Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

As required by Item 402(v) of Regulation S-K, we are providing the following information about the relationship

between “compensation actually paid” (as defined in Item 402(v)) and performance. Displayed amounts in this Pay

Versus Performance section may not sum due to rounding additive figures to the nearest dollar.

					Value of Initial Fixed $100  Investment Based On:
Year  (a)	Summary Compensation Table Total for Principal Executive Officer (PEO) (b)1,2	Compensation Actually Paid to PEO1,3 (c)	Average Summary Compensation Table Total for Non-PEO Named Executive Officers (NEOs)1,4 (d)	Average Compensation Actually Paid to Non-PEO Named Executive Officers1,5 (e)	Nasdaq Total Shareholder Return (f)	Peer Group Total Shareholder Return6 (g)	Net Income (millions)7 (h)	Non-GAAP Operating Income (millions)8 (i)
2025	$25,014,550	$59,054,224	$10,447,365	$19,748,438	$235	$197	$1,788	$2,754
2024	$21,518,170	$51,071,259	$5,899,388	$9,535,250	$185	$179	$1,117	$2,465
2023	$18,498,752	$9,815,212	$6,457,253	$5,281,897	$137	$139	$1,059	$1,938
2022	$28,045,305	$25,888,844	$6,391,803	$6,467,133	$142	$121	$1,125	$1,820
2021	$19,965,893	$69,015,180	$3,411,044	$11,672,259	$160	$136	$1,187	$1,849

Company Selected Measure Name

Non-GAAP Operating Income

Named Executive Officers, Footnote

The Principal Executive Officer (PEO) and non-PEO NEOs from 2021-2025 were as detailed in the table below.

Year	2021	2022	2023	2024	2025
PEO	Adena T. Friedman	Adena T. Friedman	Adena T. Friedman	Adena T. Friedman	Adena T. Friedman
Non-PEO NEOs	Ann M. Dennison	Ann M. Dennison	Sarah Youngwood	Sarah Youngwood	Sarah Youngwood
	Michael Ptasznik	Tal Cohen	Ann M. Dennison	Tal Cohen	Tal Cohen
	Lauren B. Dillard	P.C. Nelson Griggs	Tal Cohen	P.C. Nelson Griggs	P.C. Nelson Griggs
	P.C. Nelson Griggs	Bradley J. Peterson	P.C. Nelson Griggs	Bradley J. Peterson	Bradley J. Peterson
	Bradley J. Peterson		Brendan Brothers	Brendan Brothers

2.The dollar amounts reported in column (b) are the amounts of total compensation reported for Ms. Friedman for each corresponding year in the “Total” column of the

Summary Compensation Table. Refer to “Executive Compensation – Executive Compensation Tables – 2025 Summary Compensation Table.”

3.The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Ms. Friedman, as computed in accordance with Item 402(v) of

Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Ms. Friedman during the applicable year. In accordance with

the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Ms. Friedman’s total compensation for each year to determine the

compensation actually paid:

Peer Group Issuers, Footnote

Represents the cumulative TSR measured from December 31, 2020 through the end of each year shown for the S&P 500 GICS 4020 Index, identified by Nasdaq as the

“Peer Group” in its Form 10-K for the purposes of Item 201(e) of Regulation S-K.

PEO Total Compensation Amount

$ 25,014,550

$ 21,518,170

$ 18,498,752

$ 28,045,305

$ 19,965,893

PEO Actually Paid Compensation Amount

$ 59,054,224

51,071,259

9,815,212

25,888,844

69,015,180

Adjustment To PEO Compensation, Footnote

Year	Reported Summary Compensation Table Total for PEO	Reported Value of Equity Awards	Total PEO Equity Award Adjustmentsa	Compensation Actually Paid to PEO
2025	$25,014,550	($17,491,321)	$51,530,995	$59,054,224

a.The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity

awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from

the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards

that are granted and vest in the same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the

amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to

meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar

value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value

of such award or included in any other component of total compensation for the applicable year. The valuation methodologies used to calculate fair values did not

materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:

		Total PEO Equity Award Adjustments
Year	Grant Date Fair Value of Equity Awards Disclosed in the Summary Compensation Table	Year End Fair Value of Equity Awards Granted During the Covered Year	Change in Fair Value of Outstanding and Unvested Equity Awards	Value of Awards Granted in Prior Years Vesting During the Covered Year	Total PEO Equity Award Adjustments
2025	($17,491,321)	$26,656,338	$17,993,362	$6,881,295	$51,530,995

4.The dollar amounts reported in column (d) represent the average of the amounts reported for the NEOs as a group in the “Total” column of the Summary Compensation

Table in each applicable year.

Non-PEO NEO Average Total Compensation Amount

$ 10,447,365

5,899,388

6,457,253

6,391,803

3,411,044

Non-PEO NEO Average Compensation Actually Paid Amount

$ 19,748,438

9,535,250

5,281,897

6,467,133

11,672,259

Adjustment to Non-PEO NEO Compensation Footnote

5.The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group, as computed in accordance with Item

402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group during the applicable

year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a

group for each year to determine the compensation actually paid, using the same methodology described above in footnote 3:

Year	Average Reported Summary Compensation Table Total for Non-PEO NEOs	Average Reported Value of Equity Awards	Average Non-PEO NEO Equity Award Adjustmentsa	Average Compensation Actually Paid to Non-PEO NEOs
2025	$10,447,365	($7,662,191)	$16,963,265	$19,748,438

a.The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity

awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from

the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards

that are granted and vest in the same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the

amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to

meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar

value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value

of such award or included in any other component of total compensation for the applicable year. The valuation methodologies used to calculate fair values did not

materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:

		Average Non-PEO NEO Equity Award Adjustments
Year	Grant Date Fair Value of Equity Awards Disclosed in the Summary Compensation Table	Year End Fair Value of Equity Awards Granted During the Covered Year	Change in Fair Value of Outstanding and Unvested Equity Awards	Value of Awards Granted in Prior Years Vesting During the Covered Year	Average Non-PEO NEO Equity Award Adjustments
2025	($7,662,191)	$12,119,557	$3,616,595	$1,227,112	$16,963,265

The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.

Compensation Actually Paid vs. Net Income

Total Shareholder Return Vs Peer Group

Tabular List, Table

Tabular List of Financial Performance Measures

The most important financial performance measures used by the Company to link executive compensation actually

paid to the Company’s PEO and non-PEO NEOs, for the most recently completed fiscal year, to the Company’s

performance are as follows:

•Non-GAAP Operating Income

•Net Revenue

•ARR

•Non-GAAP Diluted EPS

Total Shareholder Return Amount

$ 235

185

137

142

160

Peer Group Total Shareholder Return Amount

197

179

139

121

136

Net Income (Loss)

$ 1,788,000,000

$ 1,117,000,000

$ 1,059,000,000

$ 1,125,000,000

$ 1,187,000,000

Company Selected Measure Amount

2,754,000,000

2,465,000,000

1,938,000,000

1,820,000,000

1,849,000,000

PEO Name

Adena T. Friedman

Measure:: 1

Pay vs Performance Disclosure

Name

Non-GAAP Operating Income

Non-GAAP Measure Description

The Company believes Non-GAAP Operating Income is the financial performance measure most closely linked to the calculation of compensation actually paid. Non-

GAAP Operating Income is defined as set forth in footnote 1 of the “Corporate Objectives Performance vs. Goals” table on page 72 of this Proxy Statement. The

Company makes certain adjustments to the Non-GAAP Operating Income amount used to calculate the Corporate Objectives Performance and accordingly, the Non-

GAAP Operating Income amount shown above differs from the Non-GAAP Operating Income described in Annex A of this Proxy Statement. See also Annex A of this

Proxy Statement for more information on adjustments to non-GAAP measures.

Measure:: 2

Pay vs Performance Disclosure

Name

Net Revenue

Measure:: 3

Pay vs Performance Disclosure

Name

ARR

Measure:: 4

Pay vs Performance Disclosure

Name

Non-GAAP Diluted EPS

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (17,491,321)

PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

51,530,995

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

26,656,338

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

17,993,362

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

6,881,295

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(7,662,191)

Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

16,963,265

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

12,119,557

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

3,616,595

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 1,227,112