CLOUDFLARE, INC., 10-Q filed on 5/8/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 23, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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, $0.001 par value  
Trading Symbol NET  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Entity Central Index Key 0001477333  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2026  
Current Fiscal Year End Date --12-31  
Class A common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   319,528,350
Class B common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   33,937,897
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 932,226 $ 943,536
Available-for-sale securities 3,231,652 3,157,715
Accounts receivable, net 379,586 382,488
Contract assets 24,162 23,531
Restricted cash short-term 10,955 9,364
Prepaid expenses and other current assets 137,075 128,203
Total current assets 4,715,656 4,644,837
Property and equipment, net 631,082 618,691
Goodwill 233,491 226,563
Acquired intangible assets, net 38,310 41,799
Operating lease right-of-use assets 244,167 237,646
Deferred contract acquisition costs, noncurrent 225,481 219,499
Restricted cash 1,232 1,457
Other noncurrent assets 74,558 45,764
Total assets 6,163,977 6,036,256
Current liabilities:    
Accounts payable 58,843 84,115
Accrued expenses and other current liabilities 126,462 109,054
Accrued compensation 103,395 111,005
Operating lease liabilities 74,603 70,901
Deferred revenue 755,097 684,207
Current portion of convertible senior notes, net 1,292,271 1,291,281
Total current liabilities 2,410,671 2,350,563
Convertible senior notes, net 1,975,556 1,974,120
Operating lease liabilities, noncurrent 182,106 182,025
Deferred revenue, noncurrent 39,874 41,088
Other noncurrent liabilities 29,062 29,337
Total liabilities 4,637,269 4,577,133
Commitments and contingencies (Note 8)
Stockholders’ Equity    
Additional paid-in capital 2,759,973 2,651,420
Accumulated deficit (1,227,834) (1,204,907)
Accumulated other comprehensive income (loss) (5,783) 12,259
Total stockholders’ equity 1,526,708 1,459,123
Total liabilities and stockholders’ equity 6,163,977 6,036,256
Class A common stock    
Stockholders’ Equity    
Common stock, value, issued 319 317
Class B common stock    
Stockholders’ Equity    
Common stock, value, issued $ 33 $ 34
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Class A common stock    
Stockholders’ Equity    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 2,250,000,000 2,250,000,000
Common stock, shares issued (in shares) 319,275,000 317,319,000
Common stock, shares outstanding (in shares) 319,275,000 317,319,000
Class B common stock    
Stockholders’ Equity    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 315,000,000 315,000,000
Common stock, shares issued (in shares) 34,099,000 34,568,000
Common stock, shares outstanding (in shares) 34,099,000 34,568,000
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 639,755 $ 479,087
Cost of revenue 184,158 115,576
Gross profit 455,597 363,511
Operating expenses:    
Sales and marketing 271,600 214,011
Research and development 150,972 115,089
General and administrative 95,019 87,658
Total operating expenses 517,591 416,758
Loss from operations (61,994) (53,247)
Non-operating income (expense):    
Interest income 40,166 21,399
Interest expense (2,563) (1,443)
Other income (expense), net 2,990 (3,468)
Total non-operating income, net 40,593 16,488
Loss before income taxes (21,401) (36,759)
Provision for income taxes 1,526 1,695
Net loss $ (22,927) $ (38,454)
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.07) $ (0.11)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.07) $ (0.11)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 352,625 345,723
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 352,625 345,723
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net loss $ (22,927) $ (38,454)
Other comprehensive income (loss), net of tax:    
Change in unrealized gain (loss) on investments (9,382) 910
Cash flow hedges:    
Change in unrealized gain (loss) on cash flow hedges (4,681) 6,022
Reclassification of (gain) loss included in net loss (3,979) 975
Net changes on cash flow hedges (8,660) 6,997
Other comprehensive income (loss), net of tax (18,042) 7,907
Comprehensive loss $ (40,969) $ (30,547)
v3.26.1
CONDENSED 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, 2024           307,892   36,963
Beginning 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)           98   601
Issuance of common stock upon exercise of stock options 11,229 11,228           $ 1
Issuance of common stock related to settlement of restricted stock units (RSUs) and performance stock units (PSUs) (in shares)           1,020    
Issuance of common stock related to settlement of restricted stock units (RSUs) and performance stock units (PSUs) 0 (1)       $ 1    
Tax withholding on RSU and PSU settlement (in shares)           (45)    
Tax withholding on RSU and PSU settlement (7,707) (7,707)            
Conversion of Class B to Class A common stock (in shares)           1,026   (1,026)
Conversion of Class B to Class A common stock 0         $ 1   $ (1)
Reclassification of the 2025 Capped Calls from equity to derivative asset 308,299 308,299            
Stock-based compensation 98,403 98,403            
Net loss (38,454)   (38,454)     $ (34,365)   $ (4,089)
Other comprehensive income (loss) 7,907     7,907        
Ending balance (in shares) at Mar. 31, 2025           309,991   36,538
Ending balance at Mar. 31, 2025 1,425,878 2,562,972 (1,141,094) 3,654   $ 309   $ 37
Beginning balance (in shares) at Dec. 31, 2025         317,319 317,319 34,568 34,568
Beginning balance at Dec. 31, 2025 1,459,123 2,651,420 (1,204,907) 12,259   $ 317   $ 34
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock upon exercise of stock options (in shares)           81   323
Issuance of common stock upon exercise of stock options 5,703 5,703            
Issuance of common stock related to settlement of restricted stock units (RSUs) and performance stock units (PSUs) (in shares)           1,160    
Issuance of common stock related to settlement of restricted stock units (RSUs) and performance stock units (PSUs) 0 (1)       $ 1    
Tax withholding on RSU and PSU settlement (in shares)           (77)    
Tax withholding on RSU and PSU settlement (15,071) (15,071)            
Conversion of Class B to Class A common stock (in shares)           792   (792)
Conversion of Class B to Class A common stock 0         $ 1   $ (1)
Reclassification of the 2025 Capped Calls from equity to derivative asset 0              
Stock-based compensation 117,922 117,922            
Net loss (22,927)   (22,927)     $ (20,693)   $ (2,234)
Other comprehensive income (loss) (18,042)     (18,042)        
Ending balance (in shares) at Mar. 31, 2026         319,275 319,275 34,099 34,099
Ending balance at Mar. 31, 2026 $ 1,526,708 $ 2,759,973 $ (1,227,834) $ (5,783)   $ 319   $ 33
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net loss $ (22,927) $ (38,454)
Adjustments to reconcile net loss to cash provided by operating activities:    
Depreciation and amortization expense 57,814 42,207
Non-cash operating lease costs 20,266 14,657
Amortization of deferred contract acquisition costs 30,980 23,132
Stock-based compensation expense 114,241 95,535
Amortization of debt issuance costs 2,426 990
Net accretion of discounts and amortization of premiums on available-for-sale securities (7,360) (6,372)
Deferred income taxes (800) (156)
Provision for bad debt 1,501 3,274
Other (4,483) 507
Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations:    
Accounts receivable, net 1,401 27,160
Contract assets (631) 580
Deferred contract acquisition costs (36,962) (25,458)
Prepaid expenses and other current assets (34,518) (27,289)
Other noncurrent assets 6,393 5,118
Accounts payable (17,298) (842)
Accrued expenses and other current liabilities 9,506 12,219
Accrued compensation (7,610) (4,397)
Operating lease liabilities (23,004) (12,678)
Deferred revenue 69,676 35,789
Other noncurrent liabilities (281) 262
Net cash provided by operating activities 158,330 145,784
Cash Flows from Investing Activities    
Purchases of property and equipment (65,231) (85,889)
Capitalized internal-use software (9,025) (7,028)
Asset acquisitions and business combinations, net of cash acquired (9,134) (4,856)
Purchases of available-for-sale securities (769,117) (403,672)
Maturities of available-for-sale securities 693,152 408,769
Other investing activities 549 238
Net cash used in investing activities (158,806) (92,438)
Cash Flows from Financing Activities    
Proceeds from the exercise of stock options 5,703 11,229
Payment of tax withholding obligation on RSU and PSU settlement (15,071) (7,707)
Payment of indemnity holdback (100) 0
Net cash provided by (used in) financing activities (9,468) 3,522
Net increase (decrease) in cash, cash equivalents, and restricted cash (9,944) 56,868
Cash, cash equivalents, and restricted cash, beginning of period 954,357 154,214
Cash, cash equivalents, and restricted cash, end of period 944,413 211,082
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 28 2
Cash paid for income taxes, net of refunds 2,343 1,030
Cash paid for operating lease liabilities 21,216 15,474
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Stock-based compensation capitalized for software development and cloud computing arrangements 3,681 2,529
Accounts payable and accrued expenses related to property and equipment additions 20,928 46,032
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 23,911 22,209
Reclassification of the 2025 Capped Calls from equity to derivative asset $ 0 $ 308,299
v3.26.1
Organization and Basis of Presentation
 3 Months Ended
Mar. 31, 2026
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 interim condensed consolidated financial statements and accompanying notes have been prepared in conformity with generally accepted accounting principles in the United States (U.S. GAAP) and applicable regulations of the Securities and Exchange Commission (the SEC) regarding interim financial reporting, 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.
Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable required disclosures and regulations of the SEC. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Unaudited Interim Condensed Consolidated Financial Information
The accompanying interim condensed consolidated balance sheet as of March 31, 2026, the condensed consolidated statements of operations and of comprehensive income (loss) for the three months ended March 31, 2026 and 2025, the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2026 and 2025, and the related footnote disclosures are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. In management’s opinion, the unaudited interim condensed consolidated financial statements include all adjustments necessary to state fairly the Company’s financial position as of March 31, 2026, its results of operations for the three months ended March 31, 2026 and 2025, and its cash flows for the three months ended March 31, 2026 and 2025. The results for the three months ended March 31, 2026 are not necessarily indicative of the results expected for the full year ending December 31, 2026 or any future period. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Use of Estimates
The preparation of condensed 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 condensed consolidated financial statements and accompanying notes to the condensed 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 Quarterly Report on Form 10-Q. 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.
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Significant Accounting Policies
The Company's significant accounting policies are discussed in the "Notes to Consolidated Financial Statements, Note 2. Summary of Significant Accounting Policies" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no changes to these policies that have had a material impact on the Company's condensed consolidated financial statements and related notes, except as noted below.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
There have been no recently adopted accounting pronouncements since the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 that may have a material impact on the Company's condensed consolidated financial statements.
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026 and 2025.
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:
Three Months Ended March 31,
20262025
(dollars in thousands)
AmountPercentage
of Revenue		AmountPercentage
of Revenue
United States$315,830 49 %$234,887 49 %
Europe, Middle East, and Africa
175,678 28 %133,853 28 %
Asia Pacific98,648 15 %73,395 15 %
Other49,599 8 %36,952 8 %
Total$639,755 100 %$479,087 100 %
The following table summarizes the revenue from contracts by type of customer:
Three Months Ended March 31,
20262025
(dollars in thousands)
AmountPercentage
of Revenue		AmountPercentage
of Revenue
Channel partners
$192,960 30 %$112,555 23 %
Direct customers
446,795 70 %366,532 77 %
Total$639,755 100 %$479,087 100 %
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 three months ended March 31, 2026, the Company recognized revenue of $313.8 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:
Three Months Ended March 31,
20262025
(in thousands)
Beginning balance$219,499 $172,217 
Capitalization of contract acquisition costs
36,962 25,458 
Amortization of deferred contract acquisition costs
(30,980)(23,132)
Ending balance$225,481 $174,543 
The Company did not recognize any impairment losses of deferred contract acquisition costs during the periods presented.
Remaining Performance Obligations
As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $2,543.5 million. As of March 31, 2026, the Company expected to recognize 64% of its remaining performance obligations as revenue over the next 12 months with the remainder recognized thereafter.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025.
(in thousands)    Reported as:
March 31, 2026Amortized
Cost		Unrealized
Gain		Unrealized
(Loss)		Fair ValueCash &
Cash
Equivalents
Available-for-sale Securities
Restricted
Cash (Current and Non-Current)
Cash$52,673 $— $— $52,673 $40,486 $— $12,187 
Level I:
Money market funds
542,295 — — 542,295 542,295 — — 
Level II:
Time deposits
175,000 — — 175,000 175,000 — — 
Corporate bonds
1,304,016 553 (2,567)1,302,002 — 1,302,002 — 
U.S. treasury securities
1,809,822 1,168 (781)1,810,209 103,021 1,707,188 — 
U.S. government agency securities
177,987 4 (710)177,281 — 177,281 — 
Commercial paper
116,605 — — 116,605 71,424 45,181 — 
Subtotal
3,583,430 1,725 (4,058)3,581,097 349,445 3,231,652 — 
Total assets measured at fair value on a recurring basis
$4,178,398 $1,725 $(4,058)$4,176,065 $932,226 $3,231,652 $12,187 
(in thousands)Reported as:
December 31, 2025Amortized
Cost		Unrealized
Gain		Unrealized
(Loss)		Fair
Value		Cash &
Cash
Equivalents		Available-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 
As of March 31, 2026, the Company had $12.2 million in total restricted cash related to 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 March 31, 2026 and December 31, 2025. 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 $2,218.5 million and $1,976.5 million as of March 31, 2026 and December 31, 2025, respectively. The amortized cost of available-for-sale investments with maturities greater than one year was $1,015.5 million and $1,174.2 million as of March 31, 2026 and December 31, 2025, respectively.
As of March 31, 2026, net unrealized loss on investments was $2.3 million and was included in accumulated other comprehensive income on the condensed consolidated balance sheet. As of December 31, 2025, net unrealized gain on investments was $7.0 million and was included in accumulated other comprehensive income on the condensed 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, 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 March 31, 2026, 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 (each as defined below) at face value less the unamortized issuance costs on its condensed consolidated balance sheets and presents that fair value for disclosure purposes only. As of March 31, 2026, the fair value of the 2026 Notes and 2030 Notes were $1,500.8 million and $2,272.6 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 condensed 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 March 31, 2026 and December 31, 2025.
v3.26.1
Balance Sheet Components
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Accounts Receivable, Net
As of March 31, 2026 and December 31, 2025, the Company’s allowance for doubtful accounts was $6.4 million and $7.1 million, respectively. Provision for bad debt for the three months ended March 31, 2026 and 2025 was $1.2 million and $3.3 million, respectively. Write-offs of uncollectible accounts receivable for the three months ended March 31, 2026 and 2025 was $1.9 million and $3.2 million, respectively.
Property and Equipment, Net
Property and equipment, net consisted of the following:
March 31, 2026December 31, 2025
(in thousands)
Property and equipment:
Servers—network infrastructure$765,954 $726,763 
Construction in progress61,784 58,372 
Capitalized internal-use software121,652 109,730 
Office and computer equipment36,832 34,414 
Office furniture8,104 7,816 
Software10,204 9,309 
Leasehold improvements51,969 50,906 
Asset retirement obligation827 826 
Gross property and equipment1,057,326 998,136 
Less accumulated depreciation and amortization(426,244)(379,445)
Total property and equipment, net$631,082 $618,691 
Depreciation and amortization expense on property and equipment for the three months ended March 31, 2026 and 2025 was $49.2 million and $37.1 million, respectively. This includes amortization expense for capitalized internal-use software which totaled $8.1 million and $7.4 million for the three months ended March 31, 2026 and 2025, respectively. $65.2 million purchases of property and equipment for the three months ended March 31, 2026 included advance payments of $10.0 million, which were classified as other noncurrent assets on the condensed consolidated balance sheet as of March 31, 2026.
Goodwill
As of March 31, 2026 and December 31, 2025, the Company's goodwill was $233.5 million and $226.6 million, respectively. No goodwill impairments were recorded during the three months ended March 31, 2026 and 2025.
Acquired Intangible Assets, Net
Acquired intangible assets, net consisted of the following:
March 31, 2026
Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value
(in thousands)
Developed technology$50,542 $26,535 $24,007 
Customer relationships17,380 7,063 10,317 
Other4,462 476 3,986 
Total acquired intangible assets, net$72,384 $34,074 $38,310 
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 
Other
4,462 364 4,098 
Total acquired intangible assets, net$68,662 $26,863 $41,799 
Amortization of acquired intangible assets was $7.2 million and $3.2 million for the three months ended March 31, 2026 and 2025, respectively.
As of March 31, 2026, the estimated future amortization expense of acquired intangible assets was as follows:
Estimated
Amortization
(in thousands)
Year ending December 31,
2026 (remaining nine months)$17,361 
2027
14,476 
2028
1,901 
2029
1,896 
2030
809 
Thereafter1,867 
Total$38,310 
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
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 8.5 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 9.6 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 condensed consolidated statements of operations were as follows:
Three Months Ended March 31,
20262025
(in thousands)
Operating lease cost$20,266 $14,657 
Total lease cost$20,266 $14,657 
Variable lease cost, short-term lease cost, and sublease income for the three months ended March 31, 2026 and March 31, 2025 were not material.
As of March 31, 2026, the Company had $55.0 million of total undiscounted future payments under operating leases that have not yet commenced, which were not included on the condensed consolidated balance sheets. These operating leases will commence between April 2026 and December 2027 and have an average lease term of 4.2 years.
As of March 31, 2026, the weighted-average remaining term of the Company’s operating leases was 4.6 years and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 4.7%.
Maturities of the operating lease liabilities as of March 31, 2026 are as follows:
March 31, 2026
(in thousands)
2026 (remaining nine months)$64,830 
202772,593 
202848,694 
202935,727 
203025,652 
Thereafter37,452 
Total lease payments$284,948 
Less: Imputed interest$(28,239)
Total operating lease liabilities$256,709 
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 8.5 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 9.6 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 condensed consolidated statements of operations were as follows:
Three Months Ended March 31,
20262025
(in thousands)
Operating lease cost$20,266 $14,657 
Total lease cost$20,266 $14,657 
Variable lease cost, short-term lease cost, and sublease income for the three months ended March 31, 2026 and March 31, 2025 were not material.
As of March 31, 2026, the Company had $55.0 million of total undiscounted future payments under operating leases that have not yet commenced, which were not included on the condensed consolidated balance sheets. These operating leases will commence between April 2026 and December 2027 and have an average lease term of 4.2 years.
As of March 31, 2026, the weighted-average remaining term of the Company’s operating leases was 4.6 years and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 4.7%.
Maturities of the operating lease liabilities as of March 31, 2026 are as follows:
March 31, 2026
(in thousands)
2026 (remaining nine months)$64,830 
202772,593 
202848,694 
202935,727 
203025,652 
Thereafter37,452 
Total lease payments$284,948 
Less: Imputed interest$(28,239)
Total operating lease liabilities$256,709 
v3.26.1
Financing Arrangements
 3 Months Ended
Mar. 31, 2026
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 of June 15, 2030.
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 March 31, 2026.
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, 2025 for further information on the 2030 Notes.
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. As of March 31, 2026, 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.
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, 2025 for further information on the 2026 Capped Calls.
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, and together with the 2030 Notes, the 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 of August 15, 2026.
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 March 31, 2026.
Based on the closing price of the Company's Class A common stock of $206.34 on March 31, 2026, the if-converted value of the 2026 Notes exceeded its principal amount by approximately $101.4 million. As of March 31, 2026, the Company classified the net carrying value of the 2026 Notes of $1,292.3 million as current portion of convertible senior notes, net.
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, 2025 for further information on the 2026 Notes.
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. As of March 31, 2026, 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 condensed consolidated balance sheets. The 2026 Capped Calls expire in incremental components on each trading date between July 17, 2026 and August 13, 2026.
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, 2025 for further information on the 2026 Capped Calls.
2025 Capped Call Transactions
In May 2020, 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 0.75% Convertible Senior Notes due 2025. 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.
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, 2025 for further information on the 2025 Capped Calls.
The net carrying amounts of the Notes were as follows:
March 31, 2026December 31, 2025
2030 Notes
2026 Notes
2030 Notes
2026 Notes
(in thousands)
Principal$2,000,000 $1,293,750 $2,000,000 $1,293,750 
Unamortized debt issuance costs(24,444)(1,479)(25,880)(2,469)
Carrying amount, net$1,975,556 $1,292,271 $1,974,120 $1,291,281 
The following tables set forth total interest expense recognized related to the Notes:
Three Months Ended March 31,
20262025
2030 Notes
2026 Notes
2030 Notes
2026 Notes
(in thousands)
Amortization of debt issuance costs$1,436 $990 $— $990 
Total$1,436 $990 $— $990 
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. 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 March 31, 2026, the Company was in compliance with all covenants under the credit agreement.
As of March 31, 2026, no loans were outstanding under the Revolving Credit Facility. Letters of credit issued under the credit agreement were not material as of March 31, 2026.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
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. For the lease components of co-location agreements, refer to Note 6 to these condensed consolidated financial statements. As of March 31, 2026, there were no material changes outside the ordinary course of business to the Company’s non-cancelable purchase commitments, including bandwidth and co-location commitments, disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
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 condensed 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 (BIS). As a result, the Company submitted to OFAC and to the Bureau of Industry and Security a voluntary self-disclosure concerning potential violations to OFAC and BIS. On April 9, 2026, we received a No Action Letter from OFAC, stating that OFAC was closing its review without penalties or further action. No loss has been recognized in the condensed consolidated financial statements for this loss contingency as a loss has not been incurred.
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 condensed 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.
v3.26.1
Common Stock
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025, 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 condensed 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:
March 31, 2026December 31, 2025
(in thousands)
2026 Notes10,311 10,311 
2030 Notes
11,709 11,709 
Stock options issued and outstanding5,194 5,661 
Remaining shares available for issuance under the 2019 Plan101,138 84,220 
Outstanding and unsettled RSUs and PSUs9,986 10,331 
Shares available for issuance under the Employee Stock Purchase Plan (ESPP)23,593 20,074 
Total shares of common stock reserved161,931 142,306 
v3.26.1
Stock-based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
Equity Incentive Plans
The 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.
Stock Options
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 March 31, 2026, there were approximately 2.3 million outstanding Performance Options.
The Company recognizes stock-based compensation expense for the Performance Options based on the grant date fair value and using a graded attribution method over the weighted-average requisite service period. The Company recorded a reversal of stock-based compensation expense of $9.4 million during the three months ended March 31, 2026 due to forfeitures of the Performance Options upon a key employee departure. The total stock-based compensation expense associated with the Performance Options were not material during the three months ended March 31, 2026 and 2025. As of March 31, 2026, there was $76.2 million of unrecognized stock-based compensation expense related to the Performance Options that is expected to be recognized over a weighted-average period of 3.0 years.
Restricted Stock Units and Performance Stock Units
During the three months ended March 31, 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 total stock-based compensation expense for RSUs and PSUs for the three months ended March 31, 2026 and 2025 was $115.9 million and $92.7 million, respectively. As of March 31, 2026, the total unrecognized stock-based compensation expense related to unvested RSUs and PSUs was $1,047.8 million that is expected to be recognized over a weighted-average period of 2.9 years. The stock-based compensation expense associated with PSUs, with market or financial performance conditions, were not material during the three months ended March 31, 2026 and 2025. As of March 31, 2026, the total unrecognized stock-based compensation related to PSUs with market conditions was $20.5 million and is expected to be recognized over a weighted-average period of 2.1 years.
2019 Employee Stock Purchase Plan
In September 2019, the Company's Board of Directors adopted and stockholders approved the ESPP, which became effective one business day prior to the effective date of the Company's registration statement on Form S-1 filed with the SEC in connection with the Company’s initial public offering. No shares of Class A common stock were purchased under the ESPP during the three months ended March 31, 2026. As of March 31, 2026, the total unrecognized stock-based compensation expense related to the ESPP was not material and will be recognized through the year ended December 31, 2026.
Stock-based Compensation Expense
The following table sets forth the total stock-based compensation expense included in the Company’s condensed consolidated statements of operations:
Three Months Ended March 31,
20262025
(in thousands)
Cost of revenue$3,659 $2,588 
Sales and marketing39,331 27,918 
Research and development43,044 32,693 
General and administrative28,207 32,336 
Total stock-based compensation expense$114,241 $95,535 
v3.26.1
Net Loss per Share Attributable to Common Stockholders
 3 Months Ended
Mar. 31, 2026
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:
Three Months Ended March 31,
20262025
Class AClass BClass AClass B
(in thousands, except per share data)
Net loss attributable to common stockholders
$(20,693)$(2,234)$(34,365)$(4,089)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
318,265 34,360 308,964 36,759 
Net loss per share attributable to common stockholders, basic and diluted
$(0.07)$(0.07)$(0.11)$(0.11)
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:
March 31,
20262025
(in thousands)
2026 Notes6,762 6,762 
2030 Notes8,075 — 
Unexercised stock options5,194 7,849 
Outstanding RSUs and PSUs9,986 11,209 
Shares issuable pursuant to the ESPP85 170 
Total30,102 25,990 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The computation of the provision for income taxes for interim periods is determined by applying the estimated annual effective tax rate to year-to-date earnings from recurring operations and adjusting for discrete tax items recorded in the period. The Company's ability to estimate the geographic mix of earnings is impacted by the relatively high-growth nature of the business, fluctuations of business operations by country, and implementation of tax planning strategies.
The Company recorded an income tax expense of $1.5 million and $1.7 million for the three months ended March 31, 2026 and 2025, respectively, primarily related to income tax expense from profitable foreign jurisdictions and withholding taxes.
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 condensed consolidated financial statements. There is no valuation allowance associated with any other foreign jurisdictions.
v3.26.1
Business Combinations
 3 Months Ended
Mar. 31, 2026
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 assets2,456 
Prepaid expenses and other current assets410 
Goodwill46,588 
Acquired intangible assets, net27,700 
Operating lease right-of-use assets766 
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.
v3.26.1
Segment and Geographic Information
 3 Months Ended
Mar. 31, 2026
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 condensed consolidated balance sheets. Capital expenditures are reported on a consolidated basis on the Company’s condensed 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:
Three Months Ended March 31,
20262025
(in thousands)
Revenue$639,755 $479,087 
Less:
Adjusted cost of revenue(1)
(174,053)(109,817)
Adjusted sales and marketing expense(1)
(227,526)(183,418)
Adjusted research and development expense(1)
(101,471)(76,820)
Adjusted general and administrative expense(1)
(63,608)(53,031)
Other segment items(2)
(96,024)(94,455)
Net loss$(22,927)$(38,454)
(1) Cost of revenue, sales and marketing expense, research and development expense, and general and administrative expense in the condensed consolidated statements of operations are adjusted to exclude stock-based compensation and related employer payroll taxes, amortization of acquired intangible assets, and acquisition-related and other expenses during the three months ended months ended March 31, 2026 and 2025.
(2) Other segment items include the adjustments described in the notes above, as well as interest income, interest expense, other income (expense), net and provision for income taxes in the condensed consolidated statements of operations.
Refer to Note 3 to these condensed consolidated financial statements for revenue by geography.
The Company’s property and equipment, net, by geographic area were as follows:
 March 31, 2026December 31, 2025
 
 (in thousands)
United States$313,558 $298,256 
Rest of the world317,524 320,435 
Total property and equipment, net$631,082 $618,691 
No single country other than the United States accounted for more than 10% of total property and equipment, net as of March 31, 2026 and December 31, 2025.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsOn May 7, 2026, the Company announced a plan (the Plan) designed to further accelerate its evolution to an agentic AI-first operating model. As part of the Plan, the Company expects to reduce its current workforce by approximately 20%. The Company currently estimates that it will incur charges of between $140 million and $150 million in connection with the Plan, consisting primarily of cash expenditures for notice period, severance payments, employee benefits and related costs of between $105 million and $110 million and non-cash expenses related to vesting of share-based awards of between $35 million and $40 million. The Company expects that the majority of the restructuring charges will be incurred in the second quarter of fiscal 2026, and that the execution of the Plan will be substantially complete by the end of the third quarter of fiscal 2026. The Company’s estimates are subject to a number of assumptions, and the actual costs incurred may differ materially from those initial estimates.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
Matthew Prince [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 26, 2026, Matthew Prince, our Chief Executive Officer and Co-Chair of the Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of up to 2,042,976 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 July 7, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Matthew Prince
Title Chief Executive Officer and Co-Chair of the Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 26, 2026
Expiration Date July 7, 2027
Arrangement Duration 496 days
Aggregate Available 2,042,976
Michelle Zatlyn [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 27, 2026, Michelle Zatlyn, our President and Co-Chair of the Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of up to 1,287,172 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 July 23, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Michelle Zatlyn
Title President and Co-Chair of the Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 27, 2026
Expiration Date July 23, 2027
Arrangement Duration 511 days
Aggregate Available 1,287,172
Carl Ledbetter [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 25, 2026, Carl Ledbetter, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of up to 815,000 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 June 30, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Carl Ledbetter
Title member of our Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 25, 2026
Expiration Date June 30, 2027
Arrangement Duration 490 days
Aggregate Available 815,000
Karim Lakhani [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 27, 2026, Karim Lakhani, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the purchase from time to time of up to 1,020 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 May 29, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Karim Lakhani
Title member of our Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 27, 2026
Expiration Date May 29, 2027
Arrangement Duration 456 days
Aggregate Available 1,020
Alissa Starzak [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 26, 2026, Alissa Starzak, our current Chief Legal Officer (who served as our Deputy Chief Legal Officer and Head of Global Policy at the time of adoption), adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of up to 22,033 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 May 28, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Alissa Starzak
Title Chief Legal Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 26, 2026
Expiration Date May 28, 2027
Arrangement Duration 456 days
Aggregate Available 22,033
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation Basis of PresentationThe accompanying interim condensed consolidated financial statements and accompanying notes have been prepared in conformity with generally accepted accounting principles in the United States (U.S. GAAP) and applicable regulations of the Securities and Exchange Commission (the SEC) regarding interim financial reporting, and include the accounts of the Company and its wholly-owned subsidiaries.
Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable required disclosures and regulations of the SEC. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
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
Use of Estimates
The preparation of condensed 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 condensed consolidated financial statements and accompanying notes to the condensed 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 Quarterly Report on Form 10-Q. 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.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
There have been no recently adopted accounting pronouncements since the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 that may have a material impact on the Company's condensed consolidated financial statements.
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
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:
Three Months Ended March 31,
20262025
(dollars in thousands)
AmountPercentage
of Revenue		AmountPercentage
of Revenue
United States$315,830 49 %$234,887 49 %
Europe, Middle East, and Africa
175,678 28 %133,853 28 %
Asia Pacific98,648 15 %73,395 15 %
Other49,599 8 %36,952 8 %
Total$639,755 100 %$479,087 100 %
The following table summarizes the revenue from contracts by type of customer:
Three Months Ended March 31,
20262025
(dollars in thousands)
AmountPercentage
of Revenue		AmountPercentage
of Revenue
Channel partners
$192,960 30 %$112,555 23 %
Direct customers
446,795 70 %366,532 77 %
Total$639,755 100 %$479,087 100 %
Schedule of Deferred Contract Acquisition Costs
The following table summarizes the activity of the deferred contract acquisition costs:
Three Months Ended March 31,
20262025
(in thousands)
Beginning balance$219,499 $172,217 
Capitalization of contract acquisition costs
36,962 25,458 
Amortization of deferred contract acquisition costs
(30,980)(23,132)
Ending balance$225,481 $174,543 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025.
(in thousands)    Reported as:
March 31, 2026Amortized
Cost		Unrealized
Gain		Unrealized
(Loss)		Fair ValueCash &
Cash
Equivalents
Available-for-sale Securities
Restricted
Cash (Current and Non-Current)
Cash$52,673 $— $— $52,673 $40,486 $— $12,187 
Level I:
Money market funds
542,295 — — 542,295 542,295 — — 
Level II:
Time deposits
175,000 — — 175,000 175,000 — — 
Corporate bonds
1,304,016 553 (2,567)1,302,002 — 1,302,002 — 
U.S. treasury securities
1,809,822 1,168 (781)1,810,209 103,021 1,707,188 — 
U.S. government agency securities
177,987 4 (710)177,281 — 177,281 — 
Commercial paper
116,605 — — 116,605 71,424 45,181 — 
Subtotal
3,583,430 1,725 (4,058)3,581,097 349,445 3,231,652 — 
Total assets measured at fair value on a recurring basis
$4,178,398 $1,725 $(4,058)$4,176,065 $932,226 $3,231,652 $12,187 
(in thousands)Reported as:
December 31, 2025Amortized
Cost		Unrealized
Gain		Unrealized
(Loss)		Fair
Value		Cash &
Cash
Equivalents		Available-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 
v3.26.1
Balance Sheet Components (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following:
March 31, 2026December 31, 2025
(in thousands)
Property and equipment:
Servers—network infrastructure$765,954 $726,763 
Construction in progress61,784 58,372 
Capitalized internal-use software121,652 109,730 
Office and computer equipment36,832 34,414 
Office furniture8,104 7,816 
Software10,204 9,309 
Leasehold improvements51,969 50,906 
Asset retirement obligation827 826 
Gross property and equipment1,057,326 998,136 
Less accumulated depreciation and amortization(426,244)(379,445)
Total property and equipment, net$631,082 $618,691 
Schedule of Acquired Intangible Assets, Net
Acquired intangible assets, net consisted of the following:
March 31, 2026
Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value
(in thousands)
Developed technology$50,542 $26,535 $24,007 
Customer relationships17,380 7,063 10,317 
Other4,462 476 3,986 
Total acquired intangible assets, net$72,384 $34,074 $38,310 
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 
Other
4,462 364 4,098 
Total acquired intangible assets, net$68,662 $26,863 $41,799 
Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets
As of March 31, 2026, the estimated future amortization expense of acquired intangible assets was as follows:
Estimated
Amortization
(in thousands)
Year ending December 31,
2026 (remaining nine months)$17,361 
2027
14,476 
2028
1,901 
2029
1,896 
2030
809 
Thereafter1,867 
Total$38,310 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease Costs
The components of lease cost related to the Company's operating leases included in the condensed consolidated statements of operations were as follows:
Three Months Ended March 31,
20262025
(in thousands)
Operating lease cost$20,266 $14,657 
Total lease cost$20,266 $14,657 
Schedule of Lease Liability Maturities
Maturities of the operating lease liabilities as of March 31, 2026 are as follows:
March 31, 2026
(in thousands)
2026 (remaining nine months)$64,830 
202772,593 
202848,694 
202935,727 
203025,652 
Thereafter37,452 
Total lease payments$284,948 
Less: Imputed interest$(28,239)
Total operating lease liabilities$256,709 
v3.26.1
Financing Arrangements (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Convertible Debt
The net carrying amounts of the Notes were as follows:
March 31, 2026December 31, 2025
2030 Notes
2026 Notes
2030 Notes
2026 Notes
(in thousands)
Principal$2,000,000 $1,293,750 $2,000,000 $1,293,750 
Unamortized debt issuance costs(24,444)(1,479)(25,880)(2,469)
Carrying amount, net$1,975,556 $1,292,271 $1,974,120 $1,291,281 
Schedule of Interest Expense
The following tables set forth total interest expense recognized related to the Notes:
Three Months Ended March 31,
20262025
2030 Notes
2026 Notes
2030 Notes
2026 Notes
(in thousands)
Amortization of debt issuance costs$1,436 $990 $— $990 
Total$1,436 $990 $— $990 
v3.26.1
Common Stock (Tables)
 3 Months Ended
Mar. 31, 2026
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:
March 31, 2026December 31, 2025
(in thousands)
2026 Notes10,311 10,311 
2030 Notes
11,709 11,709 
Stock options issued and outstanding5,194 5,661 
Remaining shares available for issuance under the 2019 Plan101,138 84,220 
Outstanding and unsettled RSUs and PSUs9,986 10,331 
Shares available for issuance under the Employee Stock Purchase Plan (ESPP)23,593 20,074 
Total shares of common stock reserved161,931 142,306 
v3.26.1
Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
The following table sets forth the total stock-based compensation expense included in the Company’s condensed consolidated statements of operations:
Three Months Ended March 31,
20262025
(in thousands)
Cost of revenue$3,659 $2,588 
Sales and marketing39,331 27,918 
Research and development43,044 32,693 
General and administrative28,207 32,336 
Total stock-based compensation expense$114,241 $95,535 
v3.26.1
Net Loss per Share Attributable to Common Stockholders (Tables)
 3 Months Ended
Mar. 31, 2026
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:
Three Months Ended March 31,
20262025
Class AClass BClass AClass B
(in thousands, except per share data)
Net loss attributable to common stockholders
$(20,693)$(2,234)$(34,365)$(4,089)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
318,265 34,360 308,964 36,759 
Net loss per share attributable to common stockholders, basic and diluted
$(0.07)$(0.07)$(0.11)$(0.11)
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:
March 31,
20262025
(in thousands)
2026 Notes6,762 6,762 
2030 Notes8,075 — 
Unexercised stock options5,194 7,849 
Outstanding RSUs and PSUs9,986 11,209 
Shares issuable pursuant to the ESPP85 170 
Total30,102 25,990 
v3.26.1
Business Combinations (Tables)
 3 Months Ended
Mar. 31, 2026
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 assets2,456 
Prepaid expenses and other current assets410 
Goodwill46,588 
Acquired intangible assets, net27,700 
Operating lease right-of-use assets766 
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 
v3.26.1
Segment and Geographic Information (Tables)
 3 Months Ended
Mar. 31, 2026
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:
Three Months Ended March 31,
20262025
(in thousands)
Revenue$639,755 $479,087 
Less:
Adjusted cost of revenue(1)
(174,053)(109,817)
Adjusted sales and marketing expense(1)
(227,526)(183,418)
Adjusted research and development expense(1)
(101,471)(76,820)
Adjusted general and administrative expense(1)
(63,608)(53,031)
Other segment items(2)
(96,024)(94,455)
Net loss$(22,927)$(38,454)
(1) Cost of revenue, sales and marketing expense, research and development expense, and general and administrative expense in the condensed consolidated statements of operations are adjusted to exclude stock-based compensation and related employer payroll taxes, amortization of acquired intangible assets, and acquisition-related and other expenses during the three months ended months ended March 31, 2026 and 2025.
(2) Other segment items include the adjustments described in the notes above, as well as interest income, interest expense, other income (expense), net and provision for income taxes in the condensed 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:
 March 31, 2026December 31, 2025
 
 (in thousands)
United States$313,558 $298,256 
Rest of the world317,524 320,435 
Total property and equipment, net$631,082 $618,691 
v3.26.1
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue $ 639,755 $ 479,087
Geographic Concentration Risk | Revenue    
Disaggregation of Revenue [Line Items]    
Percentage of Revenue 100.00% 100.00%
Sales Channel Concentration Risk | Revenue    
Disaggregation of Revenue [Line Items]    
Percentage of Revenue 100.00% 100.00%
Channel partners    
Disaggregation of Revenue [Line Items]    
Revenue $ 192,960 $ 112,555
Channel partners | Sales Channel Concentration Risk | Revenue    
Disaggregation of Revenue [Line Items]    
Percentage of Revenue 30.00% 23.00%
Direct customers    
Disaggregation of Revenue [Line Items]    
Revenue $ 446,795 $ 366,532
Direct customers | Sales Channel Concentration Risk | Revenue    
Disaggregation of Revenue [Line Items]    
Percentage of Revenue 70.00% 77.00%
United States    
Disaggregation of Revenue [Line Items]    
Revenue $ 315,830 $ 234,887
United States | Geographic Concentration Risk | Revenue    
Disaggregation of Revenue [Line Items]    
Percentage of Revenue 49.00% 49.00%
Europe, Middle East, and Africa    
Disaggregation of Revenue [Line Items]    
Revenue $ 175,678 $ 133,853
Europe, Middle East, and Africa | Geographic Concentration Risk | Revenue    
Disaggregation of Revenue [Line Items]    
Percentage of Revenue 28.00% 28.00%
Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenue $ 98,648 $ 73,395
Asia Pacific | Geographic Concentration Risk | Revenue    
Disaggregation of Revenue [Line Items]    
Percentage of Revenue 15.00% 15.00%
Other    
Disaggregation of Revenue [Line Items]    
Revenue $ 49,599 $ 36,952
Other | Geographic Concentration Risk | Revenue    
Disaggregation of Revenue [Line Items]    
Percentage of Revenue 8.00% 8.00%
v3.26.1
Revenue - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]      
Revenue recognized $ 313,800,000    
Impairment loss $ 0 $ 0 $ 0
v3.26.1
Revenue - Deferred Contract Acquisition Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Capitalized Contract Cost [Roll Forward]    
Beginning balance $ 219,499 $ 172,217
Capitalization of contract acquisition costs 36,962 25,458
Amortization of deferred contract acquisition costs (30,980) (23,132)
Ending balance $ 225,481 $ 174,543
v3.26.1
Revenue - Remaining Performance Obligations (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 2,543.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, percent 64.00%
Remaining performance obligation, expected timing of satisfaction 12 months
v3.26.1
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 ($)
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost $ 932,226,000 $ 943,536,000
Amortized Cost 4,178,398,000 4,105,023,000
Unrealized Gain 1,725,000 7,185,000
Unrealized (Loss) (4,058,000) (136,000)
Fair Value 4,176,065,000 4,112,072,000
Cash    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 52,673,000 68,297,000
Unrealized Gain 0 0
Unrealized (Loss) 0 0
Fair Value 52,673,000 68,297,000
Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unrealized Gain 0 0
Unrealized (Loss) 0 0
Level I | Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 542,295,000 587,823,000
Unrealized Gain 0 0
Unrealized (Loss) 0 0
Fair Value 542,295,000 587,823,000
Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 3,583,430,000 3,448,903,000
Unrealized Gain 1,725,000 7,185,000
Unrealized (Loss) (4,058,000) (136,000)
Fair Value 3,581,097,000 3,455,952,000
Level II | Time deposits    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 175,000,000 100,000,000
Unrealized Gain 0 0
Unrealized (Loss) 0 0
Fair Value 175,000,000 100,000,000
Level II | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 1,304,016,000 1,271,232,000
Unrealized Gain 553,000 3,304,000
Unrealized (Loss) (2,567,000) (54,000)
Fair Value 1,302,002,000 1,274,482,000
Level II | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 1,809,822,000 1,760,179,000
Unrealized Gain 1,168,000 3,859,000
Unrealized (Loss) (781,000) (4,000)
Fair Value 1,810,209,000 1,764,034,000
Level II | U.S. government agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 177,987,000 146,986,000
Unrealized Gain 4,000 22,000
Unrealized (Loss) (710,000) (78,000)
Fair Value 177,281,000 146,930,000
Level II | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 116,605,000 170,506,000
Unrealized Gain 0 0
Unrealized (Loss) 0 0
Fair Value 116,605,000 170,506,000
Cash & Cash Equivalents    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets measured at fair value on a recurring basis 932,226,000 943,536,000
Cash & Cash Equivalents | Cash    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 40,486,000 57,476,000
Cash & Cash Equivalents | Level I | Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 542,295,000 587,823,000
Cash & Cash Equivalents | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 349,445,000 298,237,000
Cash & Cash Equivalents | Level II | Time deposits    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 175,000,000 100,000,000
Cash & Cash Equivalents | Level II | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Cash & Cash Equivalents | Level II | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 103,021,000 59,768,000
Cash & Cash Equivalents | Level II | U.S. government agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Cash & Cash Equivalents | Level II | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 71,424,000 138,469,000
Available-for-sale Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 3,231,652,000 3,157,715,000
Available-for-sale Securities | Cash    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Available-for-sale Securities | Level I | Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Available-for-sale Securities | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 3,231,652,000 3,157,715,000
Available-for-sale Securities | Level II | Time deposits    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Available-for-sale Securities | Level II | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 1,302,002,000 1,274,482,000
Available-for-sale Securities | Level II | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 1,707,188,000 1,704,266,000
Available-for-sale Securities | Level II | U.S. government agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 177,281,000 146,930,000
Available-for-sale Securities | Level II | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 45,181,000 32,037,000
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 12,187,000 10,821,000
Restricted Cash (Current and Non-Current) | Cash    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 12,187,000 10,821,000
Restricted Cash (Current and Non-Current) | Level I | Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Restricted Cash (Current and Non-Current) | Level II    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Restricted Cash (Current and Non-Current) | Level II | Time deposits    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Restricted Cash (Current and Non-Current) | Level II | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Restricted Cash (Current and Non-Current) | Level II | U.S. treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Restricted Cash (Current and Non-Current) | Level II | U.S. government agency securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 0 0
Restricted Cash (Current and Non-Current) | Level II | Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value $ 0 $ 0
v3.26.1
Fair Value Measurements - Narrative (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized cost of available-for-sale investments with maturities less than one year $ 2,218,500,000 $ 1,976,500,000
Amortized cost of available-for-sale investments with maturities greater than one year 1,015,500,000 1,174,200,000
Net gain (loss) on investments, net of tax (2,300,000) 7,000,000.0
Convertible Debt | 2026 Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value 1,500,800,000  
Convertible Debt | 2030 Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value 2,272,600,000  
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]    
Restricted cash $ 12,200,000  
v3.26.1
Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Allowance for doubtful accounts $ 6.4   $ 7.1
Provision for bad debt expense (1.2) $ (3.3)  
Write-off of uncollectible accounts receivable $ 1.9 $ 3.2  
v3.26.1
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 1,057,326 $ 998,136
Less accumulated depreciation and amortization (426,244) (379,445)
Total property and equipment, net 631,082 618,691
Servers—network infrastructure    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 765,954 726,763
Construction in progress    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 61,784 58,372
Capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 121,652 109,730
Office and computer equipment    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 36,832 34,414
Office furniture    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 8,104 7,816
Software    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 10,204 9,309
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 51,969 50,906
Asset retirement obligation    
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 827 $ 826
v3.26.1
Balance Sheet Components - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Business Combination [Line Items]      
Depreciation and amortization expense $ 49,200 $ 37,100  
Payments to acquire property, plant, and equipment 65,231 85,889  
Advance on payments to acquire property, plant, and equipment 10,000    
Goodwill 233,491   $ 226,563
Goodwill, impairment loss 0 0  
Amortization of acquired intangible assets 7,200 3,200  
Capitalized internal-use software      
Business Combination [Line Items]      
Depreciation and amortization expense $ 8,100 $ 7,400  
v3.26.1
Balance Sheet Components - Acquired Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 72,384 $ 68,662
Accumulated Amortization 34,074 26,863
Net Book Value 38,310 41,799
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 50,542 46,820
Accumulated Amortization 26,535 20,686
Net Book Value 24,007 26,134
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 17,380 17,380
Accumulated Amortization 7,063 5,813
Net Book Value 10,317 11,567
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 4,462 4,462
Accumulated Amortization 476 364
Net Book Value $ 3,986 $ 4,098
v3.26.1
Balance Sheet Components - Estimated Future Amortization Expense of Acquired Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Estimated Amortization    
2026 (remaining nine months) $ 17,361  
2027 14,476  
2028 1,901  
2029 1,896  
2030 809  
Thereafter 1,867  
Net Book Value $ 38,310 $ 41,799
v3.26.1
Leases - Narrative (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Lessee, Lease, Description [Line Items]  
Remaining lease term (up to) 8 years 6 months
Lease not yet commenced, undiscounted amount $ 55.0
Lease not yet commenced, term of contract 4 years 2 months 12 days
Weighted average remaining lease term 4 years 7 months 6 days
Operating lease, weighted average discount rate, percent 4.70%
Co-location Asset Lease  
Lessee, Lease, Description [Line Items]  
Remaining lease term (up to) 9 years 7 months 6 days
v3.26.1
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease cost $ 20,266 $ 14,657
Total lease cost $ 20,266 $ 14,657
v3.26.1
Leases - Lease Liability Maturities (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity  
2026 (remaining nine months) $ 64,830
2027 72,593
2028 48,694
2029 35,727
2030 25,652
Thereafter 37,452
Total lease payments 284,948
Less: Imputed interest (28,239)
Total operating lease liabilities $ 256,709
v3.26.1
Financing Arrangements - 2030 Convertible Senior Notes (Details) - 2030 Notes - Convertible Debt
$ / shares in Units, $ in Millions
 1 Months Ended
Jun. 30, 2025
USD ($)
day
$ / shares
Debt Instrument [Line Items]  
Debt principal amount | $ $ 2,000.0
Interest rate 0.00%
Proceeds from convertible debt | $ $ 1,971.0
Convertible debt, conversion ratio 0.0040376
Conversion price (in dollars per share) | $ / shares $ 247.67
Last Reported Stock Price at Lease 130% of the Debt Conversion Price  
Debt Instrument [Line Items]  
Conversion requirement, threshold trading days (at least) 20
Conversion requirement, threshold consecutive trading days 30
Conversion requirement, threshold percentage of stock price trigger (at least) 130.00%
Principal Amount Less than 98% of the Product  
Debt Instrument [Line Items]  
Conversion requirement, threshold trading days (at least) 5
Conversion requirement, threshold consecutive trading days 5
Conversion requirement, threshold percentage of stock price trigger (at least) 98.00%
v3.26.1
Financing Arrangements - 2030 Capped Call Transactions (Details) - 2030 Notes - Convertible Debt
$ / shares in Units, $ in Millions
 1 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
Debt Instrument [Line Items]  
Purchases of capped calls related to convertible senior notes | $ $ 283.4
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
v3.26.1
Financing Arrangements - 2026 Convertible Senior Notes (Details) - 2026 Notes - Convertible Debt
 1 Months Ended
Aug. 31, 2021
USD ($)
day
$ / shares
Mar. 31, 2026
USD ($)
$ / shares
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]      
Debt principal amount | $ $ 1,293,800,000 $ 101,400,000  
Interest rate 0.00%    
Proceeds from convertible debt | $ $ 1,274,000,000    
Convertible debt, conversion ratio 0.0052263    
Conversion price (in dollars per share) | $ / shares $ 191.34 $ 206.34  
Carrying amount, net | $   $ 1,292,271,000 $ 1,291,281,000
Last Reported Stock Price at Lease 130% of the Debt Conversion Price      
Debt Instrument [Line Items]      
Conversion requirement, threshold trading days (at least) 20    
Conversion requirement, threshold consecutive trading days 30    
Conversion requirement, threshold percentage of stock price trigger (at least) 130.00%    
Principal Amount Less than 98% of the Product      
Debt Instrument [Line Items]      
Conversion requirement, threshold trading days (at least) 5    
Conversion requirement, threshold consecutive trading days 5    
Conversion requirement, threshold percentage of stock price trigger (at least) 98.00%    
v3.26.1
Financing Arrangements - 2026 Capped Call Transactions (Details) - 2026 Notes - Convertible Debt
$ / shares in Units, $ in Millions
 1 Months Ended
Aug. 31, 2021
USD ($)
$ / shares
Debt Instrument [Line Items]  
Purchases of capped calls related to convertible senior notes | $ $ 86.3
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
v3.26.1
Financing Arrangements - 2025 Capped Call Transactions (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
May 31, 2025
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]        
Reclassification of the 2025 Capped Calls from equity to derivative asset     $ 0 $ 308,299
2025 Notes | Convertible Debt        
Debt Instrument [Line Items]        
Interest rate 0.75%      
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 settlement of the 2025 capped calls $ 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      
v3.26.1
Financing Arrangements - Schedule of Net Carrying Amount of Notes (Details) - Convertible Debt - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
2030 Notes    
Debt Instrument [Line Items]    
Principal $ 2,000,000 $ 2,000,000
Unamortized debt issuance costs (24,444) (25,880)
Carrying amount, net 1,975,556 1,974,120
2026 Notes    
Debt Instrument [Line Items]    
Principal 1,293,750 1,293,750
Unamortized debt issuance costs (1,479) (2,469)
Carrying amount, net $ 1,292,271 $ 1,291,281
v3.26.1
Financing Arrangements - Schedule of Interest Components (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Amortization of debt issuance costs $ 2,426 $ 990
Convertible Debt | 2030 Notes    
Debt Instrument [Line Items]    
Amortization of debt issuance costs 1,436 0
Total 1,436 0
Convertible Debt | 2026 Notes    
Debt Instrument [Line Items]    
Amortization of debt issuance costs 990 990
Total $ 990 $ 990
v3.26.1
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]  
Basis spread on variable rate 0.75%
Minimum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two  
Debt Instrument [Line Items]  
Basis spread on variable rate 1.75%
Maximum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One  
Debt Instrument [Line Items]  
Basis spread on variable rate 1.50%
Maximum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two  
Debt Instrument [Line Items]  
Basis spread on variable rate 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 | Federal Funds Rate  
Debt Instrument [Line Items]  
Basis spread on variable rate 0.50%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)  
Debt Instrument [Line Items]  
Basis spread on variable rate 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
v3.26.1
Common Stock - Narrative (Details)
Mar. 31, 2026
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
v3.26.1
Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) - shares
shares in Thousands
Mar. 31, 2026
Dec. 31, 2025
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 161,931 142,306
Equity Incentive Plan, 2019    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 101,138 84,220
Stock options issued and outstanding    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 5,194 5,661
Outstanding and unsettled RSUs and PSUs    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 9,986 10,331
Shares available for issuance under the Employee Stock Purchase Plan (ESPP)    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 23,593 20,074
Convertible Debt | 2026 Notes    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 10,311 10,311
Convertible Debt | 2030 Notes    
Class of Stock [Line Items]    
Shares of common stock reserved (in shares) 11,709 11,709
v3.26.1
Stock-based Compensation - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 114,241,000 $ 95,535,000
Other Performance Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock options outstanding (in shares) 2,300,000  
Employee benefit and share-based payment arrangement, noncash (reversal of expense) $ (9,400,000)  
Options unrecognized stock-based compensation expense $ 76,200,000  
Weighted-average remaining vesting period 3 years  
Performance Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted-average remaining vesting period 2 years 1 month 6 days  
Granted (in shares)   350,220
Unrecognized stock-based compensation expense $ 20,500,000  
Outstanding and unsettled RSUs and PSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted-average remaining vesting period 2 years 10 months 24 days  
Stock-based compensation expense $ 115,900,000 $ 92,700,000
Unrecognized stock-based compensation expense 1,047,800,000  
Stock Options With Market or Financial Performance Conditions    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 0 $ 0
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 $ 0  
Shares issuable pursuant to the ESPP | 2019 Employee Stock Purchase Plan | Class A common stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares repurchased (in shares) 0  
Executive Officer | Stock Options With Market Conditions    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expiration period 10 years  
Other Key Employees | Stock Options With Market Conditions    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expiration period 10 years  
v3.26.1
Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense $ 114,241 $ 95,535
Cost of revenue    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 3,659 2,588
Sales and marketing    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 39,331 27,918
Research and development    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 43,044 32,693
General and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense $ 28,207 $ 32,336
v3.26.1
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
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Net loss attributable to common stockholders $ (22,927) $ (38,454)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 352,625 345,723
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 352,625 345,723
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.07) $ (0.11)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.07) $ (0.11)
Class A | Common stock    
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Net loss attributable to common stockholders $ (20,693) $ (34,365)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 318,265 308,964
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 318,265 308,964
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.07) $ (0.11)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.07) $ (0.11)
Class B | Common stock    
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Net loss attributable to common stockholders $ (2,234) $ (4,089)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 34,360 36,759
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 34,360 36,759
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.07) $ (0.11)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.07) $ (0.11)
v3.26.1
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
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
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) 30,102 25,990
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
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
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) 5,194 7,849
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) 9,986 11,209
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) 85 170
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Provision for income tax expense $ 1,526 $ 1,695
v3.26.1
Business Combinations - Narrative (Details) - USD ($)
$ in Thousands
Dec. 01, 2025
Oct. 07, 2024
Replicate    
Business Combination [Line Items]    
Consideration transferred $ 57,400  
Cash payments 44,400  
Cash paid for acquisitions 3,600  
Business combination contingent consideration, adjustment liability 9,500  
Cash holdback $ 3,500  
Business combination, contingent consideration, adjustment liability, period 12 months  
Developed technology $ 27,700  
Replicate | Developed technology    
Business Combination [Line Items]    
Developed technology $ 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   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
Developed technology   $ 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
v3.26.1
Business Combinations - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Dec. 01, 2025
Oct. 07, 2024
Business Combination [Line Items]        
Goodwill $ 233,491 $ 226,563    
Replicate        
Business Combination [Line Items]        
Accounts receivable, net     $ 129  
Contract assets     2,456  
Prepaid expenses and other current assets     410  
Goodwill     46,588  
Developed technology     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  
Kivera        
Business Combination [Line Items]        
Goodwill       $ 23,864
Developed technology       5,700
Total assets acquired       29,564
Other noncurrent liabilities       (1,588)
Total purchase price       $ 27,976
v3.26.1
Segment and Geographic Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.26.1
Segment and Geographic Information - Schedule of Reconciliation of Consolidated Revenue to Net Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenue $ 639,755 $ 479,087
Less:    
Net loss (22,927) (38,454)
Reportable Segment    
Segment Reporting Information [Line Items]    
Revenue 639,755 479,087
Less:    
Adjusted cost of revenue (174,053) (109,817)
Adjusted sales and marketing expense (227,526) (183,418)
Adjusted research and development expense (101,471) (76,820)
Adjusted general and administrative expense (63,608) (53,031)
Other segment items (96,024) (94,455)
Net loss $ (22,927) $ (38,454)
v3.26.1
Segment and Geographic Information - Schedule of Property and Equipment, Net by Geographic Area (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting Information [Line Items]    
Property and equipment, net $ 631,082 $ 618,691
United States    
Segment Reporting Information [Line Items]    
Property and equipment, net 313,558 298,256
Rest of the world    
Segment Reporting Information [Line Items]    
Property and equipment, net $ 317,524 $ 320,435
v3.26.1
Subsequent Events (Details) - Subsequent Event
$ in Millions
May 07, 2026
USD ($)
Minimum  
Subsequent Event [Line Items]  
Restructuring and related cost, expected number of positions eliminated, percent 20.00%
Restructuring and related cost, expected cost $ 140
Minimum | Employee Severance  
Subsequent Event [Line Items]  
Restructuring and related cost, expected cost 105
Minimum | Non-cash Expenses, Share-Based Payment Arrangement  
Subsequent Event [Line Items]  
Restructuring and related cost, expected cost 35
Maximum  
Subsequent Event [Line Items]  
Restructuring and related cost, expected cost 150
Maximum | Employee Severance  
Subsequent Event [Line Items]  
Restructuring and related cost, expected cost 110
Maximum | Non-cash Expenses, Share-Based Payment Arrangement  
Subsequent Event [Line Items]  
Restructuring and related cost, expected cost $ 40