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INCOME TAXES (Tables)

12 Months Ended

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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