v3.25.4
Income Taxes - Schedule of Reconciliation of Income Taxes (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of income taxes at the U.S. federal statutory rate to the provision for income taxes      
Provision at U.S. federal statutory rate $ 349,535 $ 66,492 $ 175,185
State and local income taxes 36,394 51,753 21,145
Foreign tax rate differential (12,607) 61,026 (96,434)
Income tax credits (59,998) (70,989) (1,433,507)
Change in valuation allowance 123,243 21,425 1,572,951
Change in uncertain tax positions 14,208 6,418 5,943
Foreign-derived intangible income (34,240) (31,786) (32,891)
Stock based compensation   25,647 20,971
Acquisitions accounted for as research and development expenses   149,287 4,200
Other (2,973) 4,742 (947)
Total provision for income taxes 377,801 284,015 $ 236,616
Deferred tax assets:      
Net operating loss carry forwards 304,075 315,969  
Income tax credits 1,482,932 1,398,495  
Capitalized research and development 554,454 648,989  
Deferred revenue and accruals 96,463 190,446  
Non-cash compensation 92,482 100,788  
Acquisition-related contingent consideration 17,426 27,796  
Intangibles, net 219,005 229,741  
Long term investments 2,889 6,697  
Other 24,582 20,814  
Total gross deferred tax assets 2,794,308 2,939,735  
Less valuation allowance for deferred tax assets (2,266,136) (2,139,673)  
Net deferred tax assets 528,172 800,062  
Deferred tax liabilities:      
Property and equipment (7,046) (30,676)  
Other (5,832) (7,315)  
Total gross deferred tax liabilities (12,878) (37,991)  
Net deferred tax assets $ 515,294 $ 762,071