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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 958,848 $ 1,030,435
Marketable securities 1,700,910 1,910,137
Accounts receivable, net of allowance 1,237,338 1,372,237
Prepaid expenses and other current assets 309,533 272,065
Total current assets 4,206,629 4,584,874
Property and equipment, net 586,268 578,075
Operating lease right-of-use assets 562,091 506,216
Intangible assets, net 94,306 66,613
Goodwill 1,780,133 1,720,769
Other assets 240,733 221,255
Total assets 7,470,160 7,677,802
Current liabilities    
Accounts payable 177,419 219,793
Operating lease liabilities 47,823 48,479
Accrued expenses and other current liabilities 1,054,528 971,627
Short-term debt, net 153,159 46,969
Total current liabilities 1,432,929 1,286,868
Long-term debt, net 3,381,448 3,489,860
Operating lease liabilities, noncurrent 643,317 557,823
Other liabilities 85,378 61,756
Total liabilities 5,543,072 5,396,307
Commitments and contingencies (Note 8)
Stockholders’ equity    
Treasury stock, at cost. 43,527 and 44,670 shares of Class A non-voting common stock at June 30, 2026 and December 31, 2025, respectively. (424,577) (435,722)
Additional paid-in capital 17,143,598 16,637,324
Accumulated deficit (14,800,691) (13,946,816)
Accumulated other comprehensive income 8,741 26,692
Total stockholders’ equity 1,927,088 2,281,495
Total liabilities and stockholders’ equity 7,470,160 7,677,802
Class A non-voting common stock    
Stockholders’ equity    
Common stock, value 15 15
Class B voting common stock    
Stockholders’ equity    
Common stock, value 0 0
Class C voting common stock    
Stockholders’ equity    
Common stock, value $ 2 $ 2