Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenues	$ 3,583	$ 2,680	$ 6,753	$ 5,040
Cost of revenues
Cost of revenues	1,875	1,378	3,499	2,569
Gross profit	1,708	1,302	3,254	2,471
Operating expenses
Sales and marketing	498	415	994	820
Research and development	445	394	882	771
General and administrative	136	122	251	231
Transaction and loan losses	141	80	257	155
Total operating expenses	1,220	1,011	2,384	1,977
Income from operations	488	291	870	494
Other income (expense), net
Interest income	66	106	141	171
Net realized gain on equity and other investments	1	1	4	1
Net unrealized gain (loss) on equity and other investments	1,249	681	185	(340)
Net loss on equity method investment	(22)	(24)	(43)	(47)
Foreign exchange (loss) gain	(7)	24	(16)	30
Total other income (expense), net	1,287	788	271	(185)
Income before income taxes	1,775	1,079	1,141	309
Provision for income taxes	(273)	(173)	(220)	(85)
Net income	$ 1,502	$ 906	$ 921	$ 224
Net income per share attributable to shareholders:
Basic (in dollars per share)	$ 1.16	$ 0.70	$ 0.71	$ 0.17
Diluted (in dollars per share)	$ 1.16	$ 0.69	$ 0.71	$ 0.17
Weighted average shares used to compute net income per share attributable to shareholders:
Basic (in shares)	1,295,220,307	1,297,746,050	1,299,266,611	1,296,593,342
Diluted (in shares)	1,297,940,958	1,308,993,838	1,302,627,927	1,308,463,539
Other comprehensive (loss) income
Unrealized (loss) gain on cash flow hedges	$ (4)	$ 16	$ (11)	$ 21
Tax effect on unrealized (loss) gain on cash flow hedges	1	(5)	3	(6)
Total other comprehensive (loss) income	(3)	11	(8)	15
Comprehensive income	1,499	917	913	239
Subscription solutions
Revenues
Revenues	802	656	1,552	1,276
Cost of revenues
Cost of revenues	163	121	311	244
Merchant solutions
Revenues
Revenues	2,781	2,024	5,201	3,764
Cost of revenues
Cost of revenues	$ 1,712	$ 1,257	$ 3,188	$ 2,325

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities

Net income for the period

$ 1,502

$ 906

$ 921

$ 224

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization and depreciation

Stock-based compensation

128

113

260

227

Impairment of right-of-use assets and leasehold improvements

Provision for transaction and loan losses

142

Deferred income tax expense (recovery)

165

(31)

(13)

(12)

(25)

Net (gain) loss on equity and other investments

(1,250)

(682)

(189)

339

Net loss on equity method investment

Unrealized foreign exchange loss (gain)

(46)

(58)

Changes in operating assets and liabilities

(1)

(35)

(71)

(41)

Net cash provided by operating activities

658

428

1,139

795

Cash flows from investing activities

Purchases of property and equipment

(4)

(6)

(9)

(10)

Purchases of marketable securities

(654)

(1,464)

(1,497)

(3,182)

Maturities of marketable securities

1,450

1,464

2,913

2,795

Purchases and originations of loans and merchant cash advances(1)

^[1]

(1,584)

(944)

(2,933)

(1,749)

Repayments and sales of loans and merchant cash advances(1)

^[1]

1,417

767

2,460

1,404

Purchases of equity and other investments

(55)

(71)

(56)

(75)

Acquisition of businesses, net of cash acquired

(56)

Other

Net cash provided by (used in) investing activities

571

(252)

881

(871)

Cash flows from financing activities

Proceeds from the exercise of stock options

103

Repurchases of common stock

(1,420)

(1,911)

Net cash (used in) provided by financing activities

(1,417)

(1,902)

103

Effect of foreign exchange on cash, cash equivalents and restricted cash

(4)

(7)

Net (decrease) increase in cash, cash equivalents and restricted cash

(192)

233

111

Cash, cash equivalents and restricted cash – beginning of period

1,848

1,309

1,545

1,498

Cash, cash equivalents and restricted cash – end of period

1,656

1,542

1,656

1,542

Supplemental cash flow information:

Cash paid for income taxes, net

$ 148

$ 61

$ 241

$ 88

[1]	Starting in April 2026, the cash flows associated with merchant cash advances are presented within investing cash flows on a basis consistent with loans, given the similar nature of the underlying lending activities.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 1,656	$ 1,545
Marketable securities	3,291	4,233
Trade and other receivables, net	466	500
Loans and merchant cash advances, net	2,184	1,784
Other current assets	219	234
Total current assets	7,816	8,296
Long-term assets
Property and equipment, net	53	53
Operating lease right-of-use assets, net	90	88
Intangible assets, net	27	30
Deferred tax assets	30	33
Other long-term assets	25	39
Long-term investments	525	975
Equity and other investments ($3,299 and $3,619, carried at fair value)	4,854	4,582
Equity method investment	559	602
Goodwill	491	491
Total long term assets	6,654	6,893
Total assets	14,470	15,189
Current liabilities
Accounts payable and accrued liabilities	1,115	1,075
Deferred revenue	335	300
Operating lease liabilities	10	17
Total current liabilities	1,460	1,392
Long-term liabilities
Deferred revenue	79	98
Operating lease liabilities	168	171
Deferred tax liabilities	79	55
Total long term liabilities	326	324
Contingencies (Note 8)
Equity, Attributable to Parent [Abstract]
Common stock, unlimited Class A subordinate voting shares authorized, 1,211,133,003 and 1,225,830,706, issued and outstanding; unlimited Class B restricted voting shares authorized, 78,073,584 and 78,073,594 issued and outstanding; 1 Founder Share authorized, 1 and 1 issued and outstanding	8,636	10,376
Additional paid-in capital	274	236
Accumulated other comprehensive (loss) income	(7)	1
Accumulated surplus	3,781	2,860
Total shareholders’ equity	12,684	13,473
Total liabilities and shareholders’ equity	$ 14,470	$ 15,189