Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	(in thousands, except percentages)
Provision for income taxes	$	562,494		$	339,445		$	1,392,131		$	988,365
Effective tax rate	18		%	13		%	14		%	13		%

The effective tax rates for the three and nine months ended September 30, 2025 differed from the Federal statutory rate primarily due to the foreign-derived intangible income deduction and excess tax benefits on stock-based compensation.

The One Big Beautiful Bill Act (“OBBBA”) was enacted on July 4, 2025. The OBBBA does not materially impact the Company’s effective tax rate or cash flows in the current fiscal year.