Segment and Geographic Information

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2025 and 2024:

	Three Months Ended						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
	(in thousands)
Revenues	$	11,079,166		$	9,559,310		$	21,621,967		$	18,929,750
Less:
Content amortization	3,832,074			3,769,690			7,655,186			7,440,495
Other cost of revenues	1,493,237			1,404,453			2,933,272			2,710,721
Sales and marketing	713,265			644,084			1,401,635			1,298,424
Technology and development	824,683			711,254			1,647,506			1,413,727
General and administrative	441,213			426,992			862,675			831,012
Operating income	3,774,694			2,602,837			7,121,693			5,235,371
Operating margin	34.1		%	27.2		%	32.9		%	27.7		%
Other income (expense)
Interest expense	(182,649)			(167,986)			(366,821)			(341,300)
Interest and other income (expense)(1)	39,630			79,005			90,529			234,364
Income before income taxes	3,631,675			2,513,856			6,845,401			5,128,435
Provision for income taxes	(506,262)			(366,550)			(829,637)			(648,920)
Net income	$	3,125,413		$	2,147,306		$	6,015,764		$	4,479,515

(1) Includes interest income of $72 million and $154 million, respectively, for the three and six months ended June 30, 2025, and $63 million and $130 million, respectively, for the three and six months ended June 30, 2024.

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

Total U.S. revenues were $4.6 billion and $8.9 billion, respectively, for the three and six months ended June 30, 2025, and $4.0 billion and $7.9 billion, respectively, for the three and six months ended June 30, 2024. 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 June 30, 2025 and December 31, 2024, were located as follows:

	As of
	June 30, 2025		December 31, 2024
	(in thousands)
United States	$	2,853,087	$	2,769,828
International	1,065,822		926,238