Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Taxes

The components of income before provision for income taxes are as follows (in millions):

	Year Ended December 31,
	2025		2024		2023
Domestic	$	3,369.6	$	2,635.6	$	1,977.7
Foreign	880.1		629.5		444.3
Income before income taxes	$	4,249.7	$	3,265.1	$	2,422.0

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes are as follows (in millions):

	Year Ended December 31,
	2025		2024		2023
Current provision for income taxes:
Federal	$	785.3	$	751.3	$	574.4
State	142.9		114.7		106.9
Foreign	122.1		39.8		24.2
Total current	1,050.3		905.8		705.5
Deferred tax expense (benefit):
Federal	(294.1)		(504.7)		(372.3)
State	(46.8)		(42.8)		(41.1)
Foreign	28.9		54.7		42.6
Total deferred tax expense (benefit)	(312.0)		(492.8)		(370.8)
Total provision for income taxes	$	738.3	$	413.0	$	334.7

Schedule of Effective Income Tax Rate Reconciliation

The following table presents required disclosure pursuant to ASU

2023-09 and reconciles the U.S. federal statutory income tax amount and rate to our total provision for income taxes amount and rate for the year ended December 31, 2025 (in millions except for percentages):

	Year Ended December 31, 2025
	Amount		Percent
U.S. federal statutory income tax rate	$	892.4	21.00	%
State tax, net of federal benefit1	76.3		1.80
Foreign Tax Effects
Ireland
Statutory tax rate difference between Ireland and US	(45.4)		(1.07)
Other	12.6		0.30
Other jurisdictions	(1.4)		(0.03)
Enactment of New Tax Laws	22.6		0.53
Effect of Cross Border Tax Laws
Net Controlled Foreign Corporation Tested Income	(32.6)		(0.77)
Other	2.3		0.05
Tax Credits
Research and Development Tax Credit	(54.8)		(1.29)
Nontaxable or Nondeductible Items
Stock-Based Compensation	(123.9)		(2.91)
Other	1.2		0.02
Changes in Unrecognized Tax Benefits	(11.0)		(0.26)
Total Provision for Income Taxes	$	738.3	17.37	%

(1) State taxes in Georgia, Kentucky and Missouri for 2025 made up the majority (greater than 50 percent) of the tax effect in the state tax category.

The following table presents the required disclosures prior to our adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate and our effective tax rate for the years ended December 31, 2024 and December 31, 2023 (in percentages):

	Year Ended December 31,
	2024		2023
U.S. federal statutory income tax rate	21.00	%	21.00	%
State tax, net of federal benefit	1.75		2.13
Taxes on foreign earnings differential	(2.38)		(1.96)
Tax credits	(2.79)		(2.74)
Stock-based compensation	(4.96)		(4.59)
Other, net	0.03		(0.03)
Effective tax rate	12.65	%	13.81	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are as follows (in millions) :

	December 31,
	2025		2024
Deferred tax assets:
Intangible assets	$	244.9	$	273.9
Reserves and accruals not currently deductible	146.4		135.2
Deferred revenue	1,130.8		566.3
Tax credits	134.0		130.2
Lease financing obligation	17.7		13.7
Capitalized research and development expenses	417.0		634.5
Stock-based compensation	53.4		38.6
Net operating losses	19.7		25.9
Other	2.8		3.6
Gross deferred tax assets	2,166.7		1,821.9
Valuation allowance	(195.8)		(179.8)
Total deferred tax assets	1,970.9		1,642.1
Deferred tax liabilities:
US tax on foreign earnings	(167.5)		(189.8)
Right of use asset	(15.7)		(11.6)
Other	(14.1)		(0.3)
Total deferred tax liabilities	(197.3)		(201.7)
Net deferred tax assets	$	1,773.6	$	1,440.4

Schedule of Income Taxes Paid

We have made tax payments and received refunds during the year ended December 31, 2025 as follows (in millions):

	Year Ended December 31, 2025
U.S. Federal	$	808.0
State:
Other	175.2
Foreign:
Ireland	90.3
Other	22.4
Foreign subtotal:	112.7
Total cash paid for income taxes (net of refunds)	$	1,095.9

Schedule of Unrecognized Tax Benefits Roll Forward

The reconciliation of the beginning and ending amount of gross unrecognized tax benefits as of December 31, 2025, 2024 and 2023 is as follows (in millions):

	Year Ended December 31,
	2025		2024		2023
Gross unrecognized tax benefits—beginning balance	$	181.5	$	163.3	$	137.4
Increases related to tax positions taken in a prior year	8.2		0.3		4.7
Increases related to tax positions taken during current year	20.0		52.7		39.9
Decreases related to tax positions taken in a prior year	(2.6)		(8.6)		(0.5)
Decreases related to lapse of statute of limitations	(15.4)		(26.0)		(18.2)
Decreases related to settlements with taxing authorities	—		(0.2)		—
Gross unrecognized tax benefits—ending balance	$	191.7	$	181.5	$	163.3