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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Total revenues $ 9,008 $ 7,994 $ 20,568 $ 18,268
Operating expenses:        
Marketing expenses 2,340 2,151 6,256 5,700
Sales and other expenses 1,022 872 2,623 2,370
Personnel, including stock-based compensation of $150, $148, $446, and $432, respectively 945 868 2,534 2,501
General and administrative 254 575 595 873
Information technology 242 194 661 564
Depreciation and amortization 160 155 472 434
Impairment 457 0 457 0
Transformation costs 105 0 175 0
Total operating expenses 5,525 4,815 13,773 12,442
Operating income 3,483 3,179 6,795 5,826
Interest expense (301) (305) (1,368) (788)
Interest and dividend income 248 327 723 863
Other income (expense), net 39 (332) (1,181) (173)
Income before income taxes 3,469 2,869 4,969 5,728
Income tax expense 721 352 993 914
Net income $ 2,748 $ 2,517 $ 3,976 $ 4,814
Net income applicable to common stockholders per basic common share (in dollars per share) $ 84.86 $ 75.37 $ 122.07 $ 142.38
Weighted-average number of basic common shares outstanding (in shares) 32,384 33,401 32,573 33,814
Net income applicable to common stockholders per diluted common share (in dollars per share) $ 84.41 $ 74.34 $ 121.39 $ 140.45
Weighted-average number of diluted common shares outstanding (in shares) 32,558 33,864 32,755 34,278
Merchant revenues        
Total revenues $ 6,131 $ 4,972 $ 13,506 $ 10,806
Agency revenues        
Total revenues 2,569 2,753 6,177 6,660
Advertising and other revenues        
Total revenues $ 308 $ 269 $ 885 $ 802