Under our Amended and Restated 2012 Stock Plan (the “Plan”), we may grant incentive and nonqualified stock options, restricted stock, restricted stock units (“RSUs”), and performance stock units (“PSUs”) to employees, officers, directors, and consultants. As of December 31, 2025, the maximum number of shares of common stock which may be issued under the Plan is 192,859,800 Class A shares and there were 67,415,813 shares of Class A common stock available for future grants under the Plan.

Stock option awards generally vest over a period of four years, with some awards vesting 25% on the 12 month anniversary of the vesting commencement date and the remaining 75% vesting ratably over the next three years. The contractual term is 10 years from the date of grant, or three months after termination of employment.


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2025	12,955,978	$	19.12	5.18

Exercised	(1,966,068)	16.45
Forfeited, expired or canceled	(140,822)	32.06
Balance as of December 31, 2025	10,849,088	19.44		4.76
Vested and exercisable, December 31, 2025	9,362,226	$	18.01	4.27	$	529,250
Vested and exercisable, and expected to vest thereafter(1) December 31, 2025	10,847,762	$	19.46	4.76	$	597,429

There were no options granted during the six months ended December 31, 2025. As of December 31, 2025, unrecognized compensation expense related to unvested stock options was approximately $27.7 million, which is expected to be recognized over a remaining weighted-average period of 1.8 years.

In November 2020, the Company’s Board of Directors approved a long-term, multi-year performance-based stock option grant providing Mr. Levchin with the opportunity to earn the right to purchase up to 12,500,000 shares of the Company’s Class A common stock (the “Value Creation Award”). We recognize stock-based compensation on these awards based on the grant date fair value using an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied. We incurred stock-based compensation expense of $5.5 million and $11.0 million during the three and six months ended December 31, 2025, respectively, and $12.4 million and $24.7 million during the three and six months ended December 31, 2024, respectively, associated with the Value Creation Award as a component of general and administrative expense within the interim condensed consolidated statements of operations and comprehensive income (loss).


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2025	12,500,000	$	49.00	5.29
Exercised	(1,333,332)	49.00
Balance as of December 31, 2025	11,166,668	49.00		5.04
Vested and exercisable, December 31, 2025	2,666,668	$	49.00	5.04	$	67,813

As of December 31, 2025, unrecognized compensation expense related to the Value Creation Award was approximately $0.8 million, which is expected to be recognized during the fiscal quarter ended March 31, 2026.

RSUs are subject to a service-based vesting condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally one to three years.


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at June 30, 2025	13,666,035	$	30.98
Granted	5,993,867	67.73
Vested	(6,176,746)	37.44
Forfeited, expired or canceled	(893,037)	37.72
Non-vested at December 31, 2025	12,590,119	$	44.83

As of December 31, 2025, unrecognized compensation expense related to unvested RSUs was approximately $527.8 million, which is expected to be recognized over a remaining weighted-average period of 1.5 years.

In September 2025, we began granting PSUs to select executives and employees. Vesting is contingent upon completion of a continuous three-year service period and the achievement of company financial performance goals, including target growth rates for revenue less transaction costs and adjusted operating income. The number of shares that vest at the end of the performance period will range between 0% and 200% of the target shares based on actual performance against the applicable targets, which will be measured at the end of each fiscal year and averaged at the end of the three-year period. We record stock-based compensation expense for the number of PSUs that are probable of vesting based on the estimated achievement of the performance conditions. If the minimum conditions are not met, any recognized compensation cost will be reversed. The expense is recognized on a straight-line basis over the three-year period.

As of December 31, 2025, unrecognized compensation expense related to unvested PSUs was approximately $25.6 million, which is expected to be recognized over a remaining weighted-average period of 2.5 years.

On November 18, 2020, our Board of Directors adopted and approved the 2020 Employee Stock Purchase Plan (“ESPP”). The purpose of the ESPP is to secure the services of new employees, to retain the services of existing employees and to provide incentives for such individuals to exert maximum effort towards the success of the Company and that of its affiliates. A total of 19.1 million shares of Class A common stock are reserved and available for issuance under the ESPP and 2.2 million shares have been issued as of December 31, 2025. The ESPP provides for six-month offering periods beginning December 1 and June 1 of each year. At the end of each offering

period, shares of our Class A common stock are purchased on behalf of each ESPP participant at a price per share equal to 85% of the lesser of (1) the fair market value of the Class A common stock on first day of the offering period (the grant date) or (2) the fair market value of the Class A common stock on the last day of the offering period (the purchase date). We use the Black-Scholes-Merton option pricing model to measure the fair value of the purchase rights issued under the ESPP at the first day of the offering period, which represents the grant date. We record stock-based compensation expense on a straight-line basis over each six-month offering period, the requisite service period of the award.


	Three Months Ended December 31,				Six Months Ended December 31,
	2025		2024		2025		2024
General and administrative	$	50,588	$	57,719	$	106,362	$	120,524
Technology and data analytics	23,012		23,677		47,776		49,648
Sales and marketing	3,984		4,482		9,060		9,677
Processing and servicing	215		220		455		482
Total stock-based compensation in operating expenses	77,800		86,098		163,653		180,331
Capitalized into property, equipment and software, net	46,636		44,708		99,521		94,186
Total stock-based compensation	$	124,436	$	130,806	$	263,174	$	274,517