Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Equity Compensation Goals

The three independent vesting conditions are described in the following table:

Operational Goals(1) (in millions)

Stock Price Goal

Minimum Service Requirement

Tranche(2)

Revenue

Adj. EBITDA(3)

2024 Employee XSP

2024 CEO Performance Award

Goal Expiration

1

$

1,834

or

$

382

and

$

247.40

and

June 2025

December 2028

December 31, 2026

2

2,293

or

497

and

309.25

and

December 2025

December 2028

December 31, 2027

3

2,866

or

611

and

386.56

and

June 2026

December 2029

December 31, 2028

4

3,583

or

801

and

483.20

and

December 2026

December 2029

December 31, 2029

5

4,479

or

1,044

and

604.00

and

June 2027

December 2030

December 31, 2030

6

5,599

or

1,356

and

755.00

and

December 2027

December 2030

December 31, 2031

7

6,999

or

1,706

and

943.75

and

June 2028

December 2030

December 31, 2032

(1)    Operational goals are measured, as of any date, for the previous four consecutive fiscal quarters, beginning with the Company's first full fiscal quarter ending after the fiscal quarter in which the grant date occurred.

(2)    Tranche 1 vested and settled in June 2025. For certain grantees, the shares acquired upon vesting and settlement of Tranche 1 are subject to a holding period requirement under the plan, which will expire on the earlier of (i) December 31, 2030 and (ii) the date on which the subsequent tranche vests and settles.

(3)    In connection with certain acquisitions which were completed during fiscal year 2024, the adjusted EBITDA goals were adjusted as required by the terms of the 2024 Employee XSP and 2024 CEO Performance Award. As the operational goals for Tranches 1 and 2 were met as of December 31, 2024, no further adjustment to the adjusted EBITDA goals for these tranches was made in the current period, in accordance with the terms of the awards.

Schedule of Restricted Stock Unit Activity

The following table summarizes restricted stock unit (“RSU”) activity for the nine months ended September 30, 2025 and 2024 (number of units and aggregate intrinsic value in thousands):

	Nine Months Ended September 30,
	2025				2024
	Number of Units		Weighted Average Grant-Date Fair Value		Number of Units		Weighted Average Grant-Date Fair Value
Units outstanding, beginning of year	1,684		$	356.31	1,615		$	193.09
Granted	121		696.46		595		269.18
Released	(533)		265.47		(488)		185.33
Forfeited	(73)		446.21		(128)		202.01
Units outstanding, end of period	1,199		425.48		1,594		223.16
Aggregate intrinsic value at period-end	$	860,416			$	636,869

Schedule of Performance Stock Unit Activity

The following table summarizes performance stock unit (“PSU”) activity, inclusive of XSUs, for the nine months ended September 30, 2025 and 2024 (number of units and aggregate intrinsic value in thousands):

	Nine Months Ended September 30,
	2025				2024
	Number of Units		Weighted Average Grant-Date Fair Value		Number of Units		Weighted Average Grant-Date Fair Value
Units outstanding, beginning of year	4,865		$	261.18	394		$	201.61
Granted	137		603.12		4,517		240.07
Released	(532)		293.78		(11)		149.49
Forfeited	(143)		317.66		(345)		232.01
Units outstanding, end of period	4,327		266.10		4,555		237.57
Aggregate intrinsic value at period-end	$	3,105,220			$	1,820,338

Schedule of the Company's Stock Options Activity

The following table summarizes stock option activity for the nine months ended September 30, 2025 and 2024 (number of units and aggregate intrinsic value in thousands):

	Nine Months Ended September 30,
	2025					2024
	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Options outstanding, beginning of year	21		$	28.58		531		$	28.58
Granted	—		—			—		—
Exercised	—		—			(350)		28.58
Expired / terminated	—		—			—		—
Options outstanding and exercisable, end of period	21		$	28.58	2.41	181		$	28.58	3.41
Aggregate intrinsic value at period-end	$	14,423				$	67,085

Schedule of Reported Share-based Compensation

The following table summarizes the composition of stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of product and service sales	$	12,703	$	10,123	$	38,151	$	48,235
Selling, general and administrative expenses	75,072		55,248		218,606		117,036
Research and development expenses	58,377		36,409		168,878		86,445
Total stock-based compensation expense	$	146,152	$	101,780	$	425,635	$	251,716