
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenues:
Subscription	$	96	$	76	$	180	$	144
Professional services and other	13		11		25		22
Operating expenses:
Sales and marketing	179		155		329		303
Research and development	283		196		519		381
General and administrative	84		61		160		119

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	$ 767,000	$ 845,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	665,000	332,000
Amortization of deferred commissions	340,000	293,000
Stock-based compensation	1,199,000	969,000
Deferred income taxes	138,000	48,000
Unrealized (gains) losses on strategic investments	(360,000)	(5,000)
Other	63,000	67,000
Changes in operating assets and liabilities, net of effect of business combinations:
Accounts receivable	471,000	599,000
Deferred commissions	(376,000)	(291,000)
Prepaid expenses and other assets	(118,000)	(222,000)
Accounts payable	9,000	133,000
Deferred revenue	(382,000)	(264,000)
Accrued expenses and other liabilities	(159,000)	(111,000)
Net cash provided by operating activities	2,257,000	2,393,000
Cash flows from investing activities:
Purchases of property and equipment	(255,000)	(395,000)
Business combinations, net of cash acquired	(8,776,000)	(76,000)
Purchases of other intangibles	0	(34,000)
Purchases of marketable securities	(426,000)	(2,322,000)
Purchases of strategic investments	(178,000)	(138,000)
Sales and maturities of marketable securities	2,528,000	2,281,000
Other	2,000	44,000
Net cash used in investing activities	(7,105,000)	(640,000)
Cash flows from financing activities:
Proceeds from borrowings on senior notes, net of discount and issuance costs	3,944,000	0
Proceeds from term loan, net of issuance costs	3,991,000	0
Repayment of term loan	(4,000,000)	0
Proceeds from issuance of commercial paper, net of discount	3,534,000	0
Repayments of commercial paper	(1,472,000)	0
Proceeds from employee stock plans	154,000	153,000
Repurchases of common stock	(2,225,000)	(659,000)
Taxes paid related to net share settlement of equity awards	(281,000)	(438,000)
Other	(7,000)	0
Net cash provided by (used in) financing activities	3,638,000	(944,000)
Foreign currency effect on cash, cash equivalents and restricted cash	(5,000)	14,000
Net change in cash, cash equivalents and restricted cash	(1,215,000)	823,000
Cash, cash equivalents and restricted cash at beginning of period	3,732,000	2,310,000
Cash, cash equivalents and restricted cash at end of period	2,517,000	3,133,000
Cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents	2,503,000	3,124,000
Restricted cash included in prepaid expenses and other current assets	9,000	9,000
Restricted cash included in other assets	5,000	0
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	2,517,000	3,133,000
Supplemental disclosures of other cash flow information:
Interest paid	29,000	11,000
Income taxes paid, net of refunds	130,000	129,000
Non-cash investing and financing activities:
Property and equipment included in accounts payable, accrued expenses and other liabilities	58,000	40,000
Fair value of common stock issued for business combinations	$ 0	$ 434,000

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 2,503	$ 3,726
Marketable securities	2,161	2,558
Accounts receivable, net	2,201	2,627
Current portion of deferred commissions	594	590
Prepaid expenses and other current assets	1,055	970
Total current assets	8,514	10,471
Deferred commissions, less current portion	1,136	1,114
Long-term marketable securities	2,043	3,771
Strategic investments	2,073	1,542
Property and equipment, net	2,177	2,289
Operating lease right-of-use assets	836	806
Intangible assets, net	3,781	1,121
Goodwill	9,837	3,578
Deferred tax assets	890	1,056
Other assets	379	290
Total assets	31,666	26,038
Current liabilities:
Accounts payable	162	204
Accrued expenses and other current liabilities	1,738	1,813
Current portion of deferred revenue	8,057	8,314
Current portion of operating lease liabilities	114	112
Short-term debt, net	2,082	0
Total current liabilities	12,153	10,443
Deferred revenue, less current portion	135	120
Operating lease liabilities, less current portion	822	800
Long-term debt, net	5,435	1,491
Other long-term liabilities	605	220
Total liabilities	19,150	13,074
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.001 par value; shares authorized: 3,000,000; shares issued: 1,072,455 and 1,065,776; shares outstanding: 1,033,862 and 1,047,278	1	1
Treasury stock, at cost (shares held: 38,593 and $18,498)	(5,371)	(3,045)
Additional paid-in capital	11,921	10,747
Accumulated other comprehensive income (loss)	(44)	19
Retained earnings	6,009	5,242
Total stockholders’ equity	12,516	12,964
Total liabilities and stockholders’ equity	$ 31,666	$ 26,038