v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company operates as one operating segment. The Company's chief operating decision maker (“CODM”) is its co-chief executive officers, who review financial information presented on a consolidated basis. The CODM uses consolidated operating margin and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow global operating margin and the allocation of budget between cost of revenues, sales and marketing, technology and development, and general and administrative expenses.
The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
 202520242023
(in thousands)
Revenues$45,183,036 $39,000,966 $33,723,297 
Less:
Content amortization16,422,166 15,301,517 14,197,437 
Other cost of revenues6,853,163 5,736,947 5,517,931 
Sales and marketing
3,301,306 2,917,554 2,657,883 
Technology and development3,391,390 2,925,295 2,675,758 
General and administrative1,888,408 1,702,039 1,720,285 
Operating income13,326,603 10,417,614 6,954,003 
Operating margin29.5 %26.7 %20.6 %
Other income (expense)
Interest expense(776,510)(718,733)(699,826)
Interest and other income (expense)(1)
172,459 266,776 (48,772)
Income before income taxes12,722,552 9,965,657 6,205,405 
Provision for income taxes(1,741,351)(1,254,026)(797,415)
Net income$10,981,201 $8,711,631 $5,407,990 
(1) Includes interest income of $295 million, $294 million and $281 million for the years ended December 31, 2025, 2024 and 2023, respectively.
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
Total U.S. revenues were $18.5 billion, $16.1 billion and $13.8 billion for the years ended December 31, 2025, 2024 and 2023, respectively. See Note 2 Revenue Recognition for additional information about streaming revenue by region.
    The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets were located as follows:
As of December 31,
20252024
(in thousands)
United States$3,075,477 $2,769,828 
International1,136,034 926,238