PINTEREST, INC., 10-Q filed on 8/4/2026
Quarterly Report
v3.26.1
Cover Page - shares
 6 Months Ended
Jun. 30, 2026
Jul. 29, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
Document Transition Report false  
Entity File Number 001-38872  
Entity Registrant Name Pinterest, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-3607129  
Entity Address, Address Line One 651 Brannan Street  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94107  
City Area Code 415  
Local Phone Number 762-7100  
Title of 12(b) Security Class A Common Stock, $0.00001 par value  
Trading Symbol PINS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001506293  
Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   492,198,008
Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   74,115,019
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 422,484 $ 969,342
Marketable securities 852,417 1,497,811
Accounts receivable, net 932,000 997,849
Prepaid expenses and other current assets 116,446 90,735
Total current assets 2,323,347 3,555,737
Property and equipment, net 97,447 66,451
Operating lease right-of-use assets 143,050 150,399
Intangible assets, net 83,037 6,083
Goodwill 475,290 100,227
Deferred tax assets 1,616,367 1,592,153
Other assets 20,840 21,082
Total assets 4,759,378 5,492,132
Current liabilities:    
Accounts payable 145,148 129,810
Accrued expenses and other current liabilities 464,663 335,663
Total current liabilities 609,811 465,473
Convertible notes, net [1] 981,128 0
Operating lease liabilities 215,507 220,581
Other liabilities 59,034 60,840
Total liabilities 1,865,480 746,894
Commitments and contingencies
Stockholders’ equity:    
Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 490,712 and 584,866 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 74,785 and 79,680 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 6 7
Additional paid-in capital 2,886,635 4,612,205
Accumulated other comprehensive income (loss) (1,180) 4,333
Retained earnings 8,437 128,693
Total stockholders’ equity 2,893,898 4,745,238
Total liabilities and stockholders’ equity $ 4,759,378 $ 5,492,132
[1] Includes amounts attributable to related party transactions. Refer to Note 12 of our condensed consolidated financial statements for further information on related party arrangements.
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Jun. 30, 2026
Dec. 31, 2025
Class A    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 6,666,667 6,666,667
Common stock, shares issued (in shares) 490,712 584,866
Common stock, shares outstanding (in shares) 490,712 584,866
Class B    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 1,333,333 1,333,333
Common stock, shares issued (in shares) 74,785 79,680
Common stock, shares outstanding (in shares) 74,785 79,680
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenue $ 1,179,654 $ 998,227 $ 2,187,168 $ 1,853,215
Costs and expenses:        
Cost of revenue 257,354 203,009 495,906 402,279
Research and development 451,010 359,624 831,799 691,289
Sales and marketing 374,273 313,075 692,124 566,995
General and administrative 137,880 126,849 241,397 232,459
Restructuring 14,335 0 61,432 0
Total costs and expenses 1,234,852 1,002,557 2,322,658 1,893,022
Loss from operations (55,198) (4,330) (135,490) (39,807)
Interest income (expense), net 7,334 28,022 25,120 55,315
Other income (expense), net (1,295) 10,960 (2,289) 15,479
Income (loss) before provision for (benefit from) income taxes (49,159) 34,652 (112,659) 30,987
Provision for (benefit from) income taxes (2,490) (4,103) 7,597 (16,690)
Net income (loss) $ (46,669) $ 38,755 $ (120,256) $ 47,677
Net income (loss) per share:        
Basic (in dollars per share) $ (0.08) $ 0.06 $ (0.20) $ 0.07
Diluted (in dollars per share) $ (0.08) $ 0.06 $ (0.20) $ 0.07
Weighted-average shares used in computing net income (loss) per share:        
Basic (in shares) 562,913 676,852 599,629 676,688
Diluted (in shares) 562,913 689,837 599,629 689,598
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (46,669) $ 38,755 $ (120,256) $ 47,677
Other comprehensive income (loss), net of taxes:        
Change in unrealized gain (loss) on available-for-sale marketable securities (783) 168 (3,545) 1,310
Change in foreign currency translation adjustment and other (247) 2,172 (1,968) 2,698
Comprehensive income (loss) $ (47,699) $ 41,095 $ (125,769) $ 51,685
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and Class B Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Retained Earnings
Beginning balance (in shares) at Dec. 31, 2024   675,933      
Beginning balance at Dec. 31, 2024 $ 4,751,154 $ 7 $ 5,039,439 $ (130) $ (288,162)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units, net (in shares)   7,710      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (199,468)   (199,468)    
Issuance of common stock for cash upon exercise of stock options (in shares)   1,836      
Issuance of common stock for cash upon exercise of stock options 8,053   8,053    
Issuance of common stock related to charitable contributions (in shares)   500      
Issuance of common stock related to charitable contributions 13,495   13,495    
Repurchases of Class A common stock (in shares)   (6,557)      
Repurchases of Class A common stock (227,626)   (227,626)    
Share-based compensation 414,660   414,660    
Other comprehensive income (loss) 4,008     4,008  
Net income (loss) 47,677       47,677
Ending balance (in shares) at Jun. 30, 2025   679,422      
Ending balance at Jun. 30, 2025 4,811,953 $ 7 5,048,553 3,878 (240,485)
Beginning balance (in shares) at Mar. 31, 2025   676,188      
Beginning balance at Mar. 31, 2025 4,688,469 $ 7 4,966,164 1,538 (279,240)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units, net (in shares)   4,293      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (105,714)   (105,714)    
Issuance of common stock related to charitable contributions (in shares)   500      
Issuance of common stock related to charitable contributions 13,495   13,495    
Repurchases of Class A common stock (in shares)   (1,559)      
Repurchases of Class A common stock (52,626)   (52,626)    
Share-based compensation 227,234   227,234    
Other comprehensive income (loss) 2,340     2,340  
Net income (loss) 38,755       38,755
Ending balance (in shares) at Jun. 30, 2025   679,422      
Ending balance at Jun. 30, 2025 4,811,953 $ 7 5,048,553 3,878 (240,485)
Beginning balance (in shares) at Dec. 31, 2025   664,546      
Beginning balance at Dec. 31, 2025 4,745,238 $ 7 4,612,205 4,333 128,693
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units, net (in shares)   11,763      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (180,532)   (180,532)    
Issuance of common stock related to charitable contributions (in shares)   600      
Issuance of common stock related to charitable contributions 12,198   12,198    
Purchase of capped calls related to convertible notes, net of tax (75,848)   (75,848)    
Repurchases of Class A common stock (in shares)   (111,412)      
Repurchases of Class A common stock (2,039,826) $ (1) (2,039,825)    
Fair value of replacement awards 2,474   2,474    
Share-based compensation 555,963   555,963    
Other comprehensive income (loss) (5,513)     (5,513)  
Net income (loss) (120,256)       (120,256)
Ending balance (in shares) at Jun. 30, 2026   565,497      
Ending balance at Jun. 30, 2026 2,893,898 $ 6 2,886,635 (1,180) 8,437
Beginning balance (in shares) at Mar. 31, 2026   573,671      
Beginning balance at Mar. 31, 2026 2,850,584 $ 6 2,795,622 (150) 55,106
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units, net (in shares)   7,505      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (111,633)   (111,633)    
Issuance of common stock related to charitable contributions (in shares)   600      
Issuance of common stock related to charitable contributions 12,198   12,198    
Purchase of capped calls related to convertible notes, net of tax (75,848)   (75,848)    
Repurchases of Class A common stock (in shares)   (16,279)      
Repurchases of Class A common stock (58,221)   (58,221)    
Share-based compensation 324,517   324,517    
Other comprehensive income (loss) (1,030)     (1,030)  
Net income (loss) (46,669)       (46,669)
Ending balance (in shares) at Jun. 30, 2026   565,497      
Ending balance at Jun. 30, 2026 $ 2,893,898 $ 6 $ 2,886,635 $ (1,180) $ 8,437
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income (loss) $ (120,256) $ 47,677
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 20,611 11,938
Share-based compensation 555,963 414,660
Deferred income taxes (1,368) (27,999)
Non-cash charitable contributions 12,198 13,495
Net amortization of investment premium and discount (5,428) (9,513)
Other (570) 16,892
Changes in assets and liabilities:    
Accounts receivable 95,004 135,297
Prepaid expenses and other assets (27,746) (22,853)
Operating lease right-of-use assets 19,730 14,245
Accounts payable (8,433) 8,752
Accrued expenses and other liabilities 102,417 (14,285)
Operating lease liabilities (21,214) (16,907)
Net cash provided by operating activities 620,908 571,399
Investing activities    
Purchases of property and equipment (39,293) (18,299)
Purchases of marketable securities (438,808) (878,311)
Sales of marketable securities 436,611 12,890
Maturities of marketable securities 647,214 809,600
Acquisition of business, net of cash acquired (446,954) 0
Net cash provided by (used in) investing activities 158,770 (74,120)
Financing activities    
Proceeds from exercise of stock options, net 0 8,053
Repurchases of Class A common stock (2,024,886) (227,626)
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (180,532) (199,468)
Proceeds from issuance of convertible notes, net of issuance costs [1] 979,894 0
Purchase of capped calls related to convertible notes (99,187) 0
Other financing activities (1,890) 0
Net cash used in financing activities (1,326,601) (419,041)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 50 2,278
Net increase (decrease) in cash, cash equivalents and restricted cash (546,873) 80,516
Cash, cash equivalents and restricted cash, beginning of period 975,362 1,141,221
Cash, cash equivalents and restricted cash, end of period 428,489 1,221,737
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets    
Cash and cash equivalents 422,484 1,216,941
Restricted cash included in other assets 6,005 4,796
Total cash, cash equivalents and restricted cash 428,489 1,221,737
Supplemental cash flow information    
Cash paid for income taxes, net 11,600 14,079
Non-cash investing and financing activities:    
Excise tax on repurchases of Class A common stock in accrued expenses and other current liabilities $ 14,939 $ 0
[1] Includes amounts attributable to related party transactions. Refer to Note 12 of our condensed consolidated financial statements for further information on related party arrangements.
v3.26.1
Description of Business and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Description of Business
Pinterest was incorporated in Delaware in 2008 and is headquartered in San Francisco, California. Pinterest is a visual search and discovery platform, positioned at the intersection of search, social and commerce. We generate revenue by delivering ads on our website and mobile application.
Basis of Presentation and Consolidation
We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The condensed consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2025, which are included in our Annual Report on Form 10-K.
In our opinion, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the results for the interim periods presented, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2026.
Reclassifications
We have reclassified certain amounts in prior periods to conform with current presentation.
Use of Estimates
Preparing our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies, the recognition, measurement and valuation of deferred income taxes, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Segments
We operate as a single operating segment. Our chief operating decision maker is our Chief Executive Officer, who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about our revenue, for purposes of making operating decisions, assessing financial performance and allocating resources. Net income (loss) is our primary measure of profit or loss, and all costs and expenses categories on our consolidated statements of operations, as well as share-based compensation expense, are significant. Refer to Note 7 for additional information about our share-based compensation expense. Our other segment items include interest income (expense), net, other income (expense), net and provision for (benefit from) income taxes on our condensed consolidated statements of operations.
Significant Accounting Policies
There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the year ended December 31, 2025, except for an update to our revenue recognition policy as described below.
Revenue Recognition
We generate revenue by delivering ads on our website, mobile application and connected TV platforms. We recognize revenue only after transferring control of promised goods or services to customers, which occurs when a user clicks on an ad contracted on a cost per click ("CPC") basis, or views an ad contracted on a cost per thousand impressions ("CPM") or cost per day ("CPD") basis. We recognize revenue over the service period for ads contracted on a CPD basis, which do not contain minimum impression guarantees. We typically bill customers on a CPC, CPM or CPD basis, and our payment terms vary by customer type and location. The term between billing and payment due dates is not significant.
We recognize revenue only after satisfying our contractual performance obligations. We occasionally offer customers free ad inventory. When contracts with our customers contain multiple performance obligations, we allocate the overall transaction price, which is the amount of consideration to which we expect to be entitled in exchange for promised goods or services, to each of the distinct performance obligations based on their relative standalone selling prices. We generally determine standalone selling prices based on the effective price charged per contracted click, impression or view, and we do not disclose the value of unsatisfied performance obligations because the original expected duration of our contracts is generally less than one year.
For revenue generated from arrangements that involve third parties, we evaluate whether it is appropriate to recognize revenue on a gross or net basis based upon which party obtains control of the specified goods or services before they are transferred to the customer. In making this determination we consider the party primarily responsible for fulfillment, inventory risk, and discretion in establishing price.
Certain customers may receive incentives or credits, which are accounted for as variable consideration. We estimate these amounts and reduce revenue based on the amounts expected to be provided to customers. We believe that there will not be significant changes to our estimates of variable consideration for the periods presented.
We record sales commissions in sales and marketing as incurred because we would amortize these over a period of less than one year.
Our total deferred revenue was $93.5 million and $47.5 million as of June 30, 2026 and December 31, 2025, respectively, which we record in accrued expenses and other current liabilities on our condensed consolidated balance sheet. We expect materially all of our deferred revenue to be recognized in the subsequent quarter.
v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
June 30, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$235,938 $— $— $235,938 
Commercial paper— 30,951 — 30,951 
Marketable securities:
Corporate bonds— 402,917 — 402,917 
Commercial paper— 188,620 — 188,620 
Certificates of deposit— 117,502 — 117,502 
U.S. treasury securities139,255 — — 139,255 
Non-U.S. government and supranational bonds— 4,123 — 4,123 
Other assets:
Certificates of deposit$— $6,005 $— $6,005 
December 31, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$452,315 $— $— $452,315 
Commercial paper— 286,879 — 286,879 
U.S. treasury securities64,934 — — 64,934 
Corporate bonds— 4,516 — 4,516 
Marketable securities:
Corporate bonds— 706,288 — 706,288 
U.S. treasury securities374,844 — — 374,844 
Commercial paper— 253,466 — 253,466 
Certificates of deposit— 163,213 — 163,213 
Other assets:
Certificates of deposit$— $6,020 $— $6,020 
We classify our marketable securities within Level 1 or Level 2 because we determine their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
Gross unrealized gains and losses on our marketable securities were not material in the aggregate as of June 30, 2026 and December 31, 2025. We evaluated all available evidence and did not recognize any allowance for credit losses for our marketable securities as of June 30, 2026 and December 31, 2025.
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
June 30, 2026
Due in one year or less $574,232 
Due after one to five years 278,185 
Total $852,417 
Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.
We carry our convertible notes at face value, net of unamortized issuance costs on our condensed consolidated balance sheets and present the fair value for disclosure purposes only. As of June 30, 2026, the fair value of the convertible notes was $1,087.9 million, which we estimated using a binomial lattice model with inputs including risk free rate, volatility and credit spread and classify within Level 3 in the fair value hierarchy. Refer to Note 5 of our condensed consolidated financial statements for further information on our convertible notes.
v3.26.1
Acquisition
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisition Acquisition
On February 17, 2026, we acquired all outstanding shares of tvScientific, Inc. ("tvScientific"), a connected TV performance advertising platform. We believe the acquisition of tvScientific will extend our AI-powered performance advertising from mobile to connected TV.
The total purchase consideration was $465.1 million, which was primarily in cash. We also issued replacement share-based awards with a grant date fair value of $24.1 million. Of this, $2.5 million is attributable to pre-combination services and was allocated to purchase consideration while the remaining $21.6 million will be recognized as share-based compensation expense over the remainder of the awards' requisite service periods.
We accounted for the acquisition as a business combination. Of the total purchase consideration, we preliminarily attributed $59.0 million to developed technology, $25.0 million to customer relationships, $375.1 million to goodwill and the remainder to net assets acquired and liabilities assumed, which were not material. We assigned useful lives of 5.0 years and 8.0 years to the developed technology and customer relationships, respectively. We estimated the fair value of the intangible assets acquired using an income approach with assumptions including projected revenue growth, technology royalty rate and technology obsolescence rate, classified within Level 3 measurement within the fair value hierarchy. Goodwill represents the synergies we expect to realize from the acquisition and the assembled workforce and is not deductible for tax purposes.
Our allocation of the purchase price is preliminary as the fair values of developed technology and customer relationships were based on estimates and assumptions made at the time of acquisition. As additional information becomes available, we may further revise our preliminary purchase price allocation during the remainder of the measurement period, which will not exceed 12 months from the acquisition date.
We included the results of tvScientific’s operations in our condensed consolidated financial statements beginning on the acquisition date. The acquisition did not have a material impact on our condensed consolidated financial statements so we have not presented historical and pro forma disclosures.
v3.26.1
Goodwill and Intangible Assets, Net
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Changes in goodwill are as follows (in thousands):
Balance as of December 31, 2025$100,227 
tvScientific acquisition
375,063 
Balance as of June 30, 2026$475,290 
Intangible assets, net consists of the following (in thousands):
June 30, 2026
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Developed technology$88,151 $(32,076)$56,075 4.6 years
Customer relationships42,700 (18,517)24,183 5.4 years
Patents and other intangibles12,721 (9,942)2,779 7.7 years
Total intangible assets, net$143,572 $(60,535)$83,037 
December 31, 2025
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Developed technology$29,151 $(26,932)$2,219 3.7 years
Customer relationships17,700 (17,206)494 1.6 years
Patents and other intangibles12,721 (9,351)3,370 7.7 years
Total intangible assets, net$59,572 $(53,489)$6,083 
(1)Based on the weighted-average useful life established as of acquisition date.
Amortization expense was $4.8 million and $1.7 million for the three months ended June 30, 2026 and 2025, respectively, and $7.0 million and $3.5 million for the six months ended June 30, 2026 and 2025, respectively.
Estimated future amortization expense as of June 30, 2026, is as follows (in thousands):
Intangible Asset Amortization
Remainder of 2026$9,208 
202715,794 
202815,752 
202915,396 
203015,023 
Thereafter11,864 
Total$83,037 
v3.26.1
Convertible Notes, net
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Convertible Notes, net Convertible Notes, net
On March 5, 2026, we issued $1,000.0 million in aggregate principal amount of 1.75% convertible senior notes due in 2031 (the "Notes") and entered into an investment agreement (the “Investment Agreement”) with Elliott Associates, L.P. and Elliott International, L.P. (collectively, “Elliott”) relating to the issuance and sale of the Notes. The net proceeds were $979.9 million after deducting issuance costs of $20.1 million. Refer to Note 12 for further information on related party arrangements.

The Notes are senior, unsecured obligations and are governed by the terms of the indenture dated March 5, 2026. The Notes bear interest at a rate of 1.75% per year payable semi-annually in arrears on March 1 and September 1, beginning September 1, 2026. The Notes mature on March 1, 2031, subject to earlier conversion, redemption or repurchase.
Each $1,000 principal amount of the Notes is convertible at an initial conversion rate of 44.0063, which is equivalent to a conversion price of approximately $22.72 per share, and a maximum conversion rate of 57.2082, in each case subject to adjustments for certain events as described in the indenture. Upon conversion, we will pay cash up to the aggregate principal amount of the Notes being converted and deliver shares of our Class A common stock for any conversion value in excess of the principal amount.
The Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding December 1, 2030, only under the following circumstances:
(1)during any fiscal quarter commencing after June 30, 2026, from the 41st business day until the last business day of such quarter, if the last reported sale price of our Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding quarter is greater than 150% of the conversion price on each applicable trading day (provided that, if Elliott and its affiliates no longer own a majority of the then-outstanding aggregate principal amount of the Notes prior to the beginning of such 30 consecutive trading day period, the Notes will be convertible at any time during such quarter and the stock price threshold will be 130% of the conversion price);
(2)if we call the Notes for optional redemption at any time until close of business on the second scheduled trading day prior to the redemption date;
(3)during the five business day period after any 10 consecutive trading day period in which the trading price per $1,000 principal amount of the Notes was less than 98% of the product of the last reported sale price of our Class A common stock and the conversion rate on each such trading day, as determined following a holder’s request in accordance with the indenture; or
(4)upon the occurrence of specified corporate events.
On or after December 1, 2030, holders may convert all or any portion of their Notes at any time prior to the close of business on the scheduled trading day preceding the maturity date regardless of the foregoing conditions. Upon conversion of any Note, we will pay or deliver, as the case may be, cash and shares of our Class A common stock, if any.
On or after March 5, 2029, the Notes are redeemable for cash, at our option, in whole or in part, if the last reported sale price of our Class A common stock has been at least 130% of the conversion price for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide the redemption notice at a redemption price of 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date; provided that we may not call less than all of the outstanding Notes for optional redemption unless at least $100 million aggregate principal amount of the Notes are outstanding and not called for optional redemption as of the date of the related redemption notice.
With certain exceptions, upon a Fundamental Change, as defined in the indenture, the holders of the Notes may require us to repurchase all or part of the principal amount of the Notes at a repurchase price of 100% of the principal amount of the Notes plus accrued and unpaid interest to, but excluding, the Fundamental Change repurchase date.
The indenture includes customary events of default, which may result in the acceleration of the maturity of the Notes, and customary covenants for convertible notes of this type.
The net carrying amount of the Notes as of June 30, 2026, is as follows (in thousands):
June 30, 2026
Principal$1,000,000 
Unamortized issuance costs
18,872 
Net carrying amount $981,128 
Debt issuance costs are amortized to interest expense using the effective interest method over the contractual term of the Notes at an annual effective interest rate of 2.20%. Interest expense related to the Notes was not material during the three and six months ended June 30, 2026.
Capped Calls
In June 2026, we entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institutions. The Capped Calls cover, subject to anti-dilution adjustments, the 44,006,300 shares of our Class A common stock underlying the Notes; have a strike price of approximately $22.72, which corresponds to the initial conversion price of the Notes, and an initial cap price of $30.59 per share, each subject to certain adjustments; and mature on March 1, 2031. If the average market price of our Class A common stock is greater than the strike price of the Capped Calls upon any conversion of the Notes, we expect the Capped Calls to reduce the potential dilution to our Class A common stock for any conversion value in excess of the principal amount of the Notes, subject to a cap based on the cap price.
The Capped Calls are separate transactions and are not part of the terms of the Notes. The Capped Calls meet the criteria for classification in equity and will not be remeasured as long as they continue to meet the conditions for equity classification. We recorded the $99.2 million cost of the Capped Calls as a reduction to additional paid-in-capital offset by the $23.3 million deferred tax impact associated with the integration of the Capped Calls with the Notes.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
In May 2026, we entered into a new private pricing addendum with Amazon Web Services (“AWS”), which governs our use of cloud computing infrastructure provided by AWS. Under the new pricing addendum, we are required to purchase at least $4,000.0 million of cloud services from AWS through May 2031. If we fail to do so, we are required to pay the difference between the amount we spend and the required commitment amount. As of June 30, 2026, our remaining contractual commitment is $3,927.9 million. We expect to meet our remaining commitment.
Legal Matters
We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. While the results of legal matters are inherently uncertain, we do not believe there is a reasonable possibility that the ultimate resolution of these matters, either individually or in aggregate, will have a material adverse effect on our business, financial position, results of operations or cash flows.
v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders' Equity
Equity Incentive Plan
Our 2019 Plan provides for the issuance of stock options, RSAs, RSUs and other equity- or cash-based awards to qualified employees, directors and consultants. Stock options granted under our 2019 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant.
The number of shares of our Class A common stock reserved for issuance under our 2019 Plan will automatically increase on the first day of each fiscal year through and including January 1, 2029, in an amount equal to 5% of the total number of shares of our Class A common stock and our Class B common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors. 176,814,803 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of June 30, 2026.
Stock Option Activity
Stock option activity during the six months ended June 30, 2026, was as follows (in thousands, except per share amounts):
Stock Options Outstanding
SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
Aggregate Intrinsic
Value (1)
(in years)
Outstanding as of December 31, 20258,554$19.96 6.5$50,720 
Outstanding as of June 30, 20268,554$19.96 6.0$9,152 
Exercisable as of June 30, 20268,019$19.96 6.0$8,580 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
The total grant-date fair value of stock options vested was $12.6 million and $12.6 million for the six months ended June 30, 2026 and 2025, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2025 was $46.7 million. No stock options were exercised during the six months ended June 30, 2026.
Restricted Stock Unit and Restricted Stock Award Activity
RSU and RSA activity during the six months ended June 30, 2026, was as follows (in thousands, except per share amounts):
Restricted Stock Units and Restricted Stock Awards Outstanding
SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 202539,119$30.25 
Granted
59,19019.19 
Released(20,947)24.72 
Forfeited
(8,277)25.86 
Outstanding as of June 30, 202669,085$22.97 
During the first quarter of 2026, we granted 1,004,022 RSUs that vest subject to continued service and a market condition under which the number of RSUs that vest will range from 0% to 200% of the number granted based on our total stockholder return relative to the returns of the companies in the Nasdaq CTA Internet Index over two- and three-year performance periods from January 1, 2026 to December 31, 2027 and January 1, 2026 to December 31, 2028, respectively. The weighted-average grant-date fair value of these RSUs was $34.13, which we estimated using a Monte Carlo simulation model with an expected term equal to the length of the performance periods, a risk-free rate of 3.7% and an expected volatility of 46.1%.
Share-Based Compensation
Share-based compensation expense during the three and six months ended June 30, 2026 and 2025, was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Cost of revenue
$8,484 $4,983 $13,046 $9,055 
Research and development212,537 145,939 353,213 265,421 
Sales and marketing52,155 38,715 91,099 69,046 
General and administrative
46,553 37,597 84,492 71,138 
Restructuring
4,788 — 14,113 — 
Total share-based compensation
$324,517 $227,234 $555,963 $414,660 
We recognized income tax benefits on share-based compensation expense of $65.1 million and $47.7 million for the three months ended June 30, 2026 and 2025, respectively, and $111.4 million and $86.0 million for the six months ended June 30, 2026 and 2025, respectively, which are reflected in the provision for (benefit from) income taxes on our condensed consolidated statements of operations.
As of June 30, 2026, we had $1,443.8 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 2.1 years.
Stock Repurchase Programs
In November 2024, our board of directors authorized a stock repurchase program of up to $2,000.0 million of our Class A common stock (the "November 2024 program"). During the six months ended June 30, 2026, we repurchased and retired 27,664,663 shares of our Class A common stock through open market purchases under the November 2024 program for an aggregate purchase price of $472.9 million at an average price per share of $17.09.
In March 2026, our board of directors authorized a new stock repurchase program of up to $3,500.0 million of our Class A common stock (the "March 2026 program") and canceled the November 2024 program, under which $499.9 million had remained available for repurchase. Under the March 2026 program, we are authorized to repurchase, from time to time, shares of our Class A common stock through open market purchases, block transactions, privately negotiated purchase transactions or in such other manner as deemed advisable by management. In addition, we may establish one or more trading plans pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or enter into arrangements with brokers or other third parties for accelerated purchases of our Class A common stock. The March 2026 program does not obligate us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time. The timing, manner, price and amount of any repurchases are determined by management in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. During the six months ended June 30, 2026, we repurchased and retired 28,950,481 shares of our Class A common stock through open market purchases under the March 2026 program for an aggregate purchase price of $551.0 million at an average price per share of $19.03. We also repurchased and retired 54,796,613 shares of our Class A common stock at an average price per share of $18.25 through an accelerated share repurchase agreement under the March 2026 program as described below. As of June 30, 2026, $1,948.0 million remained available for repurchases under the March 2026 program.
During the six months ended June 30, 2026, we recorded $14.9 million of excise tax resulting from the Inflation Reduction Act of 2022 in relation to stock repurchases under the November 2024 and March 2026 programs.
Accelerated Share Repurchase Agreement
In March 2026, we entered into an accelerated share repurchase agreement (the “ASR”) with a financial institution to repurchase $1,000.0 million of our Class A common stock as part of our March 2026 program. Under the terms of the ASR, we made an up-front payment of $1,000.0 million, which we recorded as a reduction of stockholders' equity. We received an initial delivery of 41,279,670 shares of our Class A common stock in March 2026 and the remaining
13,516,943 shares in April 2026. In total, during the six months ended June 30, 2026, we repurchased and retired 54,796,613 shares of our Class A common stock at an average price per share of $18.25 under the ASR.
v3.26.1
Net Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.
We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.
Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs, RSUs, convertible notes and ASR, to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock. We use the if‑converted method for the Notes and the treasury stock method for the unsettled forward contract related to the ASR in the calculation of diluted net income (loss) per share.
We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$(40,314)$(6,355)$34,066 $4,689 $(104,581)$(15,675)$41,871 $5,806 
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic
486,259 76,654 594,953 81,899 521,471 78,158 594,282 82,406 
Basic net income (loss) per share
$(0.08)$(0.08)$0.06 $0.06 $(0.20)$(0.20)$0.07 $0.07 
Diluted net income (loss) per share:
Numerator:
Net income (loss)$(40,314)$(6,355)$34,066 $4,689 $(104,581)$(15,675)$41,871 $5,806 
Reallocation of net income as a result of conversion of Class B to Class A common stock — — 4,689 — — — 5,806 — 
Reallocation of net income to Class B common stock — — — (88)— — — (109)
Diluted net income (loss)
$(40,314)$(6,355)$38,755 $4,601 $(104,581)$(15,675)$47,677 $5,697 
Denominator
Weighted-average shares used in computing net income (loss) per share, basic
486,259 76,654 594,953 81,899 521,471 78,158 594,282 82,406 
Conversion of Class B to Class A common stock— — 81,899 — — — 82,406 — 
Weighted average effect of dilutive potential common stock — — 12,985 — — — 12,910 — 
Weighted-average shares used in computing net income (loss) per share, diluted
486,259 76,654 689,837 81,899 521,471 78,158 689,598 82,406 
Diluted net income (loss) per share
$(0.08)$(0.08)$0.06 $0.06 $(0.20)$(0.20)$0.07 $0.07 
Basic net income (loss) per share is the same as diluted net income (loss) per share for the three and six months ended June 30, 2026 because we reported a net loss. As we will settle the principal amount of the Notes in cash upon conversion, the Notes will only impact diluted net income (loss) per share when the average market price of our Class A common stock exceeds the initial conversion price of approximately $22.72 per share in the period presented. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Outstanding stock options8,554 — 8,554 — 
Unvested restricted stock units and restricted stock awards77,844 11,490 59,489 11,682 
ASR
1,931 — 3,062 — 
Total88,329 11,490 71,105 11,682 
The calculation of diluted net income (loss) per share does not reflect the effect of the Capped Calls, which would have been anti-dilutive. If the average market price of our Class A common stock is greater than the strike price of the Capped Calls upon any conversion of the Notes, we expect the Capped Calls to reduce the potential dilution to our Class A common stock, subject to a cap based on the cap price. Refer to Note 5 for further information on the Capped Calls.
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We determine our income tax provision for interim periods using an estimate of our annual effective tax rate adjusted for discrete items occurring during the periods presented. For the three and six months ended June 30, 2026, the primary differences between our effective tax rate and the federal statutory rate were driven by U.S. research and development credits and tax deficiencies from share-based compensation. For the three and six months ended June 30, 2025, the primary difference was excess tax benefits from share-based compensation. Income taxes were not material for the three and six months ended June 30, 2026 and 2025.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The legislation includes provisions that allow for the immediate expensing of domestic U.S. research and development expenses and other changes to the U.S. taxation of profits derived from foreign operations. The provisions of the OBBBA have multiple effective dates from 2025 through 2027. The changes effective in 2026 are included in our provision for income taxes for the three and six months ended June 30, 2026 and were not material.
Given our current and anticipated future earnings, we believe that there is a reasonable possibility that sufficient positive evidence may become available to allow us to determine that the valuation allowance recorded against our Ireland deferred tax assets could be released in the next twelve months. The reversal would result in the recognition of Ireland deferred tax assets and a corresponding income tax benefit in the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change based on our actual operating results.
We are subject to taxation in the U.S. and various other state and foreign jurisdictions. As we have net operating loss carryforwards for U.S. federal and state jurisdictions, the statute of limitations is open for all tax years. For material foreign jurisdictions, the tax years open to examination include the years 2021 and forward.
v3.26.1
Geographical Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Geographical Information Geographical Information
Revenue disaggregated by geography based on our customers’ billing addresses was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
U.S. and Canada(1)
$842,607 $721,801 $1,560,055 $1,353,935 
Europe(2)
223,428 189,620 415,524 336,796 
Rest of World
113,619 86,806 211,589 162,484 
Total revenue
$1,179,654 $998,227 $2,187,168 $1,853,215 
(1)United States revenue was $800.5 million and $689.4 million for the three months ended June 30, 2026 and 2025, respectively, and $1,484.5 million and $1,293.9 million for the six months ended June 30, 2026 and 2025, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented.
(2)Europe includes Russia and Turkey.
Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands):
June 30,December 31,
20262025
United States
$150,709 $140,049 
United Kingdom
38,839 26,234 
Ireland
20,571 22,151 
International(1)
30,378 28,416 
Total property and equipment, net and operating lease right-of-use assets$240,497 $216,850 
(1)Other than the United States, United Kingdom and Ireland, no other country exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.26.1
Restructuring
 6 Months Ended
Jun. 30, 2026
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
In January 2026, we initiated a global restructuring plan (the “Restructuring Plan”) to support our transformation initiatives, including but not limited to (i) reallocating resources to AI-focused roles and teams that drive AI adoption and execution, (ii) prioritizing AI‑powered products and capabilities, and (iii) accelerating the transformation of our sales and go-to-market approach. As part of the Restructuring Plan, we commenced a workforce reduction of less than 15% as well as office space reductions.
Restructuring charges during the three and six months ended June 30, 2026 were as follows (in thousands):
Three Months EndedSix Months Ended
June 30, 2026
Severance and other personnel costs$7,975 $44,147 
Share-based compensation4,788 14,113 
Office space reductions1,572 3,172 
Total Restructuring$14,335 $61,432 
We expect to incur total charges of up to $69.6 million under the Restructuring Plan through the end of the third quarter of 2026. We will record additional charges under the Restructuring Plan as incurred, and the timing and magnitude of such charges are subject to change. Liabilities under the Restructuring Plan are not material as of June 30, 2026.
v3.26.1
Related Party
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Related Party
In March 2026, we entered into the Investment Agreement with Elliott and issued $1,000.0 million in aggregate principal amount of the Notes to Elliott. Marc Steinberg is a Partner at Elliott Investment Management L.P. and remains on our board of directors pursuant to the Investment Agreement. Refer to Note 5 for further information on the Notes.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 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
Lee Brown [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 11, 2026, Lee Brown, our Chief Business Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell, between August 11, 2026 and April 30, 2027 up to 50% of net shares of our Class A common stock to be issued to Mr. Brown after the satisfaction of applicable taxes following the vesting and settlement of 1,089,740 RSUs.
Name Lee Brown,
Title Chief Business Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 11, 2026
Expiration Date April 30, 2027
Arrangement Duration 262 days
Aggregate Available 1,089,740
Julia Brau Donnelly [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 7, 2026, Julia Brau Donnelly, our Chief Financial Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell between August 7, 2026 and June 30, 2027, (i) 29,548 shares of our Class A common stock and (ii) up to the net shares of our Class A common stock to be issued to Ms. Donnelly after the satisfaction of applicable taxes following the vesting and settlement of 341,090 RSUs.
Name Julia Brau Donnelly
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 7, 2026
Expiration Date June 30, 2027
Arrangement Duration 327 days
Matthew Madrigal [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 12, 2026, Matthew Madrigal, our Chief Technology Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell, between September 16, 2026 and January 15, 2027, up to 121,000 shares of our Class A common stock.
Name Matthew Madrigal
Title Chief Technology Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 12, 2026
Expiration Date January 15, 2027
Arrangement Duration 121 days
Aggregate Available 121,000
Julia Brau Donnelly, Class A Common Stock [Member] | Julia Brau Donnelly [Member]  
Trading Arrangements, by Individual  
Aggregate Available 29,548
Julia Brau Donnelly, Restricted Stock Units [Member] | Julia Brau Donnelly [Member]  
Trading Arrangements, by Individual  
Aggregate Available 341,090
v3.26.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Basis of Presentation We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP").
Consolidation We have eliminated all intercompany balances and transactions.
Reclassifications
Reclassifications
We have reclassified certain amounts in prior periods to conform with current presentation.
Use of Estimates
Use of Estimates
Preparing our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies, the recognition, measurement and valuation of deferred income taxes, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Segments
Segments
We operate as a single operating segment. Our chief operating decision maker is our Chief Executive Officer, who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about our revenue, for purposes of making operating decisions, assessing financial performance and allocating resources. Net income (loss) is our primary measure of profit or loss, and all costs and expenses categories on our consolidated statements of operations, as well as share-based compensation expense, are significant. Refer to Note 7 for additional information about our share-based compensation expense. Our other segment items include interest income (expense), net, other income (expense), net and provision for (benefit from) income taxes on our condensed consolidated statements of operations.
Revenue Recognition
Revenue Recognition
We generate revenue by delivering ads on our website, mobile application and connected TV platforms. We recognize revenue only after transferring control of promised goods or services to customers, which occurs when a user clicks on an ad contracted on a cost per click ("CPC") basis, or views an ad contracted on a cost per thousand impressions ("CPM") or cost per day ("CPD") basis. We recognize revenue over the service period for ads contracted on a CPD basis, which do not contain minimum impression guarantees. We typically bill customers on a CPC, CPM or CPD basis, and our payment terms vary by customer type and location. The term between billing and payment due dates is not significant.
We recognize revenue only after satisfying our contractual performance obligations. We occasionally offer customers free ad inventory. When contracts with our customers contain multiple performance obligations, we allocate the overall transaction price, which is the amount of consideration to which we expect to be entitled in exchange for promised goods or services, to each of the distinct performance obligations based on their relative standalone selling prices. We generally determine standalone selling prices based on the effective price charged per contracted click, impression or view, and we do not disclose the value of unsatisfied performance obligations because the original expected duration of our contracts is generally less than one year.
For revenue generated from arrangements that involve third parties, we evaluate whether it is appropriate to recognize revenue on a gross or net basis based upon which party obtains control of the specified goods or services before they are transferred to the customer. In making this determination we consider the party primarily responsible for fulfillment, inventory risk, and discretion in establishing price.
Certain customers may receive incentives or credits, which are accounted for as variable consideration. We estimate these amounts and reduce revenue based on the amounts expected to be provided to customers. We believe that there will not be significant changes to our estimates of variable consideration for the periods presented.
We record sales commissions in sales and marketing as incurred because we would amortize these over a period of less than one year.
Net Income Per Share
We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.
We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.
Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs, RSUs, convertible notes and ASR, to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock. We use the if‑converted method for the Notes and the treasury stock method for the unsettled forward contract related to the ASR in the calculation of diluted net income (loss) per share.
v3.26.1
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Financial Instruments Measured on a Recurring Basis
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
June 30, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$235,938 $— $— $235,938 
Commercial paper— 30,951 — 30,951 
Marketable securities:
Corporate bonds— 402,917 — 402,917 
Commercial paper— 188,620 — 188,620 
Certificates of deposit— 117,502 — 117,502 
U.S. treasury securities139,255 — — 139,255 
Non-U.S. government and supranational bonds— 4,123 — 4,123 
Other assets:
Certificates of deposit$— $6,005 $— $6,005 
December 31, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$452,315 $— $— $452,315 
Commercial paper— 286,879 — 286,879 
U.S. treasury securities64,934 — — 64,934 
Corporate bonds— 4,516 — 4,516 
Marketable securities:
Corporate bonds— 706,288 — 706,288 
U.S. treasury securities374,844 — — 374,844 
Commercial paper— 253,466 — 253,466 
Certificates of deposit— 163,213 — 163,213 
Other assets:
Certificates of deposit$— $6,020 $— $6,020 
Schedule of Fair Value of Marketable Securities by Contractual Maturity
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
June 30, 2026
Due in one year or less $574,232 
Due after one to five years 278,185 
Total $852,417 
v3.26.1
Goodwill and Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Goodwill
Changes in goodwill are as follows (in thousands):
Balance as of December 31, 2025$100,227 
tvScientific acquisition
375,063 
Balance as of June 30, 2026$475,290 
Schedule of Intangible Assets, Net
Intangible assets, net consists of the following (in thousands):
June 30, 2026
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Developed technology$88,151 $(32,076)$56,075 4.6 years
Customer relationships42,700 (18,517)24,183 5.4 years
Patents and other intangibles12,721 (9,942)2,779 7.7 years
Total intangible assets, net$143,572 $(60,535)$83,037 
December 31, 2025
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Developed technology$29,151 $(26,932)$2,219 3.7 years
Customer relationships17,700 (17,206)494 1.6 years
Patents and other intangibles12,721 (9,351)3,370 7.7 years
Total intangible assets, net$59,572 $(53,489)$6,083 
(1)Based on the weighted-average useful life established as of acquisition date.
Schedule of Estimated Future Amortization Expense
Estimated future amortization expense as of June 30, 2026, is as follows (in thousands):
Intangible Asset Amortization
Remainder of 2026$9,208 
202715,794 
202815,752 
202915,396 
203015,023 
Thereafter11,864 
Total$83,037 
v3.26.1
Convertible Notes, net (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The net carrying amount of the Notes as of June 30, 2026, is as follows (in thousands):
June 30, 2026
Principal$1,000,000 
Unamortized issuance costs
18,872 
Net carrying amount $981,128 
v3.26.1
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
Stock option activity during the six months ended June 30, 2026, was as follows (in thousands, except per share amounts):
Stock Options Outstanding
SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
Aggregate Intrinsic
Value (1)
(in years)
Outstanding as of December 31, 20258,554$19.96 6.5$50,720 
Outstanding as of June 30, 20268,554$19.96 6.0$9,152 
Exercisable as of June 30, 20268,019$19.96 6.0$8,580 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
Schedule of Restricted Stock Unit Activity
RSU and RSA activity during the six months ended June 30, 2026, was as follows (in thousands, except per share amounts):
Restricted Stock Units and Restricted Stock Awards Outstanding
SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 202539,119$30.25 
Granted
59,19019.19 
Released(20,947)24.72 
Forfeited
(8,277)25.86 
Outstanding as of June 30, 202669,085$22.97 
Schedule of Share-Based Compensation Expense
Share-based compensation expense during the three and six months ended June 30, 2026 and 2025, was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Cost of revenue
$8,484 $4,983 $13,046 $9,055 
Research and development212,537 145,939 353,213 265,421 
Sales and marketing52,155 38,715 91,099 69,046 
General and administrative
46,553 37,597 84,492 71,138 
Restructuring
4,788 — 14,113 — 
Total share-based compensation
$324,517 $227,234 $555,963 $414,660 
v3.26.1
Net Income (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss Per Share
We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$(40,314)$(6,355)$34,066 $4,689 $(104,581)$(15,675)$41,871 $5,806 
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic
486,259 76,654 594,953 81,899 521,471 78,158 594,282 82,406 
Basic net income (loss) per share
$(0.08)$(0.08)$0.06 $0.06 $(0.20)$(0.20)$0.07 $0.07 
Diluted net income (loss) per share:
Numerator:
Net income (loss)$(40,314)$(6,355)$34,066 $4,689 $(104,581)$(15,675)$41,871 $5,806 
Reallocation of net income as a result of conversion of Class B to Class A common stock — — 4,689 — — — 5,806 — 
Reallocation of net income to Class B common stock — — — (88)— — — (109)
Diluted net income (loss)
$(40,314)$(6,355)$38,755 $4,601 $(104,581)$(15,675)$47,677 $5,697 
Denominator
Weighted-average shares used in computing net income (loss) per share, basic
486,259 76,654 594,953 81,899 521,471 78,158 594,282 82,406 
Conversion of Class B to Class A common stock— — 81,899 — — — 82,406 — 
Weighted average effect of dilutive potential common stock — — 12,985 — — — 12,910 — 
Weighted-average shares used in computing net income (loss) per share, diluted
486,259 76,654 689,837 81,899 521,471 78,158 689,598 82,406 
Diluted net income (loss) per share
$(0.08)$(0.08)$0.06 $0.06 $(0.20)$(0.20)$0.07 $0.07 
Schedule of Anti-Dilutive Securities Excluded from the Calculation We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Outstanding stock options8,554 — 8,554 — 
Unvested restricted stock units and restricted stock awards77,844 11,490 59,489 11,682 
ASR
1,931 — 3,062 — 
Total88,329 11,490 71,105 11,682 
v3.26.1
Geographical Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Revenue Disaggregated by Geography
Revenue disaggregated by geography based on our customers’ billing addresses was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
U.S. and Canada(1)
$842,607 $721,801 $1,560,055 $1,353,935 
Europe(2)
223,428 189,620 415,524 336,796 
Rest of World
113,619 86,806 211,589 162,484 
Total revenue
$1,179,654 $998,227 $2,187,168 $1,853,215 
(1)United States revenue was $800.5 million and $689.4 million for the three months ended June 30, 2026 and 2025, respectively, and $1,484.5 million and $1,293.9 million for the six months ended June 30, 2026 and 2025, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented.
(2)Europe includes Russia and Turkey.
Schedule of Property and Equipment, Net and Operating Lease Right-of-Use Assets by Geography
Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands):
June 30,December 31,
20262025
United States
$150,709 $140,049 
United Kingdom
38,839 26,234 
Ireland
20,571 22,151 
International(1)
30,378 28,416 
Total property and equipment, net and operating lease right-of-use assets$240,497 $216,850 
(1)Other than the United States, United Kingdom and Ireland, no other country exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.26.1
Restructuring (Tables)
 6 Months Ended
Jun. 30, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Charges
Restructuring charges during the three and six months ended June 30, 2026 were as follows (in thousands):
Three Months EndedSix Months Ended
June 30, 2026
Severance and other personnel costs$7,975 $44,147 
Share-based compensation4,788 14,113 
Office space reductions1,572 3,172 
Total Restructuring$14,335 $61,432 
v3.26.1
Description of Business and Summary of Significant Accounting Policies (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
segment
Dec. 31, 2025
USD ($)
Accounting Policies [Abstract]    
Number of operating segments | segment 1  
Deferred revenue | $ $ 93.5 $ 47.5
v3.26.1
Fair Value of Financial Instruments - Schedule of Fair Values of Financial Instruments Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities $ 852,417  
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 402,917 $ 706,288
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 188,620 253,466
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 117,502 163,213
Other assets 6,005 6,020
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 139,255 374,844
Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 4,123  
Level 1 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Other assets 0 0
Level 1 | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 139,255 374,844
Level 1 | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0  
Level 2 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 402,917 706,288
Level 2 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 188,620 253,466
Level 2 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 117,502 163,213
Other assets 6,005 6,020
Level 2 | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 2 | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 4,123  
Level 3 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Other assets 0 0
Level 3 | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0  
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 235,938 452,315
Money market funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 235,938 452,315
Money market funds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 30,951 286,879
Commercial paper | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 30,951 286,879
Commercial paper | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 0
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   64,934
U.S. treasury securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   64,934
U.S. treasury securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
U.S. treasury securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   4,516
Corporate bonds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Corporate bonds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   4,516
Corporate bonds | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   $ 0
v3.26.1
Fair Value of Financial Instruments - Schedule of Fair Value of Marketable Securities by Contractual Maturity (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Fair Value Disclosures [Abstract]  
Due in one year or less $ 574,232
Due after one to five years 278,185
Total $ 852,417
v3.26.1
Fair Value of Financial Instruments - Narrative (Details)
$ in Millions
Jun. 30, 2026
USD ($)
Estimate of Fair Value | Level 3  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Convertible debt, fair value $ 1,087.9
v3.26.1
Acquisition (Details) - USD ($)
$ in Thousands
Feb. 17, 2026
Jun. 30, 2026
Dec. 31, 2025
Business Combination [Line Items]      
Goodwill   $ 475,290 $ 100,227
tvScientific      
Business Combination [Line Items]      
Business combination, consideration transferred $ 465,100    
Business combination, replacement share-based awards issued, grant date fair value 24,100    
Business combination, consideration transferred, equity interest 2,500    
Business combination, consideration transferred, share based compensation expense 21,600    
Goodwill 375,100    
tvScientific | Developed technology      
Business Combination [Line Items]      
Finite intangibles acquired $ 59,000    
Useful life 5 years    
tvScientific | Customer relationships      
Business Combination [Line Items]      
Finite intangibles acquired $ 25,000    
Useful life 8 years    
v3.26.1
Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 100,227
tvScientific acquisition 375,063
Ending balance $ 475,290
v3.26.1
Goodwill and Intangible Assets, Net - Schedule of Composition of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]    
Gross Carrying Amount $ 143,572 $ 59,572
Accumulated Amortization (60,535) (53,489)
Net Carrying Amount 83,037 6,083
Developed technology    
Intangible Asset, Finite-Lived [Line Items]    
Gross Carrying Amount 88,151 29,151
Accumulated Amortization (32,076) (26,932)
Net Carrying Amount $ 56,075 $ 2,219
Weighted-average useful life 4 years 7 months 6 days 3 years 8 months 12 days
Customer relationships    
Intangible Asset, Finite-Lived [Line Items]    
Gross Carrying Amount $ 42,700 $ 17,700
Accumulated Amortization (18,517) (17,206)
Net Carrying Amount $ 24,183 $ 494
Weighted-average useful life 5 years 4 months 24 days 1 year 7 months 6 days
Patents and other intangibles    
Intangible Asset, Finite-Lived [Line Items]    
Gross Carrying Amount $ 12,721 $ 12,721
Accumulated Amortization (9,942) (9,351)
Net Carrying Amount $ 2,779 $ 3,370
Weighted-average useful life 7 years 8 months 12 days 7 years 8 months 12 days
v3.26.1
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]        
Amortization expense $ 4.8 $ 1.7 $ 7.0 $ 3.5
v3.26.1
Goodwill and Intangible Assets, Net - Schedule of Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]    
Remainder of 2026 $ 9,208  
2027 15,794  
2028 15,752  
2029 15,396  
2030 15,023  
Thereafter 11,864  
Net Carrying Amount $ 83,037 $ 6,083
v3.26.1
Convertible Notes, net - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended
Mar. 05, 2026
USD ($)
day
$ / shares
Jun. 30, 2026
USD ($)
$ / shares
shares
Debt Instrument [Line Items]    
Capped call transaction, initial cap price (in dollars per share) | $ / shares   $ 30.59
Capped call transaction, cost | $   $ 99,200
Call Option    
Debt Instrument [Line Items]    
Strike price (in dollars per share) | $ / shares   $ 22.72
Capped Call Options    
Debt Instrument [Line Items]    
Capped calls cover, subject to anti-dilution adjustments (in shares) | shares   44,006,300
Convertible debt | Capped Call    
Debt Instrument [Line Items]    
Capped call reduction to additional paid-in capital offset | $   $ 23,300
Convertible Notes due 2031 | Convertible debt    
Debt Instrument [Line Items]    
Debt, aggregate principal amount | $ $ 1,000,000  
Interest rate 1.75%  
Proceeds from debt, net of issuance costs | $ $ 979,900  
Unamortized issuance costs | $ $ 20,100 $ 18,872
Debt, conversion ratio 0.0440063  
Debt, conversion price (in dollars per share) | $ / shares $ 22.72  
Redemption price, percentage 100.00%  
Redemption, outstanding principal threshold (at least) | $ $ 100,000  
Debt, effective interest rate 2.20%  
Convertible Notes due 2031 | Convertible debt | Maximum    
Debt Instrument [Line Items]    
Debt, conversion ratio 0.0572082  
Debt conversion, terms one | Convertible Notes due 2031 | Convertible debt    
Debt Instrument [Line Items]    
Threshold trading days 20  
Threshold consecutive trading days 30  
Threshold percentage of stock price trigger 150.00%  
Debt conversion, terms two | Convertible Notes due 2031 | Convertible debt    
Debt Instrument [Line Items]    
Threshold consecutive trading days 30  
Threshold percentage of stock price trigger 130.00%  
Debt conversion, terms three | Convertible Notes due 2031 | Convertible debt    
Debt Instrument [Line Items]    
Threshold trading days 5  
Threshold consecutive trading days 10  
Threshold percentage of stock price trigger 98.00%  
Debt conversion, terms four | Convertible Notes due 2031 | Convertible debt    
Debt Instrument [Line Items]    
Threshold trading days 20  
Threshold consecutive trading days 30  
Threshold percentage of stock price trigger 130.00%  
v3.26.1
Convertible Notes, net - Schedule of Debt (Details) - Convertible Notes due 2031 - Convertible debt - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 05, 2026
Debt Instrument [Line Items]    
Principal $ 1,000,000  
Unamortized issuance costs 18,872 $ 20,100
Net carrying amount $ 981,128  
v3.26.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Jun. 30, 2026
May 31, 2026
Commitments and Contingencies Disclosure [Abstract]    
Minimum required purchases $ 3,927.9 $ 4,000.0
v3.26.1
Stockholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Apr. 30, 2026
Mar. 31, 2026
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Nov. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grant-date fair value of stock options vested           $ 12,600 $ 12,600  
Aggregate intrinsic value of stock options exercised           0 46,700  
Share-based compensation expense, tax benefit     $ 65,100   $ 47,700 111,400 86,000  
Unrecognized share-based compensation expense     1,443,800     $ 1,443,800    
Weighted-average recognition period for unrecognized share-based compensation expense           2 years 1 month 6 days    
Stock repurchased, value     58,221   $ 52,626 $ 2,039,826 227,626  
Payment for repurchases of common stock           $ 2,024,886 $ 227,626  
November 2024 Program                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Stock repurchase program, authorized amount               $ 2,000,000
Stock repurchased (in shares)           27,664,663    
Stock repurchased, value           $ 472,900    
Stock repurchased, average price per share (in dollars per share)           $ 17.09    
Stock repurchase program, remaining authorized amount   $ 499,900   $ 499,900        
March 2026 Program                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Stock repurchase program, authorized amount   $ 3,500,000   3,500,000        
Stock repurchased (in shares)           28,950,481    
Stock repurchased, value           $ 551,000    
Stock repurchased, average price per share (in dollars per share)           $ 19.03    
Stock repurchase program, remaining authorized amount     $ 1,948,000     $ 1,948,000    
Accelerated Stock Repurchase Agreement                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Stock repurchased (in shares) 13,516,943 41,279,670       54,796,613    
Stock repurchased, average price per share (in dollars per share)           $ 18.25    
Accelerated stock repurchase program, authorized amount   $ 1,000,000   $ 1,000,000        
Payment for repurchases of common stock   $ 1,000,000            
Inflation Reduction Act Repurchase                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Share repurchase program, excise tax           $ 14,900    
2019 Plan                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Percentage of outstanding shares, additional reserve           5.00%    
2019 Plan | Class A                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Shares reserved for issuance (in shares)     176,814,803     176,814,803    
Outstanding stock options | 2019 Plan                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Expiration period           10 years    
Percentage of fair market value of outstanding stock, maximum           100.00%    
RSUs                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Granted (in shares)       1,004,022        
Granted (in dollars per share)       $ 34.13        
Risk-free interest rate       3.70%        
Expected volatility       46.10%        
RSUs | Minimum                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting rights, percentage       0.00%        
Performance period       2 years        
RSUs | Maximum                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting rights, percentage       200.00%        
Performance period       3 years        
v3.26.1
Stockholders' Equity - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Shares    
Beginning balance (in shares) 8,554  
Ending balance (in shares) 8,554 8,554
Exercisable (in shares) 8,019  
Weighted-Average Exercise Price    
Beginning balance (in dollars per share) $ 19.96  
Ending balance (in dollars per share) 19.96 $ 19.96
Exercisable (in dollars per share) $ 19.96  
Weighted-Average Remaining Contractual Term, Outstanding 6 years 6 years 6 months
Weighted-Average Remaining Contractual Term, Exercisable 6 years  
Aggregate Intrinsic Value, Outstanding $ 9,152 $ 50,720
Aggregate Intrinsic Value, Exercisable $ 8,580  
v3.26.1
Stockholders' Equity - Schedule of Restricted Stock Unit and Restricted Award Activity (Details) - Restricted Stock Units and Restricted Stock Awards Outstanding
shares in Thousands
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 39,119
Granted (in shares) | shares 59,190
Released (in shares) | shares (20,947)
Forfeited (in shares) | shares (8,277)
Ending balance (in shares) | shares 69,085
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 30.25
Granted (in dollars per share) | $ / shares 19.19
Released (in dollars per share) | $ / shares 24.72
Forfeited (in dollars per share) | $ / shares 25.86
Ending balance (in dollars per share) | $ / shares $ 22.97
v3.26.1
Stockholders' Equity - Schedule of Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense $ 324,517 $ 227,234 $ 555,963 $ 414,660
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 8,484 4,983 13,046 9,055
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 46,553 37,597 84,492 71,138
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 212,537 145,939 353,213 265,421
Location, Statement of Income, Balance [Axis]: us-gaap:RestructuringCharges        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 4,788 0 14,113 0
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense $ 52,155 $ 38,715 $ 91,099 $ 69,046
v3.26.1
Net Income (Loss) Per Share - Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 562,913 676,852 599,629 676,688
Basic net income (loss) per share (in dollars per share) $ (0.08) $ 0.06 $ (0.20) $ 0.07
Denominator        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 562,913 676,852 599,629 676,688
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 562,913 689,837 599,629 689,598
Diluted net income (loss) per share (in dollars per share) $ (0.08) $ 0.06 $ (0.20) $ 0.07
Class A        
Numerator:        
Net income (loss) $ (40,314) $ 34,066 $ (104,581) $ 41,871
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 486,259 594,953 521,471 594,282
Basic net income (loss) per share (in dollars per share) $ (0.08) $ 0.06 $ (0.20) $ 0.07
Numerator:        
Net income (loss) $ (40,314) $ 34,066 $ (104,581) $ 41,871
Reallocation of net income as a result of conversion of Class B to Class A common stock 0 4,689 0 5,806
Reallocation of net income to Class B common stock 0 0 0 0
Diluted net income (loss) $ (40,314) $ 38,755 $ (104,581) $ 47,677
Denominator        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 486,259 594,953 521,471 594,282
Conversion of Class B to Class A common stock (in shares) 0 81,899 0 82,406
Weighted average effect of dilutive potential common stock (in shares) 0 12,985 0 12,910
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 486,259 689,837 521,471 689,598
Diluted net income (loss) per share (in dollars per share) $ (0.08) $ 0.06 $ (0.20) $ 0.07
Class B        
Numerator:        
Net income (loss) $ (6,355) $ 4,689 $ (15,675) $ 5,806
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 76,654 81,899 78,158 82,406
Basic net income (loss) per share (in dollars per share) $ (0.08) $ 0.06 $ (0.20) $ 0.07
Numerator:        
Net income (loss) $ (6,355) $ 4,689 $ (15,675) $ 5,806
Reallocation of net income as a result of conversion of Class B to Class A common stock 0 0 0 0
Reallocation of net income to Class B common stock 0 (88) 0 (109)
Diluted net income (loss) $ (6,355) $ 4,601 $ (15,675) $ 5,697
Denominator        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 76,654 81,899 78,158 82,406
Conversion of Class B to Class A common stock (in shares) 0 0 0 0
Weighted average effect of dilutive potential common stock (in shares) 0 0 0 0
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 76,654 81,899 78,158 82,406
Diluted net income (loss) per share (in dollars per share) $ (0.08) $ 0.06 $ (0.20) $ 0.07
v3.26.1
Net Income (Loss) Per Share - Narrative (Details)
Mar. 05, 2026
$ / shares
Convertible Notes due 2031 | Convertible debt  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Debt, conversion price (in dollars per share) $ 22.72
v3.26.1
Net Income (Loss) Per Share - Schedule of Anti-Dilutive Securities Excluded from the Calculation (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 88,329 11,490 71,105 11,682
Outstanding stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 8,554 0 8,554 0
Unvested restricted stock units and restricted stock awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 77,844 11,490 59,489 11,682
ASR        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 1,931 0 3,062 0
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Provision for (benefit from) income taxes $ (2,490) $ (4,103) $ 7,597 $ (16,690)
v3.26.1
Geographical Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]          
Total revenue $ 1,179,654 $ 998,227 $ 2,187,168 $ 1,853,215  
Total property and equipment, net and operating lease right-of-use assets 240,497   240,497   $ 216,850
U.S. and Canada          
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]          
Total revenue 842,607 721,801 1,560,055 1,353,935  
Europe          
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]          
Total revenue 223,428 189,620 415,524 336,796  
Rest of World          
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]          
Total revenue 113,619 86,806 211,589 162,484  
United States          
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]          
Total revenue 800,500 $ 689,400 1,484,500 $ 1,293,900  
Total property and equipment, net and operating lease right-of-use assets 150,709   150,709   140,049
United Kingdom          
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]          
Total property and equipment, net and operating lease right-of-use assets 38,839   38,839   26,234
Ireland          
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]          
Total property and equipment, net and operating lease right-of-use assets 20,571   20,571   22,151
International          
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]          
Total property and equipment, net and operating lease right-of-use assets $ 30,378   $ 30,378   $ 28,416
v3.26.1
Restructuring - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Jan. 31, 2026
Jun. 30, 2026
Restructuring Cost and Reserve [Line Items]    
Workforce reduction, period percent 15.00%  
Maximum    
Restructuring Cost and Reserve [Line Items]    
Restructuring, total expected cost   $ 69.6
v3.26.1
Restructuring - Schedule of Restructuring Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]        
Total Restructuring $ 14,335 $ 0 $ 61,432 $ 0
Severance and other personnel costs        
Restructuring Cost and Reserve [Line Items]        
Total Restructuring 7,975   44,147  
Share-based compensation        
Restructuring Cost and Reserve [Line Items]        
Total Restructuring 4,788   14,113  
Office space reductions        
Restructuring Cost and Reserve [Line Items]        
Total Restructuring $ 1,572   $ 3,172  
v3.26.1
Related Party (Details) - Convertible Notes due 2031 - Convertible debt - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 05, 2026
Related Party Transaction [Line Items]    
Debt, aggregate principal amount   $ 1,000.0
Related Party    
Related Party Transaction [Line Items]    
Debt, aggregate principal amount $ 1,000.0