v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information
17. Segment and Geographic Information
Segment Information
We have one reportable segment as our chief operating decision maker, our Chief Executive Officer, reviews consolidated profitability measures in managing the business. Specifically, our chief operating decision maker uses consolidated net income (loss) as the measure of segment profit or loss for evaluating performance and allocating resources through comparison of actual amounts against budgeted and prior period amounts in order to make strategic decisions.
The following table presents the calculation of segment net income (loss):
Year ended December 31,
202520242023
(in thousands)
Revenue$2,202,506 $1,300,205 $804,029 
Adjusted cost of revenue(1)
193,341 122,975 110,758 
Adjusted gross profit2,009,165 1,177,230 693,271 
Adjusted operating expenses(2)
1,164,092 879,223 762,546 
Stock-based compensation and related taxes387,141 842,932 49,086 
Depreciation and amortization15,948 15,643 13,702 
Interest (income) expense, net(86,722)(78,121)(53,281)
Income tax expense (benefit)(1,031)(931)3,801 
Other segment expenses(3)
16 2,760 8,241 
Segment net income (loss)$529,721 $(484,276)$(90,824)
Consolidated net income (loss)$529,721 $(484,276)$(90,824)
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(1)Adjusted cost of revenue is cost of revenue adjusted for stock-based compensation and related taxes and depreciation and amortization as follows:
Year ended December 31,
202520242023
(in thousands)
Cost of revenue$194,216 $123,595 $111,011 
Less:
Stock-based compensation and related taxes875 620 101 
Depreciation and amortization— — 152 
Adjusted cost of revenue$193,341 $122,975 $110,758 
(2)Adjusted operating expenses is operating expenses (comprised of research and development, sales and marketing, and general and administrative expenses) adjusted for stock-based compensation and related taxes, depreciation and amortization, and restructuring costs as follows:
Year ended December 31,
202520242023
(in thousands)
Operating expenses$1,566,306 $1,737,178 $833,179 
Less:
Stock-based compensation and related taxes386,266 842,312 48,985 
Depreciation and amortization15,948 15,643 13,550 
Restructuring costs— — 8,098 
Adjusted operating expenses$1,164,092 $879,223 $762,546 
(3)Other segment expenses primarily includes restructuring costs, realized gains and losses on sales of marketable securities, and foreign currency transaction gains and losses.

Geographic Information
As of December 31, 2025 and 2024, substantially all of our long-lived assets were located within the United States.