Segment and Geographic Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment and Geographic Information

Segment and Geographic Information

The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its co-chief executive officers, who review financial information presented on a consolidated basis. The CODM uses consolidated operating margin and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow global operating margin and the allocation of budget between cost of revenues, sales and marketing, technology and development, and general and administrative expenses.

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31, 2025			March 31, 2024
	(in thousands)
Revenues	$	10,542,801		$	9,370,440
Less:
Content amortization	3,823,112			3,670,805
Other cost of revenues	1,440,035			1,306,268
Sales and marketing	688,370			654,340
Technology and development	822,823			702,473
General and administrative	421,462			404,020
Operating income	3,346,999			2,632,534
Operating margin	31.7		%	28.1		%
Other income (expense)
Interest expense	(184,172)			(173,314)
Interest and other income (expense)(1)	50,899			155,359
Income before income taxes	3,213,726			2,614,579
Provision for income taxes	(323,375)			(282,370)
Net income	$	2,890,351		$	2,332,209

(1) Includes interest income of $82 million and $67 million for the three months ended March 31, 2025 and 2024, respectively.

See the consolidated financial statements for other financial information regarding the Company’s operating segment.

Total U.S. revenues were $4.3 billion and $3.9 billion for the three months ended March 31, 2025 and 2024, respectively. See Note 2 Revenue Recognition for additional information about revenues by region.

The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, were located as follows:

	As of
	March 31, 2025		December 31, 2024
	(in thousands)
United States	$	2,783,723	$	2,769,828
International	955,870		926,238