Net income (loss) per share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net income (loss) per share

Net income (loss) per share

We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.

We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.

Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock. We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):

	Year Ended December 31,
	2025				2024				2023
	Class A		Class B		Class A		Class B		Class A		Class B
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	366,667	$	50,188	$	1,633,901	$	228,205	$	(30,937)	$	(4,673)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic	593,473		81,233		595,639		83,192		586,109		88,532
Basic net income (loss) per share	$	0.62	$	0.62	$	2.74	$	2.74	$	(0.05)	$	(0.05)

Diluted net income (loss) per share:
Numerator:
Net income (loss)	$	366,667	$	50,188	$	1,633,901	$	228,205	$	(30,937)	$	(4,673)
Reallocation of net income as a result of conversion of Class B to Class A common stock	50,188		—		228,205		—		—		—
Reallocation of net income to Class B common stock	—		(953)		—		(6,387)		—		—
Diluted net income (loss)	$	416,855	$	49,235	$	1,862,106	$	221,818	$	(30,937)	$	(4,673)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic	593,473		81,233		595,639		83,192		586,109		88,532
Conversion of Class B to Class A common stock	81,233		—		83,192		—		—		—
Weighted average effect of dilutive potential common stock	13,065		—		19,545		—		—		—
Weighted-average shares used in computing net income (loss) per share, diluted	687,771		81,233		698,376		83,192		586,109		88,532
Diluted net income (loss) per share	$	0.61	$	0.61	$	2.67	$	2.67	$	(0.05)	$	(0.05)

Basic net income (loss) per share is the same as diluted net income (loss) per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):

	Year Ended December 31,
	2025	2024	2023
Outstanding stock options	—	—	14,463
Unvested restricted stock units and restricted stock awards	13,391	7,980	53,228
Total	13,391	7,980	67,691