Revenue Recognition

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The following table summarizes revenues by region for the three and six months ended June 30, 2025 and June 30, 2024. Total revenues are inclusive of hedging gains (losses) of $(37) million and $127 million for the three and six months ended June 30, 2025, respectively, and $33 million and $22 million for the three and six months ended June 30, 2024, respectively. See Note 7 Derivative Financial Instruments and Hedging Activities for further information.

	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
	(in thousands)
United States and Canada (UCAN)	$	4,929,003	$	4,295,560	$	9,546,101	$	8,519,875
Europe, Middle East, and Africa (EMEA)	3,538,175		3,007,772		6,942,851		5,965,965
Latin America (LATAM)	1,306,735		1,204,145		2,568,669		2,369,153
Asia-Pacific (APAC)	1,305,253		1,051,833		2,564,346		2,074,757
Total Revenues	$	11,079,166	$	9,559,310	$	21,621,967	$	18,929,750

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 June 30, 2025, total deferred revenue was $1,728 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 $208 million from $1,521 million as of December 31, 2024 to $1,728

million as of June 30, 2025. Deferred revenue balances may fluctuate due to the number of paid memberships and the price of our memberships.