Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Components of Income (Loss) Before Provision for Income Taxes

The components of income (loss) before provision for (benefit from) income taxes are as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
United States	$	458,547	$	317,169	$	20,713
Foreign	(12,657)		(29,564)		(37,153)
Income (loss) before provision for (benefit from) income taxes	$	445,890	$	287,605	$	(16,440)

Summary of Composition of the Provision for Income Taxes

Provision for (benefit from) income taxes consists of the following (in thousands):

	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	149	$	7,671	$	7,833
State	5,135		10,533		6,698
Foreign	13,283		7,729		6,477
Total current tax expense	18,567		25,933		21,008
Deferred:
Federal	(301)		(1,434,298)		6
State	11,397		(162,684)		3
Foreign	(628)		(3,452)		(1,847)
Total deferred tax expense (benefit)	10,468		(1,600,434)		(1,838)
Provision for (benefit from) income taxes	$	29,035	$	(1,574,501)	$	19,170

Reconciliation Between Statutory Federal Income Tax Rate and Provision for Income Taxes

The table below includes a reconciliation of the U.S. federal statutory rate of 21% to the Company's effective tax rate for the year ended December 31, 2025, after the adoption of ASU 2023-09 (in thousands, except percentages):

	Year Ended December 31,
	2025
Tax at U.S. statutory rate	$	93,637	21	%
State and local income taxes, net of benefit(1)	13,203		3
Effect of non-U.S. operations	2,344		1
Nondeductible and nontaxable items
Share-based compensation	(4,606)		(1)
Other	2,848		1
Tax credits
Research and development credit	(76,612)		(17)
Foreign tax credit	(2,352)		(1)
Changes in unrecognized tax benefits	968		—
Other	(395)		—
Provision for (benefit from) income taxes	$	29,035	7	%

(1)The states and local jurisdiction that contribute to the majority (greater than 50%) in this category include Illinois, Texas, New York state and city, Pennsylvania and Columbus.

The table below includes a reconciliation of the U.S. federal statutory rate of 21% to the Company's effective tax rate for the years ended December 31, 2024 and 2023, prior the adoption of ASU 2023-09 (in thousands):

	Year Ended December 31,
	2024		2023
Tax at U.S. statutory rate	$	60,397	$	(3,453)
State income taxes, net of benefit	(120,204)		5,111
Foreign operations	12,007		17,721
Share-based compensation	(23,019)		(18,925)
Permanent book/tax differences	1,171		692
Change in valuation allowance	(1,421,323)		111,497
Tax credits	(83,587)		(93,887)
Other	57		414
Provision for (benefit from) income taxes	$	(1,574,501)	$	19,170

Schedule of Income Taxes Paid

During the year ended December 31, 2025, the cash paid for income taxes by the Company were as follows (in thousands):

	Year Ended December 31,
	2025
Federal	$	2,000
State and local
Texas	1,152
All other state and local	5,276
Foreign
Brazil	4,678
Ireland	3,098
United Kingdom	1,668
All other foreign	4,504
Total income taxes paid, net of amounts refunded	$	22,376

Summary of Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	569,975	$	524,598
Research tax credits	786,586		677,104
Reserves, accruals and other	27,463		33,312
Lease obligations	50,331		41,493
Share-based compensation	36,311		33,793
Research capitalization and amortization	486,379		623,368
Total deferred tax assets	1,957,045		1,933,668
Less: valuation allowance	(346,095)		(322,070)
Deferred tax assets, net of valuation allowance	1,610,950		1,611,598
Deferred tax liabilities:
Depreciation and amortization	(15,838)		(6,394)
Prepaid expenses	(2,959)		(2,665)
Total deferred tax liabilities	(18,797)		(9,059)
Deferred tax assets (liabilities)	$	1,592,153	$	1,602,539

Summary of Changes in Gross Unrecognized Tax Benefits

Changes in gross unrecognized tax benefits were as follows (in thousands):

	Gross Unrecognized Tax Benefits
Balance as of December 31, 2023	$	250,905
Increases for tax positions of prior years	6,545
Decreases for tax positions of prior years	(196)
Increases for tax positions of current year	56,819
Balance as of December 31, 2024	$	314,073
Increases for tax positions of prior years	1,900
Decreases for tax positions of prior years	(38)
Increases for tax positions of current year	54,274
Balance as of December 31, 2025	$	370,209