030 Notes). The total proceeds from the issuance of the 2030 Notes, net of initial purchaser discounts and commissions and debt issuance costs, were $1,971.0 million.
The 2030 Notes are senior unsecured obligations of the Company and will mature on June 15, 2030, unless earlier redeemed, repurchased, or converted, and are governed by the terms of the Indenture dated June 17, 2025 (the 2030 Indenture). The 2030 Notes do not bear regular cash interest.
The 2030 Notes are convertible at an initial conversion rate of 4.0376 shares of the Company's Class A common stock per $1,000 principal amount of the 2030 Notes, which is equivalent to an initial conversion price of approximately $247.67 per share, subject to adjustment upon the occurrence of specified events in accordance with the terms of the 2030 Indenture. The 2030 Notes may be converted at any time on or after March 15, 2030 until the close of business on the second scheduled trading day immediately preceding the maturity date.
Holders of the 2030 Notes may convert all or any portion of their 2030 Notes at their option at any time prior to the close of business on the business day immediately preceding March 15, 2030, only under the following circumstances:
(1) during any calendar quarter (and only during such calendar quarter), if the last reported sale price of the Company's Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
(2) during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the 2030 Notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the Company's Class A common stock and the conversion rate on each such trading day;
(3) if the Company calls such 2030 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or
(4) upon the occurrence of specified corporate events.
None of the circumstances described in the paragraphs above were met during the quarter ended December 31, 2025.
In addition, if the 2030 Notes are converted prior to the maturity date following certain specified corporate events or because the Company issues a notice of redemption, the Company will increase the conversion rate for such 2030 Notes converted in connection with such a corporate event or during the related redemption period, as the case may be, in certain circumstances set forth in the 2030 Indenture.
Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company's Class A common stock, or a combination of cash and shares of the Company's Class A common stock, at the Company's election. It is the Company’s current intent to settle the principal amount of 2030 Notes in cash.
The Company may redeem for cash all or any portion of the 2030 Notes (subject to the partial redemption limitation (as defined below)), at its option, if the last reported sale price of the Company’s Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. If the Company elects to redeem fewer than all of the outstanding 2030 Notes, at least $100.0 million aggregate principal amount of 2030 Notes must be outstanding and not subject to redemption as of the relevant redemption date. No sinking fund is provided for the 2030 Notes.
If the Company undergoes a fundamental change (as defined in the 2030 Indenture), holders of the 2030 Notes may require the Company to repurchase for cash all or any portion of their notes at a repurchase price equal to 100% of the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid special interest to, but excluding, the fundamental change repurchase date.
2030 Capped Call Transactions
In connection with the offering of the 2030 Notes, the Company entered into privately-negotiated capped call option transactions (the 2030 Capped Calls) with certain financial institution counterparties. The 2030 Capped Calls each have an initial strike price of approximately $247.67 per share of the Company's Class A common stock, subject to certain adjustments, which corresponds to the initial conversion price of the 2030 Notes. The 2030 Capped Calls each have an initial cap price of approximately $469.73 per share, subject to certain adjustments. The 2030 Capped Calls initially cover, subject to anti-dilution adjustments, approximately 8.1 million shares of the Company's Class A common stock. The 2030 Capped Calls are intended to generally offset potential dilution to the Company's Class A common stock upon conversion of the 2030 Notes and/or offset the potential cash payments that the Company could be required to make in excess of the principal amount upon any conversion, subject to the cap price. The 2030 Capped Calls are subject to either adjustment or termination upon the occurrence of certain specified events affecting the Company, including a merger event, a tender offer, a nationalization, insolvency, or delisting involving the Company. The 2030 Capped Calls expire in incremental components on each trading date between May 16, 2030 and June 13, 2030. As of December 31, 2025, the terms of the 2030 Capped Calls have not been adjusted.
The 2030 Capped Calls are recorded in stockholders' equity and are not accounted for as derivatives. The premium paid for the purchase of the 2030 Capped Calls of $283.4 million was recorded as a reduction to additional paid-in capital on the condensed consolidated balance sheets.
2026 Convertible Senior Notes
In August 2021, the Company issued $1,293.8 million aggregate principal amount of 0% Convertible Senior Notes due 2026 (the 2026 Notes). The total proceeds from the issuance of the 2026 Notes, net of initial purchaser discounts and commissions and debt issuance costs, were $1,274.0 million.
The 2026 Notes are senior unsecured obligations of the Company and will mature on August 15, 2026, unless earlier redeemed, repurchased, or converted, and are governed by the terms of the Indenture dated August 13, 2021 (the 2026 Indenture, and together with the 2030 Indenture, the Indentures). The 2026 Notes do not bear regular cash interest.
The 2026 Notes are convertible at an initial conversion rate of 5.2263 shares of the Company's Class A common stock per $1,000 principal amount of the 2026 Notes, which is equivalent to an initial conversion price of approximately $191.34 per share, subject to adjustment upon the occurrence of specified events in accordance with the terms of the 2026 Indenture. The 2026 Notes may be converted at any time on or after May 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date.
Holders of the 2026 Notes may convert all or any portion of their 2026 Notes at their option at any time prior to the close of business on the business day immediately preceding May 15, 2026, only under the following circumstances:
(1) during any calendar quarter (and only during such calendar quarter), if the last reported sale price of the Company's Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
(2) during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the 2026 Notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the Company's Class A common stock and the conversion rate on each such trading day;
(3) if the Company calls such 2026 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or
(4) upon the occurrence of specified corporate events.
None of the circumstances described in the paragraphs above were met during the quarter ended December 31, 2025.
Based on the closing price of the Company's Class A common stock of $197.15 on December 31, 2025, the if-converted value of the 2026 Notes exceeded its principal amount by approximately $39.3 million. As of December 31, 2025, the Company classified the net carrying value of the 2026 Notes of $1,291.3 million as current portion of convertible senior notes, net.
In addition, if the 2026 Notes are converted prior to the maturity date following certain specified corporate events or because the Company issues a notice of redemption, the Company will increase the conversion rate for such 2026 Notes converted in connection with such a corporate event or during the related redemption period, as the case may be, in certain circumstances set forth in the 2026 Indenture.
Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company's Class A common stock, or a combination of cash and shares of the Company's Class A common stock, at the Company's election. It is the Company’s current intent to settle the principal amount of 2026 Notes in cash.
The Company may redeem for cash all or any portion of the 2026 Notes (subject to the partial redemption limitation (as defined below)), at its option, if the last reported sale price of the Company’s Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. If the Company elects to redeem fewer than all of the outstanding 2026 Notes, at least $100.0 million aggregate principal amount of 2026 Notes must be outstanding and not subject to redemption as of the relevant redemption date. No sinking fund is provided for the 2026 Notes.
If the Company undergoes a fundamental change (as defined in the 2026 Indenture), holders of the 2026 Notes may require the Company to repurchase for cash all or any portion of their notes at a repurchase price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid special interest to, but excluding, the fundamental change repurchase date.
2026 Capped Call Transactions
In connection with the offering of the 2026 Notes, the Company entered into privately-negotiated capped call option transactions (the 2026 Capped Calls) with certain financial institution counterparties. The 2026 Capped Calls each have an initial strike price of approximately $191.34 per share of the Company's Class A common stock, subject to certain adjustments, which corresponds to the initial conversion price of the 2026 Notes. The 2026 Capped Calls each have an initial cap price of approximately $250.94 per share, subject to certain adjustments. The 2026 Capped Calls initially cover, subject to anti-dilution adjustments, approximately 6.8 million shares of the Company's Class A common stock. The 2026 Capped Calls are intended to generally offset potential dilution to the Company's Class A common stock upon conversion of the 2026 Notes and/or offset the potential cash payments that the Company could be required to make in excess of the principal amount upon any conversion, subject to the cap price. The 2026 Capped Calls are subject to either adjustment or termination upon the occurrence of certain specified events affecting the Company, including a merger event, a tender offer, and a nationalization, insolvency, or delisting involving the Company. The 2026 Capped Calls expire in incremental components on each trading date between July 17, 2026 and August 13, 2026. As of December 31, 2025, the terms of the 2026 Capped Calls have not been adjusted.
The 2026 Capped Calls are recorded in stockholders' equity and are not accounted for as derivatives. The premium paid for the purchase of the 2026 Capped Calls of $86.3 million was recorded as a reduction to additional paid-in capital on the consolidated balance sheets.
2025 Convertible Senior Notes
In May 2020, the Company issued $575.0 million aggregate principal amount of 0.75% Convertible Senior Notes due 2025 (the 2025 Notes).The 2025 Notes were senior unsecured obligations of the Company, with interest payable semi-annually in arrears, at a rate of 0.75% per year.
The 2025 Notes were convertible at an initial conversion rate of 26.7187 shares of the Company's Class A common stock per $1,000 principal amount of the 2025 Notes, which was equivalent to an initial conversion price of approximately $37.43 per share, subject to adjustment upon the occurrence of specified events in accordance with the terms of the Indenture dated May 15, 2020 (the 2025 Indenture).
During the fiscal year ended December 31, 2023, the Company repurchased $123.0 million principal amount of the 2025 Notes (the 2025 Notes Repurchases) for approximately $172.7 million in cash, which resulted in a $50.3 million loss on extinguishment of debt. During the same fiscal year, the Company also settled conversions of
approximately $35.4 million aggregate principal amount of the 2025 Notes with a combination of cash equal to the aggregate principal amount of the converted 2025 Notes and the issuance of approximately 0.5 million shares of the Company's Class A common stock for the remainder of the conversion value in excess of the aggregate principal amount of the converted 2025 Notes.
There are no 2025 Notes currently outstanding as a result of these transactions above and past transactions which are not presented herein. Refer to Note 7 to the consolidated financial statements in Part II, Item 8 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for further information on the 2025 Notes.
2025 Capped Call Transactions
In connection with the offering of the 2025 Notes, the Company entered into privately-negotiated capped call option transactions (the 2025 Capped Calls) with certain financial institution counterparties. The 2025 Capped Calls each had an initial strike price of approximately $37.43 per share of the Company's Class A common stock, subject to certain adjustments, which corresponded to the initial conversion price of the 2025 Notes. The 2025 Capped Calls each had an initial cap price of $57.58 per share, subject to certain adjustments. The 2025 Capped Calls expired between March and May 2025 and were settled in accordance with their terms in May 2025.
In March 2025, the Company elected cash settlement for the 2025 Capped Calls. Upon the cash settlement elections, the 2025 Capped Calls no longer met the criteria for equity classification and were reclassified from additional paid-in capital to a derivative asset of $308.3 million on the Company's condensed consolidated balance sheet as of March 31, 2025. The derivative asset was included in prepaid expenses and other current assets. The Company used the Black-Scholes option-pricing model to determine the fair value of the derivative asset, with significant inputs being the expected term, risk free rate, volatility and the Company’s share price as of the valuation dates. Upon expiration of the 2025 Capped Calls in May 2025, the Company received $309.6 million in cash in connection with the settlements and recognized a gain of $1.3 million in other income (expense), net on the Company's condensed consolidated statement of operations.
The net carrying amounts of the Notes were as follows:
December 31, 2025December 31, 2024
2030 Notes2026 Notes2030 Notes2026 Notes
(in thousands)
Principal$2,000,000 $1,293,750 $— $1,293,750 
Unamortized debt issuance costs(25,880)(2,469)— (6,429)
Carrying amount, net$1,974,120 $1,291,281 $— $1,287,321 
The following tables set forth total interest expense recognized related to the Notes and 2025 Notes:
Year Ended December 31,
202520242023
2030 Notes2026 Notes2025 Notes2030 Notes2026 Notes2025 Notes2030 Notes2026 Notes2025 Notes
(in thousands)
Coupon interest expense$— $— $— $— $— $— $— $— $477 
Amortization of debt issuance costs3,110 3,960 — — 3,959 — — 3,960 559 
Total$3,110 $3,960 $— $— $3,959 $— $— $3,960 $1,036 
Revolving Credit Facility
In May 2024, the Company entered into a credit agreement with a syndicated group of lenders, that provides for a senior secured $400.0 million revolving credit facility (the Revolving Credit Facility), with a sublimit of $30.0 million available for the issuance of letters of credit and $30.0 million available for swingline borrowings. The credit agreement permits the Company to increase the commitments under the Revolving Credit Facility by an aggregate
principal amount of up to $150.0 million, subject to the satisfaction of certain conditions. The proceeds of the loans under the Revolving Credit Facility may be used for working capital and general corporate purposes.
The Company is required to pay a commitment fee on the daily unused amount of Revolving Credit Facility commitments ranging from 0.25% to 0.40% per annum, depending upon the Company’s total net leverage ratio. Borrowings under the credit agreement will bear interest, at the Company’s option, at either: (a) the alternate base rate, which is defined as a fluctuating rate per annum equal to the greatest of (i) the prime rate then in effect, (ii) the federal funds rate then in effect, plus 0.50% per annum, and (iii) an adjusted term SOFR rate determined on the basis of a one-month interest period plus 1.00%, in each case, plus a margin of between 0.75% and 1.50%; or (b) an adjusted term SOFR rate (based on one, three or six month interest periods, or, with the consent of each lender, twelve months or less than one month), plus a margin of between 1.75% and 2.50%. The applicable margin in each case is determined based on the Company’s total net leverage ratio. Interest is payable quarterly in arrears with respect to borrowings bearing interest at the alternate base rate or on the last day of an interest period, but at least every three months, with respect to borrowings bearing interest at the term SOFR rate.
The obligations under the Revolving Credit Facility are required to be guaranteed and secured by the Company's assets. The credit agreement contains customary affirmative and negative covenants, including financial covenants requiring the Company to maintain compliance with a maximum consolidated net leverage ratio, in each case, calculated in accordance with the terms of the credit agreement. During the three months ended June 30, 2025, in connection with the issuance of the 2030 Notes, the Company entered into an amendment to the credit agreement to amend the financial covenants.
The Revolving Credit Facility commitments terminate, and all outstanding loans are due and payable on May 17, 2029. However, the maturity date will automatically be accelerated to the date that is 91 days prior to the scheduled maturity date of the 2026 Notes or certain types of other convertible notes that may be issued in the future to refinance, exchange or replace the 2026 Notes, if (a) all or any portion of the 2026 Notes or such other convertible notes is outstanding with a maturity date within the date that is 91 days after May 17, 2029, and (b) the Company’s unrestricted cash plus borrowing availability under the revolving credit facility, as defined by the credit agreement, is less than 125% of the aggregate principal amount of the 2026 Notes or such other convertible notes then outstanding.
As of December 31, 2025, the Company was in compliance with all covenants under the credit agreement.
As of December 31, 2025, no loans were outstanding under the Revolving Credit Facility. Letters of credit issued under the credit agreement were not material as of December 31, 2025.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Non-cancelable Purchase Commitments
The Company enters into long-term non-cancelable agreements for the purchase of goods and services, including to purchase capacity, such as bandwidth and co-location space, for the Company’s global network. Refer to the table below for long-term bandwidth and co-location commitments under non-cancelable contracts with various networks and Internet service providers as of December 31, 2025. For the lease components of co-location agreements, refer to Note 6 to these consolidated financial statements.
Payments Due by Period as of December 31, 2025
Total20262027202820292030Thereafter
(in thousands)
Non-cancelable:
Open purchase agreements(1)
$65,019 $31,043 $19,697 $6,406 $2,437 $2,451 $2,985 
Bandwidth and other co-location related commitments(2)
179,357 61,507 54,761 34,139 18,591 9,472 887 
Other commitments(3)
10,821 9,364 1,457 — — — — 
Total$255,197 $101,914 $75,915 $40,545 $21,028 $11,923 $3,872 
(1)Open purchase commitments are for the purchase of services under non-cancelable contracts. They were not recorded as liabilities on the consolidated balance sheet as of December 31, 2025 as the Company had not yet received the related services.
(2)Long-term commitments for bandwidth usage and other co-location related commitments with various networks and Internet service providers. The costs for services not yet received were not recorded as liabilities on the consolidated balance sheet as of December 31, 2025.
(3)Indemnity holdback consideration associated with asset acquisitions and business combinations.
Legal Matters
From time to time the Company is a party to various legal proceedings that arise in the ordinary course of business. In addition, third parties may from time to time assert claims against the Company in the form of letters and other communications. Management currently believes that there is no pending or threatened legal proceeding to which the Company is a party that is likely to have a material adverse effect on the Company’s consolidated financial statements. However, the results of legal proceedings are inherently unpredictable and if an unfavorable ruling were to occur in any of the legal proceedings there exists the possibility of a material adverse effect on the Company’s financial position, results of operations, and cash flows.
The Company’s network and associated products are subject to various restrictions under U.S. export control and sanctions laws and regulations, including the U.S. Department of Commerce’s Export Administration Regulations (EAR) and various economic and trade sanctions regulations administered by the U.S. Department of the Treasury’s Office of Foreign Assets Controls (OFAC). The U.S. export control laws and U.S. economic sanctions laws include restrictions or prohibitions on the sale or supply of certain products and services to U.S. embargoed or sanctioned countries, governments, persons and entities and also require authorization for the export of certain encryption items. In addition, various countries regulate the import of certain encryption technology, including through import permitting and licensing requirements and have enacted or could enact laws that could limit the Company’s ability to distribute its products through its network.
Although the Company takes precautions to prevent its network and associated products from being accessed or used in violation of such laws, the Company may have inadvertently allowed its network and associated products to be accessed or used by some customers in apparent violation of U.S. economic sanctions laws, including by users in embargoed or sanctioned countries, and the Company may have exported or allowed the download of certain software prior to making required filings with the U.S. Department of Commerce’s Bureau of Industry and Security. As a result, the Company has submitted to OFAC and to the Bureau of Industry and Security a voluntary self-disclosure concerning potential violations, and the Company has submitted a voluntary self-disclosure to the Census Bureau regarding potential violations of the Foreign Trade Regulations related to some incorrect electronic export information statements to the U.S. government for certain hardware exports, which were authorized. The voluntary self-disclosure to the Census Bureau was completed with no penalties in November 2019, and the voluntary self-disclosure to the Bureau of Industry and Security was completed with no penalties in June 2020. The voluntary self-disclosure to OFAC remains under review. If the Company is found to be in violation of U.S. economic sanctions or export control laws, it could result in substantial fines and penalties for the Company and for the individuals working for the Company. The Company may also be adversely affected through other penalties, reputational harm, loss of access to certain markets or otherwise. No loss has been recognized in the consolidated financial statements for this loss contingency as it is not probable a loss has been incurred and the range of a possible loss is not yet estimable.
Guarantees and Indemnifications
If the Company's services do not meet certain service level commitments, its contracted customers and certain of its pay-as-you-go customers are entitled to receive service credits, and in certain cases, refunds, each representing a form of variable consideration. To date, the Company has not incurred any material costs as a result of such commitments.
The Company’s arrangements generally include certain provisions for indemnifying customers against liabilities if its products or services infringe a third-party’s intellectual property rights. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any liabilities related to such obligations in the consolidated financial statements.
The Company has also agreed to indemnify its directors, executive officers, and certain other employees for costs associated with any fees, expenses, judgments, fines, and settlement amounts incurred by them in any action or proceeding to which any of them are, or are threatened to be, made a party by reason of their service as a director or officer. The Company maintains director and officer insurance coverage that would generally enable it to recover a portion of any future amounts paid. The Company also may be subject to indemnification obligations by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions.
v3.25.4
Common Stock
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Common Stock Common Stock
The Company’s amended and restated certificate of incorporation authorizes the issuance of Class A common stock and Class B common stock. The holder of each share of Class A common stock is entitled to one vote per share, while the holder of each share of Class B common stock is entitled to 10 votes per share.
Holders of the Company’s Class A common stock and Class B common stock are entitled to dividends when, as and if, declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. Any dividends paid to the holders of the Class A common stock and Class B common stock will be paid on a pro rata basis. As of December 31, 2025 and 2024, the Company had not declared any dividends. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Shares of the Company's Class B common stock are convertible into an equivalent number of shares of the Company's Class A common stock and generally convert into shares of the Company's Class A common stock upon cessation of employment or transfer, except for certain transfers described in the Company's amended and restated certificate of incorporation. Class A common stock and Class B common stock are referred to, collectively, as common stock throughout the notes to these consolidated financial statements, unless otherwise indicated.
Common Stock Reserved for Future Issuance
Shares of common stock reserved for future issuance, on an as-if converted basis, are as follows:
December 31,
20252024
(in thousands)
2026 Notes10,311 10,311 
2030 Notes
11,709 — 
Stock options issued and outstanding5,661 8,847 
Remaining shares available for issuance under the 2019 Plan
84,220 69,012 
Outstanding and unsettled RSUs and PSUs
10,331 11,879 
Shares available for issuance under the ESPP20,074 16,893 
Total shares of common stock reserved142,306 116,942 
v3.25.4
Stock-based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
Equity Incentive Plans
The Company's 2019 Equity Incentive Plan (2019 Plan) provides for the granting of stock options, restricted stock, RSUs, stock appreciation rights, performance shares, PSUs, and performance awards for the Company's Class A common stock to the Company's employees, directors, and consultants. The maximum number of shares of Class A common stock that may be issued under the 2019 Plan will not exceed 66,661,953 shares of the Company's Class A common stock. Stock-based awards under the 2019 Plan that expire or are forfeited, canceled, or repurchased generally are returned to the pool of shares of Class A common stock available for issuance under the 2019 Plan. In addition, the number of shares of the Company's Class A common stock reserved for issuance under the 2019 Plan will automatically increase on January 1 of each calendar year through January 1, 2029, in an amount equal to the least of (i) 29,335,000 shares, (ii) 5% of the total number of shares of Class A and Class B common stock outstanding on December 31 of the fiscal year before the date of each automatic increase, or (iii) a lesser number of
shares determined by the compensation committee of the Company's Board of Directors prior to the applicable January 1.
The 2010 Plan was terminated prior to the effectiveness of the 2019 Plan and the Company ceased granting any additional awards under the 2010 Plan. All outstanding awards under the 2010 Plan at the time of the termination of the 2010 Plan remain subject to the terms of the 2010 Plan, and any shares underlying stock options that expire or terminate or are forfeited or repurchased by the Company under the 2010 Plan will be automatically transferred to the 2019 Plan.
Stock Options
Under the 2010 Plan and 2019 Plan, at exercise, stock option awards entitle the holder to receive one share of Class B or Class A common stock, in the case of the 2010 Plan, or one share of Class A common stock, in the case of the 2019 Plan. The stock options granted under the 2010 Plan and the 2019 Plan generally vest over a four-year period subject to remaining continuously employed and expire no more than 10 years from the date of grant. The following table summarizes the stock options activity under the 2010 Plan and 2019 Plan during the periods presented:
Stock Options Outstanding
(in thousands, except year and per share data)
Shares Subject
to Options
Outstanding		Weighted-
Average
Exercise Price
per Option		Weighted-
Average
Remaining
Contractual
Terms (in years)		Aggregate
Intrinsic Value
Balances as of December 31, 202215,886 $34.21 6.3$451,782 
Options granted1,290 $51.21 
Options exercised(2,989)$4.96 $171,225 
Options canceled/forfeited/expired(1,664)$62.62 
Balances as of December 31, 202312,523 $21.03 5.7$787,633 
Options granted625 $81.45 
Options exercised(2,984)$4.33 $257,941 
Options canceled/forfeited/expired(1,317)$48.00 
Balances as of December 31, 20248,847 $26.91 5.1$720,364 
Options granted 207 $142.36 
Options exercised (2,342)$14.15 $383,926 
Options canceled/forfeited/expired (1,051)$53.03 
Balances as of December 31, 20255,661 $31.56 4.5$937,438 
Vested and expected to vest as of December 31, 20255,661 $31.56 4.5$937,438 
Exercisable as of December 31, 20253,117 $10.16 2.5$582,861 
The aggregate intrinsic value is the difference between the exercise price of the option and the estimated fair value of the underlying common stock. There were no options exercisable and unvested as of December 31, 2025 and December 31, 2024.
The total grant date fair value for vested options in the years ended December 31, 2025, 2024, and 2023 was $2.7 million, $7.8 million, and $15.5 million, respectively.
The Company has granted to certain executive officers and other key employees 10-year stock options with market conditions that vest and become exercisable to purchase shares of the Company's Class A common stock if the Company achieves certain stock price milestones and the employee continues to provide services to the Company through the applicable vesting dates (the Performance Options). The Performance Options were granted under the 2019 Plan. As of December 31, 2025, there were approximately 2.5 million outstanding Performance Options.
The weighted-average assumptions used to determine the fair value of the Performance Options during the periods presented were as follows:
Year ended December 31,
202520242023
Expected term (in years)10.010.010.0
Expected volatility61.0 %60.6 %63.7 %
Risk-free interest rate4.5 %4.2 %3.9 %
Dividend yield— — — 
The weighted-average grant date fair value per share of the Performance Options granted for the years ended December 31, 2025, 2024, and 2023 was $94.04, $52.09, and $52.13, respectively.
The Company recorded a reversal of stock-based compensation expense of $25.9 million during the year ended December 31, 2025 due to forfeitures of the Performance Options upon key employee departures. The total stock-based compensation expense for the Performance Options for the years ended December 31, 2025, 2024, and 2023 were $20.6 million, $32.7 million, and $33.5 million, respectively. As of December 31, 2025, there was $70.0 million of unrecognized stock-based compensation expense related to the Performance Options that is expected to be recognized over a weighted-average period of 3.1 years.
Restricted Stock Units and Performance Stock Units
RSUs granted under the 2010 Plan generally vest upon the satisfaction of both a service-based vesting condition and a performance vesting condition. RSUs granted under the 2019 Plan generally vest upon the satisfaction of a service-based vesting condition. The service-based vesting condition for employees under both the 2010 Plan and the 2019 Plan is typically satisfied over a four-year period, subject to remaining continuously employed.
All PSUs granted under the 2019 Plan on or before December 31, 2025 will vest upon the achievement of financial performance or market conditions, subject to continued service through the applicable vesting dates.
On February 5, 2025, the Company’s Board of Directors granted to the Company’s CEO and President (each, a Co-Founder) an aggregate of 350,220 PSUs with market conditions that vest if the Company achieves certain stock price milestones and the Co-Founders, individually, continue to provide service to the Company through the applicable vesting dates.
The weighted average assumptions used to determine the fair value of the Co-Founder PSUs with market conditions were as follows:
2025
Expected term (in years)7.0
Expected volatility64.7 %
Risk-free interest rate4.3 %
Dividend yield— 
RSU and PSU activity under the 2019 Plan and the 2010 Plan for the year ended December 31, 2025 was as follows:
RSUs and PSUs
Weighted-Average
Grant
Date Fair Value
(in thousands, except per share data)
Unvested and outstanding as of December 31, 20229,580 $61.14 
Granted - RSUs6,428 $62.24 
Vested - RSUs(3,689)$56.75 
Forfeited - RSUs(1,161)$65.87 
Unvested as of December 31, 202310,894 $65.93 
Vested and not yet released— $— 
Outstanding as of December 31, 202310,894 $65.93 
Granted - RSUs and PSUs7,460 $89.17 
Vested - RSUs(4,226)$69.43 
Forfeited - RSUs(2,267)$65.56 
Unvested as of December 31, 2024
11,861 $79.37 
Vested and not yet released18 $57.66 
Outstanding as of December 31, 2024
11,879 $79.34 
Granted - RSUs and PSUs4,884 $144.32 
Vested - RSUs and PSUs(4,665)$84.77 
Forfeited - RSUs and PSUs(1,750)$84.07 
Unvested as of December 31, 2025
10,330 $106.84 
Vested and not yet released1 $68.12 
Outstanding as of December 31, 2025
10,331 $106.84 
The total grant date fair value for vested RSUs and PSUs were $395.5 million, $293.4 million, and $209.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. The total stock-based compensation expense for RSUs and PSUs were $430.8 million, $300.0 million, and $219.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the total unrecognized stock-based compensation expense related to RSUs and PSUs was $967.9 million that is expected to be recognized over a weighted-average period of 3.0 years. The number of PSUs granted during the years ended December 31, 2025 and 2024 were not material. The total stock-based compensation expense for PSUs was $17.2 million and not material for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, the total unrecognized stock-based compensation related to PSUs with market conditions was $24.3 million and is expected to be recognized over a weighted-average period of 2.2 years.
2019 Employee Stock Purchase Plan
The ESPP allows eligible employees to purchase shares of the Company's Class A common stock through payroll deductions up to 10% of their eligible compensation and provides six-month offering periods beginning in November and May of each year with identical purchase periods. Class A common stock will be purchased for the accounts of employees participating in the ESPP at a price per share that is the lesser of (1) 85% of the fair market value of a share of the Company's Class A common stock on the first date of an offering period, or (2) 85% of the fair market value of a share of the Company's Class A common stock on the date of purchase. The number of shares of Class A common stock reserved for issuance includes an annual increase on the first day of each fiscal year by the least of (1) 5,870,000 shares of Class A common stock, (2) 1% of the total number of shares of Class A and Class B common stock outstanding on December 31 of the fiscal year before the date of each automatic increase; or (3) such lesser amount as the compensation committee of the Company's Board of Directors may determine prior to the applicable January 1.
During the years ended December 31, 2025 and 2024, respectively, 267,068 and 326,515 shares of Class A common stock were purchased under the ESPP. As of December 31, 2025, the total unrecognized stock-based compensation expense related to the ESPP was $4.0 million and is expected to be recognized over a weighted-average period of 0.4 years.
The weighted-average assumptions used to determine the fair value of the ESPP during the periods presented were as follows:
Year ended December 31,
202520242023
Expected term (in years)0.50.50.5
Risk-free interest rate4.1%4.9%5.2%
Expected volatility52.0%46.7%68.9%
Dividend yield— — — 
Stock-based Compensation Expense
The following table sets forth the total stock-based compensation expense included in the Company’s consolidated statements of operations:
Year Ended December 31,
202520242023
(in thousands)
Cost of revenue$13,043 $10,911 $7,967 
Sales and marketing127,868 91,464 73,682 
Research and development156,140 143,589 132,417 
General and administrative154,403 92,497 59,923 
Total stock-based compensation expense$451,454 $338,461 $273,989 
v3.25.4
Net Loss per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Loss per Share Attributable to Common Stockholders Net Loss per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:

Year Ended December 31,

202520242023
Class AClass BClass AClass BClass AClass B
(in thousands, except per share data)
Net loss attributable to common stockholders
$(91,779)$(10,488)$(69,975)$(8,825)$(161,296)$(22,653)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
312,687 35,734 303,175 38,236 292,568 41,088 
Net loss per share attributable to common stockholders, basic and diluted
$(0.29)$(0.29)$(0.23)$(0.23)$(0.55)$(0.55)
Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential common shares outstanding would have been antidilutive. The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:
December 31,
202520242023
(in thousands)
2026 Notes6,762 6,762 6,762 
2030 Notes8,075 — — 
Shares subject to repurchase
— — 38 
Unexercised stock options
5,661 8,847 12,523 
Outstanding RSUs and PSUs
10,331 11,481 10,932 
Shares issuable pursuant to the ESPP86 173 189 
Total
30,915 27,263 30,444 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the Company's loss before income taxes for the years ended December 31, 2025, 2024, and 2023 were as follows:
Year Ended December 31,
202520242023
(in thousands)
Domestic$(143,442)$(125,307)$(210,547)
Foreign50,736 54,436 32,685 
Total loss before income taxes$(92,706)$(70,871)$(177,862)
The components of the Company's provision for (benefit from) income taxes for the years ended December 31, 2025, 2024, and 2023 were as follows:
Year Ended December 31,
202520242023
(in thousands)
Current expense:
Federal$3,012 $1,681 $513 
State308 142 324 
Foreign4,908 3,995 2,986 
Total current provision for income taxes$8,228 $5,818 $3,823 
Deferred expense (benefit):
Federal$(1,503)$(1,205)$— 
State(563)(235)— 
Foreign3,399 3,551 2,264 
Total deferred provision for income taxes
$1,333 $2,111 $2,264 
Total provision for (benefit from) income taxes
Federal
$1,509 $476 $513 
State
(255)(93)324 
Foreign
8,307 7,546 5,250 
Total provision for income taxes$9,561 $7,929 $6,087 
A reconciliation of the U.S. federal statutory rate to the Company's effective tax rate under the requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
Year Ended December 31,
2025
(in thousands)
U.S. federal statutory income tax rate$(19,468)21.0 %
State income taxes, net of federal tax benefits(1)
(154)0.2 %
Foreign tax effects
United Kingdom
Stock-based and employee compensation
(16,151)17.4 %
Changes in valuation allowances
15,071 (16.3)%
Deferred remeasurement
(3,856)4.1 %
Other
1,766 (1.9)%
Portugal
Research and development tax credits
(1,566)1.7 %
Other
(165)0.2 %
Brazil
1,245 (1.3)%
Other foreign jurisdictions
3,672 (4.0)%
Federal
Tax credits
Research and development tax credits
(18,178)19.6 %
Changes in valuation allowances139,326 (150.3)%
Nontaxable or nondeductible items
Stock-based and employee compensation
(98,134)105.9 %
Other
1,089 (1.2)%
Other adjustments
(167)0.2 %
Changes in unrecognized tax benefits5,231 (5.6)%
Total provision for income taxes
$9,561 (10.3)%
(1) State tax benefits in California made up the majority (greater than 50%) of the tax effect in this category.
A reconciliation of the U.S. federal statutory rate to the Company's effective tax rate for the years ended December 31, 2024 and 2023 is as follows:
Year Ended December 31,
20242023
Expected benefit at U.S. federal statutory rate21.0 %21.0 %
State income taxes, net of federal tax benefits0.1 (0.1)
Foreign income or losses taxed at different rates5.9 1.0 
Stock-based compensation60.8 12.4 
Non-deductible compensation
(9.4)(0.9)
Change in valuation allowance(84.8)(30.6)
Withholding taxes(2.3)(0.3)
Gain/loss on convertible senior notes
— (5.1)
Miscellaneous permanent items(2.4)(0.8)
Total provision for income taxes
(11.1)%(3.4)%
A summary of income taxes paid, net of refunds, for the year ended December 31, 2025 is as follows:
Year Ended December 31,
2025
(in thousands)
U.S. State and local
$147 
Foreign
7,620 
Total cash paid during the period for income taxes, net of refunds
$7,767 

Individual jurisdictions equaling 5% or more of the total income taxes paid, net of refunds, for the tax year ended December 31, 2025 include Brazil at $1.2 million, Singapore at $1.0 million, India at $0.9 million, Australia at $0.7 million, France at $0.5 million, Germany at $0.5 million, and Canada at $0.4 million.

The components of the Company's deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:
Year Ended December 31,
20252024
(in thousands)
Deferred tax assets:
Net operating loss carryforwards$519,271 $442,764 
Tax credit carryforwards92,528 74,866 
Capitalized research and development expenditures189,171 109,623 
Operating lease liabilities59,410 43,135 
Stock-based compensation43,725 42,101 
Accrued expenses and reserves6,551 5,812 
Capitalized contract expenditures46,473 8,664 
Other10,145 1,542 
Gross deferred tax assets967,274 728,507 
Valuation allowance(822,141)(630,590)
Total deferred tax assets$145,133 $97,917 
Deferred tax liabilities:
Right-of-use assets(56,430)(40,579)
Deferred commissions(53,694)(42,483)
Capitalized internal-use software(9,238)(4,570)
Depreciation and amortization(40,430)(21,849)
Other— (38)
Total deferred tax liabilities$(159,792)$(109,519)
Net deferred tax liabilities
$(14,659)$(11,602)
In determining the need for a valuation allowance, the Company weighs both positive and negative evidence in the various jurisdictions in which it operates to determine whether it is more likely than not that its deferred tax assets are realizable. A full valuation allowance has been established in the United States and United Kingdom and no deferred tax assets and related tax benefits have been recognized in the consolidated financial statements. There is no valuation allowance associated with any other jurisdiction as of December 31, 2025.

The worldwide valuation allowance as of December 31, 2025 and 2024 was $822.1 million and $630.6 million, respectively. The net change in the worldwide valuation allowance for the years ended December 31, 2025, 2024, and 2023 was an increase of $191.5 million, an increase of $78.4 million, and an increase of $74.6 million, respectively. The increase in the Company’s valuation allowance compared to the prior year was primarily due to an increase in taxable losses generated in the United States and United Kingdom and the capitalization and amortization of research and development expenses.
As of December 31, 2025, the Company had federal and state net operating loss carryforwards of $1,859.1 million and $988.3 million, which begin to expire in 2029 and 2027, respectively. As of December 31, 2025, the Company had U.K. net operating loss carryforwards of $269.8 million that can be carried forward indefinitely.
As of December 31, 2025, the Company had research and development tax credit carryforwards for federal and state purposes of $91.6 million and $42.2 million, which begin to expire in 2029 and 2039, respectively.

As of December 31, 2025 the Company had foreign tax credit carryforwards for federal income tax purposes of $0.3 million, which will expire, if not utilized, in 2026.
Utilization of net operating losses and tax credit carryforwards may be subject to substantial annual limitations due to the ownership change limitations provided by Section 382 of the Internal Revenue Code and similar state provisions. Such a limitation could result in the expiration of the net operating loss carryforwards and tax credits before utilization.
On July 4, 2025, the United States signed into law the One Big Beautiful Bill Act (OBBBA), which, among other provisions, makes permanent the immediate expensing of domestic research and development expenditures, reinstates 100% bonus depreciation for certain qualified property, and modifies the international tax framework. The enactment of OBBBA resulted in an immaterial impact on the income tax provision due to the Company’s full valuation allowance in the United States.
A reconciliation of the beginning and ending amount of the Company's total gross unrecognized tax benefits was as follows:
Year Ended December 31,
202520242023
(in thousands)
Balance as of the beginning of the period$33,014 $29,039 $23,940 
Increases for tax positions related to the prior year732 268 590 
Decreases for tax positions related to the prior year(473)(1,232)(243)
Additions for tax positions related to the current year8,969 4,939 4,752 
Balance as of the end of the period$42,242 $33,014 $29,039 
The Company classifies uncertain tax positions as non-current income tax liabilities unless expected to be paid within one year or otherwise directly related to an existing deferred tax asset, in which case the asset is recorded net of the uncertain tax position on the consolidated balance sheet. As of December 31, 2025, $0.9 million of the Company’s gross unrecognized tax benefits, if recognized, would affect the effective tax rate and $41.3 million would result in an adjustment to deferred tax assets with corresponding adjustments to valuation allowance.
The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company did not recognize any income tax expense related to interest and penalties in the years ended December 31, 2025, 2024, and 2023, respectively.
The Company currently considers its significant tax jurisdictions to include the United States, Portugal, and the United Kingdom. Because of the net operating loss carryforwards, substantially all of the Company’s tax years remain open to U.S. federal and state tax examination. The Company’s foreign tax returns are open to audit under the statutes of limitations of the respective foreign countries in which the subsidiaries are located.
The Company generally does not provide deferred income taxes for the undistributed earnings of its foreign subsidiaries where the Company intends to reinvest such earnings indefinitely. Should circumstances change and it becomes apparent that some or all of the undistributed earnings will no longer be indefinitely reinvested, the Company will accrue for income taxes not previously recognized, where applicable.
v3.25.4
Business Combinations
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
Replicate

On December 1, 2025, the Company acquired all of the outstanding shares of Replicate, a company that has developed an artificial intelligence (AI) platform that enables developers to deploy and run AI models, for a total purchase cash consideration of $57.4 million. The total purchase consideration included (i) acquisition-date cash payments of $44.4 million, net of $3.6 million of cash acquired, (ii) holdbacks of $9.5 million, mainly comprised of an indemnity holdback, and (iii) unpaid liabilities of $3.5 million, which the Company assumed at the acquisition date. The holdbacks are subject to retention periods of 5 to 36 months, with the indemnity holdback being retained for up to 12 months.

The transaction-related costs for the acquisition were not material and are included in general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2025.

The fair values of assets acquired and liabilities assumed on the acquisition date are summarized as follows (in thousands):

Accounts receivable, net
$129 
Contract assets
2,456 
Prepaid expenses and other current assets
410 
Goodwill
46,588 
Acquired intangible assets, net
27,700 
Operating lease right-of-use assets
766 
Other noncurrent assets50 
Total assets acquired78,099 
Accounts payable
(1,068)
Accrued expense and other current liabilities
(13,690)
Accrued compensation
(22)
Operating lease liabilities
(30)
Deferred Revenue
(1,620)
Operating lease liabilities, noncurrent
(736)
Other noncurrent liabilities(3,574)
Total purchase price$57,359 

The acquired assets and assumed liabilities were recorded at their estimated fair values. The acquired intangible assets of $27.7 million consists primarily of $22.0 million of acquired developed technology with an estimated useful life of two years. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, none of which is expected to be deductible for tax purposes. Goodwill is primarily attributable to the assembled workforce as well as the anticipated synergies from the integration of Replicate's technology with the Company's technology.

This acquisition did not have a material impact on the Company’s consolidated financial statements; therefore, historical and pro forma disclosures have not been presented.

Kivera

On October 7, 2024, the Company acquired all of the outstanding shares of Kivera, a company that has developed cloud security, data protection, and compliance technology, for a total purchase consideration of $28.0 million. The total purchase consideration included (i) acquisition-date cash payments of $23.1 million, (ii) a cash holdback of $4.5 million, of which the Company is retaining 50% for up to 12 months and the remaining 50% for up to 24 months and will be payable to the previous owners of Kivera, subject to offset by the Company for any of the previous owners’ indemnification obligations in connection with the acquisition, and (iii) an adjustment holdback of $0.5
million, which the Company is retaining for up to four months and will be payable to the previous owners of Kivera, subject to the final purchase price adjustment.

The transaction-related costs for the acquisition were not material and are included in general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2024.

The fair values of assets acquired and liabilities assumed on the acquisition date are summarized as follows (in thousands):

Developed technology$5,700 
Goodwill23,864 
Total assets acquired29,564 
Other noncurrent liabilities(1,588)
Total purchase price$27,976 

The acquired assets and assumed liabilities were recorded at their estimated fair values. The estimated useful life for the acquired developed technology is two years. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, none of which is expected to be deductible for tax purposes. Goodwill is primarily attributable to the assembled workforce as well as the anticipated synergies from the integration of Kivera's technology with the Company's technology.

This acquisition did not have a material impact on the Company’s consolidated financial statements; therefore, historical and pro forma disclosures have not been presented.
v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company’s chief operating decision maker (CODM) is its CEO, President, and CFO, collectively. The Company has no segment managers who are held accountable by the CODM for operations, operating results, and planning for levels or components below the consolidated unit level. Accordingly, the Company has determined it has a single operating segment.
The CODM uses consolidated net loss for purposes of allocating resources and evaluating financial performance, including monitoring actual results versus historical periods. Adjusted cost of revenue, adjusted sales and marketing, adjusted research and development and adjusted general and administrative expenses are considered significant segment expenses that are regularly provided to the CODM and included within consolidated net loss. The measure of segment assets is the total assets on the Company’s consolidated balance sheets. Capital expenditures are reported on a consolidated basis on the Company’s consolidated statements of cash flows. The following table includes the Company's segment revenue, significant segment expenses, and other segment items to reconcile to net loss:
Year Ended December 31,
202520242023
Revenue$2,167,937 $1,669,626 $1,296,745 
Less:
Adjusted cost of revenue(1)
(524,748)(356,021)(280,943)
Adjusted sales and marketing expense(1)
(781,143)(633,365)(520,106)
Adjusted research and development expense(1)
(337,867)(269,438)(218,069)
Adjusted general and administrative expense(1)
(220,328)(180,691)(155,610)
Other segment items(2)
(406,118)(308,911)(305,966)
Net loss$(102,267)$(78,800)$(183,949)
(1) Cost of revenue, sales and marketing expense, research and development expense and general and administrative expense in the consolidated statements of operations are adjusted to exclude stock-based compensation and related employer payroll taxes, amortization of acquired intangible assets, acquisition-related and other expenses, lease impairment charges, and legal reserve and settlements during the years ended December 31, 2025, 2024, and 2023, and a one-time compensation charge during the three months ended March 31, 2024.
(2) Other segment items include the adjustments described in the notes above, as well as interest income, interest expense, loss on extinguishment of debt, other income (expense), net and provision for income taxes in the consolidated statements of operations.
Refer to Note 3 to these consolidated financial statements for revenue by geography.
The Company’s property and equipment, net, by geographic area were as follows:
December 31,
20252024
(in thousands)
United States$298,256 $233,818 
Rest of the world320,435 233,602 
Total property and equipment, net$618,691 $467,420 
No single country other than the United States accounted for more than 10% of total property and equipment, net as of December 31, 2025 and 2024.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Thomas Seifert [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On November 20, 2025, Thomas Seifert, our Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of up to 187,841 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until March 17, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Thomas Seifert
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 20, 2025
Expiration Date March 17, 2027
Arrangement Duration 482 days
Aggregate Available 187,841
Janel Riley [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On November 24, 2025, Janel Riley, our Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of up to 29,999 shares of our Class A common stock, plus an amount of shares of Class A common stock determined, net of taxes, following the vesting and settlement of RSUs. The number of shares to be withheld, and therefore the exact number of shares to be sold pursuant to Ms. Riley’s trading arrangement can only be determined upon the occurrence of the future vesting events. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until March 3, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Janel Riley
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 24, 2025
Expiration Date March 3, 2027
Arrangement Duration 464 days
Aggregate Available 29,999
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]
We regularly face cybersecurity threats from malicious third parties that could obtain unauthorized access to our internal systems, networks, and data, including the equipment at our network and core co-location facilities. It is virtually impossible for us to entirely mitigate the risk of these and other security threats we face, and the security, performance, and reliability of our network and products has been in the past, and may be in the future, disrupted by third parties, including nation-states, competitors, hackers, disgruntled employees, former employees, or contractors. While we have implemented security measures internally and have integrated security measures into our systems, network, and products, these measures have not always functioned as expected and have not always detected or prevented all unauthorized activity, prevented all security breaches or incidents, mitigated all security breaches or incidents, or protected against all attacks or incidents. We have experienced breaches of, and unauthorized access to, our internal systems in the past and we believe such breaches and unauthorized access and other incidents may happen again in the future. As of the date of the filing of this Annual Report on Form 10-K, we do not believe these risks from cybersecurity threats, including the results of prior cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, but there can be no guarantee that we will not experience such a security breach or incident in the future. Refer to Part 1, Item 1A “Risk Factors” of this Annual Report on Form 10-K for additional information regarding cybersecurity risks related to our systems, products, and network.
Particularly in light of the extensive cybersecurity risks facing our company and the fact that we provide cybersecurity products to our customers, we recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to protect our internal systems, our global network, and our customers’ data. We have established a multi-layered approach to manage our cybersecurity risks with preventative and detective capabilities enabled in our network and internal systems that are designed to protect against cyber threats. This approach to cybersecurity includes, among other things, annual and periodic enterprise-wide risk assessments; ongoing collaboration with our product and engineering teams for the purpose of securing our products, systems, data, and global network; a vulnerability management program focused on proactively identifying, triaging and mitigating security vulnerabilities within our systems, network and data through ongoing testing, penetration tests and other simulations; regularly required security training for all employees; and a comprehensive incident response process to identify, contain, and remediate cybersecurity incidents. We also engage with external cybersecurity assessors and consultants in evaluating and testing our risk management systems. These processes are integrated into our overall risk management systems and processes to promote a company-wide culture of cybersecurity risk management.
We are aware of the risks associated with engaging third-party service providers, so we have implemented processes to oversee and manage these risks. We conduct security assessments of third-party providers who may have access to sensitive information before engagement and maintain ongoing monitoring of their compliance with our cybersecurity standards. The monitoring includes periodic reviews conducted by our security team. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third parties.
Cybersecurity Risk Management Processes Integrated [Flag] false
Cybersecurity Risk Management Processes Integrated [Text Block]
Particularly in light of the extensive cybersecurity risks facing our company and the fact that we provide cybersecurity products to our customers, we recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to protect our internal systems, our global network, and our customers’ data. We have established a multi-layered approach to manage our cybersecurity risks with preventative and detective capabilities enabled in our network and internal systems that are designed to protect against cyber threats. This approach to cybersecurity includes, among other things, annual and periodic enterprise-wide risk assessments; ongoing collaboration with our product and engineering teams for the purpose of securing our products, systems, data, and global network; a vulnerability management program focused on proactively identifying, triaging and mitigating security vulnerabilities within our systems, network and data through ongoing testing, penetration tests and other simulations; regularly required security training for all employees; and a comprehensive incident response process to identify, contain, and remediate cybersecurity incidents. We also engage with external cybersecurity assessors and consultants in evaluating and testing our risk management systems. These processes are integrated into our overall risk management systems and processes to promote a company-wide culture of cybersecurity risk management.
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, including through its audit committee, oversees our enterprise risk management processes, including our cybersecurity risk exposure and the steps management has taken to monitor, control, and address such exposure. The audit committee regularly reviews and discusses with our senior management, our internal audit team, and our independent auditor, our policies and processes designed to identify, monitor, and address enterprise risks, including risks from cybersecurity threats and incidents. This oversight and review of our risks from cybersecurity threats includes, among other things, our SVP, Chief Security Officer (CSO) providing regular quarterly briefings to our Board of Directors regarding cybersecurity threats, processes for preventing and/or addressing current threats, ongoing cybersecurity initiatives and strategy and regulatory compliance; our internal audit team reporting on a quarterly basis to the audit committee regarding cybersecurity and other enterprise risk management efforts and related audits and management action plans to mitigate risks by internal audits; and
periodic other updates to our Board of Directors by our CEO and CSO in the event of specific critical cybersecurity threats.
Our CSO, who reports regularly and directly to our CEO, has primary responsibility for assessing, monitoring and managing our cybersecurity risks, including the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CSO, who joined us in 2023, has over 20 years of experience assessing and managing cybersecurity programs and cybersecurity risk at a number of different companies. Our internal security leadership team that reports to our CSO regularly communicates and meets to discuss cybersecurity threats and risk management, the effectiveness of our internal security programs, and cybersecurity emerging trends, risks, and incidents that may require increased focus. In addition, our internal audit team regularly reviews cybersecurity risks with our security team as part of our ongoing enterprise risk management program and conducts internal audits on various areas of cybersecurity risk. In addition, our CEO chairs an internal compliance committee that includes our CSO and other members of our security team and meets at least quarterly to review compliance with various laws, rules, and regulations applicable to our company, including with respect to cybersecurity matters.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board of Directors, including through its audit committee, oversees our enterprise risk management processes, including our cybersecurity risk exposure and the steps management has taken to monitor, control, and address such exposure. The audit committee regularly reviews and discusses with our senior management, our internal audit team, and our independent auditor, our policies and processes designed to identify, monitor, and address enterprise risks, including risks from cybersecurity threats and incidents. This oversight and review of our risks from cybersecurity threats includes, among other things, our SVP, Chief Security Officer (CSO) providing regular quarterly briefings to our Board of Directors regarding cybersecurity threats, processes for preventing and/or addressing current threats, ongoing cybersecurity initiatives and strategy and regulatory compliance; our internal audit team reporting on a quarterly basis to the audit committee regarding cybersecurity and other enterprise risk management efforts and related audits and management action plans to mitigate risks by internal audits; and
periodic other updates to our Board of Directors by our CEO and CSO in the event of specific critical cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] our SVP, Chief Security Officer (CSO) providing regular quarterly briefings to our Board of Directors regarding cybersecurity threats, processes for preventing and/or addressing current threats, ongoing cybersecurity initiatives and strategy and regulatory compliance; our internal audit team reporting on a quarterly basis to the audit committee regarding cybersecurity and other enterprise risk management efforts and related audits and management action plans to mitigate risks by internal audits; and
periodic other updates to our Board of Directors by our CEO and CSO in the event of specific critical cybersecurity threats.
Cybersecurity Risk Role of Management [Text Block] The audit committee regularly reviews and discusses with our senior management, our internal audit team, and our independent auditor, our policies and processes designed to identify, monitor, and address enterprise risks, including risks from cybersecurity threats and incidents. This oversight and review of our risks from cybersecurity threats includes, among other things, our SVP, Chief Security Officer (CSO) providing regular quarterly briefings to our Board of Directors regarding cybersecurity threats, processes for preventing and/or addressing current threats, ongoing cybersecurity initiatives and strategy and regulatory compliance; our internal audit team reporting on a quarterly basis to the audit committee regarding cybersecurity and other enterprise risk management efforts and related audits and management action plans to mitigate risks by internal audits; and
periodic other updates to our Board of Directors by our CEO and CSO in the event of specific critical cybersecurity threats.
Our CSO, who reports regularly and directly to our CEO, has primary responsibility for assessing, monitoring and managing our cybersecurity risks, including the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CSO, who joined us in 2023, has over 20 years of experience assessing and managing cybersecurity programs and cybersecurity risk at a number of different companies. Our internal security leadership team that reports to our CSO regularly communicates and meets to discuss cybersecurity threats and risk management, the effectiveness of our internal security programs, and cybersecurity emerging trends, risks, and incidents that may require increased focus. In addition, our internal audit team regularly reviews cybersecurity risks with our security team as part of our ongoing enterprise risk management program and conducts internal audits on various areas of cybersecurity risk. In addition, our CEO chairs an internal compliance committee that includes our CSO and other members of our security team and meets at least quarterly to review compliance with various laws, rules, and regulations applicable to our company, including with respect to cybersecurity matters.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Board of Directors, including through its audit committee, oversees our enterprise risk management processes, including our cybersecurity risk exposure and the steps management has taken to monitor, control, and address such exposure. The audit committee regularly reviews and discusses with our senior management, our internal audit team, and our independent auditor, our policies and processes designed to identify, monitor, and address enterprise risks, including risks from cybersecurity threats and incidents. This oversight and review of our risks from cybersecurity threats includes, among other things, our SVP, Chief Security Officer (CSO) providing regular quarterly briefings to our Board of Directors regarding cybersecurity threats, processes for preventing and/or addressing current threats, ongoing cybersecurity initiatives and strategy and regulatory compliance; our internal audit team reporting on a quarterly basis to the audit committee regarding cybersecurity and other enterprise risk management efforts and related audits and management action plans to mitigate risks by internal audits; and
periodic other updates to our Board of Directors by our CEO and CSO in the event of specific critical cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our CSO, who reports regularly and directly to our CEO, has primary responsibility for assessing, monitoring and managing our cybersecurity risks, including the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CSO, who joined us in 2023, has over 20 years of experience assessing and managing cybersecurity programs and cybersecurity risk at a number of different companies. Our internal security leadership team that reports to our CSO regularly communicates and meets to discuss cybersecurity threats and risk management, the effectiveness of our internal security programs, and cybersecurity emerging trends, risks, and incidents that may require increased focus. In addition, our internal audit team regularly reviews cybersecurity risks with our security team as part of our ongoing enterprise risk management program and conducts internal audits on various areas of cybersecurity risk. In addition, our CEO chairs an internal compliance committee that includes our CSO and other members of our security team and meets at least quarterly to review compliance with various laws, rules, and regulations applicable to our company, including with respect to cybersecurity matters.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The audit committee regularly reviews and discusses with our senior management, our internal audit team, and our independent auditor, our policies and processes designed to identify, monitor, and address enterprise risks, including risks from cybersecurity threats and incidents. This oversight and review of our risks from cybersecurity threats includes, among other things, our SVP, Chief Security Officer (CSO) providing regular quarterly briefings to our Board of Directors regarding cybersecurity threats, processes for preventing and/or addressing current threats, ongoing cybersecurity initiatives and strategy and regulatory compliance; our internal audit team reporting on a quarterly basis to the audit committee regarding cybersecurity and other enterprise risk management efforts and related audits and management action plans to mitigate risks by internal audits; and
periodic other updates to our Board of Directors by our CEO and CSO in the event of specific critical cybersecurity threats.
Our CSO, who reports regularly and directly to our CEO, has primary responsibility for assessing, monitoring and managing our cybersecurity risks, including the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CSO, who joined us in 2023, has over 20 years of experience assessing and managing cybersecurity programs and cybersecurity risk at a number of different companies. Our internal security leadership team that reports to our CSO regularly communicates and meets to discuss cybersecurity threats and risk management, the effectiveness of our internal security programs, and cybersecurity emerging trends, risks, and incidents that may require increased focus. In addition, our internal audit team regularly reviews cybersecurity risks with our security team as part of our ongoing enterprise risk management program and conducts internal audits on various areas of cybersecurity risk. In addition, our CEO chairs an internal compliance committee that includes our CSO and other members of our security team and meets at least quarterly to review compliance with various laws, rules, and regulations applicable to our company, including with respect to cybersecurity matters.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation Basis of PresentationThe accompanying consolidated financial statements and accompanying notes have been prepared in conformity with generally accepted accounting principles in the United States (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries.
Principles of Consolidation Principles of ConsolidationAll intercompany balances and transactions have been eliminated in consolidation.
Fiscal Period The Company’s fiscal year ends on December 31.
Use of Estimates and Change in Accounting Estimate
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 and disclosed in the consolidated financial statements and accompanying notes to the consolidated financial statements. Such estimates include, but are not limited to, allowance for doubtful accounts, deferred contract acquisitions costs, the period of benefit generated from the Company’s deferred contract acquisition costs, the capitalization and estimated useful life of internal-use software, valuation of acquired intangible assets, the assessment of recoverability of intangible assets and their estimated useful lives, useful lives of property and equipment, the determination of the incremental borrowing rate used for operating lease liabilities, the valuation and recognition of stock-based compensation awards, the assessment of uncertain tax positions, and the recognition and measurement of current and deferred income tax assets and liabilities. Management bases these estimates and assumptions on historical experience and on various other assumptions that are believed to be reasonable. Due in part to conflicts and geopolitical tensions around the world, the potential worsening and expansion of such conflicts and tensions, threats of tariffs and other impediments to cross-border trade, and other macroeconomic and geopolitical conditions, there is ongoing uncertainty and significant disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or assumptions or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Annual Report on Form 10-K. These estimates and assumptions may change in the future, however, as new events occur and additional information is obtained. Actual results could differ materially from these estimates.
Change in Accounting Estimate
In January 2024, the Company completed an assessment of the useful lives of our servers-network infrastructure, resulting in a change in the estimated useful lives of our servers-network infrastructure from four years to five years. This change in accounting estimate was effective beginning fiscal year 2024. Based on the carrying value of assets in service as of December 31, 2023, the change resulted in a reduction of depreciation expense of $21.1 million for the year ended December 31, 2024, recorded primarily in cost of revenue.
Concentration of Risks
Concentrations of Risks
The Company’s revenue is reliant on its customers utilizing Internet-based services. These services can be prone to rapid changes in technology and government regulation. If the Company were unable to keep pace with customers’ needs and continue to improve its technological capabilities, or if another firm were to introduce competitive products, or a government jurisdiction were to enact legislation detrimental to the Company’s business, such an event or events could adversely affect the Company’s operating results.
The Company serves its customers from co-location facilities located in various cities and countries around the world. The Company has internal procedures to restore services in the event of disasters at its current co-location facilities. Even with these procedures for disaster recovery in place, the Company’s services could be significantly interrupted during the implementation of restoration procedures.
The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, available-for-sale securities, and accounts receivable. Although the Company
maintains cash deposits and time deposits with multiple financial institutions, the deposits, at times, may exceed federally insured limits. Cash and cash equivalents may be withdrawn or redeemed on demand. The Company believes that the financial institutions that hold its cash and cash equivalents and available-for-sale securities are financially sound and, accordingly, minimal credit risk exists with respect to these balances. The Company also maintains investments in U.S. treasury securities, U.S. government agency securities, commercial paper, and corporate bonds that carry high credit ratings and accordingly, minimal credit risk exists with respect to these balances.
The Company’s accounts receivable are derived from net revenue to customers located throughout the world. The Company grants credit to its customers in the normal course of business.
Revenue Recognition
Revenue Recognition
In accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to receive in exchange for these services. To achieve this standard, the Company applies the following five steps:
1. Identify the contract with a customer
2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to performance obligations in the contract
5. Recognize revenue when or as the Company satisfies a performance obligation
The Company generates sales directly through its sales team and through its channel partners. Revenue from sales to channel partners is recorded once all revenue recognition criteria above are met. Channel partners generally receive an order from an end-customer prior to placing an order with the Company. Payment from channel partners is not contingent on the partner’s collection from end-customers. The Company’s performance obligation primarily consists of subscription and support services that are provided over the same service period.
Variable Consideration
If the Company’s services do not meet certain service level commitments, its customers are entitled to receive service credits, and in certain cases, refunds, each representing a form of variable consideration. Revenue from sales is recorded at the net sales price, which is the transaction price, and includes estimates of these forms of variable consideration to the extent that a significant reversal of cumulative revenue is probable to not occur in a future period. The Company has historically not experienced any incidents that had a material impact on its consolidated financial statements. Accordingly, any estimated refunds related to these agreements in the consolidated financial statements are not material during the periods presented. Usage-based consideration is primarily related to fees charged for the Company’s customer’s use of excess bandwidth when accessing the Company’s network and products in a given period and is recognized as revenue in the period in which the usage occurs.
Subscription and Support Revenue
The Company generates revenue primarily from sales to its customers of subscriptions to access its network and products, together with related support services. Arrangements with customers generally do not provide the customer with the right to take possession of the Company’s software operating its global network and products at any time. Instead, customers are granted continuous access to the Company’s global network and products over the contractual period. Access to the Company’s network and products is considered a monthly series comprising one performance obligation. A time-elapsed output method is used to measure progress because the Company transfers control evenly over the contractual period. Accordingly, the fixed consideration related to subscription and support revenue is generally recognized on a straight-line basis over the contract term beginning on the date that
the Company’s service is made available to the customer. Usage-based consideration is primarily related to fees charged for the Company’s customer’s use of excess bandwidth when accessing the Company’s network and products in a given period and is recognized as revenue in the period in which the usage occurs.
The subscription and support term contracts for the Company’s contracted customers, typically range from one to three years. Most of the Company’s contracts with contracted customers are non-cancelable over the contractual term. Customers may have the right to terminate their contracts for cause, if the Company fails to perform in accordance with the contractual terms. For the Company’s pay-as-you-go customers, which consist of customers that sign up for the Company's Pro or Business subscription plans through the Company's website (and which the Company previously referred to as self-serve customers), subscription and support terms of service are typically monthly.
Costs to Obtain and Fulfill a Contract
The Company capitalizes sales commission and associated payroll taxes paid to internal sales personnel that are incremental to the acquisition of channel partner and direct customer contracts. These costs are recorded as deferred contract acquisition costs on the consolidated balance sheets. The Company determines whether costs should be deferred based on its sales compensation plans, if the commissions are in fact incremental and would not have occurred absent the customer contract.
Sales commissions for renewal of a contract are not considered commensurate with the commissions paid for the acquisition of the initial contract. Commissions paid upon the initial acquisition of a contract are amortized over an estimated period of benefit of three years while commissions paid for renewal contracts are amortized over the contractual term of the renewals. Amortization of deferred contract acquisition costs is recognized on a straight-line basis commensurate with the pattern of revenue recognition and included in sales and marketing expense in the consolidated statements of operations. The Company determines the period of benefit for commissions paid for the acquisition of the initial contract by taking into consideration the expected subscription term and expected renewals of its customer contracts, the duration of its relationships with its customers, customer retention data, its technology development lifecycle, and other factors. The Company periodically reviews the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs.
Accounts Receivable and Allowance
Accounts Receivable and Allowance
Accounts receivable are recorded at the invoiced amount and are non-interest bearing. Accounts receivable are stated at their net realizable value, net of a sales allowance and an allowance for doubtful accounts. Credit is extended to customers based on an evaluation of their financial condition and other factors. The Company establishes a sales allowance at the time of revenue recognition based on its history of adjustments and credits provided to customers. In determining the necessary allowance for doubtful accounts, the Company considers the current aging and financial condition of its customers, the amount of receivables in dispute, and current payment patterns. Accounts receivable are written off against the allowance when management determines a balance is uncollectible and the Company no longer actively pursues collection of the receivable. The Company does not have any off-balance-sheet credit exposure related to its customers.
Cost of Revenue
Cost of Revenue
Cost of revenue consists primarily of expenses that are directly related to providing the Company's service to its paying customers. These expenses include expenses related to operating in co-location facilities, network and bandwidth costs, depreciation of the Company's equipment located in co-location facilities, certificate authority services costs for paying customers, related overhead costs, the amortization of the Company's capitalized internal-use software, and the amortization of acquired developed technologies. Cost of revenue also includes employee-related costs, including salaries, benefits, and stock-based compensation for employees whose primary responsibilities relate to supporting the Company's paying customers. Other costs included in cost of revenue include credit card fees related to processing customer transactions and allocated overhead costs.
Research and Development
Research and Development
The Company charges costs related to research, design, and development of products to research and development expense in the consolidated statements of operations as incurred. Research and development
expenses support the Company's efforts to add new features to its existing offerings and to ensure the security, performance, and reliability of its global network. The majority of the Company's research and development expenses result from employee-related costs, including salaries, benefits, and stock-based compensation expense, consulting costs, depreciation of equipment used in research and development, and allocated overhead costs.
Advertising Expense
Advertising Expense
Advertising costs are charged to sales and marketing expense in the consolidated statements of operations as incurred.
Stock-based Compensation
Stock-based Compensation
The Company measures and recognizes stock-based compensation expense based on the grant date fair value of the awards. The Company accounts for forfeitures as they occur. The grant date fair value of performance stock units (PSUs) with financial performance conditions and restricted stock units (RSUs) are estimated based on the fair value of the Company's underlying common stock. The grant date fair value of stock options with service-based vesting only is estimated using the Black-Scholes option pricing model. The grant date fair value of stock options and PSUs with market conditions are estimated using the Monte Carlo simulation pricing model. The grant date fair value of purchase rights issued under the 2019 Employee Stock Purchase Plan (ESPP) is estimated using the Black-Scholes option pricing model and is based on the estimated number of awards as of the beginning of the offering period, respectively.
The Black-Scholes and Monte Carlo simulation pricing models require the use of highly subjective assumptions, including the award’s expected term, the fair value of the underlying common stock, the expected volatility of the price of the common stock, risk-free interest rates, and the expected dividend yield of the common stock.
The assumptions used to determine the fair value of the stock-based awards are management’s best estimates and involve inherent uncertainties and the application of judgment. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, it has based its expected term on the simplified method available under U.S. GAAP.
Stock-based compensation expense for awards with financial performance conditions is recognized over the requisite service period. When there is a change in management's estimate of expected achievement relative to the performance target for awards that include a performance condition, the change in estimate results in the recognition of a cumulative adjustment of stock-based compensation expense. Stock-based compensation expense for awards with service-based vesting only, is recognized on a straight-line basis over the requisite service period of the awards. The vesting period of these awards is generally four years. Stock-based compensation expense for awards with service and market conditions is recognized on a graded attribution basis over the requisite service period of the awards as derived from the Monte Carlo simulation pricing model.
The 2010 Equity Incentive Plan (2010 Plan) allows for the early exercise of stock options for certain individuals as determined by the Company’s Board of Directors. Shares of common stock issued upon early exercises of unvested options are not deemed, for accounting purposes, to be issued until those shares vest according to their respective vesting schedules and accordingly, the consideration received for early exercises is initially recorded as a liability and reclassified to common stock and additional paid-in capital as the underlying awards vest. Stock options that are early exercised are subject to a repurchase option that allows the Company to repurchase within six months of an individual’s termination for any reason, including death and disability (or in the case of shares issued upon exercise of an option after termination, within six months of the date of exercise), any unvested shares of such individual for a repurchase price equal to the amount previously paid by the individual for such unvested shares.
Income Taxes
Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized by applying the enacted statutory tax rates applicable to future years to differences between the carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period
that includes the enactment date. The measurement of deferred tax assets is reduced, when necessary, by a valuation allowance to amounts that are more likely than not to be realized.
The Company recognizes tax benefits from uncertain tax positions only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position.
Foreign Currency Remeasurement
Foreign Currency Remeasurement
The Company's functional currency of its foreign subsidiaries is the U.S. dollar. The monetary assets and liabilities that are denominated in a currency other than the U.S. dollar of the Company's foreign subsidiaries are remeasured into U.S. dollars at the exchange rate on the balance sheet date, while nonmonetary items are remeasured at historical rates. Revenue and expenses are remeasured at average exchange rates during the period. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other income (expense), net in the consolidated statements of operations. Remeasurement gains and losses were not material for all periods presented.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist of highly liquid investments with an original maturity from the date of purchase of 90 days or less. Cash equivalents are comprised of highly liquid money market funds, time deposits, U.S. treasury bills and commercial paper.
Restricted Cash
Restricted Cash
The Company's restricted cash at December 31, 2025 is related to indemnity holdback consideration associated with asset acquisitions and business combinations. The Company classifies restricted cash as current or non-current based on the remaining term of the restriction.
Available-for-sale Securities
Available-for-sale Securities
The Company’s available-for-sale securities consist of U.S. treasury securities, U.S. government agency securities, commercial paper, and corporate bonds. The Company has designated all securities held by it as available-for-sale and therefore, such securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets. For securities sold prior to maturity, the cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of available-for-sale securities are recorded in other income (expense), net in the consolidated statements of operations. All securities are classified within current assets as such securities can be liquidated to fund current operations without penalty.
All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when the fair value of its investments decline below their respective cost basis. Factors considered in determining whether a loss is temporary include the extent and length of time the investment’s fair value has been lower than its cost basis, the financial condition and near-term prospects of the investee, the extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security prior to the expected recovery of the investment’s amortized cost basis.
Fair Value Measurements
Fair Value Measurements
The Company's available-for-sale securities and hedging derivative instruments are recorded at fair value. The Company’s cash and cash equivalents and restricted cash are recorded at cost, which approximates fair value. Additionally, accounts receivable, accounts payable, and accrued expenses approximates fair value due to their short-term nature.
Derivative Instruments
Derivative Instruments
The Company enters into foreign exchange forward contracts with the objective to mitigate certain currency risks associated with operating expenses denominated in foreign currencies. These foreign exchange forward contracts are designated as cash flow hedges. The Company does not enter into derivative instrument transactions for trading or speculative purposes.
The maximum length of time over which forecasted foreign currency denominated expenses are hedged is 12 months. These programs reduce, but do not entirely eliminate, the impact of currency exchange movements. The Company evaluates the effectiveness of hedges of forecasted transactions on a quarterly basis. The Company enters into master netting agreements with financial institutions, which permit net settlement of transactions with the same counterparty. Although the Company is allowed to present the fair value of derivative instruments on a net basis according to master netting arrangements, the Company has elected to present its derivative instruments on a gross basis in the consolidated financial statements.
Hedging derivative instruments are recognized as either current assets or current liabilities and are measured at fair value. For derivative instruments designated as cash flow hedges, the gains and losses resulting from changes in fair value are recorded as a component of other comprehensive income until the forecasted transactions are recognized in the consolidated statements of operations. When the forecasted transactions occur, the related gains and losses on the cash flow hedgers are reclassified into earnings within financial statement line items associated with the forecasted transactions. Cash flows from cash flow hedges are generally classified under operating activities in the consolidated statements of cash flows, reflecting classification for the underlying hedged transactions.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, which is generally as follows:
Useful Lives
Servers—network infrastructure5 years
Buildings30 years
Office and computer equipment3 years
Office furniture3 years
Software3 years
Leasehold improvementsLesser of useful life or term of lease
Asset retirement obligationLesser of useful life or term of lease
Expenditures for maintenance and repairs are expensed as incurred.
Capitalized Internal-Use Software Development Costs
Capitalized Internal-Use Software Development Costs
Certain development costs related to the Company’s global network and products during the application development stage are capitalized. Costs incurred in the preliminary stages of development are analogous to research and development activities and are expensed as incurred. The preliminary stage includes such activities as conceptual formulation of alternatives, evaluation of alternatives, determination of existence of needed technology, and final selection of alternatives. Once the application development stage is reached, internal and external costs are capitalized until the software is substantially complete and ready for its intended use. Capitalized costs are recorded as part of property and equipment, net. Capitalized internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years, and is recorded as cost of revenue in the consolidated statements of operations.
Business Combinations
Business Combinations
The Company includes the results of operations of the businesses that the Company acquires from the date of acquisition. The fair value of the assets acquired and liabilities assumed is based on their estimated fair values as of the respective date of acquisition. The Company measures and recognizes contract assets and contract liabilities acquired in a business combination on the acquisition date in accordance with ASC 606. The excess purchase price over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. Where the purchase
price is less than the fair value of the net assets acquired and liabilities assumed, the difference is recorded as a bargain purchase gain. Determining the fair value of assets acquired and liabilities assumed requires significant judgment and estimates including the selection of valuation methodologies, future expected cash flows, discount rates, and useful lives. The Company’s estimates of fair value are based on assumptions believed to be reasonable, but which are inherently uncertain and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed with a corresponding offset to goodwill. At 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 reflected in the consolidated statements of operations.
When the Company issues payments or grants of equity to selling stockholders in connection with an acquisition, the Company evaluates whether the payments or awards are compensatory. This evaluation includes whether cash payments or stock award vesting is contingent on the continued employment of the selling stockholder beyond the acquisition date. If continued employment is required for the cash to be paid or stock awards to vest, the award is treated as compensation for post-acquisition services and is recognized as compensation expense.
Transaction costs associated with business combinations are expensed as incurred, and are included in general and administrative expense in the Company’s consolidated statements of operations.
Convertible Senior Notes
Convertible Senior Notes
The Company accounts for its 0.75% Convertible Senior Notes due 2025 (the 2025 Notes), its 0.00% Convertible Senior Notes due 2026 (the 2026 Notes) and its 0.00% Convertible Senior Notes due 2030 (the 2030 Notes and together with the 2026 Notes, the Notes) as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives.
Transactions involving contemporaneous exchanges of cash between the same debtor and creditor in connection with the issuance of a new debt obligation and satisfaction of an existing debt obligation by the debtor are evaluated as a modification or an exchange transaction depending on whether the exchange is determined to have substantially different terms. For exchange transactions that are considered an extinguishment of debt, the total consideration for such an exchange is separated into liability and equity components by estimating the fair value of a similar liability without a conversion option and assigning the residual value to the equity component. The gain or loss on extinguishment of the debt is subsequently determined by comparing repurchase consideration allocated to the liability component to the sum of the carrying value of the liability component, net of the proportionate amounts of unamortized debt discount and remaining unamortized debt issuance costs.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price of an acquired business over the fair value of the net tangible and identifiable intangible assets acquired. The carrying amount of goodwill is reviewed for impairment at least annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At December 31, 2025 and 2024, the Company had a single operating segment and reporting unit structure. As part of the annual goodwill impairment test, the Company first performs a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of the qualitative assessment, it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test will be required. If the Company has determined it necessary to perform a quantitative impairment assessment, the Company will compare the fair value of the reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill of the reporting unit.
Intangible assets are carried at cost, net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company estimates the useful life by estimating the expected period of economic benefit.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Company evaluates long-lived assets, which include depreciable tangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of long-lived assets may not be recoverable. The recoverability of these assets is measured by comparing the carrying amounts to the future undiscounted cash flows these assets are expected to generate. The Company recognizes an impairment in the event the carrying amount of such assets exceeds the fair value attributable to such assets. There were no events or changes in circumstances that indicated the long-lived assets were materially impaired during any of the periods presented.
Operating Leases
Operating Leases
The Company enters into lease arrangements for real estate assets related to office space and for co-location assets related to space and equipment located in co-location facilities. The Company determines if an arrangement is, or contains, a lease at its inception by assessing whether there is an identified asset and whether the arrangement conveys the right to control the use of the identified asset in exchange for consideration for a period of time. At lease commencement, the Company recognizes right-of-use assets, operating lease liabilities, and operating lease liabilities, noncurrent in the Company’s consolidated balance sheets, with the exception of short-term leases with an original term of 12 months or less. Right-of-use assets represent the Company's right to use an underlying asset for the lease term including any renewal options that it is reasonably certain to exercise. The Company generally uses the base, non-cancelable lease term when initially recognizing the right-of-use assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised. A lease may be modified subsequent to its initial measurement for changes in reasonably certain holding period related to significant events. Such events include, but are not limited to, significant leasehold improvements, and points in time when the Company elects to exercise an option that it was not previously reasonably certain to exercise. Operating lease liabilities represent the present value of the Company's obligation to make payments arising from the lease. Right-of-use assets are initially measured based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives received, incurred or payable under the lease. Right-of-use assets are periodically reviewed for impairment. Lease liabilities are initially measured at the present value of total minimum lease payments not yet paid. As the implicit rate of the Company's leases is not determinable, the Company uses an incremental borrowing rate (IBR) based on the information available at the lease commencement date in determining the present value of lease payments. Minimum lease payments consist of the fixed payments under the arrangement and variable payments that depend on an underlying index or rate, less any lease incentives such as tenant improvement allowances not yet received at commencement date. Variable lease costs that do not depend on an index or a rate are expensed as incurred and not included within the calculation of right-of-use assets and lease liabilities. The Company's operating lease arrangements contain both lease and non-lease components. At inception of an arrangement for co-location assets related to space and equipment located in co-location facilities, the Company allocates the consideration to the lease and non-lease components and recognizes a right-of-use asset and corresponding lease liability for only the lease components. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease.
Legal Contingencies
Legal Contingencies
The Company accrues a liability for an estimated loss for legal contingencies if the potential loss from any claim or legal proceeding is considered probable, and the amount can be reasonably estimated. The Company believes there are no legal proceedings pending that could have, individually or in the aggregate, a material adverse effect
on its results of operations or financial condition. Legal costs incurred and expected to be incurred related to litigation matters are expensed as incurred.
Net Loss per Share Attributable to Common Stockholders
Net Loss per Share Attributable to Common Stockholders
Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for multiple classes of common stock and participating securities. The Company considers any shares issued on the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have nonforfeitable dividend rights in the event a dividend is paid on common stock. Under the two-class method, net income is attributed to common stockholders and participating securities based on their participation rights. The holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the losses of the Company. As such, the Company’s net losses for the years ended December 31, 2025, 2024, and 2023 were not allocated to these participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share proportionately in the Company’s net losses.
Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Vested RSUs that have not been settled have been included in the appropriate common share class used to calculate basic net loss per share.
Diluted net loss per share attributable to common stockholders adjusts basic net loss per share for the effect of dilutive securities, including awards under the Company's equity incentive plans. As the Company has reported losses for all periods presented, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.
Segment and Geographic Information
Segment and Geographic Information
The Company has one reportable and operating segment.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. The ASU also requires entities with a single reportable segment to provide all disclosures required by the ASU as well as existing segment disclosures. The ASU does not change how operating segments are identified or, when applicable, aggregated. The ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this standard effective December 31, 2024, and such adoption did not have a material impact on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an entity, on an annual basis, to disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. The Company adopted this standard on a prospective basis effective December 31, 2025.
Reclassification of Prior Year Presentation
Reclassification of Prior Year Presentation
Certain prior year amounts have been reclassified for consistency with the current year presentation. Specifically, accrued compensation is now presented as a separate line item on the consolidated statements of cash flows and was previously included within Accrued expense and other current liabilities.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Property and Equipment
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, which is generally as follows:
Useful Lives
Servers—network infrastructure5 years
Buildings30 years
Office and computer equipment3 years
Office furniture3 years
Software3 years
Leasehold improvementsLesser of useful life or term of lease
Asset retirement obligationLesser of useful life or term of lease
Property and equipment, net consisted of the following:
December 31,
20252024
(in thousands)
Property and equipment:
Servers—network infrastructure$726,763 $488,799 
Construction in progress58,372 68,973 
Capitalized internal-use software109,730 98,055 
Office and computer equipment34,414 30,872 
Office furniture7,816 7,068 
Software9,309 4,097 
Leasehold improvements50,906 49,047 
Asset retirement obligation826 827 
Gross property and equipment998,136 747,738 
Less accumulated depreciation and amortization(379,445)(280,318)
Total property and equipment, net$618,691 $467,420 
Schedule of Acquired Intangible Assets, Net The estimated useful life of the Company’s acquired intangible assets on the consolidated balance sheet as of the year ended December 31, 2025 are as follows:
Useful Lives
Developed technology
1-2 years
Customer relationships
1-8 years
Other
10 years
Acquired intangible assets, net consisted of the following:
December 31, 2025
Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value
(in thousands)
Developed technology$46,820 $20,686 $26,134 
Customer relationships17,380 5,813 11,567 
Other4,462 364 4,098 
Total acquired intangible assets, net$68,662 $26,863 $41,799 
December 31, 2024
Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value
(in thousands)
Developed technology$22,131 $7,878 $14,253 
Customer relationships11,600 3,988 7,612 
Total acquired intangible assets, net$33,731 $11,866 $21,865 
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table summarizes the revenue by region based on the billing address of customers who have contracted to use the Company’s global network and products:
Year Ended December 31,
202520242023
(dollars in thousands)
AmountPercentage
of Revenue		AmountPercentage
of Revenue		AmountPercentage
of Revenue
United States$1,072,996 49 %$849,500 51 %$678,184 52 %
Europe, Middle East, and Africa
598,624 28 %466,499 28 %356,569 28 %
Asia Pacific329,760 15 %223,234 13 %168,826 13 %
Other166,557 8 %130,393 8 %93,166 7 %
Total$2,167,937 100 %$1,669,626 100 %$1,296,745 100 %
The following table summarizes the revenue from contracts by type of customer:
Year Ended December 31,
202520242023
(dollars in thousands)
AmountPercentage
of Revenue		AmountPercentage
of Revenue		AmountPercentage
of Revenue
Channel partners
$568,867 26 %$337,394 20 %$202,404 16 %
Direct customers
1,599,070 74 %1,332,232 80 %1,094,341 84 %
Total$2,167,937 100 %$1,669,626 100 %$1,296,745 100 %
Schedule of Deferred Contract Acquisition Costs
The following table summarizes the activity of the deferred contract acquisition costs:
Year Ended December 31,
202520242023
(in thousands)
Beginning balance$172,217 $133,236 $93,145 
Capitalization of contract acquisition costs
148,905 116,803 101,465 
Amortization of deferred contract acquisition costs
(101,623)(77,822)(61,374)
Ending balance$219,499 $172,217 $133,236 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value by Significant Investment Category
The following table summarizes the Company’s cash, cash equivalents and available-for-sale securities’ amortized cost, unrealized gains (losses), and fair value by significant investment category reported as cash and cash equivalents, restricted cash short-term, restricted cash, or available-for-sale securities as of December 31, 2025 and 2024.
(in thousands)    Reported as:
December 31, 2025Amortized
Cost		Unrealized
Gain		Unrealized
(Loss)		Fair ValueCash & Cash EquivalentsAvailable-for-sale SecuritiesRestricted Cash (Current and Non-Current)
Cash$68,297 $— $— $68,297 $57,476 $— $10,821 
Level I:
Money market funds
587,823 — — 587,823 587,823 — — 
Level II:
Time Deposits
100,000 — — 100,000 100,000 — — 
Corporate bonds
1,271,232 3,304 (54)1,274,482 — 1,274,482 — 
U.S. treasury securities
1,760,179 3,859 (4)1,764,034 59,768 1,704,266 — 
U.S. government agency securities
146,986 22 (78)146,930 — 146,930 — 
Commercial paper
170,506 — — 170,506 138,469 32,037 — 
Subtotal
3,448,903 7,185 (136)3,455,952 298,237 3,157,715 — 
Total assets measured at fair value on a recurring basis
$4,105,023 $7,185 $(136)$4,112,072 $943,536 $3,157,715 $10,821 
(in thousands)Reported as:
December 31, 2024Amortized
Cost		Unrealized
Gain		Unrealized
(Loss)		Fair ValueCash & Cash EquivalentsAvailable-for-sale SecuritiesRestricted Cash (Current and Non-Current)
Cash$51,410 $— $— $51,410 $44,887 $— $6,523 
Level I:
Money market funds
102,804 — — 102,804 102,804 — — 
Level II:
Corporate bonds
466,769 1,125 (316)467,578 — 467,578 — 
U.S. treasury securities
1,120,478 2,403 (677)1,122,204 — 1,122,204 — 
U.S. government agency securities
69,872 55 (19)69,908 — 69,908 — 
Commercial paper
48,538 — — 48,538 — 48,538 — 
Subtotal
1,705,657 3,583 (1,012)1,708,228 — 1,708,228 — 
Total assets measured at fair value on a recurring basis
$1,859,871 $3,583 $(1,012)$1,862,442 $147,691 $1,708,228 $6,523 
v3.25.4
Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Activity in Allowance for Doubtful Accounts
Activity in the allowance for doubtful accounts was as follows:
Year Ended December 31,
202520242023
(in thousands)
Beginning balance$8,166 $5,996 $3,134 
Provision for bad debt14,989 9,415 13,641 
Write-off of uncollectible accounts receivable(16,076)(7,245)(10,779)
Ending balance$7,079 $8,166 $5,996 
Schedule of Property and Equipment, Net
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, which is generally as follows:
Useful Lives
Servers—network infrastructure5 years
Buildings30 years
Office and computer equipment3 years
Office furniture3 years
Software3 years
Leasehold improvementsLesser of useful life or term of lease
Asset retirement obligationLesser of useful life or term of lease
Property and equipment, net consisted of the following:
December 31,
20252024
(in thousands)
Property and equipment:
Servers—network infrastructure$726,763 $488,799 
Construction in progress58,372 68,973 
Capitalized internal-use software109,730 98,055 
Office and computer equipment34,414 30,872 
Office furniture7,816 7,068 
Software9,309 4,097 
Leasehold improvements50,906 49,047 
Asset retirement obligation826 827 
Gross property and equipment998,136 747,738 
Less accumulated depreciation and amortization(379,445)(280,318)
Total property and equipment, net$618,691 $467,420 
Schedule of Acquired Intangible Assets, Net The estimated useful life of the Company’s acquired intangible assets on the consolidated balance sheet as of the year ended December 31, 2025 are as follows:
Useful Lives
Developed technology
1-2 years
Customer relationships
1-8 years
Other
10 years
Acquired intangible assets, net consisted of the following:
December 31, 2025
Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value
(in thousands)
Developed technology$46,820 $20,686 $26,134 
Customer relationships17,380 5,813 11,567 
Other4,462 364 4,098 
Total acquired intangible assets, net$68,662 $26,863 $41,799 
December 31, 2024
Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value
(in thousands)
Developed technology$22,131 $7,878 $14,253 
Customer relationships11,600 3,988 7,612 
Total acquired intangible assets, net$33,731 $11,866 $21,865 
Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets
As of December 31, 2025, the estimated future amortization expense of acquired intangible assets was as follows:
Estimated
Amortization
(in thousands)
Year ending December 31,
2026$21,160 
2027
14,171 
2028
1,896 
2029
1,896 
2030
809 
Thereafter1,867 
Total$41,799 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Costs
The components of lease cost related to the Company's operating leases included in the consolidated statements of operations were as follows:
Year Ended December 31,
202520242023
(in thousands)
Operating lease cost$66,427 $49,476 $44,792 
Total lease cost$66,427 $49,476 $44,792 
Schedule of Lease Liability Maturities
Maturities of the operating lease liabilities as of December 31, 2025 are as follows:
December 31, 2025
(in thousands)
2026$80,473 
202768,637 
202845,047 
202932,265 
203023,280 
Thereafter32,333 
Total lease payments$282,035 
Less: Imputed interest$(29,109)
Total operating lease liabilities$252,926 
v3.25.4
Financing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Convertible Debt
The net carrying amounts of the Notes were as follows:
December 31, 2025December 31, 2024
2030 Notes2026 Notes2030 Notes2026 Notes
(in thousands)
Principal$2,000,000 $1,293,750 $— $1,293,750 
Unamortized debt issuance costs(25,880)(2,469)— (6,429)
Carrying amount, net$1,974,120 $1,291,281 $— $1,287,321 
Schedule of Interest Expense
The following tables set forth total interest expense recognized related to the Notes and 2025 Notes:
Year Ended December 31,
202520242023
2030 Notes2026 Notes2025 Notes2030 Notes2026 Notes2025 Notes2030 Notes2026 Notes2025 Notes
(in thousands)
Coupon interest expense$— $— $— $— $— $— $— $— $477 
Amortization of debt issuance costs3,110 3,960 — — 3,959 — — 3,960 559 
Total$3,110 $3,960 $— $— $3,959 $— $— $3,960 $1,036 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Purchase Commitments Refer to the table below for long-term bandwidth and co-location commitments under non-cancelable contracts with various networks and Internet service providers as of December 31, 2025. For the lease components of co-location agreements, refer to Note 6 to these consolidated financial statements.
Payments Due by Period as of December 31, 2025
Total20262027202820292030Thereafter
(in thousands)
Non-cancelable:
Open purchase agreements(1)
$65,019 $31,043 $19,697 $6,406 $2,437 $2,451 $2,985 
Bandwidth and other co-location related commitments(2)
179,357 61,507 54,761 34,139 18,591 9,472 887 
Other commitments(3)
10,821 9,364 1,457 — — — — 
Total$255,197 $101,914 $75,915 $40,545 $21,028 $11,923 $3,872 
(1)Open purchase commitments are for the purchase of services under non-cancelable contracts. They were not recorded as liabilities on the consolidated balance sheet as of December 31, 2025 as the Company had not yet received the related services.
(2)Long-term commitments for bandwidth usage and other co-location related commitments with various networks and Internet service providers. The costs for services not yet received were not recorded as liabilities on the consolidated balance sheet as of December 31, 2025.
(3)Indemnity holdback consideration associated with asset acquisitions and business combinations.
v3.25.4
Common Stock (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Common Stock Reserved for Future Issuance
Shares of common stock reserved for future issuance, on an as-if converted basis, are as follows:
December 31,
20252024
(in thousands)
2026 Notes10,311 10,311 
2030 Notes
11,709 — 
Stock options issued and outstanding5,661 8,847 
Remaining shares available for issuance under the 2019 Plan
84,220 69,012 
Outstanding and unsettled RSUs and PSUs
10,331 11,879 
Shares available for issuance under the ESPP20,074 16,893 
Total shares of common stock reserved142,306 116,942 
v3.25.4
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Awards The following table summarizes the stock options activity under the 2010 Plan and 2019 Plan during the periods presented:
Stock Options Outstanding
(in thousands, except year and per share data)
Shares Subject
to Options
Outstanding		Weighted-
Average
Exercise Price
per Option		Weighted-
Average
Remaining
Contractual
Terms (in years)		Aggregate
Intrinsic Value
Balances as of December 31, 202215,886 $34.21 6.3$451,782 
Options granted1,290 $51.21 
Options exercised(2,989)$4.96 $171,225 
Options canceled/forfeited/expired(1,664)$62.62 
Balances as of December 31, 202312,523 $21.03 5.7$787,633 
Options granted625 $81.45 
Options exercised(2,984)$4.33 $257,941 
Options canceled/forfeited/expired(1,317)$48.00 
Balances as of December 31, 20248,847 $26.91 5.1$720,364 
Options granted 207 $142.36 
Options exercised (2,342)$14.15 $383,926 
Options canceled/forfeited/expired (1,051)$53.03 
Balances as of December 31, 20255,661 $31.56 4.5$937,438 
Vested and expected to vest as of December 31, 20255,661 $31.56 4.5$937,438 
Exercisable as of December 31, 20253,117 $10.16 2.5$582,861 
Schedule of Assumptions Used to Determine the Fair Value of Stock Options Granted
The weighted-average assumptions used to determine the fair value of the Performance Options during the periods presented were as follows:
Year ended December 31,
202520242023
Expected term (in years)10.010.010.0
Expected volatility61.0 %60.6 %63.7 %
Risk-free interest rate4.5 %4.2 %3.9 %
Dividend yield— — — 
Schedule of Fair Value Assumptions for Employee Stock Purchase Plan
The weighted average assumptions used to determine the fair value of the Co-Founder PSUs with market conditions were as follows:
2025
Expected term (in years)7.0
Expected volatility64.7 %
Risk-free interest rate4.3 %
Dividend yield— 
The weighted-average assumptions used to determine the fair value of the ESPP during the periods presented were as follows:
Year ended December 31,
202520242023
Expected term (in years)0.50.50.5
Risk-free interest rate4.1%4.9%5.2%
Expected volatility52.0%46.7%68.9%
Dividend yield— — — 
Schedule of Restricted Stock Units Activity
RSU and PSU activity under the 2019 Plan and the 2010 Plan for the year ended December 31, 2025 was as follows:
RSUs and PSUs
Weighted-Average
Grant
Date Fair Value
(in thousands, except per share data)
Unvested and outstanding as of December 31, 20229,580 $61.14 
Granted - RSUs6,428 $62.24 
Vested - RSUs(3,689)$56.75 
Forfeited - RSUs(1,161)$65.87 
Unvested as of December 31, 202310,894 $65.93 
Vested and not yet released— $— 
Outstanding as of December 31, 202310,894 $65.93 
Granted - RSUs and PSUs7,460 $89.17 
Vested - RSUs(4,226)$69.43 
Forfeited - RSUs(2,267)$65.56 
Unvested as of December 31, 2024
11,861 $79.37 
Vested and not yet released18 $57.66 
Outstanding as of December 31, 2024
11,879 $79.34 
Granted - RSUs and PSUs4,884 $144.32 
Vested - RSUs and PSUs(4,665)$84.77 
Forfeited - RSUs and PSUs(1,750)$84.07 
Unvested as of December 31, 2025
10,330 $106.84 
Vested and not yet released1 $68.12 
Outstanding as of December 31, 2025
10,331 $106.84 
Schedule of Stock-based Compensation Expense
The following table sets forth the total stock-based compensation expense included in the Company’s consolidated statements of operations:
Year Ended December 31,
202520242023
(in thousands)
Cost of revenue$13,043 $10,911 $7,967 
Sales and marketing127,868 91,464 73,682 
Research and development156,140 143,589 132,417 
General and administrative154,403 92,497 59,923 
Total stock-based compensation expense$451,454 $338,461 $273,989 
v3.25.4
Net Loss per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:

Year Ended December 31,

202520242023
Class AClass BClass AClass BClass AClass B
(in thousands, except per share data)
Net loss attributable to common stockholders
$(91,779)$(10,488)$(69,975)$(8,825)$(161,296)$(22,653)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
312,687 35,734 303,175 38,236 292,568 41,088 
Net loss per share attributable to common stockholders, basic and diluted
$(0.29)$(0.29)$(0.23)$(0.23)$(0.55)$(0.55)
Schedule of Potential Shares of Common Stock Excluded from Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:
December 31,
202520242023
(in thousands)
2026 Notes6,762 6,762 6,762 
2030 Notes8,075 — — 
Shares subject to repurchase
— — 38 
Unexercised stock options
5,661 8,847 12,523 
Outstanding RSUs and PSUs
10,331 11,481 10,932 
Shares issuable pursuant to the ESPP86 173 189 
Total
30,915 27,263 30,444 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Taxes
The components of the Company's loss before income taxes for the years ended December 31, 2025, 2024, and 2023 were as follows:
Year Ended December 31,
202520242023
(in thousands)
Domestic$(143,442)$(125,307)$(210,547)
Foreign50,736 54,436 32,685 
Total loss before income taxes$(92,706)$(70,871)$(177,862)
Schedule of Provision for (Benefit From) Income Taxes
The components of the Company's provision for (benefit from) income taxes for the years ended December 31, 2025, 2024, and 2023 were as follows:
Year Ended December 31,
202520242023
(in thousands)
Current expense:
Federal$3,012 $1,681 $513 
State308 142 324 
Foreign4,908 3,995 2,986 
Total current provision for income taxes$8,228 $5,818 $3,823 
Deferred expense (benefit):
Federal$(1,503)$(1,205)$— 
State(563)(235)— 
Foreign3,399 3,551 2,264 
Total deferred provision for income taxes
$1,333 $2,111 $2,264 
Total provision for (benefit from) income taxes
Federal
$1,509 $476 $513 
State
(255)(93)324 
Foreign
8,307 7,546 5,250 
Total provision for income taxes$9,561 $7,929 $6,087 
Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate
A reconciliation of the U.S. federal statutory rate to the Company's effective tax rate under the requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
Year Ended December 31,
2025
(in thousands)
U.S. federal statutory income tax rate$(19,468)21.0 %
State income taxes, net of federal tax benefits(1)
(154)0.2 %
Foreign tax effects
United Kingdom
Stock-based and employee compensation
(16,151)17.4 %
Changes in valuation allowances
15,071 (16.3)%
Deferred remeasurement
(3,856)4.1 %
Other
1,766 (1.9)%
Portugal
Research and development tax credits
(1,566)1.7 %
Other
(165)0.2 %
Brazil
1,245 (1.3)%
Other foreign jurisdictions
3,672 (4.0)%
Federal
Tax credits
Research and development tax credits
(18,178)19.6 %
Changes in valuation allowances139,326 (150.3)%
Nontaxable or nondeductible items
Stock-based and employee compensation
(98,134)105.9 %
Other
1,089 (1.2)%
Other adjustments
(167)0.2 %
Changes in unrecognized tax benefits5,231 (5.6)%
Total provision for income taxes
$9,561 (10.3)%
(1) State tax benefits in California made up the majority (greater than 50%) of the tax effect in this category.
A reconciliation of the U.S. federal statutory rate to the Company's effective tax rate for the years ended December 31, 2024 and 2023 is as follows:
Year Ended December 31,
20242023
Expected benefit at U.S. federal statutory rate21.0 %21.0 %
State income taxes, net of federal tax benefits0.1 (0.1)
Foreign income or losses taxed at different rates5.9 1.0 
Stock-based compensation60.8 12.4 
Non-deductible compensation
(9.4)(0.9)
Change in valuation allowance(84.8)(30.6)
Withholding taxes(2.3)(0.3)
Gain/loss on convertible senior notes
— (5.1)
Miscellaneous permanent items(2.4)(0.8)
Total provision for income taxes
(11.1)%(3.4)%
Schedule of Taxes Paid
A summary of income taxes paid, net of refunds, for the year ended December 31, 2025 is as follows:
Year Ended December 31,
2025
(in thousands)
U.S. State and local
$147 
Foreign
7,620 
Total cash paid during the period for income taxes, net of refunds
$7,767 
Schedule of Deferred Tax Assets and Liabilities
The components of the Company's deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:
Year Ended December 31,
20252024
(in thousands)
Deferred tax assets:
Net operating loss carryforwards$519,271 $442,764 
Tax credit carryforwards92,528 74,866 
Capitalized research and development expenditures189,171 109,623 
Operating lease liabilities59,410 43,135 
Stock-based compensation43,725 42,101 
Accrued expenses and reserves6,551 5,812 
Capitalized contract expenditures46,473 8,664 
Other10,145 1,542 
Gross deferred tax assets967,274 728,507 
Valuation allowance(822,141)(630,590)
Total deferred tax assets$145,133 $97,917 
Deferred tax liabilities:
Right-of-use assets(56,430)(40,579)
Deferred commissions(53,694)(42,483)
Capitalized internal-use software(9,238)(4,570)
Depreciation and amortization(40,430)(21,849)
Other— (38)
Total deferred tax liabilities$(159,792)$(109,519)
Net deferred tax liabilities
$(14,659)$(11,602)
Schedule of Reconciliation of Gross Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of the Company's total gross unrecognized tax benefits was as follows:
Year Ended December 31,
202520242023
(in thousands)
Balance as of the beginning of the period$33,014 $29,039 $23,940 
Increases for tax positions related to the prior year732 268 590 
Decreases for tax positions related to the prior year(473)(1,232)(243)
Additions for tax positions related to the current year8,969 4,939 4,752 
Balance as of the end of the period$42,242 $33,014 $29,039 
v3.25.4
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Assets Acquired and Liabilities Assumed
The fair values of assets acquired and liabilities assumed on the acquisition date are summarized as follows (in thousands):

Accounts receivable, net
$129 
Contract assets
2,456 
Prepaid expenses and other current assets
410 
Goodwill
46,588 
Acquired intangible assets, net
27,700 
Operating lease right-of-use assets
766 
Other noncurrent assets50 
Total assets acquired78,099 
Accounts payable
(1,068)
Accrued expense and other current liabilities
(13,690)
Accrued compensation
(22)
Operating lease liabilities
(30)
Deferred Revenue
(1,620)
Operating lease liabilities, noncurrent
(736)
Other noncurrent liabilities(3,574)
Total purchase price$57,359 
The fair values of assets acquired and liabilities assumed on the acquisition date are summarized as follows (in thousands):

Developed technology$5,700 
Goodwill23,864 
Total assets acquired29,564 
Other noncurrent liabilities(1,588)
Total purchase price$27,976 
v3.25.4
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Reconciliation of Revenue from Segments to Consolidated The following table includes the Company's segment revenue, significant segment expenses, and other segment items to reconcile to net loss:
Year Ended December 31,
202520242023
Revenue$2,167,937 $1,669,626 $1,296,745 
Less:
Adjusted cost of revenue(1)
(524,748)(356,021)(280,943)
Adjusted sales and marketing expense(1)
(781,143)(633,365)(520,106)
Adjusted research and development expense(1)
(337,867)(269,438)(218,069)
Adjusted general and administrative expense(1)
(220,328)(180,691)(155,610)
Other segment items(2)
(406,118)(308,911)(305,966)
Net loss$(102,267)$(78,800)$(183,949)
(1) Cost of revenue, sales and marketing expense, research and development expense and general and administrative expense in the consolidated statements of operations are adjusted to exclude stock-based compensation and related employer payroll taxes, amortization of acquired intangible assets, acquisition-related and other expenses, lease impairment charges, and legal reserve and settlements during the years ended December 31, 2025, 2024, and 2023, and a one-time compensation charge during the three months ended March 31, 2024.
(2) Other segment items include the adjustments described in the notes above, as well as interest income, interest expense, loss on extinguishment of debt, other income (expense), net and provision for income taxes in the consolidated statements of operations.
Schedule of Property and Equipment, Net by Geographic Area
The Company’s property and equipment, net, by geographic area were as follows:
December 31,
20252024
(in thousands)
United States$298,256 $233,818 
Rest of the world320,435 233,602 
Total property and equipment, net$618,691 $467,420 
v3.25.4
Summary of Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2025
Jan. 31, 2024
Aug. 31, 2021
May 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Amortization period 3 years            
Advertising expense $ 95,200,000 $ 78,600,000 $ 57,600,000        
Impairment of intangible assets, finite-lived $ 0 0 0        
Number of reportable segments | segment 1            
Number of operating segments | segment 1            
Depreciation and amortization expense $ 167,500,000 109,900,000 113,400,000        
2025 Notes | Convertible Debt              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Interest rate 0.75%           0.75%
2026 Notes | Convertible Debt              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Interest rate 0.00%         0.00%  
2030 Notes | Convertible Debt              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Interest rate 0.00%     0.00%      
Capitalized internal-use software              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Useful life 3 years            
Depreciation and amortization expense $ 31,100,000 24,700,000 $ 21,500,000        
Servers—network infrastructure              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Useful life 5 years   4 years   5 years    
Servers—network infrastructure | Service Life              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Depreciation and amortization expense   $ 21,100,000          
Outstanding and unsettled RSUs and PSUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period 4 years            
Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Subscription and support term length 1 year            
Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Subscription and support term length 3 years            
v3.25.4
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details)
Dec. 31, 2025
Jan. 31, 2024
Dec. 31, 2023
Servers—network infrastructure      
Property, Plant and Equipment [Line Items]      
Useful Lives 5 years 5 years 4 years
Buildings      
Property, Plant and Equipment [Line Items]      
Useful Lives 30 years    
Office and computer equipment      
Property, Plant and Equipment [Line Items]      
Useful Lives 3 years    
Office furniture      
Property, Plant and Equipment [Line Items]      
Useful Lives 3 years    
Software      
Property, Plant and Equipment [Line Items]      
Useful Lives 3 years    
v3.25.4
Summary of Significant Accounting Policies - Schedule of Acquired Intangible Assets, Net (Details)
Dec. 31, 2025
Developed technology | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life of acquired developed technology 1 year
Developed technology | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life of acquired developed technology 2 years
Customer relationships | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life of acquired developed technology 1 year
Customer relationships | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life of acquired developed technology 8 years
Other  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life of acquired developed technology 10 years
v3.25.4
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 2,167,937 $ 1,669,626 $ 1,296,745
Channel partners      
Disaggregation of Revenue [Line Items]      
Revenue 568,867 337,394 202,404
Direct customers      
Disaggregation of Revenue [Line Items]      
Revenue 1,599,070 1,332,232 1,094,341
United States      
Disaggregation of Revenue [Line Items]      
Revenue 1,072,996 849,500 678,184
Europe, Middle East, and Africa      
Disaggregation of Revenue [Line Items]      
Revenue 598,624 466,499 356,569
Asia Pacific      
Disaggregation of Revenue [Line Items]      
Revenue 329,760 223,234 168,826
Other      
Disaggregation of Revenue [Line Items]      
Revenue $ 166,557 $ 130,393 $ 93,166
Geographic Concentration Risk | Revenue      
Disaggregation of Revenue [Line Items]      
Percentage of Revenue 100.00% 100.00% 100.00%
Geographic Concentration Risk | Revenue | United States      
Disaggregation of Revenue [Line Items]      
Percentage of Revenue 49.00% 51.00% 52.00%
Geographic Concentration Risk | Revenue | Europe, Middle East, and Africa      
Disaggregation of Revenue [Line Items]      
Percentage of Revenue 28.00% 28.00% 28.00%
Geographic Concentration Risk | Revenue | Asia Pacific      
Disaggregation of Revenue [Line Items]      
Percentage of Revenue 15.00% 13.00% 13.00%
Geographic Concentration Risk | Revenue | Other      
Disaggregation of Revenue [Line Items]      
Percentage of Revenue 8.00% 8.00% 7.00%
Sales Channel Concentration Risk | Revenue      
Disaggregation of Revenue [Line Items]      
Percentage of Revenue 100.00% 100.00% 100.00%
Sales Channel Concentration Risk | Revenue | Channel partners      
Disaggregation of Revenue [Line Items]      
Percentage of Revenue 26.00% 20.00% 16.00%
Sales Channel Concentration Risk | Revenue | Direct customers      
Disaggregation of Revenue [Line Items]      
Percentage of Revenue 74.00% 80.00% 84.00%
v3.25.4
Revenue - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Revenue recognized $ 467,500,000    
Impairment losses of deferred contract acquisition costs $ 0 $ 0 $ 0
v3.25.4
Revenue - Schedule of Deferred Contract Acquisition Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Capitalized Contract Cost [Roll Forward]      
Beginning balance $ 172,217 $ 133,236 $ 93,145
Capitalization of contract acquisition costs 148,905 116,803 101,465
Amortization of deferred contract acquisition costs (101,623) (77,822) (61,374)
Ending balance $ 219,499 $ 172,217 $ 133,236
v3.25.4
Revenue - Remaining Performance Obligations Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 2,495.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, percent 63.00%
Remaining performance obligation, expected timing of satisfaction 12 months
v3.25.4
Fair Value Measurements - Schedule of Cash and Available-for-sale Debt Securities' Amortized Cost, Unrealized Gains (Losses) and Fair Value by Significant Investment Category (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost $ 943,536,000 $ 147,691,000
Amortized Cost 4,105,023,000 1,859,871,000
Unrealized Gain 7,185,000 3,583,000
Unrealized (Loss) (136,000) (1,012,000)
Fair Value 4,112,072,000 1,862,442,000
Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 3,448,903,000 1,705,657,000
Unrealized Gain 7,185,000 3,583,000
Unrealized (Loss) (136,000) (1,012,000)
Fair Value 3,455,952,000 1,708,228,000
Cash & Cash Equivalents    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets measured at fair value on a recurring basis 943,536,000 147,691,000
Cash & Cash Equivalents | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 298,237,000 0
Available-for-sale Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 3,157,715,000 1,708,228,000
Available-for-sale Securities | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 3,157,715,000 1,708,228,000
Restricted Cash (Current and Non-Current)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets measured at fair value on a recurring basis 10,821,000 6,523,000
Restricted Cash (Current and Non-Current) | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Time Deposits | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 100,000,000  
Unrealized Gain 0  
Unrealized (Loss) 0  
Fair Value 100,000,000  
Time Deposits | Cash & Cash Equivalents | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 100,000,000  
Time Deposits | Available-for-sale Securities | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0  
Time Deposits | Restricted Cash (Current and Non-Current) | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0  
Corporate bonds | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 1,271,232,000 466,769,000
Unrealized Gain 3,304,000 1,125,000
Unrealized (Loss) (54,000) (316,000)
Fair Value 1,274,482,000 467,578,000
Corporate bonds | Cash & Cash Equivalents | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Corporate bonds | Available-for-sale Securities | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 1,274,482,000 467,578,000
Corporate bonds | Restricted Cash (Current and Non-Current) | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
U.S. treasury securities | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 1,760,179,000 1,120,478,000
Unrealized Gain 3,859,000 2,403,000
Unrealized (Loss) (4,000) (677,000)
Fair Value 1,764,034,000 1,122,204,000
U.S. treasury securities | Cash & Cash Equivalents | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 59,768,000 0
U.S. treasury securities | Available-for-sale Securities | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 1,704,266,000 1,122,204,000
U.S. treasury securities | Restricted Cash (Current and Non-Current) | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
U.S. government agency securities | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 146,986,000 69,872,000
Unrealized Gain 22,000 55,000
Unrealized (Loss) (78,000) (19,000)
Fair Value 146,930,000 69,908,000
U.S. government agency securities | Cash & Cash Equivalents | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
U.S. government agency securities | Available-for-sale Securities | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 146,930,000 69,908,000
U.S. government agency securities | Restricted Cash (Current and Non-Current) | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Commercial paper | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 170,506,000 48,538,000
Unrealized Gain 0 0
Unrealized (Loss) 0 0
Fair Value 170,506,000 48,538,000
Commercial paper | Cash & Cash Equivalents | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 138,469,000 0
Commercial paper | Available-for-sale Securities | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 32,037,000 48,538,000
Commercial paper | Restricted Cash (Current and Non-Current) | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Cash    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 68,297,000 51,410,000
Unrealized Gain 0 0
Unrealized (Loss) 0 0
Fair Value 68,297,000 51,410,000
Cash | Cash & Cash Equivalents    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 57,476,000 44,887,000
Cash | Available-for-sale Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Cash | Restricted Cash (Current and Non-Current)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 10,821,000 6,523,000
Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unrealized Gain 0 0
Unrealized (Loss) 0 0
Money market funds | Level I    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 587,823,000 102,804,000
Unrealized Gain 0 0
Unrealized (Loss) 0 0
Fair Value 587,823,000 102,804,000
Money market funds | Cash & Cash Equivalents | Level I    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 587,823,000 102,804,000
Money market funds | Available-for-sale Securities | Level I    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Money market funds | Restricted Cash (Current and Non-Current) | Level I    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value $ 0 $ 0
v3.25.4
Fair Value Measurements - Narrative (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized cost of available-for-sale investments with maturities less than one year $ 1,976,500,000 $ 1,139,900,000
Amortized cost of available-for-sale investments with maturities greater than one year 1,174,200,000 565,800,000
Net unrealized gain on investments, net of tax 7,000,000.0 2,600,000
2026 Notes | Convertible Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value 1,527,500,000  
2030 Notes | Convertible Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value 2,198,800,000  
Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unrealized gain 0 0
Unrealized loss 0 0
Time Deposits    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unrealized gain 0 0
Unrealized loss 0 0
Standby Letters of Credit    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash holdback of intangible assets $ 10,800,000 $ 6,500,000
v3.25.4
Balance Sheet Components - Schedule of Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowance For Doubtful Accounts Receivable Current [Roll Forward]      
Beginning balance $ 8,166 $ 5,996 $ 3,134
Provision for bad debt 14,989 9,415 13,641
Write-off of uncollectible accounts receivable (16,076) (7,245) (10,779)
Ending balance $ 7,079 $ 8,166 $ 5,996
v3.25.4
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 998,136 $ 747,738
Less accumulated depreciation and amortization (379,445) (280,318)
Total property and equipment, net 618,691 467,420
Servers—network infrastructure    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 726,763 488,799
Construction in progress    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 58,372 68,973
Capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 109,730 98,055
Office and computer equipment    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 34,414 30,872
Office furniture    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 7,816 7,068
Software    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 9,309 4,097
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 50,906 49,047
Asset retirement obligation    
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 826 $ 827
v3.25.4
Balance Sheet Components - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 01, 2025
Business Combination [Line Items]        
Depreciation and amortization expense $ 167,500 $ 109,900 $ 113,400  
Goodwill 226,563 181,087    
Goodwill, impairment loss 0 0    
Amortization of acquired intangible assets 15,000 12,700 20,000  
Replicate        
Business Combination [Line Items]        
Goodwill       $ 46,588
Goodwill, acquired during period 46,600      
Acquired intangible assets, net       27,700
Replicate | Developed technology        
Business Combination [Line Items]        
Acquired intangible assets, net 22,000     $ 22,000
Capitalized internal-use software        
Business Combination [Line Items]        
Depreciation and amortization expense $ 31,100 $ 24,700 $ 21,500  
v3.25.4
Balance Sheet Components - Schedule of Acquired Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 68,662 $ 33,731
Accumulated Amortization 26,863 11,866
Acquired intangible assets, net 41,799 21,865
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 46,820 22,131
Accumulated Amortization 20,686 7,878
Acquired intangible assets, net 26,134 14,253
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 17,380 11,600
Accumulated Amortization 5,813 3,988
Acquired intangible assets, net 11,567 $ 7,612
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 4,462  
Accumulated Amortization 364  
Acquired intangible assets, net $ 4,098  
v3.25.4
Balance Sheet Components - Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Estimated Amortization    
2026 $ 21,160  
2027 14,171  
2028 1,896  
2029 1,896  
2030 809  
Thereafter 1,867  
Acquired intangible assets, net $ 41,799 $ 21,865
v3.25.4
Leases - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description [Line Items]    
Operating lease, remaining lease term 8 years 9 months 18 days  
Lease not yet commenced, undiscounted amount $ 59.1  
Lease not yet commenced, term of contract 4 years 3 months 18 days  
Weighted average remaining lease term 4 years 8 months 12 days 4 years 3 months 18 days
Operating lease, weighted average discount rate, percent 4.80% 4.90%
Co-location Asset Lease    
Lessee, Lease, Description [Line Items]    
Operating lease, remaining lease term 9 years 9 months 18 days  
v3.25.4
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 66,427 $ 49,476 $ 44,792
Total lease cost $ 66,427 $ 49,476 $ 44,792
v3.25.4
Leases - Schedule of Lease Liability Maturities (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 80,473
2027 68,637
2028 45,047
2029 32,265
2030 23,280
Thereafter 32,333
Total lease payments 282,035
Less: Imputed interest (29,109)
Total operating lease liabilities $ 252,926
v3.25.4
Financing Arrangements - 2030 Convertible Senior Notes (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
day
$ / shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Gross proceeds from issuance of 2030 convertible senior notes | $   $ 2,000,000 $ 0 $ 0
2030 Notes | Convertible Debt        
Debt Instrument [Line Items]        
Debt principal amount | $ $ 2,000,000      
Interest rate 0.00% 0.00%    
Gross proceeds from issuance of 2030 convertible senior notes | $ $ 1,971,000      
Convertible debt, conversion ratio 0.0040376      
Conversion price (in dollars per share) | $ / shares $ 247.67      
Redemption price, percentage 100.00%      
Minimum redeemable face amount | $ $ 100,000      
2030 Notes | Convertible Debt | Last Reported Stock Price at Lease 130% of the Debt Conversion Price        
Debt Instrument [Line Items]        
Conversion requirement, threshold trading days (at least) | day 20      
Conversion requirement, threshold consecutive trading days | day 30      
Conversion requirement, threshold percentage of stock price trigger (at least) 130.00%      
2030 Notes | Convertible Debt | Principal Amount Less Than 98% of the Product        
Debt Instrument [Line Items]        
Conversion requirement, threshold trading days (at least) | day 5      
Conversion requirement, threshold consecutive trading days | day 5      
Conversion requirement, threshold percentage of stock price trigger (at least) 98.00%      
v3.25.4
Financing Arrangements - 2030 Capped Call Transactions (Details) - 2030 Notes - Convertible Debt
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Debt Instrument [Line Items]  
Purchases of capped calls related to convertible senior notes | $ $ 283.4
Class A common stock  
Debt Instrument [Line Items]  
Shares covered by capped calls (in shares) | shares 8.1
Capped Calls | Long | Class A common stock  
Debt Instrument [Line Items]  
Strike price (in dollars per share) $ 247.67
Capped call, initial cap price (in dollars per share) $ 469.73
v3.25.4
Financing Arrangements - 2026 Convertible Senior Notes (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2021
USD ($)
day
$ / shares
Dec. 31, 2025
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Proceeds from convertible debt   $ 2,000,000 $ 0 $ 0
Current portion of convertible senior notes, net   1,291,281 $ 0  
2026 Notes | Convertible Debt        
Debt Instrument [Line Items]        
Debt principal amount $ 1,293,800 $ 39,300    
Interest rate 0.00% 0.00%    
Proceeds from convertible debt $ 1,274,000      
Convertible debt, conversion ratio 0.0052263      
Conversion price (in dollars per share) | $ / shares $ 191.34 $ 197.15    
Current portion of convertible senior notes, net   $ 1,291,281    
Redemption price, percentage 100.00%      
Minimum redeemable face amount $ 100,000      
2026 Notes | Convertible Debt | Last Reported Stock Price at Lease 130% of the Debt Conversion Price        
Debt Instrument [Line Items]        
Conversion requirement, threshold trading days (at least) | day 20      
Conversion requirement, threshold consecutive trading days | day 30      
Conversion requirement, threshold percentage of stock price trigger (at least) 130.00%      
2026 Notes | Convertible Debt | Principal Amount Less Than 98% of the Product        
Debt Instrument [Line Items]        
Conversion requirement, threshold trading days (at least) | day 5      
Conversion requirement, threshold consecutive trading days | day 5      
Conversion requirement, threshold percentage of stock price trigger (at least) 98.00%      
v3.25.4
Financing Arrangements - 2026 Capped Call Transactions (Details) - 2026 Notes - Convertible Debt
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended
Aug. 31, 2021
USD ($)
$ / shares
shares
Debt Instrument [Line Items]  
Purchases of capped calls related to convertible senior notes | $ $ 86.3
Class A common stock  
Debt Instrument [Line Items]  
Shares covered by capped calls (in shares) | shares 6.8
Capped Calls | Long | Class A common stock  
Debt Instrument [Line Items]  
Strike price (in dollars per share) $ 191.34
Capped call, initial cap price (in dollars per share) $ 250.94
v3.25.4
Financing Arrangements - 2025 Convertible Senior Notes (Details)
$ / shares in Units, $ in Thousands, shares in Millions
 1 Months Ended 12 Months Ended
May 31, 2020
USD ($)
$ / shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
shares
Debt Instrument [Line Items]        
Loss on extinguishment of debt   $ 0 $ 0 $ 50,300
2025 Notes        
Debt Instrument [Line Items]        
Conversion price (in dollars per share) | $ / shares $ 37.43      
2025 Notes | Convertible Debt        
Debt Instrument [Line Items]        
Debt principal amount $ 575,000      
Interest rate 0.75% 0.75%    
Convertible debt, conversion ratio 0.0267187      
Repurchased face amount       123,000
Purchases of capped calls related to the 2030 convertible senior notes       172,700
Loss on extinguishment of debt       $ 50,300
2025 Notes | Convertible Debt | Class A common stock        
Debt Instrument [Line Items]        
Number of shares issued upon debt conversion (in shares) | shares       0.5
2025 Notes | Convertible Debt | Certain Holders Conversion        
Debt Instrument [Line Items]        
Debt conversion, converted instrument, amount       $ 35,400
v3.25.4
Financing Arrangements - 2025 Capped Call Transactions (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
May 31, 2025
Mar. 31, 2025
Dec. 31, 2025
Debt Instrument [Line Items]      
Reclassification of the 2025 capped calls from equity to derivative asset     $ 308,299
2025 Notes | Capped Calls | Convertible Debt      
Debt Instrument [Line Items]      
Reclassification of the 2025 capped calls from equity to derivative asset   $ 308,300  
Proceeds from hedge, financing activities $ 309,600    
Gain (loss) on foreign currency fair value hedge derivatives $ 1,300    
2025 Notes | Capped Calls | Convertible Debt | Long | Class A common stock      
Debt Instrument [Line Items]      
Strike price (in dollars per share)     $ 37.43
Capped call, initial cap price (in dollars per share)     $ 57.58
v3.25.4
Financing Arrangements - Schedule of Net Carrying Amount of Notes (Details) - Convertible Debt - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
2030 Notes    
Debt Instrument [Line Items]    
Principal $ 2,000,000 $ 0
Unamortized debt issuance costs (25,880) 0
Carrying amount, net 1,974,120 0
2026 Notes    
Debt Instrument [Line Items]    
Principal 1,293,750 1,293,750
Unamortized debt issuance costs $ (2,469) (6,429)
Carrying amount, net   $ 1,287,321
v3.25.4
Financing Arrangements - Schedule of Interest Components (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Amortization of debt issuance costs $ 7,070 $ 3,959 $ 4,519
2030 Notes | Convertible Debt      
Debt Instrument [Line Items]      
Coupon interest expense 0 0 0
Amortization of debt issuance costs 3,110 0 0
Total 3,110 0 0
2026 Notes | Convertible Debt      
Debt Instrument [Line Items]      
Coupon interest expense 0 0 0
Amortization of debt issuance costs 3,960 3,959 3,960
Total 3,960 3,959 3,960
2025 Notes | Convertible Debt      
Debt Instrument [Line Items]      
Coupon interest expense 0 0 477
Amortization of debt issuance costs 0 0 559
Total $ 0 $ 0 $ 1,036
v3.25.4
Financing Arrangements - Revolving Credit Facility (Details) - Line of Credit
$ in Millions
 1 Months Ended
May 31, 2024
USD ($)
Minimum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One  
Debt Instrument [Line Items]  
Commitment fee 0.75%
Minimum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two  
Debt Instrument [Line Items]  
Commitment fee 1.75%
Maximum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One  
Debt Instrument [Line Items]  
Commitment fee 1.50%
Maximum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two  
Debt Instrument [Line Items]  
Commitment fee 2.50%
Revolving Credit Facility  
Debt Instrument [Line Items]  
Maximum borrowing capacity $ 400.0
Increase limit $ 150.0
Interest rate 91 days
Percent of unrestricted cash and available borrowings to principal outstanding, maximum 125.00%
Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate  
Debt Instrument [Line Items]  
Commitment fee 0.50%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)  
Debt Instrument [Line Items]  
Commitment fee 1.00%
Revolving Credit Facility | Minimum  
Debt Instrument [Line Items]  
Commitment fee 0.25%
Revolving Credit Facility | Maximum  
Debt Instrument [Line Items]  
Commitment fee 0.40%
Letter of Credit  
Debt Instrument [Line Items]  
Maximum borrowing capacity $ 30.0
Bridge Loan  
Debt Instrument [Line Items]  
Maximum borrowing capacity $ 30.0
v3.25.4
Commitments and Contingencies (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Open purchase agreements  
Total $ 65,019
2026 31,043
2027 19,697
2028 6,406
2029 2,437
2030 2,451
Thereafter 2,985
Bandwidth and other co-location related commitments  
Total 179,357
2026 61,507
2027 54,761
2028 34,139
2029 18,591
2030 9,472
Thereafter 887
Other Commitments  
Total 10,821
2026 9,364
2027 1,457
2028 0
2029 0
2030 0
Thereafter 0
Total  
Total 255,197
2026 101,914
2027 75,915
2028 40,545
2029 21,028
2030 11,923
Thereafter $ 3,872
v3.25.4
Common Stock - Narrative (Details)
Dec. 31, 2025
vote
Class A common stock  
Class of Stock [Line Items]  
Common stock, number of votes per share 1
Class B common stock  
Class of Stock [Line Items]  
Common stock, number of votes per share 10
v3.25.4
Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) - shares
shares in Thousands
Dec. 31, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 142,306 116,942
2026 Notes | Convertible Debt    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 10,311 10,311
2030 Notes | Convertible Debt    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 11,709 0
Remaining shares available for issuance under the 2019 Plan    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 84,220 69,012
Stock options issued and outstanding    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 5,661 8,847
Outstanding and unsettled RSUs and PSUs    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 10,331 11,879
Shares available for issuance under the ESPP    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 20,074 16,893
v3.25.4
Stock-based Compensation - Equity Incentive Plans (Details) - 2019 Equity Incentive Plan
 12 Months Ended
Dec. 31, 2019
shares
Class A common stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares authorized for issuance (in shares) 66,661,953
Number of new shares authorized for issuance (in shares) 29,335,000
Class A and Class B Common Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Potential increase in number of shares authorized, as a percentage of total common stock outstanding 5.00%
v3.25.4
Stock-based Compensation - Stock Options (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options outstanding, beginning balance (in shares) 5,661,000 8,847,000 12,523,000 15,886,000
Stock-based compensation expense $ 451,454 $ 338,461 $ 273,989  
2010 Plan And 2019 Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unvested options exercisable (in shares) 0 0    
Total grant date fair value for vested options $ 2,700 $ 7,800 $ 15,500  
Stock options issued and outstanding        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 4 years      
Expiration period 10 years      
Stock options issued and outstanding | 2010 Equity Incentive Plan | Class B common stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercise stock option awards (in shares) 1      
Stock options issued and outstanding | 2010 Equity Incentive Plan | Class A common stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercise stock option awards (in shares) 1      
Stock options issued and outstanding | 2019 Equity Incentive Plan | Class A common stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercise stock option awards (in shares) 1      
Stock options with market conditions | Executive Officer        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expiration period 10 years      
Stock options with market conditions | Other Key Employees        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expiration period 10 years      
Other performance awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options outstanding, beginning balance (in shares) 2,500,000      
Granted (in dollars per share) $ 94.04 $ 52.09 $ 52.13  
Employee benefit and share-based payment arrangement, noncash (reversal of expense) $ (25,900)      
Stock-based compensation expense 20,600 $ 32,700 $ 33,500  
Unrecognized stock-based compensation expense $ 70,000      
Weighted-average remaining vesting period 3 years 1 month 6 days      
v3.25.4
Stock-based Compensation - Schedule of Stock-based Awards (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
Shares Subject to Options Outstanding        
Beginning balance (in shares) 8,847 12,523 15,886  
Options granted (in shares) 207 625 1,290  
Options exercised (in shares) (2,342) (2,984) (2,989)  
Options canceled/forfeited/expired (in shares) (1,051) (1,317) (1,664)  
Ending balance (in shares) 5,661 8,847 12,523 15,886
Vested and expected to vest, shares subject to options outstanding (in shares) 5,661      
Exercisable, shares subject to options outstanding (in shares) 3,117      
Weighted- Average Exercise Price per Option        
Beginning balance (in dollars per share) $ 26.91 $ 21.03 $ 34.21  
Options granted (in dollars per share) 142.36 81.45 51.21  
Options exercised (in dollars per share) 14.15 4.33 4.96  
Options canceled/forfeited/expired (in dollars per share) 53.03 48.00 62.62  
Ending balance (in dollars per share) 31.56 $ 26.91 $ 21.03 $ 34.21
Vested and expected to vest, weighted- average exercise price per option (in dollars per share) 31.56      
Options exercisable, weighted- average exercise price per option (in dollars per share) $ 10.16      
Weighted- Average Remaining Contractual Terms (in years)        
Options outstanding, weighted-average remaining contractual term 4 years 6 months 5 years 1 month 6 days 5 years 8 months 12 days 6 years 3 months 18 days
Vested and expected to vest, weighted-average remaining contractual term 4 years 6 months      
Exercisable, weighted-average remaining contractual term 2 years 6 months      
Aggregate Intrinsic Value        
Options outstanding, aggregate intrinsic value $ 937,438 $ 720,364 $ 787,633 $ 451,782
Options exercised, aggregate intrinsic value 383,926 $ 257,941 $ 171,225  
Vested and expected to vest, aggregate intrinsic value 937,438      
Exercisable, aggregate intrinsic value $ 582,861      
v3.25.4
Stock-based Compensation - Schedule of Assumptions Used to Determine the Fair Value of Stock Options Granted (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other performance awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years) 10 years 10 years 10 years
Expected volatility 61.00% 60.60% 63.70%
Risk-free interest rate 4.50% 4.20% 3.90%
Dividend yield 0.00% 0.00% 0.00%
Performance Shares (PSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years) 7 years    
Expected volatility 64.70%    
Risk-free interest rate 4.30%    
Dividend yield 0.00%    
Shares issuable pursuant to the ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years) 6 months 6 months 6 months
Expected volatility 52.00% 46.70% 68.90%
Risk-free interest rate 4.10% 4.90% 5.20%
Dividend yield 0.00% 0.00% 0.00%
v3.25.4
Stock-based Compensation - Restricted Stock Units and Performance Stock Units (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 05, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense   $ 451,454 $ 338,461 $ 273,989
Outstanding and unsettled RSUs and PSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   4 years    
Granted (in shares)       6,428,000
Performance Shares (PSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares) 350,220      
Stock-based compensation expense   $ 17,200 $ 0  
Unrecognized stock-based compensation expense   $ 24,300    
Weighted-average remaining vesting period   2 years 2 months 12 days    
Outstanding RSUs and PSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares)   4,884,000 7,460,000  
Total grant date fair value for vested shares   $ 395,500 $ 293,400 $ 209,400
Stock-based compensation expense   430,800 $ 300,000 $ 219,600
Unrecognized stock-based compensation expense   $ 967,900    
Weighted-average remaining vesting period   3 years    
v3.25.4
Stock-based Compensation - Schedule of Restricted Stock Units and Performance Stock Units (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock, RSUs, and PSUs      
Restricted Stock, RSUs, and PSUs      
Unvested and outstanding, beginning balance (in shares)   10,894 9,580
Unvested, ending balance (in shares) 10,330   10,894
Vested and not yet released, Restricted Stock, RSUs and PSUs (in shares) 1   0
Outstanding at end of period, Restricted Stock, RSUs, and PSUs (in shares) 10,331   10,894
Weighted-Average Grant Date Fair Value      
Unvested and outstanding, weighted-average grant date fair value, beginning balance (in dollars per share)   $ 65.93 $ 61.14
Unvested and outstanding, weighted-average grant date fair value, ending balance (in dollars per share) $ 106.84   65.93
Vested and not yet released, weighted-average grant date fair value (in dollars per share) 68.12   0
Outstanding at end of period, weighted-average grant date fair value (in dollars per share) $ 106.84   $ 65.93
RSUs      
Restricted Stock, RSUs, and PSUs      
Granted (in shares)     6,428
Vested (in shares)   (4,226) (3,689)
Forfeited (in shares)   (2,267) (1,161)
Weighted-Average Grant Date Fair Value      
Granted (in dollars per share)     $ 62.24
Vested (in dollars per share)   $ 69.43 56.75
Forfeited (in dollars per share)   $ 65.56 $ 65.87
Outstanding RSUs and PSUs      
Restricted Stock, RSUs, and PSUs      
Unvested and outstanding, beginning balance (in shares) 11,861    
Granted (in shares) 4,884 7,460  
Vested (in shares) (4,665)    
Forfeited (in shares) (1,750)    
Unvested, ending balance (in shares)   11,861  
Vested and not yet released, Restricted Stock, RSUs and PSUs (in shares)   18  
Outstanding at end of period, Restricted Stock, RSUs, and PSUs (in shares)   11,879  
Weighted-Average Grant Date Fair Value      
Unvested and outstanding, weighted-average grant date fair value, beginning balance (in dollars per share) $ 79.37    
Granted (in dollars per share) 144.32 $ 89.17  
Vested (in dollars per share) 84.77    
Forfeited (in dollars per share) $ 84.07    
Unvested and outstanding, weighted-average grant date fair value, ending balance (in dollars per share)   79.37  
Vested and not yet released, weighted-average grant date fair value (in dollars per share)   57.66  
Outstanding at end of period, weighted-average grant date fair value (in dollars per share)   $ 79.34  
v3.25.4
Stock-based Compensation - 2019 Employee Stock Purchase Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Shares issuable pursuant to the ESPP | 2019 Employee Stock Purchase Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized stock-based compensation expense $ 4.0  
Weighted-average remaining vesting period 4 months 24 days  
Class A common stock | Shares issuable pursuant to the ESPP | 2019 Employee Stock Purchase Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares repurchased (in shares) 267,068 326,515
Employee Stock Purchase Plan Member | Class A common stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based paward, maximum employee subscription rate 10.00%  
Purchase price of common stock, percentage of fair value 85.00%  
Number of shares authorized for issuance (in shares) 5,870,000  
Share-based compensation arrangement by share-based payment award, increase in number of shares available for grant, percentage of shares outstanding 1.00%  
Employee Stock Purchase Plan Member | Class B common stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based payment award, increase in number of shares available for grant, percentage of shares outstanding 1.00%  
v3.25.4
Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense $ 451,454 $ 338,461 $ 273,989
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense 13,043 10,911 7,967
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense 127,868 91,464 73,682
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense 156,140 143,589 132,417
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense $ 154,403 $ 92,497 $ 59,923
v3.25.4
Net Loss per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Earnings per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Net loss attributable to common stockholders $ (102,267) $ (78,800) $ (183,949)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 348,421 341,411 333,656
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 348,421 341,411 333,656
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.29) $ (0.23) $ (0.55)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.29) $ (0.23) $ (0.55)
Class A common stock | Common Stock      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Net loss attributable to common stockholders $ (91,779) $ (69,975) $ (161,296)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 312,687 303,175 292,568
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 312,687 303,175 292,568
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.29) $ (0.23) $ (0.55)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.29) $ (0.23) $ (0.55)
Class B common stock | Common Stock      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Net loss attributable to common stockholders $ (10,488) $ (8,825) $ (22,653)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 35,734 38,236 41,088
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 35,734 38,236 41,088
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.29) $ (0.23) $ (0.55)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.29) $ (0.23) $ (0.55)
v3.25.4
Net Loss per Share Attributable to Common Stockholders - Schedule of Potential Shares of Common Stock Excluded from Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (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]      
Potential shares of common stock excluded from computation of diluted net loss per share attributable to common stockholders (in shares) 30,915 27,263 30,444
2026 Notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential shares of common stock excluded from computation of diluted net loss per share attributable to common stockholders (in shares) 6,762 6,762 6,762
2030 Notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential shares of common stock excluded from computation of diluted net loss per share attributable to common stockholders (in shares) 8,075 0 0
Shares subject to repurchase      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential shares of common stock excluded from computation of diluted net loss per share attributable to common stockholders (in shares) 0 0 38
Unexercised stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential shares of common stock excluded from computation of diluted net loss per share attributable to common stockholders (in shares) 5,661 8,847 12,523
Outstanding RSUs and PSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential shares of common stock excluded from computation of diluted net loss per share attributable to common stockholders (in shares) 10,331 11,481 10,932
Shares issuable pursuant to the ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential shares of common stock excluded from computation of diluted net loss per share attributable to common stockholders (in shares) 86 173 189
v3.25.4
Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ (143,442) $ (125,307) $ (210,547)
Foreign 50,736 54,436 32,685
Loss before income taxes $ (92,706) $ (70,871) $ (177,862)
v3.25.4
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current expense:      
Federal $ 3,012 $ 1,681 $ 513
State 308 142 324
Foreign 4,908 3,995 2,986
Total current provision for income taxes 8,228 5,818 3,823
Deferred expense (benefit):      
Federal (1,503) (1,205) 0
State (563) (235) 0
Foreign 3,399 3,551 2,264
Total deferred provision for income taxes 1,333 2,111 2,264
Total provision for (benefit from) income taxes      
Federal 1,509 476 513
State (255) (93) 324
Foreign 8,307 7,546 5,250
Total provision for income taxes $ 9,561 $ 7,929 $ 6,087
v3.25.4
Income Taxes - Schedule of Reconciliation of Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory income tax rate $ (19,468)    
State income taxes, net of federal tax benefits (154)    
Other 1,089    
Changes in unrecognized tax benefits 5,231    
Total provision for income taxes $ 9,561 $ 7,929 $ 6,087
Percent      
U.S. federal statutory income tax rate 21.00% 21.00% 21.00%
State income taxes, net of federal tax benefits 0.20% 0.10% (0.10%)
Change in valuation allowance   (84.80%) (30.60%)
Foreign tax effects   5.90% 1.00%
Stock-based and employee compensation   60.80% 12.40%
Non-deductible compensation   (9.40%) (0.90%)
Other (1.20%)    
Changes in unrecognized tax benefits (5.60%)    
Withholding taxes   (2.30%) (0.30%)
Gain/loss on convertible senior notes   0.00% (5.10%)
Miscellaneous permanent items   (2.40%) (0.80%)
Total provision for income taxes (10.30%) (11.10%) (3.40%)
United Kingdom      
Amount      
Stock-based and employee compensation $ (16,151)    
Changes in valuation allowances 15,071    
Deferred remeasurement (3,856)    
Other adjustments $ 1,766    
Percent      
Stock-based and employee compensation 17.40%    
Change in valuation allowance (16.30%)    
Deferred remeasurement 4.10%    
Other adjustments (1.90%)    
Portugal      
Amount      
Other adjustments $ (165)    
Research and development tax credits $ (1,566)    
Percent      
Other adjustments 0.20%    
Research and development tax credits 1.70%    
Brazil      
Amount      
Foreign tax effects $ 1,245    
Percent      
Foreign tax effects (1.30%)    
Other foreign jurisdictions      
Amount      
Foreign tax effects $ 3,672    
Percent      
Foreign tax effects (4.00%)    
United States      
Amount      
Changes in valuation allowances $ 139,326    
Other adjustments (167)    
Research and development tax credits (18,178)    
Stock-based and employee compensation $ (98,134)    
Percent      
Change in valuation allowance (150.30%)    
Other adjustments 0.20%    
Research and development tax credits 19.60%    
Stock-based and employee compensation 105.90%    
v3.25.4
Income Taxes - Schedule of Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. State and local $ 147    
Foreign 7,620    
Total cash paid during the period for income taxes, net of refunds $ 7,767 $ 4,995 $ 4,454
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Contingency [Line Items]      
Cash paid for income taxes, net of refunds $ 7,767,000 $ 4,995,000 $ 4,454,000
Valuation allowance 822,141,000 630,590,000  
Increase in valuation allowance 191,500,000 78,400,000 74,600,000
Amount of unrecognized tax benefits that would impact the effective income tax rate 900,000    
Amount of unrecognized tax benefits that would impact deferred tax assets 41,300,000    
Income tax expense related to interest and penalties 0 $ 0 $ 0
His Majesty's Revenue and Customs (HMRC)      
Income Tax Contingency [Line Items]      
Net operating loss carryforwards 269,800,000    
Brazil      
Income Tax Contingency [Line Items]      
Cash paid for income taxes, net of refunds 1,200,000    
Singapore      
Income Tax Contingency [Line Items]      
Cash paid for income taxes, net of refunds 1,000,000.0    
India      
Income Tax Contingency [Line Items]      
Cash paid for income taxes, net of refunds 900,000    
Australia      
Income Tax Contingency [Line Items]      
Cash paid for income taxes, net of refunds 700,000    
France      
Income Tax Contingency [Line Items]      
Cash paid for income taxes, net of refunds 500,000    
Germany      
Income Tax Contingency [Line Items]      
Cash paid for income taxes, net of refunds 500,000    
Canada      
Income Tax Contingency [Line Items]      
Cash paid for income taxes, net of refunds 400,000    
Federal      
Income Tax Contingency [Line Items]      
Net operating loss carryforwards 1,859,100,000    
Federal | Research and development tax credit carryforward      
Income Tax Contingency [Line Items]      
Tax credit carryforwards 91,600,000    
State      
Income Tax Contingency [Line Items]      
Net operating loss carryforwards 988,300,000    
State | Research and development tax credit carryforward      
Income Tax Contingency [Line Items]      
Tax credit carryforwards 42,200,000    
Foreign      
Income Tax Contingency [Line Items]      
Tax credit carryforwards $ 300,000    
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:    
Net operating loss carryforwards $ 519,271 $ 442,764
Tax credit carryforwards 92,528 74,866
Capitalized research and development expenditures 189,171 109,623
Operating lease liabilities 59,410 43,135
Stock-based compensation 43,725 42,101
Accrued expenses and reserves 6,551 5,812
Capitalized contract expenditures 46,473 8,664
Other 10,145 1,542
Gross deferred tax assets 967,274 728,507
Valuation allowance (822,141) (630,590)
Total deferred tax assets 145,133 97,917
Deferred tax liabilities:    
Right-of-use assets (56,430) (40,579)
Deferred commissions (53,694) (42,483)
Capitalized internal-use software (9,238) (4,570)
Depreciation and amortization (40,430) (21,849)
Other 0 (38)
Total deferred tax liabilities (159,792) (109,519)
Net deferred tax liabilities $ (14,659) $ (11,602)
v3.25.4
Income Taxes - Schedule of Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance as of the beginning of the period $ 33,014 $ 29,039 $ 23,940
Increases for tax positions related to the prior year 732 268 590
Decreases for tax positions related to the prior year (473) (1,232) (243)
Additions for tax positions related to the current year 8,969 4,939 4,752
Balance as of the end of the period $ 42,242 $ 33,014 $ 29,039
v3.25.4
Business Combinations - Narrative (Details) - USD ($)
$ in Thousands
Dec. 01, 2025
Oct. 07, 2024
Dec. 31, 2025
Minimum | Developed technology      
Business Combination [Line Items]      
Estimated useful life of acquired developed technology     1 year
Maximum | Developed technology      
Business Combination [Line Items]      
Estimated useful life of acquired developed technology     2 years
Replicate      
Business Combination [Line Items]      
Consideration transferred $ 57,400    
Cash payments 44,400    
Cash paid for acquisitions, net of cash acquired 3,600    
Business combination contingent consideration, adjustment liability 9,500    
Cash holdback $ 3,500    
Business combination, contingent consideration, adjustment liability, period 12 months    
Acquired intangible assets, net $ 27,700    
Replicate | Developed technology      
Business Combination [Line Items]      
Acquired intangible assets, net $ 22,000   $ 22,000
Estimated useful life of acquired developed technology 2 years    
Replicate | Minimum      
Business Combination [Line Items]      
Contingent consideration, liability, period 5 months    
Replicate | Maximum      
Business Combination [Line Items]      
Contingent consideration, liability, period 36 months    
Kivera      
Business Combination [Line Items]      
Consideration transferred   $ 28,000  
Cash paid for acquisitions, net of cash acquired   23,100  
Business combination contingent consideration, adjustment liability   500  
Cash holdback   $ 4,500  
Contingent consideration, liability, period   12 months  
Business combination, contingent consideration, adjustment liability, period   4 months  
Acquired intangible assets, net   $ 5,700  
Business acquisition, retaining percentage   50.00%  
Business acquisition, remaining retaining percentage   50.00%  
Business combination, contingent consideration, remaining liability, period   24 months  
Kivera | Developed technology      
Business Combination [Line Items]      
Estimated useful life of acquired developed technology   2 years  
v3.25.4
Business Combinations - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 01, 2025
Dec. 31, 2024
Oct. 07, 2024
Business Combination [Line Items]        
Goodwill $ 226,563   $ 181,087  
Replicate        
Business Combination [Line Items]        
Accounts receivable, net   $ 129    
Contract assets   2,456    
Prepaid expenses and other current assets   410    
Goodwill   46,588    
Acquired intangible assets, net   27,700    
Operating lease right-of-use assets   766    
Other noncurrent assets   50    
Total assets acquired   78,099    
Accounts payable   (1,068)    
Accrued expense and other current liabilities   (13,690)    
Accrued compensation   (22)    
Operating lease liabilities   (30)    
Deferred Revenue   (1,620)    
Operating lease liabilities, noncurrent   (736)    
Other noncurrent liabilities   (3,574)    
Total purchase price   57,359    
Replicate | Developed technology        
Business Combination [Line Items]        
Acquired intangible assets, net $ 22,000 $ 22,000    
Kivera        
Business Combination [Line Items]        
Goodwill       $ 23,864
Acquired intangible assets, net       5,700
Total assets acquired       29,564
Other noncurrent liabilities       (1,588)
Total purchase price       $ 27,976
v3.25.4
Segment and Geographic Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
v3.25.4
Segment and Geographic Information - Schedule of Reconciliation of Consolidated Revenue to Net Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 2,167,937 $ 1,669,626 $ 1,296,745
Less:      
Net loss (102,267) (78,800) (183,949)
Reportable Segment      
Segment Reporting Information [Line Items]      
Revenue 2,167,937 1,669,626 1,296,745
Less:      
Adjusted cost of revenue (524,748) (356,021) (280,943)
Adjusted sales and marketing expense (781,143) (633,365) (520,106)
Adjusted research and development expense (337,867) (269,438) (218,069)
Adjusted general and administrative expense (220,328) (180,691) (155,610)
Other segment items (406,118) (308,911) (305,966)
Net loss $ (102,267) $ (78,800) $ (183,949)
v3.25.4
Segment and Geographic Information - Schedule of Property and Equipment, Net by Geographic Area (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Property and equipment, net $ 618,691 $ 467,420
United States    
Segment Reporting Information [Line Items]    
Property and equipment, net 298,256 233,818
Rest of the world    
Segment Reporting Information [Line Items]    
Property and equipment, net $ 320,435 $ 233,602