v3.25.4

Stockholders' Equity and Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Stockholders Equity And Stock Based Compensation [Abstract] |
Summary of Number of Shares of Common Stock Reserved | The number of shares of common stock reserved for the vesting of RSUs, PSUs, and exercise of common stock options are as follows (in thousands):
|  | December 31, 2025 |  |  | December 31, 2024 |
RSUs |  |  | 1,396 |  |  |  | 1,475 |
PSUs |  |  | 75 |  |  |  | 71 |
Options |  |  | 174 |  |  |  | 302 |
|  |  | 1,645 |  |  |  | 1,848 |
Schedule of Stock Compensation Expense by Award Type | The following two tables show stock compensation expense by award type and where the stock compensation expense is recorded in the Company’s consolidated statements of operations:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | ( in thousands) |
Options |  | $ | 4,272 |  |  | $ | 7,801 |  |  | $ | 11,555 |
RSUs |  |  | 484,449 |  |  |  | 458,027 |  |  |  | 391,810 |
PSUs |  |  | 24,356 |  |  |  | 24,129 |  |  |  | 13,502 |
ESPP |  |  | 15,076 |  |  |  | 14,813 |  |  |  | 15,404 |
Total stock-based compensation |  | $ | 528,153 |  |  | $ | 504,770 |  |  | $ | 432,271 |
Effect of Stock-Based Compensation on Income by Line Item |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Cost of revenue, subscription |  | $ | 34,591 |  |  | $ | 23,613 |  |  | $ | 12,652 |
Cost of revenue, service |  |  | 3,972 |  |  |  | 4,339 |  |  |  | 4,958 |
Research and development |  |  | 261,747 |  |  |  | 243,164 |  |  |  | 198,953 |
Sales and marketing |  |  | 139,346 |  |  |  | 145,778 |  |  |  | 140,362 |
General and administrative |  |  | 88,497 |  |  |  | 87,876 |  |  |  | 75,346 |
Total stock-based compensation |  | $ | 528,153 |  |  | $ | 504,770 |  |  | $ | 432,271 |
Schedule of Assumptions Used for Estimation of Fair Value of Options Granted to Employees | Stock Options —The fair value of employee options is estimated on the date of each grant using the Black-Scholes option-pricing model with the following assumptions. There were no options granted in 2024 or 2025.
| 2023 |
Risk-free interest rate (%) | 3.46-4.37 |
Expected term (years) | 5.3-6.0 |
Volatility (%) | 52.72-55.06 |
Expected dividends |  | — |
Summary of Stock Option Activity | The stock option activity for the year ended December 31, 2025 is as follows:
|  | Shares (in thousands) |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Life (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding—January 1, 2025 |  |  | 302 |  |  | $ | 226.61 |  |  |  | 4.7 |  |  | $ | 141,860 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Exercised |  |  | (124 | ) |  |  | 139.48 |  |  |  |  |  |  |
Forfeited/expired |  |  | (4 | ) |  |  | 307.65 |  |  |  |  |  |  |
Outstanding—December 31, 2025 |  |  | 174 |  |  | $ | 286.89 |  |  |  | 4.7 |  |  | $ | 23,443 |
Options vested or expected to vest—December 31, 2025 |  |  | 174 |  |  | $ | 286.89 |  |  |  | 4.7 |  |  | $ | 23,443 |
Options exercisable—December 31, 2025 |  |  | 163 |  |  | $ | 279.13 |  |  |  | 4.5 |  |  | $ | 23,244 |
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | (in thousands, except per share amounts) |
Total intrinsic value of options exercised |  | $ | 53,504 |  |  | $ | 67,545 |  |  | $ | 23,105 |
Total estimated grant date fair value of options vested |  | $ | 5,339 |  |  | $ | 8,980 |  |  | $ | 11,565 |
Weighted-average grant date fair value per share of options granted |  | n/a |  |  | n/a |  |  | $ | 197.31 |
Summary of Activity Related to RSUs | The following table summarizes the activity related to RSUs for the year ended December 31, 2025:
|  | Shares (in thousands) |  |  | Weighted-Average Grant Date Fair Value Per Share |
Unvested and outstanding at January 1, 2025 |  |  | 1,475 |  |  | $ | 504.89 |
Granted |  |  | 1,129 |  |  |  | 605.25 |
Vested |  |  | (1,008 | ) |  |  | 498.64 |
Forfeited |  |  | (200 | ) |  |  | 558.53 |
Unvested and outstanding at December 31, 2025 |  |  | 1,396 |  |  | $ | 583.31 |
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | (in thousands, except per share amounts) |
Total intrinsic value of RSUs vested |  | $ | 575,540 |  |  | $ | 616,970 |  |  | $ | 481,196 |
Total grant date fair value of RSUs vested |  | $ | 502,467 |  |  | $ | 458,913 |  |  | $ | 383,175 |
Weighted-average grant date fair value per share of RSUs granted |  | $ | 605.25 |  |  | $ | 596.51 |  |  | $ | 411.64 |
Summary of Activity Related to PSUs | The following table summarizes the activity related to PSUs for the year ended December 31, 2025:
|  | Shares (in thousands) |  |  | Weighted-Average Grant Date Fair Value Per Share |
Unvested and outstanding at January 1, 2025 |  |  | 71 |  |  | $ | 548.13 |
Granted |  |  | 56 |  |  |  | 631.62 |
Vested |  |  | (45 | ) |  |  | 524.83 |
Forfeited |  |  | (7 | ) |  |  | 654.26 |
Unvested and outstanding at December 31, 2025 |  |  | 75 |  |  | $ | 613.94 |
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Total intrinsic value of PSUs vested |  | $ | 28,829 |  |  | $ | 20,358 |  |  | $ | — |
Total grant date fair value of PSUs vested |  | $ | 23,452 |  |  | $ | 13,025 |  |  | $ | — |
Weighted-average grant date fair value per share of PSUs granted |  | $ | 631.62 |  |  | $ | 633.80 |  |  | $ | 383.13 |
Schedule of Assumptions Used for Estimation of Fair Value of Employee Options | The fair value of the purchase rights under the ESPP is estimated using the Black-Scholes option-pricing model with the following assumptions:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Risk-free interest rate (%) |  | 3.75-4.43 |  |  | 4.43-5.39 |  |  | 4.65-5.44 |
Expected term (years) |  |  | 0.50 |  |  |  | 0.50 |  |  |  | 0.50 |
Volatility (%) |  | 38.58-42.04 |  |  | 34.88-38.83 |  |  | 38.83-76.02 |
Expected dividends |  |  | — |  |  |  | — |  |  |  | — |
Summary of Activity Related to Employee Stock Purchase Plan | The following table summarizes the activity related to ESPP:
|  | Shares Issued (in thousands) |  |  | Weighted- Average Purchase Price |  |  | Total Cash Proceeds (in thousands) |
2025 |  |  | 136 |  |  | $ | 421.22 |  |  | $ | 54,304 |
2024 |  |  | 109 |  |  | $ | 469.73 |  |  | $ | 50,993 |
2023 |  |  | 127 |  |  | $ | 319.70 |  |  | $ | 40,479 |
Summary of Stock Repurchase Activity | The following table summarizes the stock repurchase activity under the 2025 Share Repurchase Program (in thousands, except per share data):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Number of shares repurchased |  |  | 997 |  |  | $ | — |  |  | $ | — |
Average stock price per share |  | $ | 501.67 |  |  | $ | — |  |  | $ | — |
Aggregate repurchase amount |  | $ | 500,000 |  |  | $ | — |  |  | $ | — |

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