v3.26.1
Deferred Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Deferred Revenue Deferred Revenue
Three months ended March 31,
 20262025
(in US $ millions)
Balance, beginning of the period398 430 
Deferral of revenue(1)
138 121 
Recognition of deferred revenue from beginning balance(129)(121)
Balance, end of the period407 430 
(1) Deferral of revenue includes only the portion of collections from merchant billings throughout the period, primarily related to subscription fees, for which the services have not yet been provided. The amounts primarily exclude subscription revenue that has both been deferred and recognized within the period presented.
March 31, 2026March 31, 2025
(in US $ millions)
Current portion321 295 
Long-term portion86 135 
407 430 
The opening balances of current and long-term deferred revenue were $283 million and $147 million, respectively, as of January 1, 2025.
As of March 31, 2026, the long-term deferred revenue, excluding non-cash consideration received, will be recognized ratably over the remaining terms of the contracts with the customers, which range from two years to three years.
The Company has received non-cash consideration in the form of equity investments in exchange for services to be rendered as part of strategic partnerships. As the Company is required to provide referral services and other services to support the partners' merchant offerings over the period of the performance obligations, revenue is deferred and recognized over time on a ratable basis over the expected terms of the contracts.
The table below summarizes the gross changes in deferred revenue associated with this non-cash consideration received for the three months ended March 31, 2026 and 2025:
Three months ended March 31,
 
20262025
(in US $ millions)
Balance, beginning of the period141 190 
Revenue recognized related to non-cash consideration(12)(13)
Balance, end of the period129 177 
Current portion49 49 
Long-term portion80 128 
129 177 
The Company will recognize this revenue ratably over the remaining terms of the respective strategic partnership service agreements, which range from two years to four years.