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Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders' Equity
Equity Incentive Plan
Our 2019 Plan provides for the issuance of stock options, RSAs, RSUs and other equity- or cash-based awards to qualified employees, directors and consultants. Stock options granted under our 2019 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant.
The number of shares of our Class A common stock reserved for issuance under our 2019 Plan will automatically increase on the first day of each fiscal year through and including January 1, 2029, in an amount equal to 5% of the total number of shares of our Class A common stock and our Class B common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors. 188,472,622 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of September 30, 2025.
Stock Option Activity
Stock option activity during the nine months ended September 30, 2025, was as follows (in thousands, except per share amounts):
Stock Options Outstanding
SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
Aggregate Intrinsic
Value (1)
(in years)
Outstanding as of December 31, 202410,390$17.21 6.2$122,472 
Exercised
(1,836)4.42 
Outstanding as of September 30, 20258,554$19.96 6.7$104,434 
Exercisable as of September 30, 20256,415$19.96 6.7$78,326 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
The total grant-date fair value of stock options vested was $18.9 million for the nine months ended September 30, 2025 and 2024. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2025 and 2024 was $46.7 million and $62.7 million, respectively.
Restricted Stock Unit and Restricted Stock Award Activity
RSU and RSA activity during the nine months ended September 30, 2025, was as follows (in thousands, except per share amounts):
Restricted Stock Units and Restricted Stock Awards Outstanding
SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 202437,217$29.33 
Granted
30,68729.79 
Released(21,489)28.76 
Forfeited
(4,741)28.70 
Outstanding as of September 30, 202541,674$30.04 
During the first quarter of 2025, we granted 572,884 RSUs that vest subject to continued service and a market condition under which the number of RSUs that vest will range from 0% to 200% of the number granted based on our total stockholder return relative to the returns of the companies in the Nasdaq CTA Internet Index over a three-year performance period from January 1, 2025 to December 31, 2027. The weighted-average grant-date fair value of these RSUs was $49.99, which we estimated using a Monte Carlo simulation model with the following assumptions:
 Three Months Ended March 31, 2025
Expected term (in years)3.0
Risk-free interest rate4.3 %
Expected volatility57.3 %
Share-Based Compensation
Share-based compensation expense during the three and nine months ended September 30, 2025 and 2024, was as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Cost of revenue
$5,173 $3,943 $14,228 $10,668 
Research and development152,907 138,610 418,328 369,446 
Sales and marketing40,324 32,389 109,370 88,284 
General and administrative
36,732 33,034 107,870 98,484 
Total share-based compensation
$235,136 $207,976 $649,796 $566,882 
We recognized income tax benefits on share-based compensation expense of $48.8 million and $134.9 million for the three and nine months ended September 30, 2025, respectively, which are reflected in benefit from income taxes on our condensed consolidated statements of operations. No income tax benefits were recognized for the three and nine months ended September 30, 2024 due to the valuation allowance on our deferred tax assets.
As of September 30, 2025, we had $1,164.5 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 1.9 years.
Stock Repurchase
In November 2024, our board of directors authorized a stock repurchase program of up to $2.0 billion of our Class A common stock. Under the stock repurchase program, we are authorized to repurchase, from time-to-time, shares of our Class A common stock through open market purchases, in privately negotiated transactions or in such other manner as permitted by securities law and as determined by management at such time and in such amounts as management may decide. The program does not obligate us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time. The timing, manner, price and amount of any repurchases are determined by management in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. During the nine months ended September 30, 2025, we repurchased and retired 12,180,904 shares of our Class A common stock for an aggregate purchase price of $427.0 million at an average price per share of $35.06. As of September 30, 2025, $1,472.8 million remained available for repurchases under the stock repurchase program.