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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue:        
Revenue $ 6,054,457 $ 6,155,563 $ 11,826,253 $ 12,112,691
Cost of revenue:        
Amortization of acquired technology assets 14,404 17,589 29,078 35,616
Total cost of revenue 3,517,927 3,922,083 7,000,120 7,784,738
Gross profit 2,536,530 2,233,480 4,826,133 4,327,953
Operating expenses:        
Product development 725,288 713,163 1,485,987 1,433,737
Sales and marketing 549,731 507,562 1,054,191 951,447
General and administrative 449,237 473,568 941,034 944,828
Transaction, loan, and consumer receivable losses 294,090 191,812 463,779 357,541
Amortization of customer and other acquired intangible assets 33,891 40,813 67,547 84,095
Total operating expenses 2,052,237 1,926,918 4,012,538 3,771,648
Operating income 484,293 306,562 813,595 556,305
Interest expense (income), net 23,687 (1,871) 40,930 (20,616)
Remeasurement gain on bitcoin investment (212,165) 70,116 (118,814) (163,288)
Other expense (income), net 13,389 (10,584) 5,047 (15,004)
Income before income tax 659,382 248,901 886,432 755,213
Provision for income taxes 121,048 59,029 159,376 94,521
Net income 538,334 189,872 727,056 660,692
Less: Net loss attributable to noncontrolling interests (124) (5,396) (1,274) (6,581)
Net income attributable to common stockholders $ 538,458 $ 195,268 $ 728,330 $ 667,273
Net income per share attributable to common stockholders:        
Basic (in USD per share) $ 0.88 $ 0.32 $ 1.18 $ 1.08
Diluted (in USD per share) $ 0.87 $ 0.31 $ 1.17 $ 1.05
Weighted-average shares used to compute net income per share attributable to common stockholders:        
Basic (in shares) 612,882 617,666 616,108 617,033
Diluted (in shares) 618,928 634,221 627,103 636,751
Transaction-based revenue        
Revenue:        
Revenue $ 1,817,398 $ 1,712,967 $ 3,368,129 $ 3,224,176
Cost of revenue:        
Cost of revenue 1,066,028 1,000,055 1,969,850 1,873,220
Subscription and services-based revenue        
Revenue:        
Revenue 2,052,604 1,787,893 3,943,577 3,470,187
Cost of revenue:        
Cost of revenue 298,069 291,801 573,117 561,469
Hardware revenue        
Revenue:        
Revenue 40,423 42,960 69,113 75,461
Cost of revenue:        
Cost of revenue 76,548 68,309 129,082 119,094
Bitcoin revenue        
Revenue:        
Revenue 2,144,032 2,611,743 4,445,434 5,342,867
Cost of revenue:        
Cost of revenue $ 2,062,878 $ 2,544,329 $ 4,298,993 $ 5,195,339