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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total revenues $ 6,798 $ 5,859 $ 11,560 $ 10,274
Operating expenses:        
Marketing expenses 2,139 1,939 3,916 3,549
Sales and other expenses 899 820 1,601 1,498
Personnel, including stock-based compensation of $154, $140, $296, and $284, respectively 896 807 1,589 1,633
General and administrative 199 112 341 298
Information technology 219 183 419 370
Depreciation and amortization 158 142 312 279
Transformation costs 38 0 70 0
Total operating expenses 4,548 4,003 8,248 7,627
Operating income 2,250 1,856 3,312 2,647
Interest expense (418) (264) (1,067) (483)
Interest and dividend income 234 293 475 536
Other income (expense), net (962) 37 (1,220) 159
Income before income taxes 1,104 1,922 1,500 2,859
Income tax expense 209 401 272 562
Net income $ 895 $ 1,521 $ 1,228 $ 2,297
Net income applicable to common stockholders per basic common share (in dollars per share) $ 27.54 $ 44.94 $ 37.59 $ 67.51
Weighted-average number of basic common shares outstanding (in shares) 32,494 33,839 32,669 34,023
Net income applicable to common stockholders per diluted common share (in dollars per share) $ 27.43 $ 44.38 $ 37.38 $ 66.60
Weighted-average number of diluted common shares outstanding (in shares) 32,619 34,267 32,855 34,486
Merchant revenues        
Total revenues $ 4,457 $ 3,446 $ 7,375 $ 5,834
Agency revenues        
Total revenues 2,044 2,144 3,608 3,907
Advertising and other revenues        
Total revenues $ 297 $ 269 $ 577 $ 533