Revenue Recognition

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The following table summarizes revenues by region for the three and nine months ended September 30, 2025 and September 30, 2024. Total revenues are inclusive of hedging gains (losses) of $(129) million and $(2) million for the three and nine months ended September 30, 2025, respectively, and $48 million and $70 million for the three and nine months ended September 30, 2024, respectively. See Note 7 Derivative Financial Instruments and Hedging Activities for further information.

	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands)
United States and Canada (UCAN)	$	5,071,781	$	4,322,476	$	14,617,882	$	12,842,351
Europe, Middle East, and Africa (EMEA)	3,699,052		3,133,466		10,641,903		9,099,431
Latin America (LATAM)	1,370,913		1,240,892		3,939,582		3,610,045
Asia-Pacific (APAC)	1,368,561		1,127,869		3,932,907		3,202,626
Total Revenues	$	11,510,307	$	9,824,703	$	33,132,274	$	28,754,453

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 September 30, 2025, total deferred revenue was $1,725 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 $204 million from $1,521 million as of

December 31, 2024 to $1,725 million as of September 30, 2025. Deferred revenue balances may fluctuate due to the number of paid memberships and the price of our memberships.