CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total	$ 6,617,687	$ 6,054,457	$ 12,674,534	$ 11,826,253
Cost of revenue:
Amortization of acquired technology assets	12,805	14,404	25,622	29,078
Total cost of revenue	3,451,606	3,517,927	6,599,214	7,000,120
Gross profit	3,166,081	2,536,530	6,075,320	4,826,133
Operating expenses:
Product development	608,660	725,288	1,647,533	1,485,987
Sales and marketing	664,955	549,731	1,315,463	1,054,191
General and administrative	825,869	449,237	1,683,433	941,034
Transaction, loan, and consumer receivable losses	585,450	294,090	1,085,575	463,779
Amortization of customer and other acquired intangible assets	34,277	33,891	68,436	67,547
Total operating expenses	2,719,211	2,052,237	5,800,440	4,012,538
Operating income	446,870	484,293	274,880	813,595
Interest expense, net	55,721	23,687	108,916	40,930
Remeasurement loss (gain) on bitcoin investment	88,474	(212,165)	261,292	(118,814)
Other expense (income), net	1,199	13,389	(4,227)	5,047
Income (loss) before income tax	301,476	659,382	(91,101)	886,432
Provision for income taxes	214,407	121,048	130,425	159,376
Net income (loss)	87,069	538,334	(221,526)	727,056
Less: Net loss attributable to noncontrolling interests	(1,448)	(124)	(1,362)	(1,274)
Net income (loss) attributable to common stockholders	$ 88,517	$ 538,458	$ (220,164)	$ 728,330
Net income (loss) per share attributable to common stockholders:
Basic (in USD per share)	$ 0.15	$ 0.88	$ (0.37)	$ 1.18
Diluted (in USD per share)	$ 0.15	$ 0.87	$ (0.37)	$ 1.17
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic (in shares)	597,829	612,882	597,702	616,108
Diluted (in shares)	608,847	618,928	597,702	627,103
Commerce enablement revenue
Revenue:
Total	$ 3,341,571	$ 2,898,302	$ 6,280,041	$ 5,465,277
Cost of revenue:
Cost of revenue	1,523,639	1,354,370	2,841,098	2,506,570
Financial solutions revenue
Revenue:
Total	1,382,368	984,553	2,704,353	1,859,564
Cost of revenue:
Cost of revenue	93,819	82,649	183,194	160,571
Bitcoin ecosystem revenue
Revenue:
Total	1,893,748	2,171,602	3,690,140	4,501,412
Cost of revenue:
Cost of revenue	$ 1,821,343	$ 2,066,504	$ 3,549,300	$ 4,303,901

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ (221,526)	$ 727,056
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	191,028	181,345
Amortization of discounts and premiums	(603,136)	(548,138)
Non-cash lease expense and other non-cash adjustments	118,256	29,950
Share-based compensation	598,451	612,577
Loss (gain) on revaluation of equity investments	9,805	(1,456)
Remeasurement loss (gain) on bitcoin investment	261,292	(118,814)
Transaction, loan, and consumer receivable losses	1,085,575	463,779
Change in deferred income taxes	49,545	52,019
Purchases and originations of loans originally classified as held for sale	(3,651,413)	(10,634,603)
Proceeds from repayments of loans originally classified as held for sale	3,665,214	10,163,789
Changes in operating assets and liabilities:
Settlements receivable	(145,045)	(258,566)
Customers payable	41,096	315,632
Prepaid expenses	(30,849)	(126,309)
Other assets and liabilities	617,123	(350,603)
Net cash provided by operating activities	1,985,416	507,658
Cash flows from investing activities:
Purchases of marketable debt securities	(243,338)	(282,149)
Proceeds from maturities of marketable debt securities	370,645	278,624
Proceeds from sale of marketable debt securities	44,352	373,759
Payments for originations of consumer receivables	(16,363,722)	(14,638,790)
Proceeds from principal repayments and sales of consumer receivables	17,049,383	15,494,483
Purchases and originations of loans originally classified as held for investment	(21,877,108)	(1,164,089)
Proceeds from repayments of loans originally classified as held for investment	20,773,837	457,152
Purchases of property and equipment	(83,786)	(63,192)
Other investing activities	323,413	(26,870)
Net cash provided by (used in) investing activities	(6,324)	428,928
Cash flows from financing activities:
Repayments of senior notes	(1,000,000)	0
Payments to redeem convertible notes	(575,000)	(1,000,624)
Proceeds from warehouse facilities borrowings	939,190	435,497
Repayments of warehouse facilities borrowings	(1,155,192)	(1,242,317)
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan	50,276	51,082
Net increase in interest-bearing deposits	89,990	54,792
Repurchases of common stock	(700,935)	(1,137,502)
Other financing activities	(15,427)	(35,330)
Change in customer funds, restricted from use in the Company's operations	758,455	754,942
Net cash used in financing activities	(1,608,643)	(2,119,460)
Effect of foreign exchange rate on cash and cash equivalents	(526)	94,932
Net increase (decrease) in cash, cash equivalents, restricted cash, and customer funds	369,923	(1,087,942)
Cash, cash equivalents, restricted cash, and customer funds, beginning of the period	12,481,276	13,230,512
Cash, cash equivalents, restricted cash, and customer funds, end of the period	12,851,199	12,142,570
Reconciliation of cash, cash equivalents, restricted cash, and customer funds:
Cash and cash equivalents	6,427,331	6,384,224
Short-term restricted cash	821,679	745,519
Long-term restricted cash	71,911	75,013
Customer funds cash and cash equivalents	5,530,278	4,937,814
Total	$ 12,851,199	$ 12,142,570

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 6,427,331	$ 6,564,092
Settlements receivable	1,385,669	1,359,983
Customer funds	5,530,278	4,771,824
Consumer receivables, net	2,477,706	2,670,322
Loans held for investment, net	3,749,254	3,382,957
Other current assets	3,574,637	4,107,702
Total current assets	23,144,875	22,856,880
Goodwill	11,966,996	11,849,018
Acquired intangible assets, net	1,200,262	1,281,670
Deferred tax assets	1,261,584	1,302,776
Bitcoin investment	533,866	777,515
Other non-current assets	1,049,084	1,482,028
Total assets	39,156,667	39,549,887
Current liabilities:
Customers payable	7,629,062	6,805,366
Accrued expenses and other current liabilities	2,277,051	1,538,893
Current portion of long-term debt (Note 12)	0	1,573,259
Warehouse funding facilities, current	572,388	466,942
Total current liabilities	10,478,501	10,384,460
Warehouse funding facilities, non-current	589,556	897,941
Long-term debt (Note 12)	5,720,569	5,715,759
Other non-current liabilities	356,724	381,845
Total liabilities	17,145,350	17,380,005
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.0000001 par value: 100,000 shares authorized at June 30, 2026 and December 31, 2025. None issued and outstanding at June 30, 2026 and December 31, 2025.	0	0
Additional paid-in capital	18,850,561	18,895,405
Accumulated other comprehensive loss	(257,576)	(365,381)
Retained earnings	3,454,090	3,674,254
Total stockholders’ equity attributable to common stockholders	22,047,075	22,204,278
Noncontrolling interests	(35,758)	(34,396)
Total stockholders’ equity	22,011,317	22,169,882
Total liabilities and stockholders’ equity	39,156,667	39,549,887
Class A
Stockholders’ equity:
Common stock	0	0
Class B
Stockholders’ equity:
Common stock	$ 0	$ 0