Leases

12 Months Ended

Dec. 31, 2025

The Company’s material operating leases consist of office space. The Company’s leases generally have remaining terms of one to 13 years, some of which include one or more options to extend the leases up to 10 years. Additionally, some lease contracts include termination options. Generally, the lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal periods.

The components of lease cost, excluding the immaterial impact from sublease income, were as follows (in millions):


	Year Ended December 31,
	2023		2024		2025
Operating lease cost	$	58	$	53	$	47
Short-term lease cost	6		4		4

Variable lease cost	16		17		19

Lease cost, net	$	80	$	74	$	70

Lease costs are classified within operations and support, product development, sales and marketing, and general and administrative expenses on the consolidated statements of operations.

Weighted-average lease term and discount rate were as follows:


	December 31,
	2024		2025
Weighted-average remaining lease term (years)	7.2		6.9
Weighted-average discount rate	7.3	%	7.4	%

Maturities of lease liabilities (excluding short-term leases) were as follows as of December 31, 2025 (in millions):


Year Ending December 31,	Amount(1)
2026	$	86
2027	9
2028	38
2029	50
2030	44
Thereafter	139
Total lease payments	366
Less: Imputed interest	(94)
Present value of lease liabilities	272
Less: Current portion of lease liabilities	(68)
Total long-term lease liabilities	$	204

(1)Amounts are net of tenant improvement allowances.