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Equity-based compensation | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Equity-based compensation | Equity-based compensation A summary of equity-based compensation expense during the years ended December 31, 2025, 2024, and 2023 is as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Stock options | $ | 23,375 |  |  | $ | 27,971 |  |  | $ | 23,989 |
Equity-based compensation expense | $ | 23,375 |  |  | $ | 27,971 |  |  | $ | 23,989 |
Stock options The Company granted additional stock options of 0.6 million, 0.8 million, and 0.9 million to its Board of Directors and certain key employees in 2025, 2024, and 2023, respectively. Board of Directors stock option awards have a three-year service period and vest in 12 equal quarterly installments over the service period. Employee stock options awards granted in 2021 have a four-year service period and vest in three equal annual installments, beginning at the end of the second year of service. Employee awards granted beginning in 2022 have a three-year service period and vest in equal annual installments beginning at the end of the first year of service. Both Board of Director and employee stock option awards have a maximum contract term of ten years from the grant date. Upon exercise of an option, the Company issues a new share of stock. The Company determines the grant date fair value of its stock option awards using the Black-Scholes valuation model and has elected to recognize forfeitures as they occur. A summary of the weighted average assumptions used for valuing stock options granted in the periods 2025, 2024, and 2023 are as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Expected volatility | 55 | % |  | 55% |  | 60% - 65%
Expected dividend yield | — | % |  | — | % |  | — | %
Expected term (in years) | 2.69 - 4.75 |  | 2.75 - 4.75 |  | 2.75 - 4.75
Risk-free interest rate | 3.44% - 4.27% |  | 3.46%- 4.58% |  | 3.44% - 4.06%
A summary of stock option activity for the year ended December 31, 2025 is as follows (in thousands except per-share amounts):
| Stock Options |  | Weighted-average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted-average Remaining Contractual Life (Years)
Outstanding as of December 31, 2024 | 3,263 |  |  | $ | 68.50 |  |  |  |  |
Granted | 637 |  |  | 106.42 |  |  |  |  |
Exercised | (309) |  |  | 43.75 |  |  |  |  |
Forfeited | (56) |  |  | 68.02 |  |  |  |  |
Expired | (100) |  |  | 125.79 |  |  |  |  |
Outstanding as of December 31, 2025 | 3,436 |  |  | $ | 76.11 |  |  | $ | 51,810 |  |  | 6.88
Options vested and exercisable as of December 31, 2025 | 2,091 |  |  | $ | 71.09 |  |  | $ | 42,923 |  |  | 5.90
Options unvested as of December 31, 2025 | 1,344 |  |  | $ | 83.93 |  |  | $ | 8,887 |  |  | 8.40
A summary of stock option activity for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands except per-share amounts):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Weighted-average grant-date fair value of options granted | $ | 46.36 |  |  | $ | 32.41 |  |  | $ | 19.08 |
Total intrinsic value of options exercised | $ | 21,435 |  |  | $ | 27,106 |  |  | $ | 16,424 |
Total fair value of shares vested during the year | $ | 28,555 |  |  | $ | 24,645 |  |  | $ | 23,269 |
A summary of unvested stock option activity for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands except per-share amounts):
| Stock Options |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024 | 1,657 |  |  | $ | 30.10 |
Vested | (894) |  |  | 31.94 |
Granted | 637 |  |  | 46.36 |
Forfeited | (56) |  |  | 31.86 |
Unvested as of December 31, 2025 | 1,344 |  |  | $ | 36.51 |
As of December 31, 2025, total unrecognized compensation expense related to unvested stock options was $29.7 million, which is expected to be recognized over a weighted average period of 1.81 years. Cash received from stock option exercises during the year ended December 31, 2025 was $13.6 million.

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