Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share. Each share of Class B common stock is convertible into one share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net income per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic EPS:
Numerator:
Net income from continuing operations	$	835,545	$	433,073	$	2,330,939	$	993,412
Income (loss) from discontinued operations, net of income taxes	—		1,347		(99,444)		(12,840)
Net income	$	835,545	$	434,420	$	2,231,495	$	980,572
Less:
Income attributable to participating securities	(50)		(110)		(416)		(2,172)
Net income attributable to Class A and Class B common stockholders—Basic	$	835,495	$	434,310	$	2,231,079	$	978,400
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic	338,531		336,931		338,990		336,167
Net income (loss) per share attributed to Class A and Class B common stockholders - Basic:
Continuing operations	$	2.47	$	1.29	$	6.87	$	2.95
Discontinued operations	—		—		(0.29)		(0.04)
Basic net income per share	$	2.47	$	1.29	$	6.58	$	2.91
Diluted EPS:
Numerator:
Net income from continuing operations	$	835,545	$	433,073	$	2,330,939	$	993,412
Income (loss) from discontinued operations, net of income taxes	—		1,347		(99,444)		(12,840)
Net income	$	835,545	$	434,420	$	2,231,495	$	980,572
Less:
Income attributable to participating securities	(50)		(106)		(412)		(2,097)
Net income attributable to Class A and Class B common stockholders—Diluted	$	835,495	$	434,314	$	2,231,083	$	978,475
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic	338,531		336,931		338,990		336,167
Weighted-average dilutive stock awards	2,443		11,294		3,678		12,106
Weighted-average shares used in computing net income (loss) per share—Diluted	340,974		348,225		342,668		348,273
Net income (loss) per share attributed to Class A and Class B common stockholders - Diluted:
Continuing operations	$	2.45	$	1.24	$	6.80	$	2.85
Discontinued operations	—		0.01		(0.29)		(0.04)
Diluted net income per share	$	2.45	$	1.25	$	6.51	$	2.81

The following table presents the forms of antidilutive potential common shares (in thousands):

	As of September 30,
	2025	2024
Stock options exercised for promissory notes	—	85
ESPP	12	33
Total antidilutive potential common shares	12	118