v3.26.1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total	$ 6,056,847	$ 5,771,796
Cost of revenue:
Amortization of acquired technology assets	12,817	14,674
Total cost of revenue	3,147,608	3,482,193
Gross profit	2,909,239	2,289,603
Operating expenses:
Product development	1,038,873	760,699
Sales and marketing	650,508	504,460
General and administrative	857,564	491,797
Transaction, loan, and consumer receivable losses	500,125	169,689
Amortization of customer and other acquired intangible assets	34,159	33,656
Total operating expenses	3,081,229	1,960,301
Operating income (loss)	(171,990)	329,302
Interest expense, net	53,195	17,243
Remeasurement loss on bitcoin investment	172,818	93,351
Other income, net	(5,426)	(8,342)
Income (loss) before income tax	(392,577)	227,050
Provision for (benefit from) income taxes	(83,982)	38,328
Net income (loss)	(308,595)	188,722
Less: Net income (loss) attributable to noncontrolling interests	86	(1,150)
Net income (loss) attributable to common stockholders	$ (308,681)	$ 189,872
Net income (loss) per share attributable to common stockholders:
Basic (in USD per share)	$ (0.52)	$ 0.31
Diluted (in USD per share)	$ (0.52)	$ 0.30
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic (in shares)	597,586	619,370
Diluted (in shares)	597,586	635,342
Commerce enablement revenue
Revenue:
Total	$ 2,938,470	$ 2,566,975
Cost of revenue:
Cost of revenue	1,317,459	1,152,200
Financial solutions revenue
Revenue:
Total	1,321,985	875,011
Cost of revenue:
Cost of revenue	89,375	77,922
Bitcoin ecosystem revenue
Revenue:
Total	1,796,392	2,329,810
Cost of revenue:
Cost of revenue	$ 1,727,957	$ 2,237,397

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

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