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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes | The domestic and foreign components of income (loss) before income taxes were as follows (in thousands):
| Year Ended December 31,
2025 |  | 2024 |  | 2023
Domestic | $ | 1,509,181 |  |  | $ | 1,332,836 |  |  | $ | (30,304) |
Foreign | 180,730 |  |  | 24,318 |  |  | 1,161 |
Income (loss) before income taxes | $ | 1,689,911 |  |  | $ | 1,357,154 |  |  | $ | (29,143) |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes were as follows (in thousands):
| Year Ended December 31,
2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Federal | $ | (26,436) |  |  | $ | 46,390 |  |  | $ | 12,003 |
State | 24,468 |  |  | 38,489 |  |  | 14,351 |
Foreign | 52,631 |  |  | 71,590 |  |  | 51,506 |
Total current provision for income taxes | 50,663 |  |  | 156,469 |  |  | 77,860 |
Deferred: |  |  |  |  |
Federal | 339,239 |  |  | (1,481,491) |  |  | (58,532) |
State | 49,517 |  |  | (189,913) |  |  | (25,072) |
Foreign | (53,718) |  |  | 5,592 |  |  | (2,275) |
Total deferred tax provision for (benefit from) income taxes | 335,038 |  |  | (1,665,812) |  |  | (85,879) |
Total provision for (benefit from) income taxes | $ | 385,701 |  |  | $ | (1,509,343) |  |  | $ | (8,019) |
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Tax Rate | The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows (in thousands, except percentages):
| Year Ended December 31, 2025
Tax at federal statutory rate | $ | 357,813 |  |  | 21.2 | %
State and local taxes, net of federal benefit (i) | 72,230 |  |  | 4.3 |
Foreign tax effects |  |  |
Ireland |  |  |
Change in valuation allowance | (55,904) |  |  | (3.3) |
Other | 4,958 |  |  | 0.3 |
Other foreign jurisdictions | 27,402 |  |  | 1.6 |
Effect of cross border tax laws |  |  |
Subpart F inclusion | 21,872 |  |  | 1.3 |
Other | 3,819 |  |  | 0.2 |
Tax credits |  |  |
Research and development credits | (55,885) |  |  | (3.3) |
Changes in valuation allowance | (2,160) |  |  | (0.1) |
Non-taxable or non-deductible items |  |  |
Share-based compensation | 13,371 |  |  | 0.8 |
Other | 18,975 |  |  | 1.1 |
Changes in unrecognized tax benefits | (13,605) |  |  | (0.8) |
Other | (7,185) |  |  | (0.5) |
Total | $ | 385,701 |  |  | 22.8 | %
(i) A multitude of states contribute to the majority (greater than 50%) of the tax effect in this category, however there is no single jurisdiction that is individually material to the state tax expense. As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
| December 31, 2024 |  | December 31, 2023
Tax at federal statutory rate | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 3.9 |  |  | 45.9 |
Foreign rate differential | 1.4 |  |  | (175.6) |
Other non-deductible expenses | 2.7 |  |  | (21.7) |
Credits | (4.8) |  |  | 292.9 |
Other items | 0.1 |  |  | (2.2) |
Change in valuation allowance | 0.4 |  |  | 11.2 |
Share-based compensation | (2.7) |  |  | (16.1) |
Change in uncertain tax positions | 1.3 |  |  | (27.4) |
Income (loss) inclusions of U.S. foreign subsidiaries | 0.9 |  |  | (216.5) |
Non-deductible executive compensation | 0.2 |  |  | (9.2) |
Non-deductible acquisition-related costs | — |  |  | (15.0) |
Foreign exchange gain | 0.1 |  |  | 174.1 |
Impairment loss | 2.1 |  |  | (60.8) |
Return to provision adjustments | 0.3 |  |  | 26.9 |
U.S. valuation allowance release | (96.3) |  |  | — |
Internal restructuring | (44.4) |  |  | — |
Non-deductible penalties | 2.6 |  |  | — |
Total | (111.2) | % |  | 27.5 | %
Schedule of Income Taxes Paid | The following is a summary of income taxes paid for the year ended December 31, 2025 (in thousands):
| Year Ended December 31, 2025
Federal | $ | 35,000 |
State and local |
California | 19,465 |
Other state and local | 31,869 |
Foreign |
United Kingdom | 33,665 |
Other foreign | 9,391 |
Total income taxes, net of amounts refunded | $ | 129,390 |
The supplemental disclosures of cash flow information consist of the following (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Supplemental cash flow data: |  |  |  |  |
Cash paid for interest | $ | 246,331 |  |  | $ | 205,776 |  |  | $ | 130,009 |
Cash paid for income taxes | 129,390 |  |  | 270,314 |  |  | 81,376 |
Supplemental disclosures of non-cash investing and financing activities: |  |  |  |  |
Unsettled originations of consumer receivables | 185,781 |  |  | 180,443 |  |  | 261,151 |
Right-of-use assets obtained in exchange for operating lease obligations | 38,919 |  |  | 36,976 |  |  | 7,106 |
Purchases of property and equipment in accounts payable and accrued expenses | 8,806 |  |  | 3,266 |  |  | 3,921 |
Deferred purchase consideration related to business combinations | — |  |  | — |  |  | 2,550 |
Fair value of common stock issued related to business combinations | — |  |  | — |  |  | (6,658) |
Schedule of Tax Effects of Temporary Differences and Related Deferred Tax Assets and Liabilities | The tax effects of temporary differences and related deferred tax assets and liabilities were as follows (in thousands):
| December 31, 2025 |  | December 31, 2024
Deferred tax assets: |  |  |
Capitalized costs & research and development capitalization | $ | 300,263 |  |  | $ | 886,474 |
Accrued expenses | 229,327 |  |  | 122,470 |
Net operating loss carryforwards | 548,336 |  |  | 388,199 |
Tax credit carryforwards | 530,468 |  |  | 485,266 |
Intangible and other assets | 291,363 |  |  | 375,316 |
Other | 213,070 |  |  | 250,371 |
Total deferred tax assets | 2,112,827 |  |  | 2,508,096 |
Valuation allowance | (557,063) |  |  | (646,223) |
Total deferred tax assets, net of valuation allowance | 1,555,764 |  |  | 1,861,873 |
Deferred tax liabilities: |  |  |
Unrealized gain on investments | (80,433) |  |  | (36,582) |
Operating lease right-of-use asset | (52,419) |  |  | (52,849) |
Cryptocurrency investment | (121,309) |  |  | (133,883) |
Total deferred tax liabilities | (254,161) |  |  | (223,314) |
Net deferred tax assets | $ | 1,301,603 |  |  | $ | 1,638,559 |
Reported on the consolidated balance sheets as (after valuation allowance and jurisdictional netting): |  |  |
Deferred tax assets | $ | 1,302,776 |  |  | $ | 1,800,994 |
Deferred tax liabilities | (1,173) |  |  | (162,435) |
Net deferred tax assets | $ | 1,301,603 |  |  | $ | 1,638,559 |
Schedule of Reconciliation of Unrecognized Tax Benefit | The change in the balance of unrecognized tax benefit was as follows (in thousands):
| Year Ended December 31,
2025 |  | 2024 |  | 2023
Unrecognized tax benefit, beginning of the period | $ | 633,589 |  |  | $ | 465,103 |  |  | $ | 506,512 |
Gross increases (decreases) related to prior period tax positions | (24,004) |  |  | 34,050 |  |  | (7,348) |
Gross increases (decreases) related to current period tax positions | 27,221 |  |  | 139,217 |  |  | (30,063) |
Reductions related to lapse of statute of limitations | (10,051) |  |  | (4,781) |  |  | (3,998) |
Unrecognized tax benefit, end of the period | $ | 626,755 |  |  | $ | 633,589 |  |  | $ | 465,103 |

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