Net Income (Loss) per Share

12 Months Ended

Dec. 31, 2025

Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period adjusted to include the effect of potentially dilutive securities. Potentially dilutive securities are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive.

The computation of the Company’s basic and diluted net income (loss) per share is as follows (in thousands, except per share amounts):


	Years Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss) attributable to common stockholders	$	449,947	$	(2,846,167)	$	(1,604,497)
Debt discount amortization	2,303		—		—
Net income (loss) available to common stockholders	$	452,250	$	(2,846,167)	$	(1,604,497)
Denominator:
Weighted average shares used to compute net income (loss) per share attributable to common stockholders, basic	229,809		222,215		216,642
Weighted average effect of potentially dilutive shares to purchase common stock	34,656		—		—
Weighted average shares used to compute net income (loss) per share attributable to common stockholders, diluted	264,465		222,215		216,642
Net income (loss) per share attributable to common stockholders
Basic	$	1.96	$	(12.81)	$	(7.41)
Diluted	$	1.71	$	(12.81)	$	(7.41)

The following shares were excluded from the computation of diluted net income (loss) per share as the impact of including those shares would be anti-dilutive (in thousands):


	Year Ended December 31,
	2025	2024	2023

Outstanding stock options	1,927	1,805	1,674
Unvested restricted stock units	6,734	7,534	7,398
Convertible Senior Notes (if converted)	—	11,232	2,544
Total	8,661	20,571	11,616