Segment and Geographic Information

9 Months Ended

Sep. 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 nine months ended September 30, 2025 and 2024:

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	(in thousands)
Revenues	$	11,510,307		$	9,824,703		$	33,132,274		$	28,754,453
Less:
Content amortization	4,002,744			3,699,521			11,657,930			11,140,016
Other cost of revenues	2,161,506			1,420,363			5,094,778			4,131,084
Sales and marketing	786,295			642,926			2,187,930			1,941,350
Technology and development	853,584			735,063			2,501,090			2,148,790
General and administrative	457,931			417,353			1,320,606			1,248,365
Operating income	3,248,247			2,909,477			10,369,940			8,144,848
Operating margin	28.2		%	29.6		%	31.3		%	28.3		%
Other income (expense)
Interest expense	(175,294)			(184,830)			(542,115)			(526,130)
Interest and other income (expense)(1)	36,457			(21,693)			126,986			212,671
Income before income taxes	3,109,410			2,702,954			9,954,811			7,831,389
Provision for income taxes	(562,494)			(339,445)			(1,392,131)			(988,365)
Net income	$	2,546,916		$	2,363,509		$	8,562,680		$	6,843,024

(1) Includes interest income of $67 million and $221 million, respectively, for the three and nine months ended September 30, 2025, and $76 million and $206 million, respectively, for the three and nine months ended September 30, 2024.

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

Total U.S. revenues were $4.7 billion and $13.6 billion, respectively, for the three and nine months ended September 30, 2025, and $4.0 billion and $11.9 billion, respectively, for the three and nine months ended September 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 September 30, 2025 and December 31, 2024, were located as follows:

	As of
	September 30, 2025		December 31, 2024
	(in thousands)
United States	$	3,027,613	$	2,769,828
International	1,106,946		926,238