v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option and SARs Activity
The following table summarizes stock option and SAR activity for the year ended December 31, 2025 (in thousands, except per share amounts, years, and aggregate intrinsic value):
Options OutstandingSARs Outstanding
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)
Balance as of December 31, 2024178,109 $9.26 6.9$11,822 6,437 $55.75 6.7$128 
Granted— —  5,167 219.44  
Exercised(25,739)5.02 — — 
Canceled and forfeited(168)6.45  (333)82.54  
Balance as of December 31, 2025152,202 $9.98 6.1$25,536 11,271 $130.00 7.1$794 
Vested and exercisable as of December 31, 202572,552 $8.44 5.6$12,284 — $— 0.0$— 
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions
The Company determined the grant-date fair value of Time-Vesting SARs using a Black-Scholes option-pricing model, calculated as the difference in fair value between a SAR with a strike price at the exercise price and a SAR with the strike price at its maximum appreciation, using the following assumptions:
Years Ended December 31,
20252024
Expected volatility rate
56.7% – 66.1%
54.9% – 59.2%
Expected term (in years)
3.4 – 9.3
3.7 – 9.2
Risk-free interest rate
3.9% – 4.6%
3.4% – 3.9%
Expected dividend yield—%—%
Summary of RSU and P-RSU Activity
The following table summarizes the RSU and P-RSU activity for the year ended December 31, 2025 (in thousands, except per share amounts):
RSUs OutstandingWeighted Average Grant Date Fair Value per ShareP-RSUs OutstandingWeighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 202465,236 $14.89 577 $41.93 
Granted5,751 136.28 815 106.56 
Vested(26,080)19.31 (1,180)70.04 
Canceled and forfeited(3,263)29.34 (20)103.49 
Adjustment for performance achievement(1)
(74)$68.14 
Unvested and outstanding as of December 31, 202541,644 $27.74 118 $180.79 
—————
(1) This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance.
Summary of Stock-Based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
Years Ended December 31,
202520242023
Cost of revenue$64,555 $69,065 $35,995 
Sales and marketing248,732 239,121 160,645 
Research and development136,839 165,065 98,064 
General and administrative233,907 218,387 181,199 
Total stock-based compensation expense$684,033 $691,638 $475,903