v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,061,924 $ 1,030,435
Marketable securities 1,760,959 1,910,137
Accounts receivable, net of allowance 1,187,181 1,372,237
Prepaid expenses and other current assets 269,436 272,065
Total current assets 4,279,500 4,584,874
Property and equipment, net 580,827 578,075
Operating lease right-of-use assets 563,775 506,216
Intangible assets, net 93,865 66,613
Goodwill 1,753,800 1,720,769
Other assets 229,804 221,255
Total assets 7,501,571 7,677,802
Current liabilities    
Accounts payable 238,318 219,793
Operating lease liabilities 33,340 48,479
Accrued expenses and other current liabilities 895,357 971,627
Short-term debt, net 46,988 46,969
Total current liabilities 1,214,003 1,286,868
Long-term debt, net 3,488,747 3,489,860
Operating lease liabilities, noncurrent 632,504 557,823
Other liabilities 82,044 61,756
Total liabilities 5,417,298 5,396,307
Commitments and contingencies (Note 8)
Stockholders’ equity    
Treasury stock, at cost. 44,264 and 44,670 shares of Class A non-voting common stock at March 31, 2026 and December 31, 2025, respectively. (431,762) (435,722)
Additional paid-in capital 16,887,594 16,637,324
Accumulated deficit (14,386,265) (13,946,816)
Accumulated other comprehensive income 14,689 26,692
Total stockholders’ equity 2,084,273 2,281,495
Total liabilities and stockholders’ equity 7,501,571 7,677,802
Class A non-voting common stock    
Stockholders’ equity    
Common stock, value 15 15
Class B voting common stock    
Stockholders’ equity    
Common stock, value 0 0
Class C voting common stock    
Stockholders’ equity    
Common stock, value $ 2 $ 2