APPLOVIN CORP, 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Cover Page - shares
shares in Thousands
3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-40325  
Entity Registrant Name AppLovin Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-3264542  
Entity Address, Address Line One 1100 Page Mill Road  
Entity Address, City or Town Palo Alto  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94304  
City Area Code 800  
Local Phone Number 839-9646  
Title of 12(b) Security Class A common stock, par value $0.00003 per share  
Trading Symbol APP  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2026  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001751008  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   305,732
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   30,208
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 2,758,671 $ 2,487,096
Accounts receivable, net 1,958,023 1,819,366
Prepaid expenses and other current assets 130,881 124,330
Total current assets 4,847,575 4,430,792
Property and equipment, net 114,820 122,445
Goodwill 1,523,050 1,539,986
Intangible assets, net 368,996 396,714
Equity method investments 288,669 287,666
Other non-current assets 564,595 482,007
Total assets 7,707,705 7,259,610
Current liabilities:    
Accounts payable 697,524 746,977
Accrued and other current liabilities 796,858 586,811
Total current liabilities 1,494,382 1,333,788
Long-term debt 3,514,022 3,512,987
Other non-current liabilities 335,818 278,164
Total liabilities 5,344,222 5,124,939
Commitments and contingencies (Note 5)
Stockholders’ equity:    
Preferred Stock, $0.00003 par value—100,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025 0 0
Class A, Class B, and Class C Common Stock, $0.00003 par value—1,850,000 (Class A 1,500,000, Class B 200,000, Class C 150,000) shares authorized, 336,294 (Class A 306,087, Class B 30,208, Class C nil) and 338,313 (Class A 307,955, Class B 30,358, Class C nil) shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 11 11
Additional paid-in capital 504,342 446,550
Accumulated other comprehensive loss (67,767) (46,987)
Retained earnings 1,926,897 1,735,097
Total stockholders’ equity 2,363,483 2,134,671
Total liabilities and stockholders’ equity $ 7,707,705 $ 7,259,610
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Mar. 31, 2026
Dec. 31, 2025
Preferred stock, par value (in dollars per share) $ 0.00003 $ 0.00003
Preferred stock, shares authorized (in shares) 100,000 100,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.00003 $ 0.00003
Common stock, shares authorized (in shares) 1,850,000 1,850,000
Common stock, shares issued (in shares) 336,294 338,313
Common stock, shares outstanding (in shares) 336,294 338,313
Class A Common Stock    
Common stock, shares authorized (in shares) 1,500,000 1,500,000
Common stock, shares issued (in shares) 306,087 307,955
Common stock, shares outstanding (in shares) 306,087 307,955
Class B Common Stock    
Common stock, shares authorized (in shares) 200,000 200,000
Common stock, shares issued (in shares) 30,208 30,358
Common stock, shares outstanding (in shares) 30,208 30,358
Class C Common Stock    
Common stock, shares authorized (in shares) 150,000 150,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 1,842,449 $ 1,158,974
Costs and expenses:    
Cost of revenue 203,632 151,680
Sales and marketing 60,751 59,383
Research and development 94,104 56,406
General and administrative 44,029 51,523
Total costs and expenses 402,516 318,992
Income from operations 1,439,933 839,982
Other income (expense):    
Interest expense (51,159) (52,888)
Other income, net 42,634 7,512
Total other expense, net (8,525) (45,376)
Income before income taxes 1,431,408 794,606
Provision for income taxes 225,795 71,068
Net income from continuing operations 1,205,613 723,538
Loss from discontinued operations, net of income taxes 0 (147,119)
Net income $ 1,205,613 $ 576,419
Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:    
Continuing operations (in dollars per share) $ 3.57 $ 2.13
Discontinued operations (in dollars per share) 0 (0.43)
Basic net income per share (in dollars per share) 3.57 1.70
Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:    
Continuing operations (in dollars per share) 3.56 2.10
Discontinued operations (in dollars per share) 0 (0.43)
Diluted net income per share (in dollars per share) $ 3.56 $ 1.67
Weighted-average common shares used to compute net income (loss) per share attributable to Class A and Class B common stockholders:    
Basic (in shares) 337,399 339,837
Diluted (in shares) 338,729 344,878
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 1,205,613 $ 576,419
Other comprehensive income (loss):    
Foreign currency translation adjustment, net of tax (20,780) 29,911
Other comprehensive income (loss), net of tax (20,780) 29,911
Comprehensive income $ 1,184,833 $ 606,330
v3.26.1
Condensed Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2024   340,042      
Balance at beginning of period at Dec. 31, 2024 $ 1,089,818 $ 11 $ 593,699 $ (103,096) $ 599,204
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock issued in connection with equity awards (in shares)   1,674      
Stock issued in connection with equity awards 5,329   5,329    
Shares withheld related to net share settlement of equity awards (in shares)   (422)      
Shares withheld related to net share settlement of equity awards (185,667)   (185,667)    
Repurchase of Class A common stock (in shares)   (2,932)      
Repurchase of Class A common stock (1,001,670)       (1,001,670)
Stock-based compensation 61,281   61,281    
Other comprehensive income (loss), net of tax 29,911     29,911  
Net income 576,419       576,419
Balance at end of period (in shares) at Mar. 31, 2025   338,362      
Balance at end of period at Mar. 31, 2025 575,421 $ 11 474,642 (73,185) 173,953
Balance at beginning of period (in shares) at Dec. 31, 2025   338,313      
Balance at beginning of period at Dec. 31, 2025 2,134,671 $ 11 446,550 (46,987) 1,735,097
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock issued in connection with equity awards (in shares)   214      
Stock issued in connection with equity awards 597   597    
Shares withheld related to net share settlement of equity awards (in shares)   (63)      
Shares withheld related to net share settlement of equity awards (26,177)   (26,177)    
Repurchase of Class A common stock (in shares)   (2,170)      
Repurchase of Class A common stock (1,013,813)       (1,013,813)
Stock-based compensation 83,372   83,372    
Other comprehensive income (loss), net of tax (20,780)     (20,780)  
Net income 1,205,613       1,205,613
Balance at end of period (in shares) at Mar. 31, 2026   336,294      
Balance at end of period at Mar. 31, 2026 $ 2,363,483 $ 11 $ 504,342 $ (67,767) $ 1,926,897
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net income $ 1,205,613 $ 576,419
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization, depreciation and write-offs 33,665 79,887
Goodwill impairment 0 188,943
Stock-based compensation, excluding cash-settled awards 83,372 61,281
Other (16,478) 8,086
Changes in operating assets and liabilities:    
Accounts receivable (138,098) (167,382)
Prepaid expenses and other assets (9,827) (51,861)
Accounts payable (49,556) 32,545
Accrued and other liabilities 182,702 103,794
Net cash provided by operating activities 1,291,393 831,712
Investing Activities    
Purchase of non-marketable equity securities 0 (18,678)
Other investing activities (5,247) (3,986)
Net cash used in investing activities (5,247) (22,664)
Financing Activities    
Repurchases of common stock (981,723) (1,000,911)
Payment of withholding taxes related to net share settlement (26,874) (185,667)
Payments of licensed asset obligation 0 (13,532)
Proceeds from issuance of debt 0 200,000
Other financing activities (3,635) (2,107)
Net cash used in financing activities (1,012,232) (1,002,217)
Effect of foreign exchange rate on cash and cash equivalents (2,339) 2,782
Net increase (decrease) in cash and cash equivalents, including cash from discontinued operations 271,575 (190,387)
Less: net decrease in cash from discontinued operations 0 (35,873)
Net increase (decrease) in cash and cash equivalents 271,575 (154,514)
Cash and cash equivalents at beginning of the period 2,487,096 697,030
Cash and cash equivalents at end of the period 2,758,671 542,516
Supplemental non-cash investing and financing activities disclosures:    
Acquisitions not yet paid 0 20,368
Right-of-use assets obtained in exchange for lease obligations, net of modifications 58,027 3,967
Repurchases of common stock included in accrued liabilities 32,090 0
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,690 2,392
Cash paid for income taxes, net of refunds $ 106,677 $ 5,597
v3.26.1
Description of Business and Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Description of Business
AppLovin Corporation (the “Company” or “AppLovin”) was incorporated in the state of Delaware on July 18, 2011. The Company is a leader in the advertising industry providing end-to-end advertising solutions that allow businesses to reach, monetize, and grow their global audiences.
The Company is headquartered in Palo Alto, California, and has several operating locations in the U.S. as well as various international office locations in North America, Asia, and Europe.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 19, 2026 (the "Annual Report"). The condensed consolidated balance sheet data as of December 31, 2025 was derived from the audited consolidated financial statements at that date but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the Company’s financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. The results of operations for the three months ended March 31, 2026 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other period.
Certain prior period amounts reported in the Company's condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period presentation where applicable. Amounts presented may not sum due to rounding.
Basis of Consolidation
The Company's condensed consolidated financial statements include accounts and operations of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.
Use of Estimates
The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to valuation of long-lived assets and their associated estimated useful lives, valuation of goodwill, valuation of non-marketable equity securities and other financial instruments, valuation of equity method investments, income taxes, stock-based compensation, and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ materially from those estimates.
Significant Accounting Policies
There have been no material changes to the Company's significant accounting policies included in its Annual Report.
Recent Accounting Pronouncements (Issued and Adopted)
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which provides updated recognition and disclosure framework for internal-use software costs. The amendments will be effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The amendments may be
applied prospectively or retrospectively, and early adoption is permitted. The Company elected to early adopt this ASU on January 1, 2026 with no material impact on its condensed consolidated financial statements.
Recent Accounting Pronouncements (Issued Not Yet Adopted)
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with U.S. GAAP. Per the FASB, the amendment does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements but rather provide clarity and improve navigability of the existing interim reporting requirements. The amendments will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
v3.26.1
Discontinued Operations
3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Divestiture
On June 30, 2025, the Company completed the sale of certain wholly-owned subsidiaries that operate the Company’s Apps business (the “Apps Business”), as part of its strategic effort to divest non-core assets and dedicate its resources to advancing its advertising business. In connection with the transaction, the Company received $715.6 million in total consideration, consisting of $430.6 million in cash and 596.9 million ordinary shares of Tripledot, valued at $285.0 million. The cash consideration of $430.6 million included $400.0 million as specified in the purchase agreement and $30.6 million in purchase price adjustments in accordance with the terms of the purchase agreement. The Tripledot shares received represented approximately 22% of its outstanding ordinary shares and 20% of its fully diluted equity capitalization as of the closing date, and were accounted for as an equity method investment.
For tax purposes, the transfer of certain Apps Business subsidiaries was treated as an asset sale, resulting in a $125.6 million write-off of deferred tax assets, which was included in the provision for income taxes from discontinued operations. The Company derecognized the remaining net assets of $591.2 million and recorded a pre-tax gain of $106.2 million in discontinued operations after giving effect to $18.3 million of transaction costs. The transaction also resulted in a capital loss for income tax purposes of $204.3 million, which was fully offset by a valuation allowance.
The following table summarizes the results of the Apps Business presented as loss from discontinued operations, net of income taxes, in the condensed consolidated statements of operations for the three months ended March 31, 2025 (in thousands):
Three Months Ended March 31, 2025
Revenue$325,047 
Costs and expenses:
Cost of revenue119,552 
Sales and marketing123,573 
Research and development66,512 
General and administrative2,978 
Goodwill impairment188,943 
Total costs and expenses501,558 
Loss from operations(176,511)
Other income:
Other income, net299 
Total other income, net299 
Loss from discontinued operations before income taxes(176,212)
Benefit from income taxes(29,093)
Loss from discontinued operations, net of income taxes$(147,119)
The following table summarizes significant non-cash operating items and capital expenditures related to discontinued operations, as reflected in the condensed consolidated statements of cash flows for the three months ended March 31, 2025 (in thousands):
Three Months Ended March 31, 2025
Amortization, depreciation and write-offs
$47,941 
Stock-based compensation
$2,268 
Goodwill impairment
$188,943 
Acquisition of intangible assets
$1,542 
Goodwill Impairment
The Company evaluates goodwill for impairment at the reporting unit level on an annual basis, or more frequently if events or changes in circumstances indicate that goodwill may be impaired.
On February 12, 2025, the Company entered into a non-binding term sheet to sell its Apps Business to Tripledot. As of March 31, 2025, the Apps Business was not classified as held for sale, as the criteria required for such classification had not yet been met. However, the Company identified the non-binding term sheet combined with negotiations throughout the first quarter of 2025 to sell the Apps Business as an indicator of impairment for the Apps reporting unit and performed an interim quantitative goodwill impairment test as of March 31, 2025. Based on this assessment, the Company determined that the carrying amount of the Apps reporting unit exceeded its estimated fair value and recorded a non-cash goodwill impairment charge of $188.9 million. This charge was included in loss from discontinued operations, net of income taxes, for the three months ended March 31, 2025.
At the time the interim impairment test was performed, the Company had not yet determined the fair value of the total consideration, which was subject to the valuation of the equity consideration at the closing of the transaction. As a result, the Company estimated the fair value of the Apps reporting unit using the discounted cash flow method of the income approach. Key valuation inputs included projected future cash flows, risk-adjusted discount rates and long-term growth rates, which were based on management’s estimates and assumptions believed to be reasonable and reflective of known market conditions as of the interim impairment test date. The resulting fair value measurement is classified as Level 3 within the fair value hierarchy due to the use of significant unobservable inputs.
v3.26.1
Revenue
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue from Contracts with Customers
The Company generates substantially all of its revenue from Axon Ads Manager, the Company's AI-powered demand-side advertising solution that deploys advertiser capital at their return goals. The Company’s performance obligation is to provide customers with access to its advertising solution, which facilitates the advertisers’ purchase of advertising inventory from publishers primarily on an impression or action basis.
The Company does not control the advertising inventory prior to its transfer to the advertiser because it does not have the substantive ability to direct the use of, or obtain substantially all of the remaining benefits from, the advertising inventory. In addition, the Company is not primarily responsible for fulfillment. Therefore, the Company is an agent in these arrangements and presents revenue net of advertising inventory costs.
The transaction price is determined dynamically based on advertisers’ campaign goals, less consideration paid or payable to publishers. Revenue is recognized for impression-based arrangements when an ad impression is delivered, and for action-based arrangements when the specified action (such as a click or install) occurs.
The Company’s terms and conditions generally stipulate payment terms of 30 days after the end of the month. Substantially all of the Company's contracts with customers are cancelable at any time.
Revenue from other services was not material for any period presented.
The Company presents taxes collected from customers and remitted to governmental authorities on a net basis.
Disaggregation of Revenue
Revenue disaggregated by geography, based on user location, consists of the following (in thousands):
Three Months Ended March 31,
20262025
United States$907,219 $615,703 
Rest of the world
935,230 543,271 
Total revenue
$1,842,449 $1,158,974 
v3.26.1
Financial Instruments and Fair Value Measurements
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Measurements Financial Instruments and Fair Value Measurements
Financial Instruments Measured at Fair Value by Level on a Recurring Basis
As of March 31, 2026 and December 31, 2025, the Company held $200.0 million and $200.1 million in money market funds, respectively, which were classified as Level 1 within the fair value hierarchy.
Non-Marketable Equity Securities Measured at Net Asset Value
The Company held equity interests in certain private equity funds of $139.2 million and $118.7 million as of March 31, 2026 and December 31, 2025, respectively, which are measured using the net asset value ("NAV") practical expedient and accordingly, are not classified within the fair value hierarchy. Under the NAV practical expedient, the Company records investments based on the proportionate share of the underlying funds’ NAV as of the Company's reporting date. These investments are included in other non-current assets in the Company’s condensed consolidated balance sheets.
These funds vary in investment strategies and generally have an initial term of 7 to 10 years, which may be extended for 2 to 3 additional years with the applicable approval. These investments are subject to certain restrictions regarding transfers and withdrawals and generally cannot be redeemed with the funds. Distributions from the funds will be received as the underlying investments are liquidated. The Company’s maximum exposure to loss is limited to the carrying value of these investments of $139.2 million and the remaining unfunded commitments of $3.0 million as of March 31, 2026.
During the three months ended March 31, 2026, the Company made no capital contributions related to these investments. Unrealized gains on these investments were $19.3 million for the three months ended March 31, 2026, and were not material for the three months ended March 31, 2025.
Non-Marketable Equity Securities Measured at Fair Value on a Non-Recurring Basis
The Company's non-marketable equity securities are investments in privately held companies without readily determinable fair values. The Company elected the measurement alternative to account for these investments. Under the measurement alternative, the carrying value of the non-marketable equity securities is adjusted based on price changes from observable transactions of identical or similar securities of the same issuer or for impairment. Any changes in carrying value are recorded within other income, net in the Company's condensed consolidated statement of operations. These investments are classified as Level 3 when measured due to impairment or qualifying observable price changes, as the valuation incorporates observable transaction prices and significant unobservable inputs.
As of March 31, 2026 and December 31, 2025, the carrying amounts of the Company's non-marketable equity securities were $19.6 million and $19.6 million, respectively, and were included in other non-current assets in the Company’s condensed consolidated balance sheets. During the three months ended March 31, 2026, there was no impairment or adjustment due to observable prices related to these investments.
v3.26.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
As of March 31, 2026, the Company's non-cancelable minimum purchase commitments were primarily related to a multi-year contractual arrangement with a cloud computing services provider. In August 2024, the Company amended its agreement with the provider, committing to spending a minimum of $1.3 billion over a three-year period. By March 31, 2026, the Company had made payments of $780.4 million towards this commitment.
Contingencies
From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of
business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated.
Legal Proceedings
The Company is involved from time to time in litigation, claims, and proceedings. The outcomes of the Company’s legal proceedings are inherently unpredictable and subject to significant uncertainty.
The Company records a liability for loss contingencies when it is probable that a loss has been incurred and the amount can be reasonably estimated. If a loss is reasonably possible and the amount or range of loss can be reasonably estimated, the Company discloses the estimated loss or range of loss. The Company monitors legal matters and evaluates developments that could affect previously accrued amounts or related disclosure, or whether a previously unaccrued or undisclosed matter requires accrual or disclosure, and adjusts accruals and disclosures as appropriate. Determining the likelihood of loss and the amount or range of loss involves significant judgment.
Based on its current knowledge, the Company does not believe the ultimate resolution of its outstanding legal and regulatory matters will have a material adverse effect on the Company’s business, financial position, results of operations, or cash flows. However, if one or more of these matters were resolved against the Company for amounts in excess of the Company’s expectations, the Company’s results of operations, financial position, or cash flows could be materially affected.
As of March 31, 2026 and December 31, 2025, the Company had no material loss contingencies related to legal proceedings for which accrual or disclosure was required.
The Company expenses legal fees in the period in which they are incurred.
Indemnifications
The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including certain customers, business partners, investors, contractors and the Company’s officers, directors and certain employees. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded in the Company’s condensed consolidated statements of operations in connection with the indemnification provisions have not been material. As of March 31, 2026, the Company did not have any material indemnification claims that were probable or reasonably possible.
Non-income Taxes
The Company may be subject to audit by various tax authorities with regard to non-income tax matters. The subject matter of non-income tax audits primarily arises from different interpretations on tax treatment and tax rates applied. The Company accrues liabilities for non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable. If a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the reasonably possible loss.
v3.26.1
Goodwill and Intangible Assets, Net
3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
The following table presents the changes in the carrying amount of goodwill (in thousands):
Balance as of December 31, 2025$1,539,986 
Foreign currency translation(16,936)
Balance as of March 31, 2026$1,523,050 
Intangible assets, net consisted of the following (in thousands):
 
Weighted-
Average
Remaining
Useful Life
(in years)
As of March 31, 2026As of December 31, 2025
 Gross
Carrying
Value
Accumulated
Amortization
Net Book
Value
Gross
Carrying
Value
Accumulated
Amortization
Net Book
Value
 
 
Customer relationships6.1$524,716 $(230,465)$294,251 $528,207 $(218,736)$309,471 
Developed technology1.5209,134 (166,726)42,408 210,708 (159,274)51,434 
Other3.365,632 (33,295)32,337 65,790 (29,981)35,809 
Total intangible assets$799,482 $(430,486)$368,996 $804,705 $(407,991)$396,714 
The Company recorded amortization expense related to intangible assets as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$11,807 $9,303 
Sales and marketing13,934 13,526 
Total$25,741 $22,829 
v3.26.1
Equity
3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity Equity
The Company's board of directors authorized a share repurchase program in February 2022 for the Company's Class A common stock and has authorized additional amounts under the program from time to time, including an additional $3.2 billion authorized in 2025. As of December 31, 2025, $3.3 billion remained available for repurchases under the program. During the three months ended March 31, 2026, the Company repurchased and subsequently retired 2,170,041 shares of Class A common stock for an aggregate amount, including commissions, taxes, and fees, of $1.0 billion. As of March 31, 2026, $2.3 billion remained available for repurchases under the program.
Repurchases may be made from time to time through open market purchases or through privately negotiated transactions, subject to market conditions, applicable legal requirements, including surplus and solvency requirements, and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company may also, from time to time, enter into Rule 10b5-1 trading plans to facilitate repurchases of shares. The repurchase program does not obligate the Company to acquire any particular amount of Class A common stock, has no expiration date and may be modified, suspended, or terminated at any time at the Company's discretion.
The Company retires its Class A common stock upon repurchase, and records the excess of repurchase price over par value for shares repurchased to retained earnings to the extent the Company has retained earnings. If the Company has an accumulated deficit, the Company records the excess of repurchase price over par value for shares repurchased first to additional paid-in capital, to the extent the Company has additional paid-in capital, until depleted, and then to accumulated deficit in the Company’s condensed consolidated statements of stockholders’ equity.
v3.26.1
Stock-based Compensation
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
The Company maintains three equity compensation plans that provide for the issuance of shares of its common stock to the Company’s employees, directors, consultants and other service providers: the 2021 Equity Incentive Plan, the 2021 Partner Studio Incentive Plan, and the 2021 Employee Stock Purchase Plan. There were no material equity award issuances during the three months ended March 31, 2026.
Stock-based compensation included in the Company's condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$59 $1,100 
Sales and marketing3,232 15,966 
Research and development67,374 27,793 
General and administrative12,804 14,256 
Stock-based compensation from continuing operations83,469 59,115 
Stock-based compensation from discontinued operations— 2,268 
Total stock-based compensation$83,469 $61,383 
v3.26.1
Earnings Per Share
3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share. Each share of Class B common stock is convertible into one share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a
proportional basis and the resulting net income per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.
The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except per share data):
Three Months Ended March 31,
20262025
Basic EPS:
Numerator:
Net income from continuing operations$1,205,613 $723,538 
Less: income attributable to participating securities— (181)
Net income from continuing operations attributable to common stockholders - Basic
1,205,613 723,357 
Loss from discontinued operations, net of income taxes, attributable to common stockholders - Basic
— (147,082)
Net income attributable to common stockholders - Basic$1,205,613 $576,275 
Denominator:
Weighted-average shares used in computing net income (loss) per share - Basic
337,399 339,837 
Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:
Continuing operations$3.57 $2.13 
Discontinued operations— (0.43)
Basic net income per share$3.57 $1.70 
Diluted EPS:
Numerator:
Net income from continuing operations attributable to common stockholders - Basic$1,205,613 $723,357 
Re-allocation of participating securities considered potentially dilutive securities— 
Net income from continuing operations attributable to common stockholders - Diluted1,205,613 723,360 
Loss from discontinued operations, net of income taxes, attributable to common stockholders - Diluted— (147,083)
Net income attributable to common stockholders - Diluted$1,205,613 $576,277 
Denominator:
Weighted-average shares used in computing net income (loss) per share - Basic337,399 339,837 
Weighted-average dilutive stock awards1,330 5,041 
Weighted-average shares used in computing net income (loss) per share - Diluted338,729 344,878 
Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:
Continuing operations$3.56 $2.10 
Discontinued operations— (0.43)
Diluted net income per share$3.56 $1.67 
As of March 31,
20262025
Anti-dilutive potential common stock excluded133 117 
v3.26.1
Income Taxes
3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is subject to income taxes in the U.S. and in foreign jurisdictions. The Company bases the interim tax accruals on an estimated annual effective tax rate applied to year-to-date income and records the discrete tax items in the period to which they relate. Each quarter, the Company updates the estimated annual effective tax rate and makes a year-to-date adjustment to the tax provision as necessary. The Company’s calendar year 2026 annual effective tax rate differs from the U.S. statutory rate primarily due to jurisdictional mix of earnings, and foreign-derived income deduction.
During the three months ended March 31, 2026, there were no material changes to the Company's unrecognized tax benefits, and the Company does not expect material changes in unrecognized tax benefits within the next twelve months.
v3.26.1
Segment
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Segment
The Company determines its operating segments based on how its Chief Operating Decision Maker ("CODM") manages the business, allocates resources, makes operating decisions and evaluates operating performance. The Company’s CODM is its Chief Executive Officer.
The Company operates as a single operating and reportable segment, providing end-to-end advertising solutions through Axon Ads Manager, MAX, Adjust, and Wurl. Revenue is primarily generated from fees paid by advertisers for advertisements placed in mobile applications owned by third-party publishers. As described in Note 2 – Discontinued Operations, the former Apps Business is classified as discontinued operations and excluded from segment results for all periods presented.
As a single reportable segment entity, the Company has determined that its measure of profit or loss is net income from continuing operations, which is the measure most consistent with U.S. GAAP. The CODM uses net income from continuing operations to allocate resources during the annual budgeting and forecasting process, evaluate operating strategies, and assess performance across periods.
The table below is a summary of the segment net income from continuing operations, including significant segment expenses (in thousands):
Three Months Ended March 31,
20262025
Revenue $1,842,449 $1,158,974 
Less:
Datacenter costs
162,229 122,358 
Personnel related expenses51,513 55,191 
Interest expense
51,159 52,888 
Provision for income taxes
225,795 71,068 
Amortization, depreciation and write-offs33,665 31,946 
Stock-based compensation83,469 59,115 
Other expenses1
29,006 42,870 
Net income from continuing operations$1,205,613 $723,538 
1 Other expenses include professional services costs, facilities costs, advertising costs, software costs, and other individually insignificant costs.
v3.26.1
Related Party Transactions
3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
During the three months ended March 31, 2026, the Company recognized $24.8 million in revenue related to Tripledot and its subsidiaries’ use of Axon Ads Manager, reflecting their advertiser spend net of amounts paid or payable to them as publishers.
The Company had no other material related party transactions for the three months ended March 31, 2026 and 2025.
v3.26.1
Insider Trading Arrangements
3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Maynard Webb [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 3, 2026, Maynard Webb, a member of our board of directors, adopted a Rule 10b5-1 trading plan intended to satisfy the affirmative defense in Rule 10b5-1(c). The trading plan provides for the potential sale of up to 40,000 shares of our Class A common stock held by Webb Investment Network LLC. The trading plan is scheduled to be effective until July 4, 2027, or earlier if all transactions under the trading plan are completed.
Name Maynard Webb
Title board of directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 3, 2026
Expiration Date July 4, 2027
Arrangement Duration 488 days
Aggregate Available 40,000
v3.26.1
Description of Business and Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 19, 2026 (the "Annual Report"). The condensed consolidated balance sheet data as of December 31, 2025 was derived from the audited consolidated financial statements at that date but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the Company’s financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. The results of operations for the three months ended March 31, 2026 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other period.
Certain prior period amounts reported in the Company's condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period presentation where applicable. Amounts presented may not sum due to rounding.
Basis of Consolidation
Basis of Consolidation
The Company's condensed consolidated financial statements include accounts and operations of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.
Use of Estimates
Use of Estimates
The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to valuation of long-lived assets and their associated estimated useful lives, valuation of goodwill, valuation of non-marketable equity securities and other financial instruments, valuation of equity method investments, income taxes, stock-based compensation, and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ materially from those estimates.
Significant Accounting Policies
Significant Accounting Policies
There have been no material changes to the Company's significant accounting policies included in its Annual Report.
Recent Accounting Pronouncements (Issued and Adopted) and (Issued Not Yet Adopted)
Recent Accounting Pronouncements (Issued and Adopted)
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which provides updated recognition and disclosure framework for internal-use software costs. The amendments will be effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The amendments may be
applied prospectively or retrospectively, and early adoption is permitted. The Company elected to early adopt this ASU on January 1, 2026 with no material impact on its condensed consolidated financial statements.
Recent Accounting Pronouncements (Issued Not Yet Adopted)
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with U.S. GAAP. Per the FASB, the amendment does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements but rather provide clarity and improve navigability of the existing interim reporting requirements. The amendments will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
Revenue from Contracts with Customers
Revenue from Contracts with Customers
The Company generates substantially all of its revenue from Axon Ads Manager, the Company's AI-powered demand-side advertising solution that deploys advertiser capital at their return goals. The Company’s performance obligation is to provide customers with access to its advertising solution, which facilitates the advertisers’ purchase of advertising inventory from publishers primarily on an impression or action basis.
The Company does not control the advertising inventory prior to its transfer to the advertiser because it does not have the substantive ability to direct the use of, or obtain substantially all of the remaining benefits from, the advertising inventory. In addition, the Company is not primarily responsible for fulfillment. Therefore, the Company is an agent in these arrangements and presents revenue net of advertising inventory costs.
The transaction price is determined dynamically based on advertisers’ campaign goals, less consideration paid or payable to publishers. Revenue is recognized for impression-based arrangements when an ad impression is delivered, and for action-based arrangements when the specified action (such as a click or install) occurs.
The Company’s terms and conditions generally stipulate payment terms of 30 days after the end of the month. Substantially all of the Company's contracts with customers are cancelable at any time.
Revenue from other services was not material for any period presented.
The Company presents taxes collected from customers and remitted to governmental authorities on a net basis.
Earnings Per Share
The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share. Each share of Class B common stock is convertible into one share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a
proportional basis and the resulting net income per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.
v3.26.1
Discontinued Operations (Tables)
3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The following table summarizes the results of the Apps Business presented as loss from discontinued operations, net of income taxes, in the condensed consolidated statements of operations for the three months ended March 31, 2025 (in thousands):
Three Months Ended March 31, 2025
Revenue$325,047 
Costs and expenses:
Cost of revenue119,552 
Sales and marketing123,573 
Research and development66,512 
General and administrative2,978 
Goodwill impairment188,943 
Total costs and expenses501,558 
Loss from operations(176,511)
Other income:
Other income, net299 
Total other income, net299 
Loss from discontinued operations before income taxes(176,212)
Benefit from income taxes(29,093)
Loss from discontinued operations, net of income taxes$(147,119)
The following table summarizes significant non-cash operating items and capital expenditures related to discontinued operations, as reflected in the condensed consolidated statements of cash flows for the three months ended March 31, 2025 (in thousands):
Three Months Ended March 31, 2025
Amortization, depreciation and write-offs
$47,941 
Stock-based compensation
$2,268 
Goodwill impairment
$188,943 
Acquisition of intangible assets
$1,542 
v3.26.1
Revenue (Tables)
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Disaggregated by Geography
Revenue disaggregated by geography, based on user location, consists of the following (in thousands):
Three Months Ended March 31,
20262025
United States$907,219 $615,703 
Rest of the world
935,230 543,271 
Total revenue
$1,842,449 $1,158,974 
v3.26.1
Goodwill and Intangible Assets, Net (Tables)
3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Activity
The following table presents the changes in the carrying amount of goodwill (in thousands):
Balance as of December 31, 2025$1,539,986 
Foreign currency translation(16,936)
Balance as of March 31, 2026$1,523,050 
Schedule of Intangible Assets Acquired, Net
Intangible assets, net consisted of the following (in thousands):
 
Weighted-
Average
Remaining
Useful Life
(in years)
As of March 31, 2026As of December 31, 2025
 Gross
Carrying
Value
Accumulated
Amortization
Net Book
Value
Gross
Carrying
Value
Accumulated
Amortization
Net Book
Value
 
 
Customer relationships6.1$524,716 $(230,465)$294,251 $528,207 $(218,736)$309,471 
Developed technology1.5209,134 (166,726)42,408 210,708 (159,274)51,434 
Other3.365,632 (33,295)32,337 65,790 (29,981)35,809 
Total intangible assets$799,482 $(430,486)$368,996 $804,705 $(407,991)$396,714 
Schedule of Finite-Lived Intangible Assets, Amortization Expenses
The Company recorded amortization expense related to intangible assets as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$11,807 $9,303 
Sales and marketing13,934 13,526 
Total$25,741 $22,829 
v3.26.1
Stock-based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Payment Arrangement Expenses
Stock-based compensation included in the Company's condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$59 $1,100 
Sales and marketing3,232 15,966 
Research and development67,374 27,793 
General and administrative12,804 14,256 
Stock-based compensation from continuing operations83,469 59,115 
Stock-based compensation from discontinued operations— 2,268 
Total stock-based compensation$83,469 $61,383 
v3.26.1
Earnings Per Share (Tables)
3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except per share data):
Three Months Ended March 31,
20262025
Basic EPS:
Numerator:
Net income from continuing operations$1,205,613 $723,538 
Less: income attributable to participating securities— (181)
Net income from continuing operations attributable to common stockholders - Basic
1,205,613 723,357 
Loss from discontinued operations, net of income taxes, attributable to common stockholders - Basic
— (147,082)
Net income attributable to common stockholders - Basic$1,205,613 $576,275 
Denominator:
Weighted-average shares used in computing net income (loss) per share - Basic
337,399 339,837 
Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:
Continuing operations$3.57 $2.13 
Discontinued operations— (0.43)
Basic net income per share$3.57 $1.70 
Diluted EPS:
Numerator:
Net income from continuing operations attributable to common stockholders - Basic$1,205,613 $723,357 
Re-allocation of participating securities considered potentially dilutive securities— 
Net income from continuing operations attributable to common stockholders - Diluted1,205,613 723,360 
Loss from discontinued operations, net of income taxes, attributable to common stockholders - Diluted— (147,083)
Net income attributable to common stockholders - Diluted$1,205,613 $576,277 
Denominator:
Weighted-average shares used in computing net income (loss) per share - Basic337,399 339,837 
Weighted-average dilutive stock awards1,330 5,041 
Weighted-average shares used in computing net income (loss) per share - Diluted338,729 344,878 
Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:
Continuing operations$3.56 $2.10 
Discontinued operations— (0.43)
Diluted net income per share$3.56 $1.67 
As of March 31,
20262025
Anti-dilutive potential common stock excluded133 117 
v3.26.1
Segment (Tables)
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The table below is a summary of the segment net income from continuing operations, including significant segment expenses (in thousands):
Three Months Ended March 31,
20262025
Revenue $1,842,449 $1,158,974 
Less:
Datacenter costs
162,229 122,358 
Personnel related expenses51,513 55,191 
Interest expense
51,159 52,888 
Provision for income taxes
225,795 71,068 
Amortization, depreciation and write-offs33,665 31,946 
Stock-based compensation83,469 59,115 
Other expenses1
29,006 42,870 
Net income from continuing operations$1,205,613 $723,538 
1 Other expenses include professional services costs, facilities costs, advertising costs, software costs, and other individually insignificant costs.
v3.26.1
Description of Business and Summary of Significant Accounting Policies (Details)
3 Months Ended
Mar. 31, 2026
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.26.1
Discontinued Operations - Narrative (Details) - USD ($)
$ in Thousands, shares in Millions
3 Months Ended
Jun. 30, 2025
Mar. 31, 2026
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Goodwill impairment   $ 0 $ 188,943
Discontinued Operations, Disposed of by Sale | Apps Business      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Total consideration received $ 715,600    
Cash received for consideration $ 430,600    
Shares received as consideration (in shares) 596.9    
Value of shares received as consideration $ 285,000    
Consideration received as specified in purchase agreement 400,000    
Purchase price adjustments $ 30,600    
Percentage of outstanding ordinary shares 22.00%    
Percentage of outstanding ordinary shares, fully diluted 20.00%    
Write-off of deferred tax assets $ 125,600    
Derecognition of net assets 591,200    
Pre-tax gain 106,200    
Transaction costs 18,300    
Capital loss $ 204,300    
Goodwill impairment     $ 188,943
v3.26.1
Discontinued Operations - Income Statement Impact (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Goodwill impairment $ 0 $ 188,943
Loss from discontinued operations, net of income taxes $ 0 (147,119)
Discontinued Operations, Disposed of by Sale | Apps Business    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Revenue   325,047
Cost of revenue   119,552
Sales and marketing   123,573
Research and development   66,512
General and administrative   2,978
Goodwill impairment   188,943
Total costs and expenses   501,558
Loss from operations   (176,511)
Other income, net   299
Total other income, net   299
Loss from discontinued operations before income taxes   (176,212)
Benefit from income taxes   (29,093)
Loss from discontinued operations, net of income taxes   $ (147,119)
v3.26.1
Discontinued Operations - Significant Cash and Noncash Items (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Amortization, depreciation and write-offs $ 33,665 $ 79,887
Stock-based compensation 83,372 61,281
Goodwill impairment $ 0 188,943
Discontinued Operations, Disposed of by Sale | Apps Business    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Amortization, depreciation and write-offs   47,941
Stock-based compensation   2,268
Goodwill impairment   188,943
Acquisition of intangible assets   $ 1,542
v3.26.1
Revenue - Schedule of Revenue Disaggregated by Geography (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue $ 1,842,449 $ 1,158,974
United States    
Disaggregation of Revenue [Line Items]    
Revenue 907,219 615,703
Rest of the world    
Disaggregation of Revenue [Line Items]    
Revenue $ 935,230 $ 543,271
v3.26.1
Financial Instruments and Fair Value Measurements (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Fair Value by Fair Value Hierarchy Level [Line Items]      
Equity securities without readily determinable fair value $ 19.6   $ 19.6
Investment 139.2    
Unfunded commitments 3.0    
Capital contributions 0.0    
Unrealized gain on investments 19.3 $ 0.0  
Impairment charge related to investments, cumulative amount 0.0    
Money market deposit accounts      
Fair Value by Fair Value Hierarchy Level [Line Items]      
Money market deposit accounts and money market funds $ 200.0   200.1
Minimum      
Fair Value by Fair Value Hierarchy Level [Line Items]      
Investment fund, term 7 years    
Investment fund, option to extend, term 2 years    
Maximum      
Fair Value by Fair Value Hierarchy Level [Line Items]      
Investment fund, term 10 years    
Investment fund, option to extend, term 3 years    
Fair Value Measured at Net Asset Value Per Share      
Fair Value by Fair Value Hierarchy Level [Line Items]      
Equity securities without readily determinable fair value $ 139.2   $ 118.7
v3.26.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
1 Months Ended
Aug. 31, 2024
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]    
Amended contractual obligation $ 1,300.0  
Payment commitment period 3 years  
Payments for purchase obligations   $ 780.4
v3.26.1
Goodwill and Intangible Assets, Net - Schedule of Goodwill Activity (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2026
USD ($)
Goodwill [Roll Forward]  
Balance at beginning of period $ 1,539,986
Foreign currency translation (16,936)
Balance at end of period $ 1,523,050
v3.26.1
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets Acquired, Net (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Net Book Value $ 368,996 $ 396,714
Long -Lived Intangible Assets    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross Carrying Value 799,482 804,705
Accumulated Amortization (430,486) (407,991)
Net Book Value $ 368,996 396,714
Long -Lived Intangible Assets | Customer relationships    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Weighted- Average Remaining Useful Life (in years) 6 years 1 month 6 days  
Gross Carrying Value $ 524,716 528,207
Accumulated Amortization (230,465) (218,736)
Net Book Value $ 294,251 309,471
Long -Lived Intangible Assets | Developed technology    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Weighted- Average Remaining Useful Life (in years) 1 year 6 months  
Gross Carrying Value $ 209,134 210,708
Accumulated Amortization (166,726) (159,274)
Net Book Value $ 42,408 51,434
Long -Lived Intangible Assets | Other    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Weighted- Average Remaining Useful Life (in years) 3 years 3 months 18 days  
Gross Carrying Value $ 65,632 65,790
Accumulated Amortization (33,295) (29,981)
Net Book Value $ 32,337 $ 35,809
v3.26.1
Goodwill and Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Amortization Expenses (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Amortization of intangible assets $ 25,741 $ 22,829
Cost of revenue    
Finite-Lived Intangible Assets [Line Items]    
Amortization of intangible assets 11,807 9,303
Sales and marketing    
Finite-Lived Intangible Assets [Line Items]    
Amortization of intangible assets $ 13,934 $ 13,526
v3.26.1
Equity (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Class of Stock [Line Items]      
Stock repurchased, value $ 1,013,813 $ 1,001,670  
Class A Common Stock      
Class of Stock [Line Items]      
Stock repurchase program, authorized amount     $ 3,200,000
Stock repurchase program, remaining authorized repurchase amount $ 2,300,000   $ 3,300,000
Repurchases of stock - repurchase program (in shares) 2,170,041    
Stock repurchased, value $ 1,000,000    
v3.26.1
Stock-based Compensation - Narrative (Details)
Mar. 31, 2026
plan
Share-Based Payment Arrangement [Abstract]  
Number of equity compensation plans 3
v3.26.1
Stock-based Compensation - Schedule of Stock-based Payment Arrangement Expenses (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation $ 83,469 $ 61,383
Continuing Operations    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation 83,469 59,115
Discontinued Operations    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation 0 2,268
Cost of revenue    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation 59 1,100
Sales and marketing    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation 3,232 15,966
Research and development    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation 67,374 27,793
General and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation $ 12,804 $ 14,256
v3.26.1
Earnings Per Share - Narrative (Details)
Mar. 31, 2026
vote
Class A Common Stock  
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]  
Number of votes 1
Class B Common Stock  
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]  
Number of votes 20
v3.26.1
Earnings Per Share - Schedule of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income from continuing operations $ 1,205,613 $ 723,538
Less: income attributable to participating securities 0 (181)
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic 1,205,613 723,357
Loss from discontinued operations, net of income taxes, attributable to common stockholders - Basic 0 (147,082)
Net income attributable to common stockholders - Basic $ 1,205,613 $ 576,275
Weighted-average shares used in computing net income (loss) per share - Basic    
Weighted-average shares used in computing net income (loss) per share—Basic (in shares) 337,399 339,837
Continuing operations (in dollars per share) $ 3.57 $ 2.13
Discontinued operations (in dollars per share) 0 (0.43)
Basic net income per share (in dollars per share) $ 3.57 $ 1.70
Numerator:    
Net income from continuing operations attributable to common stockholders - Basic $ 1,205,613 $ 723,357
Re-allocation of participating securities considered potentially dilutive securities 0 3
Net income from continuing operations attributable to common stockholders - Diluted 1,205,613 723,360
Loss from discontinued operations, net of income taxes, attributable to common stockholders - Diluted 0 (147,083)
Net income attributable to common stockholders - Diluted $ 1,205,613 $ 576,277
Denominator:    
Weighted-average shares used in computing net income (loss) per share—Basic (in shares) 337,399 339,837
Weighted-average dilutive stock awards (in shares) 1,330 5,041
Weighted-average shares used in computing net income (loss) per share—Diluted (in shares) 338,729 344,878
Continuing operations (in dollars per share) $ 3.56 $ 2.10
Discontinued operations (in dollars per share) 0 (0.43)
Diluted net income per share (in dollars per share) $ 3.56 $ 1.67
Anti-dilutive potential common stock excluded (in shares) 133 117
v3.26.1
Segment - Narrative (Details)
3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.26.1
Segment - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Revenue $ 1,842,449 $ 1,158,974
Interest expense 51,159 52,888
Provision for income taxes 225,795 71,068
Amortization, depreciation and write-offs 33,665 79,887
Stock-based compensation 83,469 61,383
Net income from continuing operations 1,205,613 723,538
Reportable Segment    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Revenue 1,842,449 1,158,974
Datacenter costs 162,229 122,358
Personnel related expenses 51,513 55,191
Interest expense 51,159 52,888
Provision for income taxes 225,795 71,068
Amortization, depreciation and write-offs 33,665 31,946
Stock-based compensation 83,469 59,115
Other expenses 29,006 42,870
Net income from continuing operations $ 1,205,613 $ 723,538
v3.26.1
Related Party Transactions (Details)
$ in Millions
3 Months Ended
Mar. 31, 2026
USD ($)
Tripledot | Revenue From Equity Method Investee | Related Party  
Related Party Transaction [Line Items]  
Related party transaction amount $ 24.8