v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 4,261 $ 4,332
Cash, cash equivalents, and securities segregated under federal and other regulations 5,749 4,724
Receivables from brokers, dealers, and clearing organizations 426 471
Receivables from users, net 17,994 8,239
Securities borrowed 2,408 3,236
Deposits with clearing organizations 702 489
User-held fractional shares 3,782 2,530
Held-to-maturity investments 0 398
Deferred customer match incentives 185 100
Other current assets, including current prepaid expenses of $75 as of December 31, 2024 and $127 as of December 31, 2025 798 584
Total current assets 36,305 25,103
Property, software, and equipment, net 154 139
Goodwill 385 179
Intangible assets, net 168 38
Non-current deferred customer match incentives 428 195
Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $11 as of December 31, 2025 697 533
Total assets 38,137 26,187
Current liabilities:    
Accounts payable and accrued expenses 463 397
Payables to users 11,986 7,448
Securities loaned 11,626 7,463
Fractional shares repurchase obligation 3,782 2,530
Other current liabilities 914 266
Total current liabilities 28,771 18,104
Other non-current liabilities 215 111
Total liabilities 28,986 18,215
Commitments and contingencies (Note 15)
Stockholders’ equity:    
Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and December 31, 2025. 0 0
Additional paid-in capital 11,284 12,008
Accumulated other comprehensive income (loss) 8 (1)
Accumulated deficit (2,152) (4,035)
Non-controlling interest 11 0
Total stockholders’ equity 9,151 7,972
Total liabilities and stockholders’ equity 38,137 26,187
Common Class A    
Stockholders’ equity:    
Common stock, value 0 0
Common Class B    
Stockholders’ equity:    
Common stock, value 0 0
Common Class C    
Stockholders’ equity:    
Common stock, value $ 0 $ 0