Revenue Recognition

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The following table summarizes revenues by region for the three months ended March 31, 2025 and March 31, 2024, respectively. Hedging gains (losses) of $165 million and $(11) million are included in revenues for the three months ended March 31, 2025 and 2024, respectively. See Note 7 Derivative Financial Instruments and Hedging Activities for further information.

	Three Months Ended
	March 31, 2025		March 31, 2024
	(in thousands)
United States and Canada (UCAN)	$	4,617,098	$	4,224,315
Europe, Middle East, and Africa (EMEA)	3,404,676		2,958,193
Latin America (LATAM)	1,261,934		1,165,008
Asia-Pacific (APAC)	1,259,093		1,022,924
Total Revenues	$	10,542,801	$	9,370,440

Deferred revenue consists of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of March 31, 2025, total deferred revenue was $1,610 million, the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. Deferred revenue increased $89 million from $1,521 million as of December 31, 2024 to $1,610

million as of March 31, 2025. Deferred revenue balances may fluctuate due to the number of paid memberships and the price of our memberships.