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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 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)
Employee XSPCEO Performance AwardGoal Expiration
1$1,834or$382and$247.40andJune 2025December 2028December 31, 2026
22,293or497and309.25andDecember 2025December 2028December 31, 2027
32,866or611and386.56andJune 2026December 2029December 31, 2028
43,583or801and483.20andDecember 2026December 2029December 31, 2029
54,479or1,044and604.00andJune 2027December 2030December 31, 2030
65,599or1,356and755.00andDecember 2027December 2030December 31, 2031
76,999or1,706and943.75andJune 2028December 2030December 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)    Tranches 1 and 2 vested and settled in June 2025 and December 2025 respectively. As of December 31, 2025, for certain grantees, the shares acquired upon vesting and settlement of Tranche 2 remain 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 Employee XSP and CEO Performance Award during fiscal year 2025.
Schedule of Restricted Stock Unit Activity
The following table summarizes RSU activity for the years ended December 31, 2025, 2024 and 2023 (number of units and aggregate intrinsic value in thousands):
202520242023
Number of
Units
Weighted Average
Grant-Date Fair Value
Number of
Units
Weighted Average
Grant-Date Fair Value
Number of
Units
Weighted Average
Grant-Date Fair Value
Units outstanding, beginning of year1,684 $356.31 1,615$193.09 1,565$145.48 
Granted639 627.27 1,131440.76 915227.62 
Released(786)281.06 (909)196.35 (740)140.81 
Forfeited(135)501.16 (153)208.12 (125)157.95 
Units outstanding, end of year1,402 508.09 1,684356.31 1,615193.09 
Aggregate intrinsic value at year end$795,982 $1,000,769 $417,240 
Schedule of Performance Stock Unit Activity
The following table summarizes PSU activity, inclusive of XSUs, for the years ended December 31, 2025, 2024 and 2023 (number of units and aggregate intrinsic value in thousands):
202520242023
Number of
Units
Weighted Average
Grant-Date Fair Value
Number of
Units
Weighted Average
Grant-Date Fair Value
Number of
Units
Weighted Average
Grant-Date Fair Value
Units outstanding, beginning of year4,865 $261.18 394$201.61 1,369$43.43 
Granted216 573.26 4,888263.13 319218.04 
Released(1,072)291.25 (23)140.90 (1,238)37.98 
Forfeited(359)309.92 (394)232.94 (56)48.40 
Units outstanding, end of year3,650 265.99 4,865261.18 394201.61 
Aggregate intrinsic value at year end$2,072,713 $2,891,142 $101,751 
Schedule of the Company's Stock Options Activity
The following table summarizes stock option activity for the years ended December 31, 2025, 2024 and 2023 (number of options and aggregate intrinsic value in thousands):
202520242023
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)
Options outstanding, beginning of year21 $28.58 531 $28.58 2,438 $28.58 
Granted— — — — — — 
Exercised— — (510)28.58 (1,907)28.58 
Expired / terminated— — — — — — 
Options outstanding and exercisable, end of year21 28.58 2.1521 28.58 3.15531 28.58 4.16
Aggregate intrinsic value at year end$11,289 $11,842 $121,981 
Schedule of Reported Share-based Compensation
The following table summarizes the composition of stock-based compensation expense for the years ended December 31, 2025, 2024 and 2023 (in thousands):
202520242023
Cost of product and service sales$54,057 $60,089 $6,595 
Selling, general and administrative expenses342,362 190,561 58,533 
Research and development expenses237,812 131,954 66,230 
Total stock-based compensation expense (1)
$634,231 $382,604 $131,358 
Income tax benefit$130,968 $79,275 $13,509 
(1)For the year ended December 31, 2025, stock-based compensation expense included $24.1 million in non-recurring severance costs. Total non-recurring severance costs for the year-ended December 31, 2025 of $31.8 million also include $7.7 million of severance payments and employee benefits. The majority of these costs were recorded in selling, general and administrative expenses.