CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total	$ 6,056,847	$ 5,771,796
Cost of revenue:
Amortization of acquired technology assets	12,817	14,674
Total cost of revenue	3,147,608	3,482,193
Gross profit	2,909,239	2,289,603
Operating expenses:
Product development	1,038,873	760,699
Sales and marketing	650,508	504,460
General and administrative	857,564	491,797
Transaction, loan, and consumer receivable losses	500,125	169,689
Amortization of customer and other acquired intangible assets	34,159	33,656
Total operating expenses	3,081,229	1,960,301
Operating income (loss)	(171,990)	329,302
Interest expense, net	53,195	17,243
Remeasurement loss on bitcoin investment	172,818	93,351
Other income, net	(5,426)	(8,342)
Income (loss) before income tax	(392,577)	227,050
Provision for (benefit from) income taxes	(83,982)	38,328
Net income (loss)	(308,595)	188,722
Less: Net income (loss) attributable to noncontrolling interests	86	(1,150)
Net income (loss) attributable to common stockholders	$ (308,681)	$ 189,872
Net income (loss) per share attributable to common stockholders:
Basic (in USD per share)	$ (0.52)	$ 0.31
Diluted (in USD per share)	$ (0.52)	$ 0.30
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic (in shares)	597,586	619,370
Diluted (in shares)	597,586	635,342
Commerce enablement revenue
Revenue:
Total	$ 2,938,470	$ 2,566,975
Cost of revenue:
Cost of revenue	1,317,459	1,152,200
Financial solutions revenue
Revenue:
Total	1,321,985	875,011
Cost of revenue:
Cost of revenue	89,375	77,922
Bitcoin ecosystem revenue
Revenue:
Total	1,796,392	2,329,810
Cost of revenue:
Cost of revenue	$ 1,727,957	$ 2,237,397

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ (308,595)	$ 188,722
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	95,977	88,948
Amortization of discounts and premiums and other non-cash adjustments	(279,936)	(265,168)
Non-cash lease expense	29,920	14,369
Share-based compensation	338,700	315,236
Loss on revaluation of equity investments	5,665	126
Remeasurement loss on bitcoin investment	172,818	93,351
Transaction, loan, and consumer receivable losses	500,125	169,689
Change in deferred income taxes	(79,027)	7,599
Purchases and originations of loans originally classified as held for sale	(1,799,095)	(5,032,615)
Proceeds from repayments of loans originally classified as held for sale	1,835,016	4,721,581
Changes in operating assets and liabilities:
Settlements receivable	89,666	(88,267)
Customers payable	(122,404)	164,904
Prepaid expenses	(70,774)	(147,946)
Other assets and liabilities	557,539	(97,193)
Net cash provided by operating activities	965,595	133,336
Cash flows from investing activities:
Purchases of marketable debt securities	(75,203)	(162,188)
Proceeds from maturities of marketable debt securities	137,055	147,508
Proceeds from sale of marketable debt securities	28,406	265,191
Payments for originations of consumer receivables	(7,788,370)	(6,898,769)
Proceeds from principal repayments and sales of consumer receivables	8,440,980	7,602,325
Purchases and originations of loans originally classified as held for investment	(10,645,803)	0
Proceeds from repayments of loans originally classified as held for investment	10,231,838	0
Purchases of property and equipment	(30,574)	(31,882)
Other investing activities	1,701	(7,477)
Net cash provided by investing activities	300,030	914,708
Cash flows from financing activities:
Payments to redeem convertible notes	0	(1,000,624)
Proceeds from warehouse facilities borrowings	223,953	222,824
Repayments of warehouse facilities borrowings	(1,065,192)	(1,091,137)
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan	618	2,283
Net increase in interest-bearing deposits	55,343	34,463
Repurchases of common stock	(635,988)	(445,298)
Change in customer funds, restricted from use in the Company's operations	1,169,356	1,065,857
Net cash used in financing activities	(251,910)	(1,211,632)
Effect of foreign exchange rate on cash and cash equivalents	(471)	22,249
Net increase (decrease) in cash, cash equivalents, restricted cash, and customer funds	1,013,244	(141,339)
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	13,494,520	13,089,173
Reconciliation of cash, cash equivalents, restricted cash, and customer funds:
Cash and cash equivalents	6,858,357	7,088,831
Short-term restricted cash	621,324	681,774
Long-term restricted cash	73,659	69,838
Customer funds cash and cash equivalents	5,941,180	5,248,730
Total	$ 13,494,520	$ 13,089,173

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 6,858,357	$ 6,564,092
Settlements receivable	1,224,007	1,359,983
Customer funds	5,941,180	4,771,824
Consumer receivables, net	2,287,001	2,670,322
Loans held for investment, net	3,430,619	3,382,957
Other current assets	4,025,261	4,107,702
Total current assets	23,766,425	22,856,880
Goodwill	11,956,264	11,849,018
Acquired intangible assets, net	1,245,784	1,281,670
Deferred tax assets	1,380,684	1,302,776
Bitcoin investment	617,290	777,515
Other non-current assets	1,019,634	1,482,028
Total assets	39,986,081	39,549,887
Current liabilities:
Customers payable	7,868,513	6,805,366
Accrued expenses and other current liabilities	2,240,661	1,538,893
Current portion of long-term debt (Note 12)	1,574,374	1,573,259
Warehouse funding facilities, current	283,562	466,942
Total current liabilities	11,967,110	10,384,460
Warehouse funding facilities, non-current	258,938	897,941
Long-term debt (Note 12)	5,718,146	5,715,759
Other non-current liabilities	360,859	381,845
Total liabilities	18,305,053	17,380,005
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, $0.0000001 par value: 100,000 shares authorized at March 31, 2026 and December 31, 2025. None issued and outstanding at March 31, 2026 and December 31, 2025.	0	0
Additional paid-in capital	18,601,896	18,895,405
Accumulated other comprehensive loss	(252,131)	(365,381)
Retained earnings	3,365,573	3,674,254
Total stockholders’ equity attributable to common stockholders	21,715,338	22,204,278
Noncontrolling interests	(34,310)	(34,396)
Total stockholders’ equity	21,681,028	22,169,882
Total liabilities and stockholders’ equity	39,986,081	39,549,887
Class A
Stockholders’ equity:
Common stock	0	0
Class B
Stockholders’ equity:
Common stock	$ 0	$ 0