CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue:
Revenue	$ 6,114,952	$ 5,975,801	$ 17,941,205	$ 18,088,492
Cost of revenue:
Amortization of acquired technology assets	13,857	17,186	42,935	52,802
Total cost of revenue	3,453,382	3,726,116	10,453,502	11,510,854
Gross profit	2,661,570	2,249,685	7,487,703	6,577,638
Operating expenses:
Product development	711,235	710,983	2,197,222	2,144,720
Sales and marketing	599,333	511,755	1,653,524	1,463,202
General and administrative	543,974	475,855	1,485,008	1,420,683
Transaction, loan, and consumer receivable losses	363,455	192,062	827,234	549,603
Amortization of customer and other acquired intangible assets	34,133	36,021	101,680	120,116
Total operating expenses	2,252,130	1,926,676	6,264,668	5,698,324
Operating income	409,440	323,009	1,223,035	879,314
Interest expense (income), net	34,652	13,811	75,582	(6,805)
Remeasurement gain on bitcoin investment	(59,588)	(5,288)	(178,402)	(168,576)
Other income, net	(167,150)	(9,661)	(162,103)	(24,665)
Income before income tax	601,526	324,147	1,487,958	1,079,360
Provision for income taxes	139,928	43,011	299,304	137,532
Net income	461,598	281,136	1,188,654	941,828
Less: Net income (loss) attributable to noncontrolling interests	54	(2,618)	(1,220)	(9,199)
Net income attributable to common stockholders	$ 461,544	$ 283,754	$ 1,189,874	$ 951,027
Net income per share attributable to common stockholders:
Basic (in USD per share)	$ 0.76	$ 0.46	$ 1.94	$ 1.54
Diluted (in USD per share)	$ 0.74	$ 0.45	$ 1.91	$ 1.50
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic (in shares)	610,199	616,428	614,117	616,830
Diluted (in shares)	621,658	632,760	625,256	635,419
Transaction-based revenue
Revenue:
Revenue	$ 1,873,477	$ 1,712,421	$ 5,241,606	$ 4,936,597
Cost of revenue:
Cost of revenue	1,141,900	1,011,476	3,111,750	2,884,696
Subscription and services-based revenue
Revenue:
Revenue	2,204,889	1,797,933	6,148,466	5,268,120
Cost of revenue:
Cost of revenue	299,554	271,286	872,671	832,755
Hardware revenue
Revenue:
Revenue	70,192	36,839	139,305	112,300
Cost of revenue:
Cost of revenue	103,304	62,091	232,386	181,185
Bitcoin revenue
Revenue:
Revenue	1,966,394	2,428,608	6,411,828	7,771,475
Cost of revenue:
Cost of revenue	$ 1,894,767	$ 2,364,077	$ 6,193,760	$ 7,559,416

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 1,188,654	$ 941,828
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	273,464	287,249
Amortization of discounts and premiums and other non-cash adjustments	(834,950)	(824,219)
Non-cash lease expense	42,545	55,480
Share-based compensation	921,957	955,845
Loss (gain) on revaluation of equity investments	(172,582)	470
Remeasurement gain on bitcoin investment	(178,402)	(168,576)
Transaction, loan, and consumer receivable losses	827,234	549,603
Change in deferred income taxes	182,756	5,368
Purchases and originations of loans originally classified as held for sale	(12,394,452)	(10,887,619)
Proceeds from repayments of loans originally classified as held for sale	12,457,575	10,419,823
Changes in operating assets and liabilities:
Settlements receivable	(291,388)	1,577,463
Customers payable	313,061	(1,319,654)
Other assets and liabilities	(376,758)	100,489
Net cash provided by operating activities	1,958,714	1,693,550
Cash flows from investing activities:
Purchases of marketable debt securities	(481,088)	(1,035,477)
Proceeds from maturities of marketable debt securities	423,312	790,748
Proceeds from sale of marketable debt securities	392,218	436,912
Payments for originations of consumer receivables	(22,553,302)	(20,197,450)
Proceeds from principal repayments and sales of consumer receivables	23,721,275	21,142,547
Purchases and originations of loans originally classified as held for investment	(7,643,830)	0
Proceeds from repayments of loans originally classified as held for investment	5,629,369	0
Purchases of property and equipment	(113,838)	(126,954)
Purchases of other investments	(45,930)	(37,218)
Net cash provided by (used in) investing activities	(671,814)	973,108
Cash flows from financing activities:
Proceeds from issuance of senior notes	2,200,000	2,000,000
Payments of debt issuance costs from issuance of senior notes	(28,346)	(26,619)
Payments to redeem convertible notes	(1,000,624)	0
Proceeds from warehouse facilities borrowings	448,530	406,359
Repayments of warehouse facilities borrowings	(1,456,869)	(1,054,091)
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan	58,247	88,053
Net increase in interest-bearing deposits	81,176	73,687
Repurchases of common stock	(1,540,529)	(987,179)
Other financing activities	(35,330)	(18,473)
Change in customer funds, restricted from use in the Company's operations	620,844	763,355
Net cash provided by (used in) financing activities	(652,901)	1,245,092
Effect of foreign exchange rate on cash and cash equivalents	80,515	13,600
Net increase in cash, cash equivalents, restricted cash, and customer funds	714,514	3,925,350
Cash, cash equivalents, restricted cash, and customer funds, beginning of the period	13,230,512	9,009,087
Cash, cash equivalents, restricted cash, and customer funds, end of the period	13,945,026	12,934,437
Reconciliation of cash, cash equivalents, restricted cash, and customer funds:
Cash and cash equivalents	8,335,934	8,299,804
Short-term restricted cash	731,590	630,933
Long-term restricted cash	73,786	69,915
Customer funds cash and cash equivalents	4,803,716	3,933,785
Total	$ 13,945,026	$ 12,934,437

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 8,335,934	$ 8,075,247
Settlements receivable	1,222,342	1,060,966
Customer funds	4,803,716	4,182,872
Loans held for sale	778,039	1,111,107
Loans held for investment, less allowance for credit losses of $216.3 million and $23.1 million, respectively	2,203,273	365,062
Other current assets	2,648,295	2,580,068
Total current assets	22,067,725	19,880,201
Goodwill	11,807,858	11,417,422
Acquired intangible assets, net	1,326,091	1,433,067
Deferred tax assets	1,542,364	1,800,994
Other non-current assets	2,438,785	2,245,911
Total assets	39,182,823	36,777,595
Current liabilities:
Customers payable	6,799,672	5,837,152
Accrued expenses and other current liabilities	1,578,830	1,525,149
Current portion of long-term debt (Note 12)	1,572,118	999,497
Warehouse funding facilities, current	157,370	185,000
Total current liabilities	10,107,990	8,546,798
Warehouse funding facilities, non-current	343,629	1,296,680
Long-term debt (Note 12)	5,713,382	5,105,939
Other non-current liabilities	544,614	593,216
Total liabilities	16,709,615	15,542,633
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, $0.0000001 par value: 100,000 shares authorized at September 30, 2025 and December 31, 2024. None issued and outstanding at September 30, 2025 and December 31, 2024.	0	0
Additional paid-in capital	19,364,651	19,900,379
Accumulated other comprehensive loss	(415,745)	(1,001,065)
Retained earnings	3,558,492	2,368,618
Total stockholders’ equity attributable to common stockholders	22,507,398	21,267,932
Noncontrolling interests	(34,190)	(32,970)
Total stockholders’ equity	22,473,208	21,234,962
Total liabilities and stockholders’ equity	39,182,823	36,777,595
Class A
Stockholders’ equity:
Common stock	0	0
Class B
Stockholders’ equity:
Common stock	0	0
Consumer
Current assets:
Consumer receivables, net	2,076,126	2,504,879
Loans held for sale	109,320	$ 652,489
Loans held for investment, less allowance for credit losses of $216.3 million and $23.1 million, respectively	$ 1,706,343