0001447669-26-000021 | 10-K | XBRL Viewer

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Commitment and Contingencies - Future Minimum Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 288,615
2027	31,861
2028	13,152
2029	9,166
2030	6,447
Total payments	$ 349,241

Income Taxes - Tax Carryforwards, Carryovers and Credits (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Federal and state tax credits	$ 205,987
Federal net operating loss carryforwards	2,866,460
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Federal and state tax credits	155,404
State and foreign net operating loss carryforwards	2,400,985
Foreign net operating loss carryforwards
Operating Loss Carryforwards [Line Items]
State and foreign net operating loss carryforwards	$ 965,615

Supplemental Balance Sheet Information - Customer Credit Reserve (Details) - Sales credit reserve - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Sales credit reserve
Balance, beginning of period	$ 19,341	$ 33,594	$ 33,124
Additions	98,955	81,695	167,044
Deductions against reserve	(86,484)	(95,948)	(166,574)
Balance, end of period	$ 31,812	$ 19,341	$ 33,594

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of stock options activity


	Number of options outstanding	Weighted- average exercise price (Per share)		Weighted- average remaining contractual term (In years)	Aggregate intrinsic value (In thousands)
Outstanding options as of December 31, 2024	1,322,176	$	74.15	3.05	$	74,838


Exercised	(420,056)	$	14.87

Outstanding options as of December 31, 2025	902,120	$	101.75	2.87	$	59,701
Options vested and exercisable as of December 31, 2025	902,120	$	101.75	2.87	$	59,701

Schedule of weighted average grant date fair value


	Year Ended December 31,
	2025		2024		2023
	(In thousands, except per share amounts)
Aggregate intrinsic value of stock options exercised (1)	$	41,976	$	8,649	$	15,242
Total estimated grant date fair value of options vested	$	844	$	9,351	$	28,619

____________________________________
(1) Aggregate intrinsic value represents the difference between the fair value of the Company’s Class A common stock as reported on the New York Stock Exchange and the exercise price of outstanding “in-the-money” options.

Schedule of restricted stock unit


	Number of awards outstanding	Weighted- average grant date fair value (Per share)		Aggregate intrinsic value (In thousands)
Unvested RSUs as of December 31, 2024	18,386,271	$	71.96	$	1,394,966
Granted	4,728,094	$	119.02
Vested	(6,944,005)	$	84.28
Forfeited and canceled	(2,506,383)	$	78.06
Unvested RSUs as of December 31, 2025	13,663,977	$	80.86	$	1,943,564

Schedule of employee stock purchase plan

The Company used the following assumptions in the Black-Scholes option pricing model to estimate the fair value of the purchase rights issued under the 2016 ESPP:


	Year Ended December 31,
Employee Stock Purchase Plan:	2025	2024	2023
Fair value of common stock	$116.34 - $120.22	$61.54 - $96.41	$47.36 - $61.55
Expected term (in years)	0.50	0.50	0.50
Expected volatility	57.8% - 58.7%	38.6% - 41.8%	45.8% - 57.1%
Risk-free interest rate	3.8% - 4.3%	4.4% - 5.4%	5.3% - 5.4%

Schedule of stock based compensation expense

The Company recorded stock-based compensation expense as follows:


	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Cost of revenue	$	16,570	$	22,001	$	26,343
Research and development	326,767		330,933		331,526
Sales and marketing	136,998		135,331		183,389
General and administrative	118,319		125,164		121,584
Restructuring costs	1,753		3,178		13,015
Total	$	600,407	$	616,607	$	675,857

Stock-Based Compensation - Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of options outstanding
Outstanding options as of the beginning of the period (in shares)	1,322,176
Exercised (in shares)	(420,056)
Outstanding options as of the end of the period (in shares)	902,120	1,322,176
Weighted- average exercise price (Per share)
Outstanding options as of the beginning of the period (in dollars per share)	$ 74.15
Exercised (in dollars per share)	14.87
Outstanding options as of the end of the period (in dollars per share)	$ 101.75	$ 74.15
Weighted- average remaining contractual term (In years)
Weighted-average remaining contractual term (in years)	2 years 10 months 13 days	3 years 18 days
Aggregate intrinsic value	$ 59,701	$ 74,838
Options vested and exercisable and options vested and expected to vest
Options vested and exercisable - number of options outstanding (in shares)	902,120
Options vested and exercisable - weighted-average exercise price (in dollars per share)	$ 101.75
Options vested and exercisable - weighted-average remaining contractual term	2 years 10 months 13 days
Options vested and exercisable - aggregate intrinsic value	$ 59,701

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 33,834	$ (109,403)	$ (1,015,441)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	195,444	205,984	284,413
Non-cash reduction to the right-of-use asset	22,000	19,095	26,971
Net amortization of investment premium and discount	(14,132)	(22,940)	(44)
Impairment of long-lived assets	1,849	0	320,504
Stock-based compensation	600,407	616,607	675,857
Amortization of deferred commissions	74,533	76,348	72,892
Realized and unrealized (gains) losses on equity securities	(1,016)	1,681	8,043
Provision for doubtful accounts	8,230	35,393	51,859
Value of shares of Class A common stock issued and donated to charity	9,935	5,907	5,346
Share of losses from equity method investment	101,217	108,481	121,897
Impairment of equity method investment	80,629	0	0
Impairment of strategic investments	0	8,220	46,154
Loss on net assets divested	0	0	32,277
Other adjustments	4,182	5,009	14,669
Changes in operating assets and liabilities:
Accounts receivable	(55,067)	(61,160)	(85,093)
Prepaid expenses and other current assets	10,552	(153,470)	(56,283)
Other long-term assets	(122,203)	(47,077)	(2,328)
Accounts payable	(14,973)	(20,256)	12,370
Accrued expenses and other current liabilities	102,652	87,434	(51,816)
Deferred revenue and customer deposits	2,038	11,181	5,371
Operating lease liabilities	(35,592)	(48,759)	(56,340)
Other long-term liabilities	(1,275)	(2,034)	3,474
Net cash provided by operating activities	1,003,244	716,241	414,752
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, net of cash acquired and payments related to prior period acquisitions	(61,496)	0	(5,770)
Divestitures, net of cash divested	0	0	38,194
Purchases of marketable securities and other investments	(1,050,858)	(923,863)	(1,953,003)
Proceeds from sales and maturities of marketable securities and other investments	1,251,119	2,353,486	2,200,417
Capitalized software development costs	(51,969)	(51,808)	(39,925)
Purchases of long-lived and intangible assets	(5,848)	(6,978)	(11,310)
Net cash provided by investing activities	80,948	1,370,837	228,603
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on finance leases	(5,306)	(12,558)	(16,134)
Value of equity awards withheld for tax liabilities	(213)	(2,000)	(2,565)
Repurchases of shares of Class A common stock and related costs	(868,939)	(2,334,400)	(668,751)
Proceeds from exercises of stock options and shares of Class A common stock issued under ESPP	41,363	37,386	43,840
Net cash used in financing activities	(833,095)	(2,311,572)	(643,610)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0	0	108
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	251,097	(224,494)	(147)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period	431,437	655,931	656,078
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period	682,534	431,437	655,931
Cash paid for income taxes, net	17,711	36,547	37,818
Cash paid for interest	37,578	37,904	38,389
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents	682,335	421,297	655,931
Restricted cash in other current assets	199	0	0
Restricted cash in other long-term assets	0	10,140	0
Total cash, cash equivalents and restricted cash	$ 682,534	$ 431,437	$ 655,931

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 14, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Payments to acquire business, net of cash		$ 61,496	$ 0	$ 5,770
Stytch
Business Combination [Line Items]
Purchase price	$ 104,100
Payments to acquire business, net of cash	$ 58,496

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Equity Method Investment - Schedule of Ownership Percentage and Other Information Related to Equity Method Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method goodwill	$ 5,291,787	$ 5,243,266	$ 5,243,266
Syniverse
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	43.70%	43.80%		44.60%
Basis difference attributable to intangible assets and deferred tax liability	$ 297,114	$ 353,307
Equity method goodwill	$ 543,157	$ 623,786

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Divestitures	12 Months Ended
Divestitures	Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures There were no divestitures in the years ended December 31, 2025 or 2024. In 2023, the Company sold its ValueFirst business, which operated an enterprise communications platform in India, for a total cash sales price of $45.5 million, or $38.2 million in proceeds, net of cash divested. The sale resulted in a loss of $28.8 million, which is recorded within general and administrative expenses in the accompanying consolidated statement of operations for the year ended December 31, 2023. The Company also recorded an additional $3.3 million of divestiture-related expenses in the same period.

Restructuring Activities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 28, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag			restructuring charges
Restructuring charges	$ 15,030	$ 13,273	$ 165,733
February 2023 Plan
Restructuring Cost and Reserve [Line Items]
Workforce elimination percentage				17.00%
Restructuring charges			141,100
February 2023 Plan \| Employee Severance and Facilitation Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges			130,000
February 2023 Plan \| Stock-Based Awards
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 11,100

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Prepaid expenses and other current assets consist of the following:


	As of December 31,
	2025		2024
	(In thousands)
Prepaid expenses	$	307,263	$	333,911
Other current assets	162,387		140,449
Total prepaid expenses and other current assets	$	469,650	$	474,360

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2025		2024
	(In thousands)
Accrued payroll and related liabilities	$	95,795	$	76,708
Company-wide bonus program liability	136,221		109,776
Accrued sales bonus and commissions	21,922		21,585
Accrued cost of revenue	226,878		173,739
Sales and other taxes payable	58,259		79,731
ESPP contributions	6,925		5,745





Accrued other expense	62,119		63,402
Total accrued expenses and other current liabilities	$	608,119	$	530,686

Supplemental Balance Sheet Information

A roll‑forward of the Company’s customer credit reserve is as follows:


	As of December 31,
	2025		2024		2023
	(In thousands)
Balance, beginning of period	$	19,341	$	33,594	$	33,124
Additions	98,955		81,695		167,044
Deductions against reserve	(86,484)		(95,948)		(166,574)
Balance, end of period	$	31,812	$	19,341	$	33,594

Stock-Based Compensation - 2016 Stock Option Plan (Details) - Stock-based awards available for grant under 2016 Plan - shares	Jan. 01, 2025	Jan. 01, 2024	Dec. 31, 2025	Jun. 22, 2016
Stock Based Compensation
Maximum automatic annual increase as a percentage of outstanding common shares			5.00%
Increase in shares available for grant (in shares)	7,630,534	9,097,289
Stock Options
Stock Based Compensation
Minimum grant price as a percentage of fair market value per share of the underlying common stock on the date of grant (as a percent)			100.00%
Common Stock Class A
Stock Based Compensation
Shares reserved for issuance (in shares)				11,500,000

Right-of-Use Assets and Lease Liabilities - Supplemental Cash Flows and Other Information related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating cash flows paid for amounts included in operating lease liabilities (in thousands)	$ 40,700	$ 54,376
Weighted average remaining lease term (in years)	2 years 10 months 24 days	3 years 7 months 6 days
Weighted average discount rate	4.70%	4.60%

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Purchase Price Allocation

The following table presents the preliminary purchase price allocation:


	Total
	(In thousands)
Cash and cash equivalents	$	45,565
Other tangible assets and liabilities, net	(1,844)
Intangible assets (1)	11,833

Goodwill	48,507
Total preliminary purchase price	$	104,061
Less: cash and cash equivalents acquired	(45,565)
Total preliminary purchase price, net of cash acquired	$	58,496

____________________________________

(1) Identifiable intangible assets were comprised of the following:


	Total		Estimated life
	(In thousands)		(In years)
Developed technology	$	9,864	5
Customer relationships	1,969		4
Total intangible assets acquired	$	11,833

Schedule of Intangible Assets Acquired

(1) Identifiable intangible assets were comprised of the following:


	Total		Estimated life
	(In thousands)		(In years)
Developed technology	$	9,864	5
Customer relationships	1,969		4
Total intangible assets acquired	$	11,833

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 341	$ 5,617	$ 2,567
State	1,515	2,305	1,533
Foreign	20,692	14,850	31,354
Total	22,548	22,772	35,454
Deferred:
Federal	95	196	(1,337)
State	(27)	149	(208)
Foreign	(1,356)	(2,327)	(15,197)
Total	(1,288)	(1,982)	(16,742)
Provision for income taxes	$ 21,260	$ 20,790	$ 18,712

Income Taxes - Domestic and Foreign Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ 150,891	$ 40,982	$ (816,089)
International	(95,797)	(129,595)	(180,640)
Income (loss) before provision for income taxes	$ 55,094	$ (88,613)	$ (996,729)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Revenue by Geographic Area and Groups of Similar Products (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of revenue by geographic area

The following table sets forth revenue by geographic area:


		Year Ended December 31,
		2025		2024		2023
Revenue by geographic area:	(In thousands)
United States		$	3,246,863	$	2,898,056	$	2,757,470
International		1,820,357		1,559,980		1,396,475
Total		$	5,067,220	$	4,458,036	$	4,153,945


Percentage of revenue by geographic area:
United States	64	%	65	%	66	%
International	36	%	35	%	34	%

The following table sets forth revenue by groups of similar products:


		Year Ended December 31,
		2025		2024(1)		2023(1)
Revenue by groups of similar products:	(In thousands)
Messaging		$	2,878,304	$	2,435,462	$	2,251,308
Voice		615,655		543,117		511,728
Email		523,470		488,271		440,185
Segment		303,250		297,696		295,252
Other		746,541		693,490		655,472
Total		$	5,067,220	$	4,458,036	$	4,153,945
________________________________________
(1) Prior year amounts were reclassified to conform to the current year presentation. In 2025, RCS Messaging and WhatsApp Messaging were reclassified into Messaging. Previously, revenue related to these products was presented within Other. As a result, $76.7 million and $66.6 million were reclassified out of Other and into Messaging for the years ended December 31, 2024 and 2023, respectively.

Schedule of long-lived assets by geographic area

The following table sets forth long-lived assets by geographic area:


	As of December 31,
	2025			2024
Long-lived assets by geographic area:	(In thousands)
United States	$	43,491		$	65,782
International	15,561			25,676
Total	$	59,052		$	91,458
Percentage of long-lived assets by geographic area:
United States	74		%	72		%
International	26		%	28		%

Summary of Significant Accounting Policies - Schedule of Useful Lives of Intangible Assets (Details)	Dec. 31, 2025
Supplier relationships
Finite-Lived Intangible Assets [Line Items]
Estimated life	5 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Estimated life	5 years
Patents
Finite-Lived Intangible Assets [Line Items]
Estimated life	20 years
Minimum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated life	4 years
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated life	4 years
Maximum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated life	7 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated life	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (d)(1)
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
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-Section 50
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Stock-Based Compensation - 2016 Employee Stock Purchase Plan (Details) - ESPP - shares			12 Months Ended
	Jan. 01, 2025	Jan. 01, 2024	Dec. 31, 2025	Jun. 21, 2016
Stock Based Compensation
Maximum automatic annual increase (in shares)			1,800,000
Maximum automatic annual increase as a percentage of outstanding common shares			1.00%
Increase in shares available for grant (in shares)	1,526,106	1,800,000
Stock plan offering period			6 months
Common Stock Class A
Stock Based Compensation
Shares reserved for issuance (in shares)				2,400,000
Discount from market price, offering date (as a percent)			15.00%
Purchase price, percentage of fair market value (as a percent)			85.00%

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial Assets

The following tables provide the financial assets measured at fair value on a recurring basis:


	Amortized Cost or Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses Less Than 12 Months		Gross Unrealized Losses More Than 12 Months		Fair Value Hierarchy as of December 31, 2025						Aggregate Fair Value
									Level 1		Level 2		Level 3
Financial Assets:	(In thousands)
Cash and cash equivalents:
Money market funds	$	454,505	$	—	$	—	$	—	$	454,505	$	—	$	—	$	454,505

Commercial paper	37,517		—		—		—		—		37,517		—		37,517

Total included in cash and cash equivalents	492,022		—		—		—		454,505		37,517		—		492,022
Marketable securities:
Debt securities:
U.S. Treasury securities	249,396		1,190		(9)		—		250,577		—		—		250,577

Corporate debt securities and commercial paper	1,523,935		9,360		(84)		(1)		—		1,533,210		—		1,533,210
Total debt securities	1,773,331		10,550		(93)		(1)		250,577		1,533,210		—		1,783,787
Equity securities	4,220		—		—		—		4,220		—		—		4,220
Total marketable securities	1,777,551		10,550		(93)		(1)		254,797		1,533,210		—		1,788,007
Total financial assets	$	2,269,573	$	10,550	$	(93)	$	(1)	$	709,302	$	1,570,727	$	—	$	2,280,029


	Amortized Cost or Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses Less Than 12 Months		Gross Unrealized Losses More Than 12 Months		Fair Value Hierarchy as of December 31, 2024						Aggregate Fair Value
									Level 1		Level 2		Level 3
Financial Assets:	(In thousands)
Cash and cash equivalents:
Money market funds	$	207,323	$	—	$	—	$	—	$	207,323	$	—	$	—	$	207,323

Commercial paper	15,059		—		—		—		—		15,059		—		15,059
U.S. Treasury bills	2,748		—		—		—		2,748		—		—		2,748
Total included in cash and cash equivalents	225,130		—		—		—		210,071		15,059		—		225,130
Marketable securities:
Debt securities:
U.S. Treasury securities	379,846		1,243		(296)		(55)		380,738		—		—		380,738
Non-U.S. government securities	2,909		27		—		—		2,936		—		—		2,936
Corporate debt securities and commercial paper	1,571,944		6,415		(1,594)		(557)		16,890		1,559,318		—		1,576,208
Total debt securities	1,954,699		7,685		(1,890)		(612)		400,564		1,559,318		—		1,959,882
Equity securities	3,220		—		—		—		3,220		—		—		3,220
Total marketable securities	1,957,919		7,685		(1,890)		(612)		403,784		1,559,318		—		1,963,102
Total financial assets	$	2,183,049	$	7,685	$	(1,890)	$	(612)	$	613,855	$	1,574,377	$	—	$	2,188,232

Debt Securities

The Company’s primary objective when investing excess cash is preservation of capital, hence the Company’s debt securities primarily consist of U.S. Treasury securities, non-U.S. government securities, high credit quality corporate debt securities and commercial paper. Because the Company views its debt securities as available to support its current operations, it has classified all available for sale securities as short-term.

Interest earned on marketable securities was $70.6 million, $90.2 million and $77.7 million in the years ended December 31, 2025, 2024 and 2023, respectively. The interest is recorded as other income, net, in the accompanying consolidated statements of operations.

The following table summarizes the contractual maturities of marketable securities:


	As of December 31,
	2025				2024
	Amortized Cost		Aggregate Fair Value		Amortized Cost		Aggregate Fair Value
Financial Assets:	(In thousands)
Less than one year	$	588,022	$	590,997	$	684,294	$	685,091
One to three years	1,185,309		1,192,790		1,270,405		1,274,791
Total	$	1,773,331	$	1,783,787	$	1,954,699	$	1,959,882

Strategic Investments

As of December 31, 2025 and 2024, the Company held strategic investments with an aggregate carrying value of $24.5 million and $23.5 million, respectively, recorded as other long-term assets in the accompanying consolidated balance sheets. There were no significant impairments or adjustments recorded in the years ended December 31, 2025 and 2024 related to these securities. In the year ended December 31, 2023, the Company remeasured to fair value one of its strategic investments acquired in 2021 due to an assessed impairment. The fair value measurement of the strategic investment is classified as Level 2 in the fair value hierarchy and the primary input used in the fair value measurement was the publicly available stock price of the issuer’s unrestricted security of the same class. The impairment loss of $46.2 million is recorded in other expenses, net, in the accompanying consolidated statement of operations for the year ended December 31, 2023.

Financial Liabilities

The Company’s financial liabilities that are measured at fair value on a recurring basis consist of foreign currency derivative liabilities and are classified as Level 2 financial instruments in the fair value hierarchy. As of December 31, 2025 and 2024, the aggregate fair value of these liabilities and the associated unrealized losses were not significant.

The Company’s financial liabilities that are not measured at fair value on a recurring basis are its 2029 Notes and its 2031 Notes. As of December 31, 2025, the fair value of the 2029 Notes and 2031 Notes were $489.7 million and $483.9 million, respectively. As of December 31, 2024, the fair value of the 2029 Notes and 2031 Notes were $464.9 million and $453.9 million, respectively. These fair values are classified as Level 2 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of property and equipment

The useful lives of property and equipment are as follows:


Capitalized internal-use software development costs						3 years
Data center equipment						2 - 4 years
Leasehold improvements						Shorter of 5 years or the remaining lease term
Office equipment						3 years
Furniture and fixtures						5 years
Software						3 years
Assets under financing lease						Shorter of 5 years or the remaining lease term

Property and equipment consist of the following:


	As of December 31,
	2025		2024
	(In thousands)
Capitalized internal-use software developments costs	$	421,795	$	357,334
Data center equipment (1)	27,843		63,672
Leasehold improvements	62,143		78,104
Office equipment	46,709		50,659
Furniture and fixtures	10,399		12,618
Software	14,927		14,143
Total property and equipment	583,816		576,530
Less: accumulated depreciation and amortization (1)	(406,853)		(385,488)
Total property and equipment, net	$	176,963	$	191,042

____________________________________

(1) Data center equipment includes $1.4 million and $33.5 million in assets held under finance leases as of December 31, 2025 and 2024, respectively. Accumulated depreciation and amortization includes $1.4 million and $28.6 million of accumulated depreciation for assets held under finance leases as of December 31, 2025 and 2024, respectively.

Schedule of useful lives of intangible assets

The useful lives of the intangible assets are as follows:


Developed technology						4 - 7 years
Customer relationships						4 - 10 years
Supplier relationships						5 years
Trade names						5 years

Patents						20 years
Telecommunication licenses						Indefinite
Trademarks						Indefinite
Domain names						Indefinite

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill balance

The goodwill balance as of December 31, 2025 and 2024, and the changes during the period, were as follows:


		Total
	(In thousands)
Balance as of December 31, 2024 and 2023		$	5,243,266
Goodwill additions related to 2025 acquisitions and other		48,521

Balance as of December 31, 2025		$	5,291,787

Schedule of intangible assets

Intangible assets consist of the following:


	As of December 31, 2025
	Cost		Accumulated Amortization		Net
Amortizable intangible assets:	(In thousands)
Developed technology	$	398,205	$	(359,450)	$	38,755
Customer relationships	350,283		(260,216)		90,067
Supplier relationships	49,756		(44,443)		5,313
Trade names	25,968		(25,928)		40

Patent	3,968		(1,293)		2,675
Total amortizable intangible assets	828,180		(691,330)		136,850
Non-amortizable intangible assets:
Telecommunication licenses	4,920		—		4,920
Trademarks and other	295		—		295
Total	$	833,395	$	(691,330)	$	142,065


	As of December 31, 2024
	Cost		Accumulated Amortization		Net
Amortizable intangible assets:	(In thousands)
Developed technology	$	388,341	$	(306,063)	$	82,278
Customer relationships	348,314		(215,523)		132,791
Supplier relationships	49,756		(35,363)		14,393
Trade names	25,968		(25,014)		954

Patent	3,968		(1,096)		2,872
Total amortizable intangible assets	816,347		(583,059)		233,288
Non-amortizable intangible assets:
Telecommunication licenses	4,920		—		4,920
Trademarks and other	295		—		295
Total	$	821,562	$	(583,059)	$	238,503

Schedule of total estimated future amortization expense

Total estimated future amortization expense is as follows:


	As of December 31, 2025
Year Ended December 31,	(In thousands)
2026	$	44,615
2027	27,796
2028	21,520
2029	17,353
2030	16,614
Thereafter	8,952
Total	$	136,850

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Stock-Based Compensation - Restricted Stock Units Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
RSUs
Stock Based Compensation
Granted (in shares)	4,728,094
Unrecognized compensation cost, other than options	$ 994.9
Weighted-average remaining period	2 years 2 months 12 days
RSUs \| Executives
Stock Based Compensation
Granted (in shares)	185,899	516,626
Outstanding performance based options, aggregate intrinsic value	$ 27.1	$ 34.5
PSUs \| Minimum \| Executives
Stock Based Compensation
Vesting percentage of target	0.00%
PSUs \| Maximum \| Executives
Stock Based Compensation
Vesting percentage of target	200.00%

Stockholders' Equity - Common Stock Shares Reserved (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Stockholders' Equity
Total (in shares)	54,212,229	53,064,084
Stock-based awards available for grant under 2016 Plan
Stockholders' Equity
Stock-based awards available for grant under 2016 Plan and shares of class A common stock reserved for issuance pursuant to ESPP (in shares)	28,543,969	23,292,678
Common Stock Class A
Stockholders' Equity
Shares of Class A common stock reserved for Twilio.org (in shares)	265,225	353,633
Stock options issued and outstanding
Stockholders' Equity
Stock options issued and outstanding (in shares)	902,120	1,322,176
Unvested restricted stock units issued and outstanding
Stockholders' Equity
Unvested restricted stock units issued and outstanding (in shares)	13,663,977	18,386,271
Shares of Class A common stock reserved for issuance pursuant to ESPP
Stockholders' Equity
Stock-based awards available for grant under 2016 Plan and shares of class A common stock reserved for issuance pursuant to ESPP (in shares)	10,836,938	9,709,326

Net Income (Loss) Per Share Attributable to Common Stockholders - Basic and Diluted Net Income (Loss) per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss) attributable to common stockholders (in thousands)	$ 33,834	$ (109,403)	$ (1,015,441)
Denominator:
Weighted-average shares outstanding, basic (in shares)	152,986,390	165,925,128	183,327,844
Dilutive effect of outstanding stock options, RSUs, and stock committed under ESPP (in shares)	6,802,554	0	0
Weighted-average shares outstanding, diluted (in shares)	159,788,944	165,925,128	183,327,844
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.22	$ (0.66)	$ (5.54)
Diluted (in dollars per share)	$ 0.21	$ (0.66)	$ (5.54)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).

Principles of Consolidation

The consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are used for, but not limited to, revenue allowances and sales credit reserves; recoverability of long-lived and intangible assets; capitalization and useful life of the Company’s capitalized internal-use software development costs; fair values of acquired intangible assets, goodwill and equity method investments; accruals and contingencies. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. However, future events are subject to change and best estimates and judgments may require further adjustments, therefore, actual results could differ materially from those estimates. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to a concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, marketable securities and accounts receivable. The Company maintains cash, restricted cash, cash equivalents and marketable securities with financial institutions. Certain balances held by such financial institutions exceed insured limits.

The Company sells its services to a wide variety of customers. If the financial condition or results of operations of any significant customer deteriorate substantially, operating results could be adversely affected. To reduce credit risk, management performs credit evaluations of the financial condition of significant customers and periodic re-evaluations, as needed, of existing customers. The Company does not require collateral from its credit customers and maintains reserves for estimated credit losses on customer accounts when considered necessary. Actual credit losses may differ from the Company’s estimates.

Revenue Recognition

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for credits and any taxes collected from customers, which are subsequently remitted to governmental authorities.

The Company determines revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and,

•Recognition of revenue when, or as, the Company satisfies a performance obligation.

Nature of Products and Services

The Company recognizes revenue from its products on either a usage basis or a subscription basis, depending on the nature of the product and the type of customer contract.

The majority of the Company’s revenue is derived from usage‑based fees. These fees are earned when customers access the Company’s cloud-based platform and start using the Company’s products. Platform access is considered a monthly series comprised of one performance obligation and usage-based fees are recognized as revenue in the period in which the usage occurs. Some examples of the usage-based products are Messaging and Voice. For the Messaging products, the fees relate to the number of text messages sent or received. For the Voice products, the fees primarily relate to minutes of call duration. In the years ended December 31, 2025, 2024 and 2023, the revenue from usage-based fees represented 74%, 72%, and 71% of total revenue, respectively.

Subscription-based fees are derived from various products such as Segment, Email and others. Subscription-based contracts revenue is recognized on a ratable basis over the contractual term which is generally between one to three years. In the years ended December 31, 2025, 2024 and 2023, the revenue from non-usage-based fees represented 26%, 28%, and 29% of total revenue, respectively.

When our usage-based products are embedded into our subscription-based products, or when multiple products

are purchased together as a solution, we charge for each product separately on a usage or a subscription basis, as applicable.

No significant judgments are required in determining whether products and services are considered distinct performance obligations and should be accounted for separately versus together, or to determine the stand-alone selling price.

The Company's arrangements do not contain general rights of return. However, credits may be issued on a case-by-case basis. The contracts do not provide customers with the right to take possession of the software supporting the applications. Amounts that have been charged via credit card or invoiced are recorded in accounts receivable and in revenue or deferred revenue depending on whether the revenue recognition criteria have been met.

The Company defines U.S. revenue as revenue from customers with IP addresses or mailing addresses at the time of registration in the United States. The Company defines international revenue as revenue from customers with IP addresses or mailing addresses at the time of registration outside of the United States.

Remaining Performance Obligations

Deferred Revenue and Customer Deposits

Deferred revenue is recorded when a non-cancellable contractual right to bill exists or when cash payments are received in advance of future usage on non-cancelable contracts. Customer refundable prepayments are recorded as customer deposits. As of December 31, 2025 and 2024, the Company recorded $158.7 million and $155.7 million as its deferred revenue and customer deposits, respectively, that are included in deferred revenue and customer deposits in the accompanying consolidated balance sheets. During the years ended December 31, 2025, 2024 and 2023, the Company recognized $134.1 million, $120.7 million, and $120.5 million of revenue, respectively, that was included in its deferred revenue and customer deposits balances as of the end of the previous year.

(g)Deferred Sales Commissions

The Company records an asset for the incremental costs of obtaining a contract with a customer, such as sales commissions, that are earned upon execution of contracts. The Company uses the portfolio of data method to determine the estimated period of benefit of capitalized commissions which is generally determined to be up to five years. Amortization expense related to these capitalized costs are recognized on a straight line basis over the estimated period of benefit. The Company applies the optional exemption of expensing these costs as incurred with amortization periods of one year or less.

Total net capitalized commission costs as of December 31, 2025 and 2024 were $147.7 million and $166.0 million, respectively, and are included in prepaid expenses and other current assets and other long‑term assets in the accompanying consolidated balance sheets. Amortization of these assets was $74.5 million, $76.3 million and $72.9 million in the years ended December 31, 2025, 2024 and 2023, respectively, and is included in sales and marketing expense in the accompanying consolidated statements of operations.

Cost of Revenue

Cost of revenue consists primarily of fees paid to network service providers. Cost of revenue also includes cloud infrastructure fees, direct costs of personnel, such as salaries and stock‑based compensation for customer support employees, and other non‑personnel costs, such as depreciation and amortization expense related to data centers and hosting equipment, amortization of capitalized internal-use software development costs and acquired intangible assets.

Research and Development Expense

Research and development expenses consist primarily of personnel costs, outsourced engineering services, cloud infrastructure fees for staging and development of the Company’s products, depreciation, amortization of capitalized internal-use software development costs and an allocation of general overhead expenses. The Company capitalizes the portion of its software development costs that meets the criteria for capitalization.

Internal-Use Software Development Costs

Certain costs of platform and other software applications developed for internal use are capitalized. The Company capitalizes qualifying internal-use software development costs that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed and (ii) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Costs incurred for maintenance, minor upgrades and enhancements are expensed. Costs related to preliminary project activities and post-implementation operating activities are also expensed as incurred.

Capitalized costs of platform and other software applications are included in property and equipment. These costs are amortized over the estimated useful life of the software on a straight-line basis over three years. Management periodically evaluates the useful life of these assets and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. The amortization of costs related to the platform applications is included in cost of revenue, while the amortization of costs related to software applications developed for internal use is included in operating expenses.

Advertising Costs

Advertising costs are expensed as incurred and were $39.8 million, $48.7 million and $71.1 million in the years ended December 31, 2025, 2024 and 2023, respectively. Advertising costs are included in sales and marketing expenses in the accompanying consolidated statements of operations.

Restructuring Costs

The Company records restructuring expenses when management commits to a restructuring plan, the restructuring plan identifies all significant actions, the period of time to complete the restructuring plan indicates that significant changes to the plan are not likely and employees who are impacted have been notified of the pending involuntary termination.

Stock-Based Compensation

(m)Stock-Based Compensation

All stock-based compensation to employees is measured on the grant date based on the fair value of the awards on that date. These costs are recognized in expense following a straight-line attribution method over the requisite service period. For performance-based restricted stock units (“PSUs”) with operational performance targets, the grant date fair value is the closing price of the Company’s Class A common stock on the date of grant. The expense is recognized on a straight-line basis over the performance period only if it is probable that the performance target will be achieved. The probability of achievement is assessed each reporting period and adjustments are recorded accordingly. For PSUs with market conditions, the grant date fair value is determined using a Monte-Carlo simulation model and the expense is recognized on a straight-line basis over the performance period.

The Company uses the Black-Scholes option pricing model to measure the fair value of its stock options and the purchase rights issued under the Company's 2016 Employee Stock Purchase Plan, as amended (the “ESPP”). The grant date fair value of the restricted stock units (“RSUs”) is the closing price of the Company's Class A common stock on the date of grant. The expense for options, purchase rights issued under the ESPP and RSUs is recognized on a straight-line basis over the requisite service period. Forfeitures are recorded in the period in which they occur.

The Black-Scholes option pricing model requires the use of complex assumptions, which determine the fair value of stock options and the purchase rights issued under the ESPP. If any of the assumptions used in the Black-Scholes model change, stock-based compensation for future options may differ materially compared to that associated with previous grants. These assumptions include:

•Fair value of the common stock. The Company uses the market closing price of its Class A common stock, as reported on the New York Stock Exchange, for the fair value.

•Expected term. The expected term represents the period over which the stock option or the purchase right is expected to be outstanding. The Company uses a simplified calculation for the expected term, which reflects the weighted-average time-to-vest and the contractual life of the stock option or the purchase right;

•Expected volatility. The expected volatility is derived from the average of the historical volatilities of the Company’s Class A common stock.

•Risk -free interest rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock-based awards; and

•Expected dividend. The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock.

Income Taxes

The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating losses and tax credit carry-forwards. Deferred tax amounts are determined by using the enacted tax rates expected to be in effect when the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance reduces the deferred tax assets to the amount that is more likely than not to be realized.

The Company recognizes the effect of uncertain income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is more than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

The Company records interest and penalties related to uncertain tax positions in the provision for income taxes in the consolidated statements of operations.

Foreign Currency

The functional currency of the Company's foreign subsidiaries is primarily the U.S. dollar. Accordingly, the subsidiaries remeasure monetary assets and liabilities at period-end exchange rates, while non-monetary items are remeasured at historical rates. Revenue and expense accounts are remeasured at the average exchange rate in effect during the month in which the transactions occur. Remeasurement adjustments are recognized in the consolidated statements of operations as other income, net, in the year of occurrence. Foreign currency transaction gains and losses are included in other income, net, in the accompanying consolidated statements of operations.

For those entities where the functional currency is a foreign currency, adjustments resulting from translating the financial statements into U.S. dollars are recorded as a component of accumulated other comprehensive income (loss) as part of the total stockholders' equity. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the weighted average exchange rates in effect during the month in which the transactions occur. Equity transactions are translated using historical exchange rates.

Comprehensive Income (Loss)

Comprehensive income (loss) refers to net income (loss) and other revenue, expenses, gains and losses that, under U.S. GAAP, are recorded as an element of stockholders' equity but are excluded from the calculation of net income (loss).

Net Income (Loss) Per Share Attributable to Common Stockholders

The Company computes net income (loss) per share in accordance with Accounting Standards Codification (“ASC”) 260 “Earnings per Share.” Basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share gives effect to all dilutive potential common shares outstanding during the period, such as stock options, RSUs and shares partially paid for under ESPP, using the treasury stock method; the contingently issuable shares guidance is applied to PSUs. Diluted net income (loss) per share excludes all dilutive potential common shares if their effect is anti-dilutive. The Company calculates its basic and diluted net income (loss) per share attributable to common stockholders in conformity with the two-class method required for companies with participating securities.

The Company has 100,000,000 shares of preferred stock that are authorized but none are issued or outstanding.

Class A common stock was the only outstanding class of equity securities of the Company as of December 31, 2025 and 2024. Each share of Class A common stock is entitled to one vote per share.

Prior to June 28, 2023, the Company’s outstanding equity securities included its Class B common stock. On June 28, 2023, each outstanding share of the Company’s Class B common stock automatically converted (the “Conversion”) into one share of the Company’s Class A common stock pursuant to the terms of the Company’s certificate of incorporation. In addition, upon the Conversion, all outstanding stock options that were exercisable for shares of Class B common stock prior to the

Conversion became exercisable for shares of Class A common stock. The Company retired all of the shares of its Class B common stock that were issued but not outstanding following the Conversion.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents may consist of cash deposited into money market funds, U.S. treasury bills and commercial paper. All credit and debit card transactions that process as of the last day of each month and settle within the first few days of the subsequent month are also classified as cash and cash equivalents as of the end of the month in which they were processed.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful AccountsAccounts receivable are recorded net of the allowance for doubtful accounts. The allowance for doubtful accounts is estimated based on the Company's assessment of its ability to collect on customer accounts receivable. The Company regularly reviews the allowance by considering certain factors such as historical experience, credit quality, age of accounts receivable balances and other known conditions that may affect a customer's ability to pay. In cases where the Company is aware of circumstances that may impair a specific customer's ability to meet their financial obligations, a specific allowance is recorded against amounts due from the customer which reduces the net recognized receivable to the amount the Company reasonably believes will be collected. The Company writes-off accounts receivable against the allowance when a determination is made that the balance is uncollectible and collection of the receivable is no longer being actively pursued.

Property and Equipment

Property and equipment, both owned and under finance leases, is stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the related asset. Maintenance and repairs are expensed as incurred.

The useful lives of property and equipment are as follows:


Capitalized internal-use software development costs						3 years
Data center equipment						2 - 4 years
Leasehold improvements						Shorter of 5 years or the remaining lease term
Office equipment						3 years
Furniture and fixtures						5 years
Software						3 years
Assets under financing lease						Shorter of 5 years or the remaining lease term

Leases

The Company determines if an arrangement is or contains a lease at contract inception. The Company presents the operating leases in long-term assets and current and long-term liabilities. Finance lease assets are included in property and equipment, net, and finance lease liabilities are presented in current and long-term liabilities in the accompanying consolidated balance sheets.

Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are measured and recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. As the Company’s leases do not generally provide an implicit rate, the Company uses its incremental borrowing rate based on the information available on the commencement date to determine the present value of lease payments. The Company’s lease agreements may have lease and non-lease components, which the Company accounts for as a single lease component. When estimating the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain such options will be exercised. Operating lease costs are recognized in operating expenses in the accompanying consolidated statements of operations on a straight-line basis over the lease term and variable payments are

recognized in the period they are incurred. The Company’s lease agreements do not contain any residual value guarantees. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

Within the consolidated statements of cash flows, the Company presents the lease payments made on the operating leases as cash flows from operations and principal payments made on the finance leases as part of financing activities.

Equity Method Investments

Equity investment holdings in which the Company does not have a controlling financial interest but can exercise significant influence over the investee are accounted for under the equity method. Equity method investments are originally recorded at cost and are increased or reduced in subsequent periods to reflect the Company’s proportionate share of the investee’s net earnings or losses and other comprehensive income or losses, as those occur. The Company records the investee losses on a three-month lag and up to the carrying amount of the investment. Investments are also increased or decreased by contributions made to and distributions received from the investee, basis difference amortization and other-than-temporary impairments, if any. All costs directly associated with the acquisition of the investment are included in the carrying amount of the investment. Profits or losses related to intra-entity sales are eliminated until realized by the Company or the investee.

The Company determines the difference between its purchase price and its proportionate share of the net assets of the investee, which constitutes its excess basis in the investment. This excess basis is allocated to the identifiable assets and liabilities of the investee utilizing purchase accounting principles and is used to calculate the amortizable basis difference and the equity method goodwill. Basis differences attributed to intangible assets with determinable economic lives and liabilities are generally amortized on a straight-line basis over the useful lives of the associated assets and the expected term for the liabilities. Basis differences related to intangible assets without determinable economic lives are not amortized.

Equity method goodwill is not amortized or tested for impairment. Instead, the Company evaluates its equity method investments for impairment whenever events or changes in circumstance indicate that the carrying amounts of such investments may be in excess of their fair value. When such indicators exist, the other-than-temporary impairment model is utilized, which considers the severity and duration of a decline in fair value below book value and the Company’s ability and intent to hold the investment for a sufficient period of time to allow for recovery. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in the period of such determination. When an impairment loss is recorded in the period, the Company allocates such loss to its overall basis difference in the following order: (a) reducing the equity method goodwill to zero, then (b) reducing the individual basis differences attributable to long-lived assets proportionately based on their amounts relative to the overall basis difference on the impairment date.

Segment Information

The Company determines its operating and reportable segments in accordance with ASC 280 Segment Reporting, which requires financial information to be reported based on how the chief operating decision maker (“CODM”), who is the Company's Chief Executive Officer (“CEO”), reviews and manages the business, and establishes criteria for aggregating operating segments into reportable segments. The Company operates in and reports its results in a single operating and reportable segment.

Business Combinations

The Company records identifiable assets acquired and liabilities assumed at their acquisition date fair values. Goodwill is measured as the excess of the consideration transferred over the fair value of the net assets acquired on the acquisition date. While the Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed, these estimates are inherently uncertain and subject to refinement. The authoritative guidance allows a measurement period of up to one year from the date of acquisition to make adjustments to the preliminary allocation of the purchase price. As a result, during the measurement period the Company may record adjustments to the fair values of assets acquired and liabilities assumed, with the corresponding offset to goodwill to the extent that it identifies adjustments to the preliminary purchase price allocation. Upon conclusion of the measurement period or final determination of the values of the assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements of operations.

Goodwill

Goodwill represents the excess of the aggregate purchase price over the fair value of net identifiable assets acquired in a business combination. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company operates as one reporting unit and has selected October 1 as the date of its annual impairment test.

The Company has the option to first perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. However, the Company may elect to bypass the qualitative assessment and proceed directly to the quantitative impairment tests. The impairment test involves comparing the fair value of a reporting unit to its carrying amount, including goodwill. In the valuation of goodwill, management must make assumptions regarding estimated future cash flows to be derived from the reporting unit. Changes in these estimates or assumptions in future periods may result in the recognition of an impairment in the affected period. Goodwill impairment is calculated as the amount by which the reporting unit’s carrying amount exceeds its fair value, and is limited to the carrying amount of goodwill.

Intangible Assets

Intangible assets recorded by the Company include the fair values of identifiable intangible assets acquired in business combinations and costs directly associated with securing legal registration of patents and trademarks and acquiring domain names.

Intangible assets with determinable economic lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful life of each asset on a straight-line basis. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors the Company considers when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company's long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets without determinable economic lives are carried at cost, not amortized and reviewed for impairment at least annually.

The useful lives of the intangible assets are as follows:


Developed technology						4 - 7 years
Customer relationships						4 - 10 years
Supplier relationships						5 years
Trade names						5 years

Patents						20 years
Telecommunication licenses						Indefinite
Trademarks						Indefinite
Domain names						Indefinite

Impairment of Long-Lived Assets

The Company evaluates its long-lived assets, including property, equipment and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If such evaluation indicates that the carrying amount of the asset or the asset group is not recoverable, an impairment loss would be equal to the amount the carrying value exceeds the fair value. The impairment is allocated to the long-lived assets within the asset group on a pro-rata basis using the relative carrying amounts of the assets. Carrying amounts of individual long-lived assets are not reduced below their respective fair values.

In the valuation of an asset or an asset group, management must make assumptions regarding estimated future revenue and cash flows to be derived from the respective asset or asset group, discount rates used and other assumptions. Changes in these estimates or their related assumptions in future periods may result in the recognition of an impairment of an asset or an asset group in the affected period..

Derivatives and Hedging

The Company is exposed to a wide variety of risks arising from its business operations and overall economic conditions. These risks include exposure to fluctuations in various foreign currencies against its functional currency and can impact the value of cash receipts and payments. The Company minimizes its exposure to these risks through management of its core business activities, specifically, the amounts, sources and duration of its assets and liabilities, and the use of derivative financial instruments. The Company uses foreign currency derivative forward contracts, and in the future may also use foreign currency option contacts.

Foreign currency derivative forward contracts involve fixing the exchange rate for delivery of a specified amount of foreign currency on a specified date. These agreements are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. Foreign currency option contracts will require the Company to pay a premium for the right to sell a specified amount of foreign currency prior to the maturity date of the option. The Company does not enter into derivative financial instruments trading for speculative purposes.

Derivative instruments are carried at fair value and recorded as either an asset or a liability until they mature. Gains and losses resulting from changes in fair value of these instruments are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. For derivative instruments designated as cash flow hedges, gains or losses are initially recorded in accumulated other comprehensive income (loss) on the balance sheet, then reclassified into the statement of operations in the period in which the derivative instruments mature. These realized gains and losses are recorded within the same financial statement line item as the hedged transaction.

The Company’s foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates.

Share Repurchases

Share RepurchasesThe Company elected to record the excess of the repurchase price over the par value of the repurchased shares of its Class A common stock in accumulated deficit, along with the associated transaction costs and excise taxes. Immediately upon repurchase, the shares are retired and returned to the status of unauthorized and unissued.

Fair Value of Financial Instruments

The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows:

•Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The Company applies fair value accounting for all financial instruments measured at fair value on a recurring basis. The Company's financial instruments, which include cash, restricted cash, cash equivalents, accounts receivable and accounts payable are recorded at their carrying amounts, which approximate their fair values due to their short-term nature. Marketable securities consist of U.S. treasury securities, non-U.S. government securities, high credit quality corporate debt securities and commercial paper. All marketable securities are considered to be available-for-sale and recorded at their estimated fair values. Unrealized gains and losses for available-for-sale securities are recorded in other comprehensive income (loss). In valuing these

items, the Company uses inputs and assumptions that market participants would use to determine their fair value, utilizing valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

The fair values of the senior notes due 2029 and 2031 (“2029 Notes” and “2031 Notes,” respectively) are determined based on their respective closing prices on the last trading day of the reporting period. These financial liabilities are not measured at fair value on a recurring basis.

The carrying values of the strategic investments, which consist of restricted equity securities of a publicly held company and equity securities of privately held companies, are determined under the measurement alternative on a non-recurring basis adjusting for observable changes in fair value or impairment. The Company does not have a controlling interest nor can it exercise significant influence over any of these entities.

The Company regularly reviews changes to the rating of its debt securities by rating agencies and monitors the surrounding economic conditions to assess the risk of expected credit losses. As of December 31, 2025, the risk of expected credit losses was not significant.

Impairments are considered to be other than temporary if they are related to deterioration in credit risk or if it is likely that the security will be sold before the recovery of its cost basis. Realized gains and losses and declines in value deemed to be other than temporary are determined based on the specific identification method and are reported in other income, net in the accompanying consolidated statements of operations.

Recently Adopted Accounting Guidance and Recently Issued Accounting Guidance, Not yet Adopted

Recently Adopted Accounting Guidance

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax related disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and may be applied on a prospective basis. The Company adopted ASU 2023-09 on a prospective basis in 2025. Prior periods were not restated to conform to the new presentation.

(af)Recently Issued Accounting Guidance, Not yet Adopted

In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which modernizes the accounting for internal-use software by replacing the previous stage-based model and aligning the capitalization process with current development practices, especially agile and iterative methods. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and may be applied prospectively, retrospectively, or using a modified transition approach. Early adoption is permitted. The Company is in process of evaluating the impact of the adoption of this ASU on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires the disaggregation of certain expenses in the notes of the financial statements to provide enhanced transparency into the expense captions presented on the face of the statements of operations. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and may be applied either prospectively or retrospectively. The adoption will require certain additional disclosure in the notes to the Company’s consolidated financial statements.

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 828,180	$ 816,347
Accumulated Amortization	(691,330)	(583,059)
Total	136,850	233,288
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Cost	833,395	821,562
Accumulated Amortization	(691,330)	(583,059)
Total	142,065	238,503
Telecommunication licenses
Indefinite-Lived Intangible Assets [Line Items]
Non-amortizable intangible assets:	4,920	4,920
Trademarks and other
Indefinite-Lived Intangible Assets [Line Items]
Non-amortizable intangible assets:	295	295
Developed technology
Finite-Lived Intangible Assets, Net [Abstract]
Cost	398,205	388,341
Accumulated Amortization	(359,450)	(306,063)
Total	38,755	82,278
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(359,450)	(306,063)
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Cost	350,283	348,314
Accumulated Amortization	(260,216)	(215,523)
Total	90,067	132,791
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(260,216)	(215,523)
Supplier relationships
Finite-Lived Intangible Assets, Net [Abstract]
Cost	49,756	49,756
Accumulated Amortization	(44,443)	(35,363)
Total	5,313	14,393
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(44,443)	(35,363)
Trade names
Finite-Lived Intangible Assets, Net [Abstract]
Cost	25,968	25,968
Accumulated Amortization	(25,928)	(25,014)
Total	40	954
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(25,928)	(25,014)
Patent
Finite-Lived Intangible Assets, Net [Abstract]
Cost	3,968	3,968
Accumulated Amortization	(1,293)	(1,096)
Total	2,675	2,872
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (1,293)	$ (1,096)

Fair Value Measurements - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Less than one year, amortized cost	$ 588,022	$ 684,294
One to three years, amortized cost	1,185,309	1,270,405
Amortized Cost or Carrying Value	1,773,331	1,954,699
Less than one year, aggregate fair value	590,997	685,091
One to three years, aggregate fair value	1,192,790	1,274,791
Total aggregate fair value	$ 1,783,787	$ 1,959,882

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Class A	Common Stock Class B	Common Stock Common Stock Class A	Common Stock Common Stock Class B	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022				176,358,104	9,617,605
Beginning balance at Dec. 31, 2022	$ 10,559,042			$ 174	$ 12	$ 14,055,853	$ (121,161)	$ (3,375,836)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,015,441)							(1,015,441)
Exercises of vested stock options (in shares)				238,474	127,982
Exercises of vested stock options	7,344					7,344
Vesting of restricted stock units (in shares)				5,939,641
Vesting of restricted stock units	0			$ 7		(7)
Value of equity awards withheld for tax liability (in shares)				(38,655)
Value of equity awards withheld for tax liability	(2,565)					(2,565)
Conversion of shares of Class B common stock into shares of Class A common stock (in shares)				9,745,587	(9,745,587)
Conversion of shares of Class B common stock into shares of Class A common stock	0			$ 12	$ (12)
Shares of Class A common stock issued and donated to charity (in shares)				88,408
Shares of Class A common stock issued and donated to charity	5,346					5,346
Unrealized gain on marketable securities	99,742						99,742
Repurchases of shares of Class A common stock including related costs (in shares)				(11,292,516)
Repurchases of shares of Class A common stock including related costs	(674,706)			$ (11)				(674,695)
Foreign currency translation	5,587						5,587
Shares issued under ESPP (in shares)				906,728
Shares issued under ESPP	36,496					36,496
Net change in market value of effective foreign currency forward exchange contracts	898						898
Share of other comprehensive (loss) income from equity method investment	15,553						15,553
Stock-based compensation	682,241					682,241
Stock-based compensation - restructuring	13,015					13,015
Ending balance (in shares) at Dec. 31, 2023				181,945,771	0
Ending balance at Dec. 31, 2023	9,732,552			$ 182	$ 0	14,797,723	619	(5,065,972)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(109,403)							(109,403)
Exercises of vested stock options (in shares)				181,818
Exercises of vested stock options	4,341					4,341
Vesting of restricted stock units (in shares)				6,639,672
Vesting of restricted stock units	0			$ 7		(7)
Value of equity awards withheld for tax liability (in shares)				(28,006)
Value of equity awards withheld for tax liability	(2,000)					(2,000)
Shares of Class A common stock issued and donated to charity (in shares)				88,408
Shares of Class A common stock issued and donated to charity	5,907					5,907
Unrealized gain on marketable securities	7,332						7,332
Repurchases of shares of Class A common stock including related costs (in shares)				(36,848,645)
Repurchases of shares of Class A common stock including related costs	(2,346,671)			$ (36)				(2,346,635)
Foreign currency translation	0
Shares returned from escrow (in shares)				(696)
Shares returned from escrow	(192)					(192)
Shares issued under ESPP (in shares)				632,375
Shares issued under ESPP	33,045					33,045
Net change in market value of effective foreign currency forward exchange contracts	(9,986)						(9,986)
Share of other comprehensive (loss) income from equity method investment	734						734
Stock-based compensation	634,129					634,129
Stock-based compensation - restructuring	$ 3,178					3,178
Ending balance (in shares) at Dec. 31, 2024	152,610,697	152,610,697	0	152,610,697
Ending balance at Dec. 31, 2024	$ 7,952,966			$ 153		15,476,124	(1,301)	(7,522,010)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	33,834							33,834
Exercises of vested stock options (in shares)				420,056
Exercises of vested stock options	6,248					6,248
Vesting of restricted stock units (in shares)				6,944,005
Vesting of restricted stock units	0			$ 8		(8)
Value of equity awards withheld for tax liability (in shares)				(1,665)
Value of equity awards withheld for tax liability	(213)					(213)
Shares of Class A common stock issued and donated to charity (in shares)				88,408
Shares of Class A common stock issued and donated to charity	9,935					9,935
Unrealized gain on marketable securities	5,273						5,273
Repurchases of shares of Class A common stock including related costs (in shares)				(8,048,649)
Repurchases of shares of Class A common stock including related costs	(854,297)			$ (9)				(854,288)
Foreign currency translation	0
Shares issued under ESPP (in shares)				398,494
Shares issued under ESPP	35,115					35,115
Net change in market value of effective foreign currency forward exchange contracts	14,043						14,043
Share of other comprehensive (loss) income from equity method investment	(2,347)						(2,347)
Stock-based compensation	619,236					619,236
Stock-based compensation - restructuring	$ 1,753					1,753
Ending balance (in shares) at Dec. 31, 2025	152,411,346	152,411,346	0
Ending balance at Dec. 31, 2025	$ 7,821,546			$ 152		$ 16,148,190	$ 15,668	$ (8,342,464)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Erika Rottenberg [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 10, 2025, Erika Rottenberg, a member of our board of directors, as trustee of the Erika Rottenberg Revocable Trust dated 1/28/2016 (the “Trust”), adopted a Rule 10b5-1 trading plan providing for the sale of (i) up to an aggregate of 9,800 shares of common stock held by the Trust, plus (ii) a number of additional shares corresponding to a portion of equity awards granted after the adoption of the plan. Trading will not commence under Ms. Rottenberg's new Rule 10b5-1 trading plan until her previous Rule 10b5-1 trading plan terminates by its terms. The number of shares listed above for Ms. Rottenberg includes shares subject to limit orders that may or may not execute. The duration of the plan is until December 31, 2026, or earlier if all transactions under the plan have been completed.
Name	Erika Rottenberg
Title	member of our board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 10, 2025
Expiration Date	December 31, 2026,
Arrangement Duration	386 days
Aggregate Available	9,800

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of financial assets measured at fair value on a recurring basis

The following tables provide the financial assets measured at fair value on a recurring basis:


	Amortized Cost or Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses Less Than 12 Months		Gross Unrealized Losses More Than 12 Months		Fair Value Hierarchy as of December 31, 2025						Aggregate Fair Value
									Level 1		Level 2		Level 3
Financial Assets:	(In thousands)
Cash and cash equivalents:
Money market funds	$	454,505	$	—	$	—	$	—	$	454,505	$	—	$	—	$	454,505

Commercial paper	37,517		—		—		—		—		37,517		—		37,517

Total included in cash and cash equivalents	492,022		—		—		—		454,505		37,517		—		492,022
Marketable securities:
Debt securities:
U.S. Treasury securities	249,396		1,190		(9)		—		250,577		—		—		250,577

Corporate debt securities and commercial paper	1,523,935		9,360		(84)		(1)		—		1,533,210		—		1,533,210
Total debt securities	1,773,331		10,550		(93)		(1)		250,577		1,533,210		—		1,783,787
Equity securities	4,220		—		—		—		4,220		—		—		4,220
Total marketable securities	1,777,551		10,550		(93)		(1)		254,797		1,533,210		—		1,788,007
Total financial assets	$	2,269,573	$	10,550	$	(93)	$	(1)	$	709,302	$	1,570,727	$	—	$	2,280,029


	Amortized Cost or Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses Less Than 12 Months		Gross Unrealized Losses More Than 12 Months		Fair Value Hierarchy as of December 31, 2024						Aggregate Fair Value
									Level 1		Level 2		Level 3
Financial Assets:	(In thousands)
Cash and cash equivalents:
Money market funds	$	207,323	$	—	$	—	$	—	$	207,323	$	—	$	—	$	207,323

Commercial paper	15,059		—		—		—		—		15,059		—		15,059
U.S. Treasury bills	2,748		—		—		—		2,748		—		—		2,748
Total included in cash and cash equivalents	225,130		—		—		—		210,071		15,059		—		225,130
Marketable securities:
Debt securities:
U.S. Treasury securities	379,846		1,243		(296)		(55)		380,738		—		—		380,738
Non-U.S. government securities	2,909		27		—		—		2,936		—		—		2,936
Corporate debt securities and commercial paper	1,571,944		6,415		(1,594)		(557)		16,890		1,559,318		—		1,576,208
Total debt securities	1,954,699		7,685		(1,890)		(612)		400,564		1,559,318		—		1,959,882
Equity securities	3,220		—		—		—		3,220		—		—		3,220
Total marketable securities	1,957,919		7,685		(1,890)		(612)		403,784		1,559,318		—		1,963,102
Total financial assets	$	2,183,049	$	7,685	$	(1,890)	$	(612)	$	613,855	$	1,574,377	$	—	$	2,188,232

Schedule of contractual maturities of marketable securities

The following table summarizes the contractual maturities of marketable securities:


	As of December 31,
	2025				2024
	Amortized Cost		Aggregate Fair Value		Amortized Cost		Aggregate Fair Value
Financial Assets:	(In thousands)
Less than one year	$	588,022	$	590,997	$	684,294	$	685,091
One to three years	1,185,309		1,192,790		1,270,405		1,274,791
Total	$	1,773,331	$	1,783,787	$	1,954,699	$	1,959,882

Stock-Based Compensation - Stock Option Fair Value (Details) - Stock Options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock Based Compensation
Aggregate intrinsic value of stock options exercised	$ 41,976	$ 8,649	$ 15,242
Total estimated grant date fair value of options vested	$ 844	$ 9,351	$ 28,619

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued payroll and related liabilities	$ 95,795	$ 76,708
Company-wide bonus program liability	136,221	109,776
Accrued sales bonus and commissions	21,922	21,585
Accrued cost of revenue	226,878	173,739
Sales and other taxes payable	58,259	79,731
ESPP contributions	6,925	5,745
Accrued other expense	62,119	63,402
Total accrued expenses and other current liabilities	$ 608,119	$ 530,686

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 5,067,220	$ 4,458,036	$ 4,153,945
Cost of revenue	2,588,486	2,179,824	2,110,015
Gross profit	2,478,734	2,278,212	2,043,930
Operating expenses:
Research and development	1,020,159	1,008,747	942,790
Sales and marketing	873,216	860,821	1,022,985
General and administrative	410,678	449,079	468,459
Restructuring costs	15,030	13,273	165,733
Impairment of long-lived assets	1,849	0	320,504
Total operating expenses	2,320,932	2,331,920	2,920,471
Income (loss) from operations	157,802	(53,708)	(876,541)
Other expenses, net:
Share of losses from equity method investment	(101,217)	(108,481)	(121,897)
Impairment of equity method investment	(80,629)	0	0
Impairment of strategic investments	0	(8,220)	(46,154)
Other income, net	79,138	81,796	47,863
Total other expenses, net	(102,708)	(34,905)	(120,188)
Income (loss) before provision for income taxes	55,094	(88,613)	(996,729)
Provision for income taxes	(21,260)	(20,790)	(18,712)
Net income (loss) attributable to common stockholders	$ 33,834	$ (109,403)	$ (1,015,441)
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.22	$ (0.66)	$ (5.54)
Diluted (in dollars per share)	$ 0.21	$ (0.66)	$ (5.54)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic (in shares)	152,986,390	165,925,128	183,327,844
Diluted (in shares)	159,788,944	165,925,128	183,327,844

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents domestic and foreign components of income (loss) before provision for income taxes for the periods presented:


	Year Ended December 31,
	2025		2024		2023
	(In thousands)
United States	$	150,891	$	40,982	$	(816,089)
International	(95,797)		(129,595)		(180,640)
Income (loss) before provision for income taxes	$	55,094	$	(88,613)	$	(996,729)

Provision for income taxes consists of the following:


	Year Ended December 31,
	2025		2024		2023
Current:	(In thousands)
Federal	$	341	$	5,617	$	2,567
State	1,515		2,305		1,533
Foreign	20,692		14,850		31,354
Total	22,548		22,772		35,454
Deferred:
Federal	95		196		(1,337)
State	(27)		149		(208)
Foreign	(1,356)		(2,327)		(15,197)
Total	(1,288)		(1,982)		(16,742)
Provision for income taxes	$	21,260	$	20,790	$	18,712

The provision for income taxes recorded in the years ended December 31, 2025, 2024 and 2023, consists primarily of income taxes and withholding taxes in foreign jurisdictions in which the Company conducts business. Due to a history of losses in the U.S., the Company maintains a full valuation allowance against its U.S. deferred tax assets.

As described in Note 2(ae), in the current period, the Company adopted ASU 2023-09 on a prospective basis. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate for the year ended December 31, 2025, pursuant to the disclosure requirements of ASU 2023-09, is as follows:


	Year Ended December 31, 2025
	Amount (in thousands)		Percent
Tax at federal statutory rate	$	11,570	21	%
Federal:
Effect of cross-border tax laws:
Foreign income taxed in the United States, net of foreign tax deductions	(1,440)		(3)
Withholding taxes	157		—
Tax Credits:
Research and development tax credits	(40,879)		(74)
Changes in valuation allowance	36,651		67
Nontaxable or nondeductible items:
Excess benefit on share-based payment awards	(41,493)		(75)
Other share-based payment award related items	14,216		26
Other	1,651		3
Other adjustments	264		1
State and local taxes, net of federal income tax effect (1)	1,080		2
Foreign tax effects:
Ireland:
Statutory tax rate difference between Ireland and United States	9,473		17
Changes in valuation allowance	9,720		18
Foreign exchange gains/losses	7,394		13
Other	(580)		(1)
Brazil:
Withholding taxes	7,758		14
Other	1,213		2
Other foreign jurisdictions (2)	6,118		11
Worldwide changes in unrecognized tax benefits (gross)	(1,613)		(3)
Effective tax rate	$	21,260	39	%

____________________________________

(1) State taxes in North Carolina and Texas made up the majority (greater than 50 percent) of the tax effect in this category.

(2) Other foreign jurisdictions is comprised of $2.6 million related to India. The remaining foreign jurisdictions are not significant.

A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective tax rate for the years ended December 31, 2024 and 2023, pursuant to previous disclosure requirements, is as follows:


	Year Ended December 31,
	2024		2023
Tax at federal statutory rate	21	%	21	%
State tax, net of federal benefit	1		3
Stock-based compensation	(40)		(7)
Credits	20		2
Foreign rate differential	(67)		1
Permanent book vs. tax differences	8		—
Change in valuation allowance	32		(23)

Other	2		1
Effective tax rate	(23)	%	(2)	%

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


	Year Ended December 31, 2025
	(In thousands)
U.S. federal taxes	$	3,157
U.S. state taxes	3,973
Non-U.S. taxes	10,581
Total income taxes paid, net	$	17,711

Income taxes paid exceeds 5% of total income taxes paid, net of refunds, in the following jurisdictions:


	Year Ended December 31, 2025
	(In thousands)
U.S. State
California	$	1,723
Non-U.S.
Brazil	$	2,446
Colombia	$	1,879
Japan	$	1,678
India	$	3,706

Income taxes paid, net, for the years ended December 31, 2024 and 2023 were $36.5 million and $37.8 million, respectively.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents the significant components of the Company's deferred tax assets and liabilities:


	As of December 31,
	2025		2024
Deferred tax assets:	(In thousands)
Net operating loss carryforwards	$	818,284	$	810,278
Accruals and reserves	80,185		73,535
Stock-based compensation	31,673		28,238
Research and development credits	237,447		175,746




Intangibles	135,500		135,500
Capitalized research and development expenses	230,302		299,061
Lease liability	21,499		30,697

Investments and other basis differences	126,369		81,248
Other	8,992		18,139
Gross deferred tax assets	1,690,251		1,652,442
Valuation allowance	(1,554,727)		(1,488,328)
Net deferred tax assets	135,524		164,114
Deferred tax liabilities:
Capitalized software	(39,022)		(38,394)
Prepaid expenses	(863)		(900)
Acquired intangibles	(32,633)		(55,283)


Right-of-use asset	(8,913)		(13,112)
Deferred commissions	(37,173)		(42,313)


Net deferred tax asset	$	16,920	$	14,112

The following table summarizes the Company’s tax carryforwards, carryovers and credits:


	As of December 31, 2025		Expiration Date (If not utilized)
	(In thousands)

Federal tax credits	$	205,987	Various dates beginning in 2038
Federal net operating loss carryforwards	$	2,866,460	Indefinite
State net operating loss carryforwards	$	2,400,985	Various dates beginning in 2026
State tax credits	$	155,404	Various dates beginning in 2029
Foreign net operating loss carryforwards	$	965,615	Indefinite

A limitation may apply to the use of the federal and state net operating loss and credit carryforwards, under provisions of the Internal Revenue Code of 1986, as amended, and similar state tax provisions that are applicable if the Company experiences an “ownership change.” An ownership change may occur, for example, as a result of issuance of new equity. Should these limitations apply, the carryforwards would be subject to an annual limitation, resulting in a potential reduction in the gross deferred tax assets before considering the valuation allowance.

The Company's accounting for deferred taxes involves the evaluation of a number of factors related to the realizability of its net deferred tax assets. The Company primarily considered such factors as its history of operating losses, the nature of the Company's deferred tax assets, and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible.

At present, the Company does not believe that it is more likely than not that the federal, state and certain foreign net deferred tax assets will be realized, and accordingly, a valuation allowance has been established. The valuation allowance increased by approximately $66.4 million during the year ended December 31, 2025, and decreased by approximately $45.6 million during the year ended December 31, 2024.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Unrecognized tax benefit, beginning of year	$	252,208	$	233,778	$	228,966
Gross increases for tax positions of prior years	6,647		7,476		3,427
Gross decreases for tax positions of prior years	(1,085)		(198)		(5,130)
Gross increases for tax positions of current year	24,889		13,253		7,754
Gross decreases for tax positions of current year	(168)		—		—
Lapse of statute of limitations	(1,795)		(2,101)		(1,239)
Unrecognized tax benefit, end of year	$	280,696	$	252,208	$	233,778

As of December 31, 2025, the Company had approximately $280.7 million of unrecognized tax benefits. If the $280.7 million is recognized, $1.3 million would affect the effective tax rate. The remaining amount would be offset by the reversal of related deferred tax assets which are subject to a full valuation allowance.

The Company files U.S. federal income tax returns as well as income tax returns in many U.S. states and foreign jurisdictions. As of December 31, 2025, the tax years 2008 through the current period remain open to examination by the major jurisdictions in which the Company is subject to tax. Fiscal years outside the normal statute of limitation remain open to audit by tax authorities due to tax attributes generated in those early years, which have been carried forward and may be audited in subsequent years when utilized. The Company is fully reserved for all open U.S. federal, state and local, or non-U.S. income tax examinations by any tax authorities.

On June 7, 2019, a three-judge panel from the U.S. Court of Appeals for the Ninth Circuit overturned the U.S. Tax Court's decision in Altera Corp. v. Commissioner and upheld the portion of the Treasury regulations under Section 482 of the Internal Revenue Code that requires related parties in a cost-sharing arrangement to share expenses related to share-based compensation. As a result of this decision, the Company's gross unrecognized tax benefits increased to reflect the impact of including share-based compensation in cost-sharing arrangements. The Company will continue to monitor future developments related to this matter and their potential effects on its consolidated financial statements. There is no impact on the Company’s effective tax rate for years ended December 31, 2025 and 2024 due to a full valuation allowance against its deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2025	Dec. 31, 2024
Senior Notes
Debt Instrument [Line Items]
Principal	$ 1,000,000,000.0
Net proceeds from the debt offering	$ 984,700,000
Senior Notes \| Change of control event
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.00%
2029 Senior Notes
Debt Instrument [Line Items]
Principal	$ 500,000,000.0	$ 500,000,000	$ 500,000,000
Interest rate	3.625%
2029 Senior Notes \| Redemption Period Three
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.906%
2029 Senior Notes \| Redemption Period Four
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
2031 Senior Notes
Debt Instrument [Line Items]
Principal	$ 500,000,000.0	$ 500,000,000	$ 500,000,000
Interest rate	3.875%
2031 Senior Notes \| Redemption Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
2031 Senior Notes \| Redemption Period Three
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.938%
2031 Senior Notes \| Redemption Period Four
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.292%
2031 Senior Notes \| Redemption Period Five
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.646%
2031 Senior Notes \| Redemption Period Six
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%

Derivatives and Hedging	12 Months Ended
Derivatives and Hedging	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging As of December 31, 2025, the Company’s outstanding foreign currency forward contracts designated as cash flow hedges had a total sell notional value of $280.8 million. The notional value represents the amount that will be sold upon maturity of the forward contract. As of December 31, 2025, these contracts had maturities of up to seventeen months. Gains and losses associated with these foreign currency forward contracts were not significant. The Company is subject to master netting agreements with certain counterparties of the foreign exchange contracts, under which it is permitted to net settle transactions of the same currency with a single net amount payable by one party to the other. It is the Company’s policy to present the derivatives at gross in its consolidated balance sheets. The Company’s foreign currency forward contracts are not subject to any credit contingent features or collateral requirements. The Company manages its exposure to counterparty risk by entering into contracts with a diversified group of major financial institutions and by actively monitoring its outstanding positions. As of December 31, 2025, the Company did not have any offsetting arrangements.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes paid, net	$ 17,711	$ 36,547	$ 37,818
Valuation allowance increase (decrease)	66,400	(45,600)
Unrecognized tax benefits	280,696	$ 252,208	$ 233,778	$ 228,966
Unrecognized tax benefits that would impact effective tax rate if recognized	$ 1,300

Right-of-Use Assets and Lease Liabilities - Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 38,557
2027	29,320
2028	22,445
2029	4,492
2030	554
Total lease payments	95,368
Less: imputed interest	(6,083)
Total operating lease obligations	89,285
Less: current obligations	(35,123)	$ (33,685)
Long-term operating lease obligations	$ 54,162	$ 85,875

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of reserved shares of common stock for issuance

The Company had reserved shares of common stock for issuance as follows:


	As of December 31,
	2025	2024
Stock options issued and outstanding	902,120	1,322,176
Unvested restricted stock units issued and outstanding	13,663,977	18,386,271
Shares of Class A common stock reserved for Twilio.org	265,225	353,633
Stock-based awards available for grant under 2016 Plan	28,543,969	23,292,678
Shares of Class A common stock reserved for issuance pursuant to ESPP	10,836,938	9,709,326
Total	54,212,229	53,064,084

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum payments

Future minimum payments under these noncancellable purchase commitments are summarized in the table below. Unrecognized tax benefits are not included in these amounts because any amounts expected to be settled in cash are not significant:


	As of December 31, 2025
Year Ending December 31,	(In thousands)
2026	$	288,615
2027	31,861
2028	13,152
2029	9,166
2030	6,447

Total payments	$	349,241

Income Taxes - Statutory Federal Tax Rate and Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount (in thousands)
Tax at federal statutory rate	$ 11,570
Foreign income taxed in the United States, net of foreign tax deductions	(1,440)
Research and development tax credits	(40,879)
Excess benefit on share-based payment awards	(41,493)
Other share-based payment award related items	14,216
Other	1,651
State and local taxes, net of federal income tax effect	1,080
Worldwide changes in unrecognized tax benefits (gross)	(1,613)
Provision for income taxes	$ 21,260	$ 20,790	$ 18,712
Percent
Tax at federal statutory rate	21.00%	21.00%	21.00%
Foreign income taxed in the United States, net of foreign tax deductions	(3.00%)
Research and development tax credits	(74.00%)
Changes in valuation allowance		32.00%	(23.00%)
Excess benefit on share-based payment awards	(75.00%)
Other share-based payment award related items	26.00%
Other	3.00%
Other adjustments		2.00%	1.00%
State and local taxes, net of federal income tax effect	2.00%	1.00%	3.00%
Statutory tax difference		(67.00%)	1.00%
Worldwide changes in unrecognized tax benefits (gross)	(3.00%)
Stock-based compensation		(40.00%)	(7.00%)
Credits		20.00%	2.00%
Permanent book vs. tax differences		8.00%	0.00%
Effective tax rate	39.00%	(23.00%)	(2.00%)
United States
Amount (in thousands)
Withholding taxes	$ 157
Changes in valuation allowance	36,651
Other adjustments	$ 264
Percent
Withholding taxes	0
Changes in valuation allowance	67.00%
Other adjustments	1.00%
Ireland
Amount (in thousands)
Changes in valuation allowance	$ 9,720
Other adjustments	(580)
Statutory tax difference	9,473
Foreign exchange gains/losses	$ 7,394
Percent
Changes in valuation allowance	18.00%
Other adjustments	(1.00%)
Statutory tax difference	17.00%
Foreign exchange gains/losses	0.13
Brazil
Amount (in thousands)
Withholding taxes	$ 7,758
Other adjustments	$ 1,213
Percent
Withholding taxes	0.14
Other adjustments	2.00%
Other foreign jurisdictions
Amount (in thousands)
Statutory tax difference	$ 6,118
Percent
Statutory tax difference	11.00%

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 682,335	$ 421,297
Short-term marketable securities	1,788,007	1,963,102
Accounts receivable, net	636,736	588,540
Prepaid expenses and other current assets	469,650	474,360
Total current assets	3,576,728	3,447,299
Property and equipment, net	176,963	191,042
Operating right-of-use assets	39,031	53,405
Equity method investment	301,642	485,835
Intangible assets, net	142,065	238,503
Goodwill	5,291,787	5,243,266
Other long-term assets	242,674	206,122
Total assets	9,770,890	9,865,472
Current liabilities:
Accounts payable	85,089	100,169
Accrued expenses and other current liabilities	608,119	530,686
Deferred revenue and customer deposits	158,677	155,680
Operating lease liability, current	35,123	33,685
Total current liabilities	887,008	820,220
Operating lease liability, noncurrent	54,162	85,875
Long-term debt, net	992,287	990,587
Other long-term liabilities	15,887	15,824
Total liabilities	1,949,344	1,912,506
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $0.001 par value, 100,000,000 shares authorized, none issued	0	0
Class A common stock	152	153
Additional paid-in capital	16,148,190	15,476,124
Accumulated other comprehensive income (loss)	15,668	(1,301)
Accumulated deficit	(8,342,464)	(7,522,010)
Total stockholders’ equity	7,821,546	7,952,966
Total liabilities and stockholders’ equity	$ 9,770,890	$ 9,865,472

Right-of-Use Assets and Lease Liabilities

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Right-of-Use Assets and Lease Liabilities

The Company has entered into various operating lease agreements for office space. As of December 31, 2025, the Company had various leased properties with remaining lease terms from 0.1 years to 5.0 years, some of which include options to extend the leases for up to 5.0 years.

In the years ended December 31, 2025 and 2024, there were no significant impairment charges related to office closures. During 2023, as a result of the office closures described in Note 6, the Company impaired several of its ROU assets related to office leases that would no longer be used to support its ongoing operations. Of the $34.8 million of impairment recorded in the year ended December 31, 2023, $24.8 million related to the ROU assets and the remaining amount related to the associated assets in the property, plant and equipment categories.

For the years ended December 31, 2025, 2024 and 2023, the Company did not have significant sublease income related to any of its subleased offices.

Operating lease costs recorded in the accompanying consolidated statements of operations were $27.0 million, $25.4 million and $35.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Lease costs associated with short-term leases, variable leases and finance leases were not significant.

Supplemental cash flow and other information related to operating leases are as follows:


	Year Ended
	December 31,
	2025			2024
Operating cash flows paid for amounts included in operating lease liabilities (in thousands)	$	40,700		$	54,376
Weighted average remaining lease term (in years)	2.9			3.6
Weighted average discount rate	4.7		%	4.6		%

Maturities of operating lease liabilities are as follows:


	As of December 31, 2025
Year Ended December 31,	(In thousands)
2026	$	38,557
2027	29,320
2028	22,445
2029	4,492
2030	554

Total lease payments	95,368
Less: imputed interest	(6,083)
Total operating lease obligations	89,285
Less: current obligations	(35,123)
Long-term operating lease obligations	$	54,162

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Preferred Stock

As of December 31, 2025 and 2024, the Company had authorized 100,000,000 shares of preferred stock, par value $0.001, of which no shares were issued and outstanding.

Common Stock

As of December 31, 2025 and 2024, the Company had authorized 1,000,000,000 shares of Class A common stock, par value of $0.001 per share. As of December 31, 2024, the Company had also authorized 3,170,181 shares of Class B common stock, par value of $0.001 per share. As of December 31, 2025 and 2024, 152,411,346 and 152,610,697 shares of Class A common stock, respectively, and no shares of Class B common stock were issued and outstanding.

The Company had reserved shares of common stock for issuance as follows:


	As of December 31,
	2025	2024
Stock options issued and outstanding	902,120	1,322,176
Unvested restricted stock units issued and outstanding	13,663,977	18,386,271
Shares of Class A common stock reserved for Twilio.org	265,225	353,633
Stock-based awards available for grant under 2016 Plan	28,543,969	23,292,678
Shares of Class A common stock reserved for issuance pursuant to ESPP	10,836,938	9,709,326
Total	54,212,229	53,064,084

Share Repurchase Programs

In January 2025, the board of directors of the Company authorized a share repurchase program to repurchase up to $2.0 billion in aggregate value of the Company’s outstanding Class A common stock. Repurchases under this program can be made through open market, private transactions or other means, in compliance with applicable federal securities laws, and can include repurchases pursuant to Rule 10b5-1 trading plans. The Company has discretion in determining the conditions under which shares may be repurchased from time to time. The program expires on December 31, 2027. The Company’s previous share repurchase authorizations expired on December 31, 2024.

During the years ended December 31, 2025 and 2024, the Company repurchased 8.0 million shares and 36.8 million shares of its Class A common stock, respectively, for an aggregate purchase price of $854.6 million and $2.3 billion, respectively. As of December 31, 2025, approximately $1.1 billion of the amount authorized in January 2025 for share repurchases remained available for future repurchases.

- Definition

The entire disclosure for equity.

+ References

+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	As of December 31,
	2025		2024
	(In thousands)
Capitalized internal-use software developments costs	$	421,795	$	357,334
Data center equipment (1)	27,843		63,672
Leasehold improvements	62,143		78,104
Office equipment	46,709		50,659
Furniture and fixtures	10,399		12,618
Software	14,927		14,143
Total property and equipment	583,816		576,530
Less: accumulated depreciation and amortization (1)	(406,853)		(385,488)
Total property and equipment, net	$	176,963	$	191,042

____________________________________

Depreciation and amortization expense was $85.1 million, $91.9 million and $89.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company capitalized $72.5 million, $72.5 million and $57.2 million in internal‑use software development costs in the years ended December 31, 2025, 2024 and 2023, respectively.

Revenue by Geographic Area and Groups of Similar Products - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Long-lived assets by geographic area:
Total	$ 59,052	$ 91,458
United States
Long-lived assets by geographic area:
Total	$ 43,491	$ 65,782
United States \| Long Lived Asset by Geographic area \| Geographic Concentration Risk
Percentage of long-lived assets by geographic area:
Percentage of revenue	74.00%	72.00%
International
Long-lived assets by geographic area:
Total	$ 15,561	$ 25,676
International \| Long Lived Asset by Geographic area \| Geographic Concentration Risk
Percentage of long-lived assets by geographic area:
Percentage of revenue	26.00%	28.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

In connection with the change in the Company’s operating segment structure, as described in Note 8, the Company reevaluated its reporting unit structure and concluded that as of September 30, 2025, it had one reporting unit. The Company performed goodwill impairment assessments for each reporting unit immediately before and immediately after the change in structure and concluded that goodwill was not impaired.

The goodwill balance as of December 31, 2025 and 2024, and the changes during the period, were as follows:


		Total
	(In thousands)
Balance as of December 31, 2024 and 2023		$	5,243,266
Goodwill additions related to 2025 acquisitions and other		48,521

Balance as of December 31, 2025		$	5,291,787

Intangible assets

Intangible assets consist of the following:


	As of December 31, 2025
	Cost		Accumulated Amortization		Net
Amortizable intangible assets:	(In thousands)
Developed technology	$	398,205	$	(359,450)	$	38,755
Customer relationships	350,283		(260,216)		90,067
Supplier relationships	49,756		(44,443)		5,313
Trade names	25,968		(25,928)		40

Patent	3,968		(1,293)		2,675
Total amortizable intangible assets	828,180		(691,330)		136,850
Non-amortizable intangible assets:
Telecommunication licenses	4,920		—		4,920
Trademarks and other	295		—		295
Total	$	833,395	$	(691,330)	$	142,065


	As of December 31, 2024
	Cost		Accumulated Amortization		Net
Amortizable intangible assets:	(In thousands)
Developed technology	$	388,341	$	(306,063)	$	82,278
Customer relationships	348,314		(215,523)		132,791
Supplier relationships	49,756		(35,363)		14,393
Trade names	25,968		(25,014)		954

Patent	3,968		(1,096)		2,872
Total amortizable intangible assets	816,347		(583,059)		233,288
Non-amortizable intangible assets:
Telecommunication licenses	4,920		—		4,920
Trademarks and other	295		—		295
Total	$	821,562	$	(583,059)	$	238,503

Amortization expense was $108.3 million, $112.0 million and $192.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Total estimated future amortization expense is as follows:


	As of December 31, 2025
Year Ended December 31,	(In thousands)
2026	$	44,615
2027	27,796
2028	21,520
2029	17,353
2030	16,614
Thereafter	8,952
Total	$	136,850

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest earned on marketable securities	$ 70,600	$ 90,200	$ 77,700
Investment in equity securities, carrying value	24,500	23,500
Impairment loss	0	8,220	$ 46,154
2029 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the notes	489,700	464,900
2031 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the notes	$ 483,900	$ 453,900

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

+ Details

Restructuring Activities	12 Months Ended
Restructuring Activities	Dec. 31, 2025
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities No significant restructuring activities occurred in the years ended December 31, 2025 or 2024. In February 2023, the Company announced a workforce reduction plan (the “February 2023 Plan”) that was designed to reduce operating costs, improve operating margins and accelerate profitability. The February 2023 Plan eliminated approximately 17% of the Company’s workforce and was substantially completed in the first quarter of 2023. For the year ended December 31, 2023, restructuring charges related to the February 2023 Plan were $141.1 million, which consisted of $130.0 million related to employee severance, benefits and facilitation costs, and $11.1 million related to vesting of employee stock based compensation awards. These charges were recorded within restructuring costs in the accompanying consolidated statement of operations for the year ended December 31, 2023.

Business Combinations - Identifiable Finite-lived Intangible Assets (Details) - Stytch $ in Thousands	Nov. 14, 2025 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets	$ 11,833
Developed technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets	$ 9,864
Estimated life	5 years
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets	$ 1,969
Estimated life	4 years

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2025
Capitalized internal-use software developments costs
Disaggregation of Revenue [Line Items]
Property, plant and equipment, estimated life	3 years
Data center equipment \| Minimum
Disaggregation of Revenue [Line Items]
Property, plant and equipment, estimated life	2 years
Data center equipment \| Maximum
Disaggregation of Revenue [Line Items]
Property, plant and equipment, estimated life	4 years
Leasehold improvements
Disaggregation of Revenue [Line Items]
Property, plant and equipment, estimated life	5 years
Office equipment
Disaggregation of Revenue [Line Items]
Property, plant and equipment, estimated life	3 years
Furniture and fixtures
Disaggregation of Revenue [Line Items]
Property, plant and equipment, estimated life	5 years
Software
Disaggregation of Revenue [Line Items]
Property, plant and equipment, estimated life	3 years
Assets under financing lease
Disaggregation of Revenue [Line Items]
Property, plant and equipment, estimated life	5 years

Reorganization and Segment Reporting	12 Months Ended
Reorganization and Segment Reporting	Dec. 31, 2025
Segment Reporting [Abstract]
Reorganization and Segment Reporting	Reorganization and Segment Reporting The Company announced on January 1, 2025, that it realigned its organizational structure into a functional support model by dissolving its previously existing business unit components. Despite the change in the organizational structure on January 1, 2025, until the end of the second quarter of 2025, the Company had two operating and reportable segments based on the manner in which the CODM reviewed financial information for purposes of assessing business performance and allocating resources. In the third quarter of 2025, the presentation of the financial information reviewed by the CODM was modified to reflect the change in the organizational structure. In conjunction with this change, the Company reevaluated its segment structure and concluded that, as of the third quarter of 2025, it had one operating and reportable segment. Commencing in the third quarter of 2025, the financial information of the Company regularly provided to the CODM was on a consolidated level and consolidated net income was its measure of profitability. This measure of profitability is used by the CODM to allocate resources and assess performance of the Company by comparing its actual results to the comparable results in prior periods and to any internally or externally set expectations. The consolidated financial information provided to the CODM, including significant expenses, is presented in a manner consistent with the information already disclosed in the accompanying consolidated financial statements and the notes thereof.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Stockholders' Equity - Preferred Stock (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred Stock
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following:


	As of December 31,
	2025		2024
	(In thousands)
Prepaid expenses	$	307,263	$	333,911
Other current assets	162,387		140,449
Total prepaid expenses and other current assets	$	469,650	$	474,360

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2025		2024
	(In thousands)
Accrued payroll and related liabilities	$	95,795	$	76,708
Company-wide bonus program liability	136,221		109,776
Accrued sales bonus and commissions	21,922		21,585
Accrued cost of revenue	226,878		173,739
Sales and other taxes payable	58,259		79,731
ESPP contributions	6,925		5,745





Accrued other expense	62,119		63,402
Total accrued expenses and other current liabilities	$	608,119	$	530,686

Equity Method Investment - Schedule of Financial Information (Details) - USD ($) $ in Thousands	11 Months Ended			12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Current assets				$ 3,576,728	$ 3,447,299
Current liabilities				887,008	820,220
Revenue				5,067,220	4,458,036	$ 4,153,945
Cost of operations (excluding depreciation and amortization)				2,320,932	2,331,920	2,920,471
Income from operations				157,802	(53,708)	(876,541)
Net loss				33,834	(109,403)	(1,015,441)
Net loss attributable to Syniverse Corporation				$ 33,834	$ (109,403)	$ (1,015,441)
Syniverse
Schedule of Equity Method Investments [Line Items]
Current assets	$ 172,548	$ 225,975
Noncurrent assets	2,365,336	2,344,658
Current liabilities	214,359	232,522
Noncurrent liabilities	1,198,196	1,176,332
Non controlling interest	5,068	6,027
Revenue	795,749	819,164	$ 739,317
Cost of operations (excluding depreciation and amortization)	481,486	474,081	430,140
Income from operations	92,701	113,950	67,870
Net loss	(56,926)	(38,849)	(89,096)
Net loss attributable to Syniverse Corporation	$ (59,338)	$ (40,917)	$ (90,770)

Business Combinations

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

On November 14, 2025, the Company acquired all outstanding shares of Stytch, Inc. (“Stytch”), an identity platform for AI agents based in San Francisco, California, for a purchase price of $104.1 million paid in cash, or $58.5 million net of cash acquired.

The acquisition was accounted for as a business combination and the total preliminary purchase price of $104.1 million was allocated to the net tangible and intangible assets and liabilities based on their fair values on the acquisition date with the excess recorded as goodwill. The acquired entities' results of operations have been included in the consolidated financial statements of the Company from the date of acquisition.

The following table presents the preliminary purchase price allocation:


	Total
	(In thousands)
Cash and cash equivalents	$	45,565
Other tangible assets and liabilities, net	(1,844)
Intangible assets (1)	11,833

Goodwill	48,507
Total preliminary purchase price	$	104,061
Less: cash and cash equivalents acquired	(45,565)
Total preliminary purchase price, net of cash acquired	$	58,496

____________________________________

(1) Identifiable intangible assets were comprised of the following:


	Total		Estimated life
	(In thousands)		(In years)
Developed technology	$	9,864	5
Customer relationships	1,969		4
Total intangible assets acquired	$	11,833

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Supplemental Balance Sheet Information

Balance Sheet Components

Prepaid expenses and other current assets consist of the following:


	As of December 31,
	2025		2024
	(In thousands)
Prepaid expenses	$	307,263	$	333,911
Other current assets	162,387		140,449
Total prepaid expenses and other current assets	$	469,650	$	474,360

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2025		2024
	(In thousands)
Accrued payroll and related liabilities	$	95,795	$	76,708
Company-wide bonus program liability	136,221		109,776
Accrued sales bonus and commissions	21,922		21,585
Accrued cost of revenue	226,878		173,739
Sales and other taxes payable	58,259		79,731
ESPP contributions	6,925		5,745





Accrued other expense	62,119		63,402
Total accrued expenses and other current liabilities	$	608,119	$	530,686

Supplemental Balance Sheet Information

A roll‑forward of the Company’s customer credit reserve is as follows:


	As of December 31,
	2025		2024		2023
	(In thousands)
Balance, beginning of period	$	19,341	$	33,594	$	33,124
Additions	98,955		81,695		167,044
Deductions against reserve	(86,484)		(95,948)		(166,574)
Balance, end of period	$	31,812	$	19,341	$	33,594

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(a)Lease and Other Commitments

The Company entered into various non-cancelable operating lease agreements for its facilities. Refer to Note 10 for additional detail on the Company's operating lease commitments.

Additionally, the Company has contractual commitments with its cloud infrastructure providers, network service providers and other vendors that are noncancellable and expire within one to five years. In the year ended December 31, 2025, the Company entered into several such agreements with terms of up to five years for a total purchase commitment of $149.1 million. Future minimum payments under these noncancellable purchase commitments are summarized in the table below. Unrecognized tax benefits are not included in these amounts because any amounts expected to be settled in cash are not significant:


	As of December 31, 2025
Year Ending December 31,	(In thousands)
2026	$	288,615
2027	31,861
2028	13,152
2029	9,166
2030	6,447

Total payments	$	349,241

Legal Matters

From time to time, the Company may be subject to legal actions, claims, and government investigations or inquiries arising in the ordinary course of business. These matters may include, but are not limited to, matters involving privacy, data protection, data security, intellectual property, competition, telecommunications, consumer protection, taxation, securities, employment and contractual rights. While the Company currently believes that the final outcomes of these matters will not have a material adverse effect on its business, the results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.

The Company accrues for contingencies associated with legal matters when it believes that a loss is probable and that it can be reasonably estimated. To the extent there is a reasonable possibility that a loss may be incurred that is in excess of the amounts already recognized and such additional loss amount may be material, the Company either discloses the estimated additional loss amount or states that such an estimate cannot be made. Significant judgment is required to determine the probability of a loss and to estimate the amount of any probable loss.

Legal fees and other costs related to litigation and other legal proceedings are expensed as incurred and are included in general and administrative expenses in the accompanying consolidated statements of operations.

Indemnification Agreements

In the ordinary course of business and in connection with its financing and business combination transactions, the Company enters into contractual arrangements under which it agrees to provide indemnification of varying scope and terms to business partners, customers and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, intellectual property infringement claims made by third parties and other liabilities relating to or arising from the Company’s products or its acts or omissions.

The Company has also signed indemnification agreements with all of its board members and executive officers and certain employees that may require the Company to indemnify them for certain events in connection with their services to the Company or its direct or indirect subsidiaries.

As of December 31, 2025 and 2024, no amounts were accrued related to any outstanding indemnification agreements.

Other Taxes

The Company conducts operations in many tax jurisdictions within and outside the United States. In many of these jurisdictions, non-income-based taxes, such as sales, use, telecommunications and other local taxes are assessed on the Company’s operations. The Company carries reserves for certain of its non-income-based tax exposures in certain jurisdictions when it is both probable that a liability was incurred and the amount of the exposure can be reasonably estimated. These reserves are based on estimates which include several key assumptions including, but not limited to, the taxability of the Company’s services, the jurisdictions in which management believes it had nexus and the sourcing of revenues to those jurisdictions.

The Company continues to remain in discussions with certain jurisdictions regarding its prior sales and other taxes that it may owe. In the event any of these jurisdictions disagree with management’s assumptions and analysis, the assessment of the Company’s tax exposure could differ materially from management’s current estimates.

As of December 31, 2025, the liabilities recorded for non-income-based taxes were $21.1 million for domestic jurisdictions and $21.8 million for jurisdictions outside of the United States. As of December 31, 2024, these liabilities were $19.3 million and $22.0 million, respectively.

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of the calculation of basic and diluted net income (loss) per share attributable to common stockholders

The following table sets forth the calculation of basic and diluted net income (loss) per share attributable to common stockholders during the periods presented:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss) attributable to common stockholders (in thousands)	$	33,834	$	(109,403)	$	(1,015,441)
Denominator:
Weighted-average shares outstanding, basic	152,986,390		165,925,128		183,327,844
Dilutive effect of outstanding stock options, RSUs, and stock committed under ESPP	6,802,554		—		—
Weighted-average shares outstanding, diluted	159,788,944		165,925,128		183,327,844
Net income (loss) per share attributable to common stockholders
Basic	$	0.22	$	(0.66)	$	(5.54)
Diluted	$	0.21	$	(0.66)	$	(5.54)

Schedule of common stock equivalents excluded from the calculation of the diluted net income (loss) per share attributable to common stockholders

The following outstanding shares of common stock equivalents were excluded from the calculation of the diluted net income (loss) per share attributable to common stockholders because their effect would have been anti-dilutive:


	Year Ended December 31,
	2025	2024	2023
Stock options issued and outstanding	145,350	1,322,176	1,722,861
Unvested restricted stock units issued and outstanding(1)	773,678	18,386,271	18,755,538
Shares of Class A common stock reserved for Twilio.org	—	353,633	442,041
Shares of Class A common stock committed under ESPP	238,403	265,698	426,199
Shares of Class A common stock in escrow	—	—	31,503
Shares of Class A common stock in escrow subject to future vesting	—	—	3,771
Total	1,157,431	20,327,778	21,381,913

____________________________________

(1) The number of PSUs that will ultimately vest may increase or decrease the number of shares that will be issued at the end of the performance period.

Right-of-Use Assets and Lease Liabilities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Renewal option	5 years
Impairment of long-lived assets	$ 0.0	$ 0.0	$ 34.8
Operating lease, impairment loss			24.8
Operating lease, cost	$ 27.0	$ 25.4	$ 35.7
Minimum
Lessee, Lease, Description [Line Items]
Term of lease	1 month 6 days
Maximum
Lessee, Lease, Description [Line Items]
Term of lease	5 years

Reorganization and Segment Reporting (Details) - segment	6 Months Ended		12 Months Ended
	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2025
Segment Reporting [Abstract]
Number of reportable segments	1	2	1
Number of operating segments	1	2	1

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 14, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill		$ 5,291,787	$ 5,243,266	$ 5,243,266
Total preliminary purchase price, net of cash acquired		$ 61,496	$ 0	$ 5,770
Stytch
Business Combination [Line Items]
Cash and cash equivalents	$ 45,565
Other tangible assets and liabilities, net	(1,844)
Intangible assets	11,833
Goodwill	48,507
Total preliminary purchase price	104,061
Less: cash and cash equivalents acquired	(45,565)
Total preliminary purchase price, net of cash acquired	$ 58,496

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefit, beginning of year	$ 252,208	$ 233,778	$ 228,966
Gross increases for tax positions of prior years	6,647	7,476	3,427
Gross decreases for tax positions of prior years	(1,085)	(198)	(5,130)
Gross increases for tax positions of current year	24,889	13,253	7,754
Gross decreases for tax positions of current year	(168)	0	0
Lapse of statute of limitations	(1,795)	(2,101)	(1,239)
Unrecognized tax benefit, end of year	$ 280,696	$ 252,208	$ 233,778

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 85.1	$ 91.9	$ 89.9
Capitalized internal use software development costs	$ 72.5	$ 72.5	$ 57.2

Right-of-Use Assets and Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of supplemental cash flows and other information related to operating leases

Supplemental cash flow and other information related to operating leases are as follows:


	Year Ended
	December 31,
	2025			2024
Operating cash flows paid for amounts included in operating lease liabilities (in thousands)	$	40,700		$	54,376
Weighted average remaining lease term (in years)	2.9			3.6
Weighted average discount rate	4.7		%	4.6		%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities are as follows:


	As of December 31, 2025
Year Ended December 31,	(In thousands)
2026	$	38,557
2027	29,320
2028	22,445
2029	4,492
2030	554

Total lease payments	95,368
Less: imputed interest	(6,083)
Total operating lease obligations	89,285
Less: current obligations	(35,123)
Long-term operating lease obligations	$	54,162

Derivatives and Hedging - Narrative (Details) - Foreign Currency Forward - Designated as Cash Flow Hedges - Cash Flow Hedge $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Maximum
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative, term of contract	17 months
Buy
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative, notional amount	$ 280.8

Revenue by Geographic Area and Groups of Similar Products - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue by geographic area:
Revenue	$ 5,067,220	$ 4,458,036	$ 4,153,945
Messaging
Revenue by geographic area:
Revenue	2,878,304	2,435,462	2,251,308
Messaging \| Revision of Prior Period, Reclassification, Adjustment
Revenue by geographic area:
Revenue		76,700	66,600
Voice
Revenue by geographic area:
Revenue	615,655	543,117	511,728
Email
Revenue by geographic area:
Revenue	523,470	488,271	440,185
Segment
Revenue by geographic area:
Revenue	303,250	297,696	295,252
Other
Revenue by geographic area:
Revenue	746,541	693,490	655,472
Other \| Revision of Prior Period, Reclassification, Adjustment
Revenue by geographic area:
Revenue		(76,700)	(66,600)
United States
Revenue by geographic area:
Revenue	$ 3,246,863	$ 2,898,056	$ 2,757,470
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Percentage of revenue by geographic area:
Percentage of revenue	64.00%	65.00%	66.00%
International
Revenue by geographic area:
Revenue	$ 1,820,357	$ 1,559,980	$ 1,396,475
International \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Percentage of revenue by geographic area:
Percentage of revenue	36.00%	35.00%	34.00%

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	San Francisco, California

Net Income (Loss) Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Common Stockholders

The following table sets forth the calculation of basic and diluted net income (loss) per share attributable to common stockholders during the periods presented:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss) attributable to common stockholders (in thousands)	$	33,834	$	(109,403)	$	(1,015,441)
Denominator:
Weighted-average shares outstanding, basic	152,986,390		165,925,128		183,327,844
Dilutive effect of outstanding stock options, RSUs, and stock committed under ESPP	6,802,554		—		—
Weighted-average shares outstanding, diluted	159,788,944		165,925,128		183,327,844
Net income (loss) per share attributable to common stockholders
Basic	$	0.22	$	(0.66)	$	(5.54)
Diluted	$	0.21	$	(0.66)	$	(5.54)


	Year Ended December 31,
	2025	2024	2023
Stock options issued and outstanding	145,350	1,322,176	1,722,861
Unvested restricted stock units issued and outstanding(1)	773,678	18,386,271	18,755,538
Shares of Class A common stock reserved for Twilio.org	—	353,633	442,041
Shares of Class A common stock committed under ESPP	238,403	265,698	426,199
Shares of Class A common stock in escrow	—	—	31,503
Shares of Class A common stock in escrow subject to future vesting	—	—	3,771
Total	1,157,431	20,327,778	21,381,913

____________________________________

(1) The number of PSUs that will ultimately vest may increase or decrease the number of shares that will be issued at the end of the performance period.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a)Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).

(b)Principles of Consolidation

The consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

(c)Use of Estimates

(d)Concentration of Credit Risk

During the years ended December 31, 2025, 2024 and 2023, no customer organization accounted for more than 10% of the Company’s total revenue.

As of December 31, 2025 and 2024, no customer organization represented more than 10% of the Company’s gross accounts receivable.

(e)Revenue Recognition

The Company determines revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and,

•Recognition of revenue when, or as, the Company satisfies a performance obligation.

Nature of Products and Services

The Company recognizes revenue from its products on either a usage basis or a subscription basis, depending on the nature of the product and the type of customer contract.

When our usage-based products are embedded into our subscription-based products, or when multiple products

are purchased together as a solution, we charge for each product separately on a usage or a subscription basis, as applicable.

Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents deferred revenue and amounts that were and will be invoiced and recognized as revenue in future periods for non-cancelable subscription arrangements with terms greater than one year. The Company applies the optional exemption of not disclosing the transaction price allocated to the remaining performance obligations for its usage-based contracts and contracts with original duration of less than one year. Revenue allocated to remaining performance obligations for contracts with durations of greater than one year was $175.2 million as of December 31, 2025, of which 65% is expected to be recognized over the next 12 months and 96% is expected to be recognized over the next 24 months.

(f)Deferred Revenue and Customer Deposits

(g)Deferred Sales Commissions

(h)Cost of Revenue

(i)Research and Development Expense

(j)Internal-Use Software Development Costs

(k)Advertising Costs

(l)Restructuring Costs

(m)Stock-Based Compensation

•Fair value of the common stock. The Company uses the market closing price of its Class A common stock, as reported on the New York Stock Exchange, for the fair value.

•Expected volatility. The expected volatility is derived from the average of the historical volatilities of the Company’s Class A common stock.

•Expected dividend. The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock.

(n)Income Taxes

The Company records interest and penalties related to uncertain tax positions in the provision for income taxes in the consolidated statements of operations. As of December 31, 2025, 2024 and 2023, these amounts were not significant.

(o)Foreign Currency

(p)Comprehensive Income (Loss)

(q)Net Income (Loss) Per Share Attributable to Common Stockholders

The Company has 100,000,000 shares of preferred stock that are authorized but none are issued or outstanding.

Class A common stock was the only outstanding class of equity securities of the Company as of December 31, 2025 and 2024. Each share of Class A common stock is entitled to one vote per share.

Conversion became exercisable for shares of Class A common stock. The Company retired all of the shares of its Class B common stock that were issued but not outstanding following the Conversion.

(r)Cash and Cash Equivalents

(s)Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are recorded net of the allowance for doubtful accounts. The allowance for doubtful accounts is estimated based on the Company's assessment of its ability to collect on customer accounts receivable. The Company regularly reviews the allowance by considering certain factors such as historical experience, credit quality, age of accounts receivable balances and other known conditions that may affect a customer's ability to pay. In cases where the Company is aware of circumstances that may impair a specific customer's ability to meet their financial obligations, a specific allowance is recorded against amounts due from the customer which reduces the net recognized receivable to the amount the Company reasonably believes will be collected. The Company writes-off accounts receivable against the allowance when a determination is made that the balance is uncollectible and collection of the receivable is no longer being actively pursued. As of December 31, 2025 and 2024, the allowance for doubtful accounts was $21.5 million and $27.5 million, respectively, and is recorded in accounts receivable, net, in the accompanying consolidated balance sheets.

(t)Property and Equipment

The useful lives of property and equipment are as follows:


Capitalized internal-use software development costs						3 years
Data center equipment						2 - 4 years
Leasehold improvements						Shorter of 5 years or the remaining lease term
Office equipment						3 years
Furniture and fixtures						5 years
Software						3 years
Assets under financing lease						Shorter of 5 years or the remaining lease term

(u)Leases

(v)Equity Method Investments

(w)Segment Information

(x)Business Combinations

(y)Goodwill

(z)Intangible Assets

The useful lives of the intangible assets are as follows:


Developed technology						4 - 7 years
Customer relationships						4 - 10 years
Supplier relationships						5 years
Trade names						5 years

Patents						20 years
Telecommunication licenses						Indefinite
Trademarks						Indefinite
Domain names						Indefinite

(aa)Impairment of Long-Lived Assets

(ab)Derivatives and Hedging

(ac)Share Repurchases

The Company elected to record the excess of the repurchase price over the par value of the repurchased shares of its Class A common stock in accumulated deficit, along with the associated transaction costs and excise taxes. Immediately upon repurchase, the shares are retired and returned to the status of unauthorized and unissued.

(ad)Fair Value of Financial Instruments

•Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

(ae)Recently Adopted Accounting Guidance

(af)Recently Issued Accounting Guidance, Not yet Adopted

Goodwill and Intangible Assets - Goodwill Balance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Goodwill
Beginning balance of period	$ 5,243,266
Goodwill additions related to 2025 acquisitions and other	48,521
Ending balance of period	$ 5,291,787

- Definition

+ References

+ Details

Stock-Based Compensation - Restricted Stock Units Activity (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of awards outstanding
Unvested RSUs at the beginning of the period (in shares)	18,386,271
Granted (in shares)	4,728,094
Vested (in shares)	(6,944,005)
Forfeited and canceled (in shares)	(2,506,383)
Unvested RSUs at the end of the period (in shares)	13,663,977	18,386,271
Weighted- average grant date fair value (Per share)
Unvested RSUs at the beginning of the period (in dollars per share)	$ 71.96
Granted (in dollars per share)	119.02
Vested (in dollars per share)	84.28
Forfeited and canceled (in dollars per share)	78.06
Unvested RSUs at the end of the period (in dollars per share)	$ 80.86	$ 71.96
Aggregate intrinsic value
Aggregate intrinsic value	$ 1,943,564	$ 1,394,966

Equity Method Investment

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Equity Method Investment

In 2022, the Company acquired 44.6% of the equity interests in Syniverse Corporation (“Syniverse”) for $750.0 million in cash. The Company determined that it did not have a controlling financial interest in Syniverse but did exercise significant influence and, therefore, the investment was accounted for under the equity method. The Company’s ownership percentage and other information related to the equity method investment, reported on a 90-day lag, are as follows:


	As of December 31,
	2025		2024
Ownership percentage	43.7%		43.8%
Basis difference attributable to intangible assets and deferred tax liability	$	297,114	$	353,307
Equity method goodwill	$	543,157	$	623,786

During 2025, the Company observed a change in the performance trend of its equity method investment, which it deemed an indicator that the carrying value of its equity method investment could be in excess of its fair value. The Company engaged a third-party expert to assist in performing a fair value assessment of the investment and concluded that as of December 31, 2025, its equity method investment was impaired. The Company recorded an impairment of $80.6 million in the impairment of equity method investment line item in the accompanying consolidated statement of operations for the year ended December 31, 2025. The Company allocated the full impairment amount to the equity method goodwill.

The Company estimated the fair value of its equity method investment using a weighting of fair values derived from an income and a market approach. Estimating the fair value by these methods involves the use of various assumptions that the Company believed were reasonable under the circumstances. Under the income approach, the Company determined the fair value of the investment based on the present value of estimated future cash flows using the cash flow projections prepared by the investee management. The market approach estimated the fair value based on market multiples of adjusted EBITDA derived from comparable publicly traded companies with similar operating and investment characteristics as the investment. While these assumptions reflect management’s best estimates at the time of the valuation, the estimates are inherently complex and uncertain and the actual results could differ materially from the estimates. The fair value measurement of the equity method investment is classified as Level 3 in the fair value hierarchy.

In conjunction with this investment, the Company and Syniverse entered into a wholesale agreement, pursuant to which Syniverse would process, route and deliver application-to-person messages originating and/or terminating between the Company’s customers and mobile network operators. The values of the transactions that occurred between the Company and Syniverse were $138.9 million, $145.0 million and $143.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. These transactions were recorded as cost of revenue in the accompanying consolidated statements of operations.

Summarized financial information of Syniverse is presented below on a one-month lag. The investee’s fiscal year end is November 30.


	As of November 30,
	2025		2024
	(In thousands)
Current assets	$	172,548	$	225,975
Noncurrent assets	$	2,365,336	$	2,344,658
Current liabilities	$	214,359	$	232,522
Noncurrent liabilities	$	1,198,196	$	1,176,332
Non controlling interest	$	5,068	$	6,027


	Year Ended November 30,
	2025		2024		2023
	(In thousands)
Revenue	$	795,749	$	819,164	$	739,317

Cost of operations (excluding depreciation and amortization)	$	481,486	$	474,081	$	430,140
Income from operations	$	92,701	$	113,950	$	67,870
Net loss	$	(56,926)	$	(38,849)	$	(89,096)
Net loss attributable to Syniverse Corporation	$	(59,338)	$	(40,917)	$	(90,770)

Stock-Based Compensation - Valuation Assumptions (Details) - ESPP - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Assumptions
Expected term (in years)	6 months	6 months	6 months
Expected volatility, low end of range	57.80%	38.60%	45.80%
Expected volatility, high end of range	58.70%	41.80%	57.10%
Risk-free interest rate, low end of range	3.80%	4.40%	5.30%
Risk-free interest rate, high end of range	4.30%	5.40%	5.40%
Minimum
Valuation Assumptions
Fair value of common stock (in dollars per share)	$ 116.34	$ 61.54	$ 47.36
Maximum
Valuation Assumptions
Fair value of common stock (in dollars per share)	$ 120.22	$ 96.41	$ 61.55

Net Income (Loss) Per Share Attributable to Common Stockholders - Common Stock Equivalents excluded from Calculation of Diluted Net Income (Loss) Per Share attributable to Common Stockholders (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,157,431	20,327,778	21,381,913
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	145,350	1,322,176	1,722,861
Unvested restricted stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	773,678	18,386,271	18,755,538
Shares of Class A common stock reserved for Twilio.org
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	353,633	442,041
Shares of Class A common stock committed under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	238,403	265,698	426,199
Shares of Class A common stock in escrow
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	31,503
Shares of Class A common stock in escrow subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	3,771

Impairment of Long-Lived Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of impairment of intangible assets

The impairment was allocated to the assets within the impacted asset group reducing the respective carrying amounts of the assets as of the December 1, 2023, measurement date, as follows:


	Total Impairment Allocation
	(In thousands)
Developed technology	$	209,350
Customer relationships	76,361
Total impairment	$	285,711

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands		6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 28, 2023	Dec. 31, 2025 USD ($) vote segment shares	Jun. 30, 2025 segment	Sep. 30, 2025 reporting_unit	Dec. 31, 2025 USD ($) vote reporting_unit segment shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount		$ 175,200			$ 175,200
Deferred revenue		$ 158,700			158,700	$ 155,700
Revenue recognized out of adjusted deferred revenue balance					$ 134,100	120,700	$ 120,500
Amortization period for deferred incremental commission costs of obtaining new contracts		3 years			3 years
Total net capitalized costs		$ 147,700			$ 147,700	166,000
Amortization of deferred commissions					74,533	76,348	72,892
Advertising expense					$ 39,800	$ 48,700	$ 71,100
Preferred stock, authorized (in shares) \| shares		100,000,000			100,000,000	100,000,000
Preferred stock, issued (in shares) \| shares		0			0	0
Preferred stock, outstanding (in shares) \| shares		0			0	0
Allowance for doubtful accounts		$ 21,500			$ 21,500	$ 27,500
Number of reportable segments \| segment		1	2		1
Number of operating segments \| segment		1	2		1
Number of reporting units \| reporting_unit				1	1
Common Stock Class A
Disaggregation of Revenue [Line Items]
Votes per share \| vote		1			1
Conversion of shares of class B common stock (in shares)	1
Incremental commission costs of obtaining new contracts
Disaggregation of Revenue [Line Items]
Amortization period for deferred incremental commission costs of obtaining new contracts		5 years			5 years
Usage Based Contracts \| Revenue Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of revenue					74.00%	72.00%	71.00%
Non-Usage Based Contracts \| Minimum
Disaggregation of Revenue [Line Items]
Revenue recognized, period for recognition					1 year
Non-Usage Based Contracts \| Maximum
Disaggregation of Revenue [Line Items]
Revenue recognized, period for recognition					3 years
Non-Usage Based Contracts \| Revenue Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of revenue					26.00%	28.00%	29.00%
Next 12 Months \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage		65.00%			65.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period		12 months			12 months
Next 24 Months \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage		96.00%			96.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period		24 months			24 months

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our board of directors is actively involved in oversight of cybersecurity, recognizing the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. Risk Management and Strategy We have policies, standards, processes and practices for assessing, identifying, and managing risk from cybersecurity threats that are integrated into our risk management systems and processes. Utilizing a cross-functional approach, we focus on preserving the confidentiality, integrity, and availability of our information systems by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur. As part of this approach, we have implemented controls and procedures that provide for the prompt escalation of certain cybersecurity incidents to enable timely decisions by management regarding the public disclosure and reporting of such incidents. Our cybersecurity program is focused on the following key areas: •Governance. As discussed in more detail under the heading “Governance” below, our board of directors oversees cybersecurity risk through regular interactions with our Chief Information Security Officer (“CISO”) and other members of management. In addition, our board of directors, supported by our audit committee, oversees the risk management systems and processes into which cybersecurity risk is integrated. •Risk Assessment. We conduct security assessments both internally and with the assistance of third parties to identify cybersecurity threats periodically and to identify any potentially material changes in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These security assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential impact of such risks, and the sufficiency and effectiveness of existing policies, procedures, systems, and controls to manage such risks. Risk themes identified during our risk assessments guide annual cybersecurity planning activities and investments to improve security coverage, technology capabilities and processes. •Technical Safeguards. We deploy, maintain, and regularly monitor the effectiveness of technical safeguards that are designed to protect our information systems from cybersecurity threats. We align our security program to recognized frameworks and industry standards. We make investments in core security capabilities, including awareness and training, identity and access, incident response, product security, cloud security, enterprise security, and risk management, in order to enable us to better identify, protect, detect, respond to, and recover from evolving security threats. Our technical safeguards include firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through internal and external security assessments and cybersecurity threat intelligence. We regularly assess our safeguards through internal testing by our assurance teams. We also leverage external third-party testing (e.g., penetration testing, attack surface mapping, and security maturity assessments) and seek third-party certifications (e.g., SOC2, ISO, and PCI DSS). Following our risk assessments, we evaluate whether and/or how to re-design and/or enhance our safeguards to reasonably address any identified risks or gaps. •Incident Response and Recovery Planning. We have established comprehensive incident response and recovery plans that address the full lifecycle of our response to a cybersecurity incident. These plans are periodically tested and evaluated. •Third-Party Risk Management. We identify and oversee cybersecurity risks presented by third parties and our supply chain, including vendors, service providers and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. As part of our risk-based approach, we perform due diligence on vendors, service providers and other third-party users of our systems at initial onboarding and periodically thereafter. We also require that third-party service providers have the ability to implement and maintain reasonable and appropriate security measures, consistent with applicable laws, in connection with their work with us, and to promptly report any actual or suspected breach of their security measures that may affect our company. •Security Awareness and Training. Our security awareness program requires that employees and certain contractors complete comprehensive security training upon joining the company and annually thereafter. The training covers critical security topics to ensure our workforce stays informed about top-of-mind security areas, such as phishing. The training helps ensure that our personnel have the knowledge and skills required to protect our digital assets and critical data. In addition, we conduct awareness campaigns on cybersecurity threats as a means to equip our personnel with effective tools to address such threats and to communicate our evolving information security policies, standards, processes and practices. We engage in the periodic assessment and testing of our cybersecurity policies, standards, processes and practices, including through audits, assessments, tabletop exercises, threat modeling, vulnerability testing, and other exercises focused on evaluating their effectiveness and informing adjustments as necessary. To assist with these exercises, we engage assessors, consultants, auditors, and other third parties, including for third-party testing and certifications (as described above under “Technical Safeguards”), information security maturity assessments, customer audits, and independent reviews of our information security control environment and operating effectiveness. To date, cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected our company, including our business strategy, results of operations, or financial condition. For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, are reasonably likely to materially affect our company in the future, including our business strategy, results of operations, or financial condition, see Part I, Item 1A, “Risk Factors” in this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have policies, standards, processes and practices for assessing, identifying, and managing risk from cybersecurity threats that are integrated into our risk management systems and processes. Utilizing a cross-functional approach, we focus on preserving the confidentiality, integrity, and availability of our information systems by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur. As part of this approach, we have implemented controls and procedures that provide for the prompt escalation of certain cybersecurity incidents to enable timely decisions by management regarding the public disclosure and reporting of such incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors, in coordination with our audit committee, oversees the management of cybersecurity risks, and is responsible for monitoring and assessing strategic risk exposure through our risk management processes.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management’s presentations on cybersecurity risks address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties, and risks relating to cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	This is carried out under the leadership of our CISO, and involves our Security Incident Response Team (“SIRT”) and other core information security operational teams, in partnership with our engineering teams, as well as management committees, including our Cyber Incident Task Force (“CITF”). During 2025, our board of directors received quarterly updates directly from management on cybersecurity risks. Management’s presentations on cybersecurity risks address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties, and risks relating to cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]	Our CISO is primarily responsible for the assessment and management of our material risks from cybersecurity threats, working collaboratively and cross-functionally to design and implement our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above, and for responding to any cybersecurity incidents. Our SIRT is primarily responsible for detecting, mitigating and remediating cybersecurity threats and incidents. In addition, our CITF (which includes our CISO and our Chief Financial Officer (“CFO”)) is primarily responsible for evaluating cybersecurity incidents, gathering and assessing facts relevant to applicable regulatory reporting and disclosure obligations, making recommendations to our Chief Executive Officer and CFO regarding such disclosure, and advising our board of directors and audit committee on the effectiveness of policies and procedures related to the disclosure of cybersecurity incidents. To facilitate our cybersecurity risk management program, multidisciplinary teams throughout our company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, our CISO, and the SIRT monitor the detection, mitigation and remediation of cybersecurity threats and incidents in real time, and report such threats and incidents to the CITF when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO is primarily responsible for the assessment and management of our material risks from cybersecurity threats, working collaboratively and cross-functionally to design and implement our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above, and for responding to any cybersecurity incidents. Our SIRT is primarily responsible for detecting, mitigating and remediating cybersecurity threats and incidents. In addition, our CITF (which includes our CISO and our Chief Financial Officer (“CFO”)) is primarily responsible for evaluating cybersecurity incidents, gathering and assessing facts relevant to applicable regulatory reporting and disclosure obligations, making recommendations to our Chief Executive Officer and CFO regarding such disclosure, and advising our board of directors and audit committee on the effectiveness of policies and procedures related to the disclosure of cybersecurity incidents. To facilitate our cybersecurity risk management program, multidisciplinary teams throughout our company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, our CISO, and the SIRT monitor the detection, mitigation and remediation of cybersecurity threats and incidents in real time, and report such threats and incidents to the CITF when appropriate.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our management team responsible for assessing and managing cybersecurity risks includes experienced professionals, with many years of relevant experience managing cybersecurity and other risks at the Company and at similar companies, and broad technological expertise. In particular, our CISO has over 20 years of experience managing cybersecurity risks in the technology industry, including serving as the acting chief security officer at a public company and holding other senior cybersecurity leadership and operational roles at other companies. Our CISO holds an undergraduate degree in computer engineering and graduate degrees in electrical engineering and business administration.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	During 2025, our board of directors received quarterly updates directly from management on cybersecurity risks. Management’s presentations on cybersecurity risks address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties, and risks relating to cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 818,284	$ 810,278
Accruals and reserves	80,185	73,535
Stock-based compensation	31,673	28,238
Research and development credits	237,447	175,746
Intangibles	135,500	135,500
Capitalized research and development expenses	230,302	299,061
Lease liability	21,499	30,697
Investments and other basis differences	126,369	81,248
Other	8,992	18,139
Gross deferred tax assets	1,690,251	1,652,442
Valuation allowance	(1,554,727)	(1,488,328)
Net deferred tax assets	135,524	164,114
Deferred tax liabilities:
Capitalized software	(39,022)	(38,394)
Prepaid expenses	(863)	(900)
Acquired intangibles	(32,633)	(55,283)
Right-of-use asset	(8,913)	(13,112)
Deferred commissions	(37,173)	(42,313)
Net deferred tax asset	$ 16,920	$ 14,112

Impairment of Long-Lived Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Impairment of Long-Lived Assets

No significant impairments of long-lived assets were recorded during the years ended December 31, 2025 or 2024.

Operating right-of-use assets

In 2023, the Company permanently closed several of its offices, which triggered reassessment for impairment of certain operating right-of-use (“ROU”) assets and related leasehold improvements and property and equipment. Based on the reassessment, the Company concluded that certain assets were impaired and recorded a $34.8 million impairment in the impairment of long-lived assets line item in the accompanying consolidated statement of operations for the year ended December 31, 2023.

Intangible assets

In the fourth quarter of 2023, the Company identified an indicator that the carrying amounts of certain long-lived assets within its then Segment reportable segment may not have been recoverable. The Company performed a fair value measurement of the impacted asset group and concluded that the asset group was impaired. The impairment was allocated to the assets within the impacted asset group reducing the respective carrying amounts of the assets as of the December 1, 2023, measurement date, as follows:


	Total Impairment Allocation
	(In thousands)
Developed technology	$	209,350
Customer relationships	76,361
Total impairment	$	285,711

The impairment is recorded within the impairment of long-lived assets line item in the accompanying consolidated statement of operations for the year ended December 31, 2023.

No other significant impairments were recorded during the year ended December 31, 2023.

Divestitures (Details) $ in Thousands	12 Months Ended
Divestitures (Details) $ in Thousands	Dec. 31, 2025 USD ($) divestiture	Dec. 31, 2024 USD ($) divestiture	Dec. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of divestitures \| divestiture	0	0
Divestitures, net of cash divested	$ 0	$ 0	$ 38,194
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| ValueFirst Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration			45,500
Divestitures, net of cash divested			38,200
Loss on divestiture			28,800
Divestiture transaction costs			$ 3,300

Supplemental Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of customer credit reserve

A roll‑forward of the Company’s customer credit reserve is as follows:


	As of December 31,
	2025		2024		2023
	(In thousands)
Balance, beginning of period	$	19,341	$	33,594	$	33,124
Additions	98,955		81,695		167,044
Deductions against reserve	(86,484)		(95,948)		(166,574)
Balance, end of period	$	31,812	$	19,341	$	33,594

Equity Method Investment - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2022	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Impairment charges		$ 80,600	$ 80,629	$ 0	$ 0
Syniverse
Schedule of Equity Method Investments [Line Items]
Acquisition of voting stock (in percent)	44.60%	43.70%	43.70%	43.80%
Payments to acquire equity method investments	$ 750,000
Impact of transaction			$ 138,900	$ 145,000	$ 143,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	152,411,346	152,610,697
Common stock, outstanding (in shares)	152,411,346	152,610,697

Stockholders' Equity - Share Repurchase Program (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jan. 31, 2025
Stockholders' Equity Note [Abstract]
Share repurchase program, authorized amount			$ 2,000,000,000.0
Stock repurchased (in shares)	8.0	36.8
Stock repurchased	$ 854,600,000	$ 2,300,000,000
Stock repurchase remaining amount	$ 1,100,000,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2021
Debt Instrument [Line Items]
Total long-term debt, net	$ 992,287,000	$ 990,587,000
2029 Senior Notes
Debt Instrument [Line Items]
Principal	500,000,000	500,000,000	$ 500,000,000.0
Unamortized discount	(2,733,000)	(3,518,000)
Unamortized issuance costs	(615,000)	(792,000)
Total long-term debt, net	496,652,000	495,690,000
2031 Senior Notes
Debt Instrument [Line Items]
Principal	500,000,000	500,000,000	$ 500,000,000.0
Unamortized discount	(3,563,000)	(4,166,000)
Unamortized issuance costs	(802,000)	(937,000)
Total long-term debt, net	$ 495,635,000	$ 494,897,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Impairment of Long-Lived Assets - Narrative (Details) $ in Millions		6 Months Ended		12 Months Ended
	Dec. 01, 2023	Dec. 31, 2025 segment	Jun. 30, 2025 segment	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of long-lived assets \| $				$ 0.0	$ 0.0	$ 34.8
Number of reportable segments \| segment		1	2	1
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of long-lived assets

Goodwill and Intangible Assets - Total Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible Assets
2026	$ 44,615
2027	27,796
2028	21,520
2029	17,353
2030	16,614
Thereafter	8,952
Total	$ 136,850	$ 233,288

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt, net, consists of the following:


	As of December 31,
	2025		2024
	(In thousands)
2029 Senior Notes
Principal	$	500,000	$	500,000
Unamortized discount	(2,733)		(3,518)
Unamortized issuance costs	(615)		(792)
Net carrying amount	496,652		495,690
2031 Senior Notes
Principal	500,000		500,000
Unamortized discount	(3,563)		(4,166)
Unamortized issuance costs	(802)		(937)
Net carrying amount	495,635		494,897
Total long-term debt, net	$	992,287	$	990,587

Income Taxes - Cash Paid for Income Taxes, Net of Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. federal taxes	$ 3,157
U.S. state taxes	3,973
Non-U.S. taxes	10,581
Total income taxes paid, net	17,711	$ 36,547	$ 37,818
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. state taxes	1,723
Brazil
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-U.S. taxes	2,446
Colombia
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-U.S. taxes	1,879
Japan
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-U.S. taxes	1,678
India
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-U.S. taxes	$ 3,706

Equity Method Investment (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of ownership percentage and other information related to the equity method investment

The Company’s ownership percentage and other information related to the equity method investment, reported on a 90-day lag, are as follows:


	As of December 31,
	2025		2024
Ownership percentage	43.7%		43.8%
Basis difference attributable to intangible assets and deferred tax liability	$	297,114	$	353,307
Equity method goodwill	$	543,157	$	623,786

Summarized financial information of Syniverse is presented below on a one-month lag. The investee’s fiscal year end is November 30.


	As of November 30,
	2025		2024
	(In thousands)
Current assets	$	172,548	$	225,975
Noncurrent assets	$	2,365,336	$	2,344,658
Current liabilities	$	214,359	$	232,522
Noncurrent liabilities	$	1,198,196	$	1,176,332
Non controlling interest	$	5,068	$	6,027


	Year Ended November 30,
	2025		2024		2023
	(In thousands)
Revenue	$	795,749	$	819,164	$	739,317

Cost of operations (excluding depreciation and amortization)	$	481,486	$	474,081	$	430,140
Income from operations	$	92,701	$	113,950	$	67,870
Net loss	$	(56,926)	$	(38,849)	$	(89,096)
Net loss attributable to Syniverse Corporation	$	(59,338)	$	(40,917)	$	(90,770)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of domestic and foreign components of loss before income taxes

The following table presents domestic and foreign components of income (loss) before provision for income taxes for the periods presented:


	Year Ended December 31,
	2025		2024		2023
	(In thousands)
United States	$	150,891	$	40,982	$	(816,089)
International	(95,797)		(129,595)		(180,640)
Income (loss) before provision for income taxes	$	55,094	$	(88,613)	$	(996,729)

Schedule of provision for income taxes

Provision for income taxes consists of the following:


	Year Ended December 31,
	2025		2024		2023
Current:	(In thousands)
Federal	$	341	$	5,617	$	2,567
State	1,515		2,305		1,533
Foreign	20,692		14,850		31,354
Total	22,548		22,772		35,454
Deferred:
Federal	95		196		(1,337)
State	(27)		149		(208)
Foreign	(1,356)		(2,327)		(15,197)
Total	(1,288)		(1,982)		(16,742)
Provision for income taxes	$	21,260	$	20,790	$	18,712

Schedule of reconciliation of the U.S. federal statutory income tax rate to our effective tax rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate for the year ended December 31, 2025, pursuant to the disclosure requirements of ASU 2023-09, is as follows:


	Year Ended December 31, 2025
	Amount (in thousands)		Percent
Tax at federal statutory rate	$	11,570	21	%
Federal:
Effect of cross-border tax laws:
Foreign income taxed in the United States, net of foreign tax deductions	(1,440)		(3)
Withholding taxes	157		—
Tax Credits:
Research and development tax credits	(40,879)		(74)
Changes in valuation allowance	36,651		67
Nontaxable or nondeductible items:
Excess benefit on share-based payment awards	(41,493)		(75)
Other share-based payment award related items	14,216		26
Other	1,651		3
Other adjustments	264		1
State and local taxes, net of federal income tax effect (1)	1,080		2
Foreign tax effects:
Ireland:
Statutory tax rate difference between Ireland and United States	9,473		17
Changes in valuation allowance	9,720		18
Foreign exchange gains/losses	7,394		13
Other	(580)		(1)
Brazil:
Withholding taxes	7,758		14
Other	1,213		2
Other foreign jurisdictions (2)	6,118		11
Worldwide changes in unrecognized tax benefits (gross)	(1,613)		(3)
Effective tax rate	$	21,260	39	%

____________________________________

(1) State taxes in North Carolina and Texas made up the majority (greater than 50 percent) of the tax effect in this category.

(2) Other foreign jurisdictions is comprised of $2.6 million related to India. The remaining foreign jurisdictions are not significant.


	Year Ended December 31,
	2024		2023
Tax at federal statutory rate	21	%	21	%
State tax, net of federal benefit	1		3
Stock-based compensation	(40)		(7)
Credits	20		2
Foreign rate differential	(67)		1
Permanent book vs. tax differences	8		—
Change in valuation allowance	32		(23)

Other	2		1
Effective tax rate	(23)	%	(2)	%

Schedule of cash paid for income taxes, net of refunds

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


	Year Ended December 31, 2025
	(In thousands)
U.S. federal taxes	$	3,157
U.S. state taxes	3,973
Non-U.S. taxes	10,581
Total income taxes paid, net	$	17,711

Income taxes paid exceeds 5% of total income taxes paid, net of refunds, in the following jurisdictions:


	Year Ended December 31, 2025
	(In thousands)
U.S. State
California	$	1,723
Non-U.S.
Brazil	$	2,446
Colombia	$	1,879
Japan	$	1,678
India	$	3,706

Schedule of deferred tax assets and liabilities

The following table presents the significant components of the Company's deferred tax assets and liabilities:


	As of December 31,
	2025		2024
Deferred tax assets:	(In thousands)
Net operating loss carryforwards	$	818,284	$	810,278
Accruals and reserves	80,185		73,535
Stock-based compensation	31,673		28,238
Research and development credits	237,447		175,746




Intangibles	135,500		135,500
Capitalized research and development expenses	230,302		299,061
Lease liability	21,499		30,697

Investments and other basis differences	126,369		81,248
Other	8,992		18,139
Gross deferred tax assets	1,690,251		1,652,442
Valuation allowance	(1,554,727)		(1,488,328)
Net deferred tax assets	135,524		164,114
Deferred tax liabilities:
Capitalized software	(39,022)		(38,394)
Prepaid expenses	(863)		(900)
Acquired intangibles	(32,633)		(55,283)


Right-of-use asset	(8,913)		(13,112)
Deferred commissions	(37,173)		(42,313)


Net deferred tax asset	$	16,920	$	14,112

Schedule of operating loss carryforwards

The following table summarizes the Company’s tax carryforwards, carryovers and credits:


	As of December 31, 2025		Expiration Date (If not utilized)
	(In thousands)

Federal tax credits	$	205,987	Various dates beginning in 2038
Federal net operating loss carryforwards	$	2,866,460	Indefinite
State net operating loss carryforwards	$	2,400,985	Various dates beginning in 2026
State tax credits	$	155,404	Various dates beginning in 2029
Foreign net operating loss carryforwards	$	965,615	Indefinite

Schedule of tax credit carryforwards

The following table summarizes the Company’s tax carryforwards, carryovers and credits:


	As of December 31, 2025		Expiration Date (If not utilized)
	(In thousands)

Federal tax credits	$	205,987	Various dates beginning in 2038
Federal net operating loss carryforwards	$	2,866,460	Indefinite
State net operating loss carryforwards	$	2,400,985	Various dates beginning in 2026
State tax credits	$	155,404	Various dates beginning in 2029
Foreign net operating loss carryforwards	$	965,615	Indefinite

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Unrecognized tax benefit, beginning of year	$	252,208	$	233,778	$	228,966
Gross increases for tax positions of prior years	6,647		7,476		3,427
Gross decreases for tax positions of prior years	(1,085)		(198)		(5,130)
Gross increases for tax positions of current year	24,889		13,253		7,754
Gross decreases for tax positions of current year	(168)		—		—
Lapse of statute of limitations	(1,795)		(2,101)		(1,239)
Unrecognized tax benefit, end of year	$	280,696	$	252,208	$	233,778

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

The useful lives of property and equipment are as follows:


Capitalized internal-use software development costs						3 years
Data center equipment						2 - 4 years
Leasehold improvements						Shorter of 5 years or the remaining lease term
Office equipment						3 years
Furniture and fixtures						5 years
Software						3 years
Assets under financing lease						Shorter of 5 years or the remaining lease term

Property and equipment consist of the following:


	As of December 31,
	2025		2024
	(In thousands)
Capitalized internal-use software developments costs	$	421,795	$	357,334
Data center equipment (1)	27,843		63,672
Leasehold improvements	62,143		78,104
Office equipment	46,709		50,659
Furniture and fixtures	10,399		12,618
Software	14,927		14,143
Total property and equipment	583,816		576,530
Less: accumulated depreciation and amortization (1)	(406,853)		(385,488)
Total property and equipment, net	$	176,963	$	191,042

____________________________________

Commitments and Contingencies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Term of non-cancellable agreement	5 years
Purchase commitment	$ 149,100,000
Minimum
Loss Contingencies [Line Items]
Term of non-cancellable agreement	1 year
Maximum
Loss Contingencies [Line Items]
Term of non-cancellable agreement	5 years
Domestic Tax Jurisdiction
Loss Contingencies [Line Items]
Taxes payable	$ 21,100,000	$ 19,300,000
Foreign net operating loss carryforwards
Loss Contingencies [Line Items]
Taxes payable	21,800,000	22,000,000.0
Indemnification Agreement
Loss Contingencies [Line Items]
Loss contingency accrual	$ 0	$ 0

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The following equity incentive plans govern a significant amount of the outstanding equity awards as of December 31, 2025:

2016 Stock Option Plan

The Company’s 2016 Stock Option and Incentive Plan (the “2016 Plan”) became effective on June 21, 2016. The 2016 Plan provides for the grant of ISOs, NSOs, restricted stock awards, RSUs, stock appreciation rights, unrestricted stock awards, performance share awards, dividend equivalent rights and cash-based awards to employees, directors and consultants of the Company. A total of 11,500,000 shares of the Company’s Class A common stock were initially reserved for issuance under the 2016 Plan. These available shares automatically increase each January 1, beginning on January 1, 2017, by 5% of the number of shares of the Company’s Class A and Class B common stock outstanding on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s compensation committee. On January 1, 2025 and 2024, the shares available for grant under the 2016 Plan were automatically increased by 7,630,534 shares and 9,097,289 shares, respectively.

Under the 2016 Plan, the stock options are granted at a price per share not less than 100% of the fair market value per share of the underlying common stock on the date of grant.

2016 Employee Stock Purchase Plan

The Company’s 2016 ESPP was effective on June 21, 2016. A total of 2,400,000 shares of the Company’s Class A common stock were initially reserved for issuance under the 2016 ESPP. These available shares automatically increase each January 1, beginning on January 1, 2017, by the lesser of 1,800,000 shares of the Company's Class A common stock, 1% of the number of shares of the Company’s Class A and Class B common stock outstanding on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s compensation committee. On January 1, 2025 and 2024, the shares available for grant under the 2016 ESPP were automatically increased by 1,526,106 and 1,800,000 shares, respectively.

The 2016 ESPP allows eligible employees to purchase shares of the Company’s Class A common stock at a discount of 15% through payroll deductions of their eligible compensation, subject to any plan limitations. The 2016 ESPP provides for separate six-month offering periods beginning in May and November of each year.

On each purchase date, eligible employees purchase shares of the Company’s Class A common stock at a price per share equal to 85% of the lesser of (i) the fair market value of the Company’s Class A common stock on the offering date or (ii) the fair market value of the Company’s Class A common stock on the purchase date.

As of December 31, 2025, total unrecognized compensation cost related to the 2016 ESPP was not significant.

Stock-options and restricted stock units and awards activity under the Company’s equity incentive plans is as follows:

Stock Options


	Number of options outstanding	Weighted- average exercise price (Per share)		Weighted- average remaining contractual term (In years)	Aggregate intrinsic value (In thousands)
Outstanding options as of December 31, 2024	1,322,176	$	74.15	3.05	$	74,838


Exercised	(420,056)	$	14.87

Outstanding options as of December 31, 2025	902,120	$	101.75	2.87	$	59,701
Options vested and exercisable as of December 31, 2025	902,120	$	101.75	2.87	$	59,701


	Year Ended December 31,
	2025		2024		2023
	(In thousands, except per share amounts)
Aggregate intrinsic value of stock options exercised (1)	$	41,976	$	8,649	$	15,242
Total estimated grant date fair value of options vested	$	844	$	9,351	$	28,619

As of December 31, 2025, all stock options have vested.

Restricted Stock Units


	Number of awards outstanding	Weighted- average grant date fair value (Per share)		Aggregate intrinsic value (In thousands)
Unvested RSUs as of December 31, 2024	18,386,271	$	71.96	$	1,394,966
Granted	4,728,094	$	119.02
Vested	(6,944,005)	$	84.28
Forfeited and canceled	(2,506,383)	$	78.06
Unvested RSUs as of December 31, 2025	13,663,977	$	80.86	$	1,943,564

In 2025 and 2024, the Company granted to certain of its executive employees performance-based restricted stock units (“PSUs”) covering 185,899 and 516,626 shares, respectively, of Class A common stock that had an aggregate grant date fair value of $27.1 million and $34.5 million, respectively. These awards are included in the table above. The PSUs will vest if certain operational performance conditions or market conditions, as defined in the respective grant agreements, are met during the performance achievement periods, which expire on December 31, 2027 and 2026, respectively. At the end of the vesting period, the number of shares actually issued may range from 0% to 200% of the target based on levels of performance.

As of December 31, 2025, total unrecognized compensation cost related to unvested RSUs was $994.9 million, which will be amortized over a weighted-average period of 2.2 years.

Valuation Assumptions

The Company used the following assumptions in the Black-Scholes option pricing model to estimate the fair value of the purchase rights issued under the 2016 ESPP:


	Year Ended December 31,
Employee Stock Purchase Plan:	2025	2024	2023
Fair value of common stock	$116.34 - $120.22	$61.54 - $96.41	$47.36 - $61.55
Expected term (in years)	0.50	0.50	0.50
Expected volatility	57.8% - 58.7%	38.6% - 41.8%	45.8% - 57.1%
Risk-free interest rate	3.8% - 4.3%	4.4% - 5.4%	5.3% - 5.4%

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense as follows:


	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Cost of revenue	$	16,570	$	22,001	$	26,343
Research and development	326,767		330,933		331,526
Sales and marketing	136,998		135,331		183,389
General and administrative	118,319		125,164		121,584
Restructuring costs	1,753		3,178		13,015
Total	$	600,407	$	616,607	$	675,857

Goodwill and Intangible Assets - Narrative (Details)	9 Months Ended	12 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Sep. 30, 2025 reporting_unit	Dec. 31, 2025 USD ($) reporting_unit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units \| reporting_unit	1	1
Goodwill impairment		$ 0
Amortization expense		$ 108,300,000	$ 112,000,000.0	$ 192,500,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 307,263	$ 333,911
Other current assets	162,387	140,449
Total prepaid expenses and other current assets	$ 469,650	$ 474,360

Impairment of Long-Lived Assets - Schedule of Impairment of Intangible Assets (Details) $ in Thousands	Dec. 01, 2023 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
Total impairment	$ 285,711
Developed technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Total impairment	209,350
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Total impairment	$ 76,361

Revenue by Geographic Area and Groups of Similar Products

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue by Geographic Area and Groups of Similar Products

Revenue by geographic area is based on the IP address or the mailing address of the customer at the time of registration. The following table sets forth revenue by geographic area:


		Year Ended December 31,
		2025		2024		2023
Revenue by geographic area:	(In thousands)
United States		$	3,246,863	$	2,898,056	$	2,757,470
International		1,820,357		1,559,980		1,396,475
Total		$	5,067,220	$	4,458,036	$	4,153,945


Percentage of revenue by geographic area:
United States	64	%	65	%	66	%
International	36	%	35	%	34	%

The following table sets forth long-lived assets by geographic area:


	As of December 31,
	2025			2024
Long-lived assets by geographic area:	(In thousands)
United States	$	43,491		$	65,782
International	15,561			25,676
Total	$	59,052		$	91,458
Percentage of long-lived assets by geographic area:
United States	74		%	72		%
International	26		%	28		%

The following table sets forth revenue by groups of similar products:


		Year Ended December 31,
		2025		2024(1)		2023(1)
Revenue by groups of similar products:	(In thousands)
Messaging		$	2,878,304	$	2,435,462	$	2,251,308
Voice		615,655		543,117		511,728
Email		523,470		488,271		440,185
Segment		303,250		297,696		295,252
Other		746,541		693,490		655,472
Total		$	5,067,220	$	4,458,036	$	4,153,945
________________________________________
(1) Prior year amounts were reclassified to conform to the current year presentation. In 2025, RCS Messaging and WhatsApp Messaging were reclassified into Messaging. Previously, revenue related to these products was presented within Other. As a result, $76.7 million and $66.6 million were reclassified out of Other and into Messaging for the years ended December 31, 2024 and 2023, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 33,834	$ (109,403)	$ (1,015,441)
Other comprehensive income (loss):
Unrealized gain on marketable securities	5,273	7,332	99,742
Foreign currency translation	0	0	5,587
Net change in market value of effective foreign currency forward exchange contracts	14,043	(9,986)	898
Share of other comprehensive (loss) income from equity method investment	(2,347)	734	15,553
Total other comprehensive income (loss)	16,969	(1,920)	121,780
Comprehensive income (loss) attributable to common stockholders	$ 50,803	$ (111,323)	$ (893,661)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stockholders' Equity - Common Stock (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Common Stock
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, issued (in shares)	152,411,346	152,610,697
Common stock, outstanding (in shares)	152,411,346	152,610,697
Common Stock Class A
Common Stock
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, issued (in shares)	152,411,346	152,610,697
Common stock, outstanding (in shares)	152,411,346	152,610,697
Common Stock Class B
Common Stock
Common stock, authorized (in shares)		3,170,181
Common stock, par value (in dollars per share)		$ 0.001
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financial Assets:
Cash and cash equivalents:	$ 492,022	$ 225,130
Amortized Cost or Carrying Value	1,773,331	1,954,699
Amortized Cost or Carrying Value	4,220	3,220
Amortized Cost or Carrying Value	1,777,551	1,957,919
Total financial assets	2,269,573	2,183,049
Gross Unrealized Gains	10,550	7,685
Gross Unrealized Losses Less Than 12 Months	(93)	(1,890)
Gross Unrealized Losses More Than 12 Months	(1)	(612)
Marketable securities, aggregate fair value	1,783,787	1,959,882
Equity securities, aggregate fair value	4,220	3,220
Investments, aggregate fair value	1,788,007	1,963,102
Total financial assets	2,280,029	2,188,232
Level 1
Financial Assets:
Cash and cash equivalents:	454,505	210,071
Marketable securities, aggregate fair value	250,577	400,564
Equity securities, aggregate fair value	4,220	3,220
Investments, aggregate fair value	254,797	403,784
Total financial assets	709,302	613,855
Level 2
Financial Assets:
Cash and cash equivalents:	37,517	15,059
Marketable securities, aggregate fair value	1,533,210	1,559,318
Equity securities, aggregate fair value	0	0
Investments, aggregate fair value	1,533,210	1,559,318
Total financial assets	1,570,727	1,574,377
Level 3
Financial Assets:
Cash and cash equivalents:	0	0
Marketable securities, aggregate fair value	0	0
Equity securities, aggregate fair value	0	0
Investments, aggregate fair value	0	0
Total financial assets	0	0
U.S. Treasury securities
Financial Assets:
Amortized Cost or Carrying Value	249,396	379,846
Gross Unrealized Gains	1,190	1,243
Gross Unrealized Losses Less Than 12 Months	(9)	(296)
Gross Unrealized Losses More Than 12 Months	0	(55)
Marketable securities, aggregate fair value	250,577	380,738
U.S. Treasury securities \| Level 1
Financial Assets:
Marketable securities, aggregate fair value	250,577	380,738
U.S. Treasury securities \| Level 2
Financial Assets:
Marketable securities, aggregate fair value	0	0
U.S. Treasury securities \| Level 3
Financial Assets:
Marketable securities, aggregate fair value	0	0
Non-U.S. government securities
Financial Assets:
Amortized Cost or Carrying Value		2,909
Gross Unrealized Gains		27
Gross Unrealized Losses Less Than 12 Months		0
Gross Unrealized Losses More Than 12 Months		0
Marketable securities, aggregate fair value		2,936
Non-U.S. government securities \| Level 1
Financial Assets:
Marketable securities, aggregate fair value		2,936
Non-U.S. government securities \| Level 2
Financial Assets:
Marketable securities, aggregate fair value		0
Non-U.S. government securities \| Level 3
Financial Assets:
Marketable securities, aggregate fair value		0
Corporate debt securities and commercial paper
Financial Assets:
Amortized Cost or Carrying Value	1,523,935	1,571,944
Gross Unrealized Gains	9,360	6,415
Gross Unrealized Losses Less Than 12 Months	(84)	(1,594)
Gross Unrealized Losses More Than 12 Months	(1)	(557)
Marketable securities, aggregate fair value	1,533,210	1,576,208
Corporate debt securities and commercial paper \| Level 1
Financial Assets:
Marketable securities, aggregate fair value	0	16,890
Corporate debt securities and commercial paper \| Level 2
Financial Assets:
Marketable securities, aggregate fair value	1,533,210	1,559,318
Corporate debt securities and commercial paper \| Level 3
Financial Assets:
Marketable securities, aggregate fair value	0	0
Money market funds
Financial Assets:
Cash and cash equivalents:	454,505	207,323
Money market funds \| Level 1
Financial Assets:
Cash and cash equivalents:	454,505	207,323
Money market funds \| Level 2
Financial Assets:
Cash and cash equivalents:	0	0
Money market funds \| Level 3
Financial Assets:
Cash and cash equivalents:	0	0
Commercial paper
Financial Assets:
Cash and cash equivalents:	37,517	15,059
Commercial paper \| Level 1
Financial Assets:
Cash and cash equivalents:	0	0
Commercial paper \| Level 2
Financial Assets:
Cash and cash equivalents:	37,517	15,059
Commercial paper \| Level 3
Financial Assets:
Cash and cash equivalents:	$ 0	0
U.S. Treasury securities
Financial Assets:
Cash and cash equivalents:		2,748
U.S. Treasury securities \| Level 1
Financial Assets:
Cash and cash equivalents:		2,748
U.S. Treasury securities \| Level 2
Financial Assets:
Cash and cash equivalents:		0
U.S. Treasury securities \| Level 3
Financial Assets:
Cash and cash equivalents:		$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment
Total property and equipment	$ 583,816	$ 576,530
Less: accumulated depreciation and amortization	(406,853)	(385,488)
Total property and equipment, net	176,963	191,042
Capitalized internal-use software developments costs
Property and Equipment
Total property and equipment	421,795	357,334
Data center equipment
Property and Equipment
Total property and equipment	27,843	63,672
Finance lease asset	1,400	33,500
Finance lease asset, accumulated amortization	1,400	28,600
Leasehold improvements
Property and Equipment
Total property and equipment	62,143	78,104
Office equipment
Property and Equipment
Total property and equipment	46,709	50,659
Furniture and fixtures
Property and Equipment
Total property and equipment	10,399	12,618
Software
Property and Equipment
Total property and equipment	$ 14,927	$ 14,143

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Feb. 10, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37806
Entity Registrant Name	TWILIO INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2574840
Entity Address, Address Line One	101 Spear Street
Entity Address, Address Line Two	Fifth Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	390-2337
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	TWLO
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 18.7
Entity Common Stock, Shares Outstanding (in shares)		151,513,999
Documents Incorporated by Reference	Portions of the registrant's definitive Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2025
Entity Central Index Key	0001447669
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Twilio Inc. (the “Company”) was incorporated in the state of Delaware on March 13, 2008. Today's leading companies trust Twilio's Customer Engagement Platform to build direct, personalized relationships with their customers everywhere in the world. Twilio enables companies to use communications and data to add intelligence and security to every step of their customers’ journey, from sales to marketing to growth, customer service and many more engagement use cases in a flexible, programmatic way. The Company’s headquarters are located in San Francisco, California, and the Company has subsidiaries across North America, South America, Europe, Asia and Australia.

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt, net, consists of the following:


	As of December 31,
	2025		2024
	(In thousands)
2029 Senior Notes
Principal	$	500,000	$	500,000
Unamortized discount	(2,733)		(3,518)
Unamortized issuance costs	(615)		(792)
Net carrying amount	496,652		495,690
2031 Senior Notes
Principal	500,000		500,000
Unamortized discount	(3,563)		(4,166)
Unamortized issuance costs	(802)		(937)
Net carrying amount	495,635		494,897
Total long-term debt, net	$	992,287	$	990,587

2029 and 2031 Senior Notes

In March 2021, the Company issued $1.0 billion aggregate principal amount of senior notes, consisting of $500.0 million principal amount of 3.625% notes due 2029 (the “2029 Notes”) and $500.0 million principal amount of 3.875% notes due 2031 (the “2031 Notes” and together with the 2029 Notes, the “Notes”). Initially, none of the Company’s subsidiaries guaranteed the Notes. However, under certain circumstances in the future the Notes can be guaranteed by each of the Company’s material domestic subsidiaries. The 2029 Notes and 2031 Notes will mature on March 15, 2029 and March 15, 2031, respectively. Interest payments are payable semi-annually in arrears on March 15 and September 15 of each year.

The aggregate net proceeds from offering of the Notes were approximately $984.7 million after deducting underwriting discounts and issuance costs paid by the Company.

As of December 31, 2025, the Company may voluntarily redeem the 2029 Notes, in whole or in part, under the following circumstances:

(1)at any time on or after March 15, 2025 at a prepayment price equal to 100.906% of the principal amount; and

(2)at any time on or after March 15, 2026 at a prepayment price equal to 100.000% of the principal amount;

in each case, the redemption will include the accrued and unpaid interest, as applicable.

As of December 31, 2025, the Company may voluntarily redeem the 2031 Notes, in whole or in part, under the following circumstances:

(1)at any time prior to March 15, 2026 at 100% of the principal amount, plus a “make-whole” premium;

(2)at any time on or after March 15, 2026 at a prepayment price equal to 101.938% of the principal amount;

(3)at any time on or after March 15, 2027 at a prepayment price equal to 101.292% of the principal amount;

(4)at any time on or after March 15, 2028 at a prepayment price equal to 100.646% of the principal amount; and

(5)at any time on or after March 15, 2029 at a prepayment price equal to 100.000% of the principal amount;

in each case, the redemption will include accrued and unpaid interest, as applicable.

The Notes are general unsecured obligations and will rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Notes that the Company may incur in the future and equal in right of payment with the Company’s existing and future unsecured and unsubordinated liabilities.

In certain circumstances involving a change of control event, the Company will be required to make an offer to repurchase the Notes of the applicable series at a repurchase price equal to 101% of the principal amount of the Notes of such series to be repurchased, plus accrued and unpaid interest, if any, to the applicable repurchase date.

The indenture governing the Notes (the “Indenture”) contains restrictive covenants limiting the Company’s ability and the ability of its subsidiaries to: (i) create liens on certain assets to secure debt; (ii) grant a subsidiary guarantee of certain debt without also providing a guarantee of the Notes; and (iii) consolidate or merge with or into, or sell or otherwise dispose of all or substantially all of its assets to another person. These covenants are subject to a number of limitations and exceptions. Certain of these covenants will not apply during any period in which the Notes are rated investment grade by either Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services.

As of December 31, 2025, the Company was in compliance with all of its covenants under the Indenture.

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 600,407	$ 616,607	$ 675,857
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	16,570	22,001	26,343
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	326,767	330,933	331,526
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	136,998	135,331	183,389
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	118,319	125,164	121,584
Restructuring costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 1,753	$ 3,178	$ 13,015