Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Net Income Before Income Taxes

Income before income taxes for the years ended December 31, 2025, 2024, and 2023, included the following components (in thousands):

	Year Ended December 31,
	2025		2024		2023
U.S.	$	2,210,613	$	88,111	$	26,138
Foreign	1,742,297		1,523,832		475,464
Income before income taxes	$	3,952,910	$	1,611,943	$	501,602

Schedule of Provision for (Benefit from) Income Taxes

Provision for income taxes for the years ended December 31, 2025, 2024, and 2023 consisted of the following (in thousands):

	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	239,094	$	21,659	$	34,871
State	27,187		9,812		9,937
Foreign	259,750		156,891		52,804
Total current	526,031		188,362		97,612
Deferred:
Federal	(13,565)		(134,189)		(43,193)
State	407		(8,881)		(4,553)
Foreign	6,842		(22,873)		(6,090)
Total deferred	(6,316)		(165,943)		(53,836)
Total provision for income taxes	$	519,715	$	22,419	$	43,776

Schedule of Reconciliation of Federal Statutory Income Tax Rate to the Effective Income Tax Rate

The reconciliation of federal statutory income tax rate to the effective income tax rate after the adoption of ASU 2023-09 is as follows (in thousands):

	Year Ended December 31,
	2025
Tax provision at U.S. federal statutory rate	$	830,036	21.0	%
State income tax, net of federal benefit1	18,017		0.5	%
Foreign tax effects
Singapore
Statutory tax rate difference between Singapore and U.S.	(66,298)		(1.7)	%
Local taxes at a rate different than the statutory tax rate2	(33,280)		(0.8)	%
Withholding taxes	65,733		1.7	%
Other foreign jurisdictions	(592)		—	%
Effect of cross-border tax laws
Global intangible low-taxed income	43,051		1.1	%
Foreign-derived intangible income	(113,539)		(2.9)	%
Foreign tax credits	(84,591)		(2.1)	%
Other	10,513		0.3	%
Tax credits
Research and development credit	(16,122)		(0.4)	%
Changes in valuation allowances	4,833		0.1	%
Nontaxable or nondeductible items
Stock-based compensation	(132,975)		(3.4)	%
Other	25,024		0.6	%
Changes in unrecognized tax benefits.	(7,515)		(0.2)	%
Other	(22,580)		(0.6)	%
Total provision for income taxes	$	519,715	13.1	%

1The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New York state and city and New Jersey.

2The tax benefit related to the negotiated tax rate in Singapore was reduced by $82.7 million of the global minimum tax under Pillar 2.

The reconciliation of taxes at the federal statutory rate to our provision for income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows (in thousands):

	Year Ended December 31,
	2024		2023
Tax provision at U.S. federal statutory rate	$	338,515	$	105,336
State income taxes, net of federal benefit	(26,412)		(5,334)
Foreign income taxed at different rates	(167,957)		(50,452)
Global intangible low-taxed income	52,378		25,625
Stock-based compensation	(146,183)		(3,039)
Foreign-derived intangible income	(10,231)		(18,104)
Research and development credits	(49,862)		(21,778)
Foreign income inclusion	(859)		(4,042)
Change in valuation allowance	27,589		11,470
Return to Provision	2,211		3,223
Other	3,230		871
Total provision for income taxes	$	22,419	$	43,776

Schedule of Cash Paid For Income Taxes, Net of Refunds Received

Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows (in thousands):

	Year Ended December 31,
	2025
Federal	$	—
State	13,395
Foreign
Singapore	177,972
Other	3,476
Total cash paid for income taxes, net of refunds received	$	194,843

Schedule of Current and Deferred Tax Assets and Liabilities

The following summarizes the current and deferred tax assets and liabilities (in thousands):

	As of December 31,
	2025		2024
Deferred tax assets:
Accrued expenses and reserves	$	20,525	$	11,975
Stock-based compensation	26,849		10,063
Tax credit carryforwards	103,416		99,314
Net operating loss	25,735		38,354
Depreciation and amortization	5,350		2,382
Operating lease liability	4,967		10,437
Foreign tax deduction	3,904		1,900
Capital loss	222,425		18,075
Capitalized R&D expenses	250,493		260,308
Valuation allowance	(291,382)		(75,690)
Total deferred tax assets	372,282		377,118
Deferred tax liabilities:
Identified intangibles	(105,314)		(98,933)
Other comprehensive income (loss)	(6,888)		37,811
Operating lease right-of-use assets	(4,362)		(8,144)
Other	(3,371)		(5,025)
Total deferred tax liabilities	(119,935)		(74,291)
Net deferred tax assets	$	252,347	$	302,827

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the gross unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2025		2024		2023
Balance at beginning of year	$	60,905	$	35,880	$	19,052
Increases related to prior year positions	426		4,393		3,522
Decreases related to prior year positions	(3,617)		(2,183)		—
Increases related to current year positions	11,493		25,921		13,548
Decreases related to lapse of statutes	(3,401)		(2,797)		(242)
Decreases related to settlements	(1,601)		(309)		—
Balance at end of year	$	64,205	$	60,905	$	35,880