We maintain one active share-based employee compensation plan: the 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options, stock appreciation rights, RSAs, RSUs, performance stock awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our affiliates.


	Number of Class A Shares	Weighted- Average Grant Date Fair Value

	(in thousands, except per share data)
Unvested as of December 31, 2025	167,374	$	9.23
Granted	67,563	$	5.13
Vested	(28,761)	$	8.91
Forfeited	(10,115)	$	8.66
Unvested as of March 31, 2026	196,061	$	7.89

All RSUs and RSAs vest on the satisfaction of a service-based condition. Total unrecognized compensation cost related to outstanding RSUs and RSAs was $1.4 billion as of March 31, 2026 and is expected to be recognized over a weighted-average period of 2.1 years. The service condition for RSUs and RSAs is generally satisfied in equal monthly or quarterly installments over three to four years.

For the three months ended March 31, 2026, stock option forfeitures were immaterial and there were no stock option grants or exercises. As of March 31, 2026, all outstanding options were fully vested, and there was no unrecognized compensation cost related to stock options.


	Three Months Ended March 31,
		2026		2025

		(in thousands)
Cost of revenue		$	1,586	$	1,434
Research and development		173,916		156,688
Sales and marketing		45,332		54,440
General and administrative		29,206		34,776
Total		$	250,040	$	247,338

In February 2026, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. During the three months ended March 31, 2026, we repurchased and retired 19.9 million shares of our Class A common stock for $100.2 million, including costs associated with the repurchases. As of March 31, 2026, the remaining availability under the stock repurchase authorization was $400.0 million.

In November 2025, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. We completed this program in January 2026. During the three months ended March 31, 2026, we repurchased and retired 30.0 million shares of our Class A common stock for $250.3 million, including costs associated with the repurchases. During the program, we repurchased and retired 59.4 million shares of our Class A common stock for $500.6 million, including costs associated with the repurchases, representing the entire amount approved by our board of directors in November 2025.

In October 2024, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. We completed this program in May 2025. Under the program, we repurchased and retired 57.3 million shares of our Class A common stock for $500.6 million, including costs associated with the repurchases, representing the entire amount approved by our board of directors in October 2024.