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Segment and Geographic Information | 3 Months Ended
--- | ---
Mar. 31, 2026
Segment Reporting [Abstract] |
Segment and Geographic Information | Segment and Geographic Information The Company operates as one operating segment. The Company's chief operating decision maker (“CODM”) is its co-chief executive officers, who review financial information presented on a consolidated basis. The CODM uses consolidated operating margin and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow global operating margin and the allocation of budget between cost of revenues, sales and marketing, technology and development, and general and administrative expenses. The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2026 and 2025:
| Three Months Ended |  |
| March 31, 2026 |  | March 31, 2025 |  |  |  |
| (in thousands)
Revenues | $ | 12,249,757 |  |  | $ | 10,542,801 |  |  |  |  |
Less: |  |  |  |  |  |  |
Content amortization | 4,217,900 |  |  | 3,823,112 |  |  |  |  |
Other cost of revenues | 1,670,338 |  |  | 1,440,035 |  |  |  |  |
Sales and marketing | 842,217 |  |  | 688,370 |  |  |  |  |
Technology and development | 959,696 |  |  | 822,823 |  |  |  |  |
General and administrative | 602,609 |  |  | 421,462 |  |  |  |  |
Operating income | 3,956,997 |  |  | 3,346,999 |  |  |  |  |
Operating margin | 32.3 | % |  | 31.7 | % |  |  |  |
Other income (expense) |  |  |  |  |  |  |
Interest expense | (262,077) |  |  | (184,172) |  |  |  |  |
Interest and other income (expense)(1) | 2,852,166 |  |  | 50,899 |  |  |  |  |
Income before income taxes | 6,547,086 |  |  | 3,213,726 |  |  |  |  |
Provision for income taxes | (1,264,295) |  |  | (323,375) |  |  |  |  |
Net income | $ | 5,282,791 |  |  | $ | 2,890,351 |  |  |  |  |
(1) Includes a $2.8 billion termination fee received in connection with the termination of the WBD transaction during the three months ended March 31, 2026, as well as interest income of $70 million and $82 million for the three months ended March 31, 2026 and 2025, respectively. See the consolidated financial statements for other financial information regarding the Company’s operating segment. Total U.S. revenues were $4.9 billion and $4.3 billion for the three months ended March 31, 2026 and 2025, respectively. See Note 2 Revenue Recognition for additional information about revenues by region. The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, were located as follows:
| As of
| March 31, 2026 |  | December 31, 2025
| (in thousands)
United States | $ | 3,126,487 |  |  | $ | 3,075,477 |
International | 1,121,812 |  |  | 1,136,034 |

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- Definition The entire disclosure for reporting segments including data and tables. 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