v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net loss $ (460,489) $ (697,856) $ (1,322,485)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 163,633 158,074 168,441
Stock-based compensation 1,016,825 1,041,023 1,324,004
Amortization of debt issuance costs and debt discount (premium) 6,880 9,388 7,361
Losses (gains) on debt and equity securities, net 16,940 8,460 33,027
(Gain) loss on extinguishment of debt (96,734) 6,672 0
Other 26,119 (20,825) (26,958)
Change in operating assets and liabilities, net of effect of acquisitions:      
Accounts receivable, net of allowance (31,827) (94,005) (98,127)
Prepaid expenses and other current assets (66,744) (36,544) (9,920)
Operating lease right-of-use assets 57,214 54,127 70,674
Other assets 7,705 (9,952) 2,238
Accounts payable 45,918 (100,728) 94,988
Accrued expenses and other current liabilities 12,814 150,391 62,130
Operating lease liabilities (34,429) (62,663) (68,007)
Other liabilities (7,655) 7,918 9,155
Net cash provided by (used in) operating activities 656,170 413,480 246,521
Cash flows from investing activities      
Purchases of property and equipment (218,981) (194,826) (211,727)
Purchases of strategic investments (22,500) (2,000) (7,770)
Sales of strategic investments 11,050 1,755 7,559
Cash paid for acquisitions, net of cash acquired (35,499) 0 (50,254)
Purchases of marketable securities (1,275,796) (2,287,668) (2,048,273)
Sales of marketable securities 741,266 354,311 459,481
Maturities of marketable securities 977,159 1,411,444 2,424,717
Other (3,581) (100) (2,779)
Net cash provided by (used in) investing activities 173,118 (717,084) 570,954
Cash flows from financing activities      
Proceeds from issuance of notes, net of issuance costs 2,014,193 740,350 0
Purchase of capped calls 0 (68,850) 0
Proceeds from termination of capped calls 0 62,683 0
Proceeds from the exercise of stock options 374 12,798 1,038
Repurchases of Class A non-voting common stock (750,866) (311,069) (189,394)
Deferred payments for acquisitions (72,539) (3,695) (270,433)
Repurchases of convertible notes (1,994,550) (859,042) 0
Repayment of convertible notes (36,240) 0 0
Other (8,497) (1,799) 0
Net cash provided by (used in) financing activities (848,125) (428,624) (458,789)
Change in cash, cash equivalents, and restricted cash (18,837) (732,228) 358,686
Cash, cash equivalents, and restricted cash, beginning of period 1,050,234 1,782,462 1,423,776
Cash, cash equivalents, and restricted cash, end of period 1,031,397 1,050,234 1,782,462
Supplemental disclosures      
Cash paid for income taxes, net 26,716 24,686 30,924
Cash paid for interest $ 65,060 $ 10,284 $ 10,244