v3.26.1
Segment and Geographic Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented.
Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, primarily by monitoring actual results versus historical periods. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses.
Financial information for each reportable segment was as follows (in thousands, except percentages):
Three Months Ended March 31,
20262025
Amount%Amount%
Contribution:
Government revenue$858,410 $486,963 
Expenses attributable to government segment(228,999)(186,003)
Government contribution629,411 73 %300,960 62 %
Commercial revenue774,173 396,892 
Expenses attributable to commercial segment(211,217)(155,747)
Commercial contribution562,956 73 %241,145 61 %
Total contribution$1,192,367 73 %$542,105 61 %
The reconciliation of total contribution to income from operations is as follows (in thousands):
Three Months Ended March 31,
20262025
Income from operations$753,998 $176,048 
Research and development expenses (1)
124,436 103,055 
General and administrative expenses (1)
112,341 107,663 
Total stock-based compensation expense201,592 155,339 
Total contribution$1,192,367 $542,105 
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(1) Excludes stock-based compensation expense.
Geographic Information
Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages):
Three Months Ended March 31,
20262025
Amount%Amount%
Revenue:
United States$1,282,066 79 %$628,494 71 %
United Kingdom130,091 8 %89,654 10 %
Rest of world (1)
220,426 13 %165,707 19 %
Total revenue$1,632,583 100 %$883,855 100 %
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(1) No other country represented 10% or more of total revenue for the three months ended March 31, 2026 or 2025