0001086222-26-000022 | 10-K | XBRL Viewer

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Accounts Receivable - Schedule of Activity in the Accounts Receivable Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,522	$ 3,469	$ 5,917
Charges to income from operations	16,109	6,954	13,431
Collections from customers previously reserved and other	(11,925)	(6,901)	(15,879)
Ending balance	$ 7,706	$ 3,522	$ 3,469

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Plans

In May 2013, the Company's stockholders approved the Akamai Technologies, Inc. 2013 Stock Incentive Plan, which was amended with Company shareholder approval in each of 2015, 2017, 2019, 2021, 2022, 2023, 2024 and 2025 (as amended and restated, the "2013 Plan"). The 2013 Plan allows for the issuance of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards and cash-based awards for up to 46.8 million shares of common stock, subject to certain adjustments, to employees, officers, directors, consultants and advisers of the Company. As of December 31, 2025, the Company had reserved 9.3 million shares of common stock available for future issuance of equity awards under the 2013 Plan.

The Company has assumed certain stock incentive plans and the outstanding stock incentives of companies that it has acquired (“Assumed Plans”). Stock awards outstanding as of the date of acquisition under the Assumed Plans were exchanged for the Company’s stock awards and adjusted to reflect the appropriate conversion ratio as specified by the applicable acquisition agreement, but are otherwise administered in accordance with the terms of the Assumed Plans. Stock awards under the Assumed Plans generally vest over three years to four years, and outstanding stock options under the Assumed Plans expire ten years from the date of grant.

Additionally, the Company has the 1999 ESPP that permits eligible employees to purchase up to 1.5 million shares each June 1 and December 1, provided that the aggregate number of shares issued shall not exceed 20.0 million. The 1999 ESPP allows participants to purchase shares of common stock at a 15% discount from the fair market value of the stock as determined on specific dates at six-month intervals. As of December 31, 2025, the Company had reserved 0.6 million shares of common stock available for future purchases under the 1999 ESPP.

Stock-Based Compensation Expense

Components of total stock-based compensation expense included in the Company’s consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025		2024		2023
Cost of revenue	$	77,176	$	61,177	$	43,802
Research and development	169,404		152,114		123,896
Sales and marketing	90,198		77,593		66,453
General and administrative	122,624		102,494		94,316
Total stock-based compensation	459,402		393,378		328,467
Provision for income taxes	(80,946)		(96,607)		(59,359)
Total stock-based compensation, net of taxes	$	378,456	$	296,771	$	269,108

In addition to the amounts of stock-based compensation reported in the table above, the Company’s consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 also include stock-based compensation reflected as a component of amortization primarily consisting of capitalized internal-use software; the additional stock-based compensation was $50.4 million, $42.5 million and $32.5 million, respectively, before taxes.

As of December 31, 2025, total pre-tax unrecognized compensation cost for stock awards was $497.6 million. The expense is expected to be recognized through 2029 over a weighted average period of 1.5 years.

Employee Stock Purchase Plan

The following summarizes the activity under the 1999 ESPP (in thousands, except per share amounts):


	2025		2024		2023
Shares issued	966		788		797
Weighted average purchase price per share	$	64.54	$	77.60	$	78.29
Issuance of common stock	$	62,322	$	61,131	$	62,365

As of December 31, 2025, $7.0 million had been withheld from employees for future purchases under the 1999 ESPP.

The Company uses the Black-Scholes option pricing model to determine the fair value of the stock awards issued under the Company’s 1999 ESPP. This model requires the input of subjective assumptions, including expected stock price volatility and the estimated term of each award. The estimated fair value of the stock awards issued under the Company's 1999 ESPP, less expected forfeitures, is amortized over the stock awards' six-month contribution period on a straight-line basis. Expected volatilities are based on the Company’s historical stock price volatility. The risk-free interest rate for periods commensurate with the expected term of the stock award is based on the U.S. Treasury yield rate in effect at the time of grant. The expected dividend yield is zero, as the Company currently does not pay a dividend and does not anticipate doing so in the future.

The grant-date fair values of awards granted under the 1999 ESPP during the years ended December 31, 2025, 2024 and 2023 were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:


	2025		2024		2023
Expected term (in years)	0.5		0.5		0.5
Risk-free interest rate	4.3	%	5.2	%	5.2	%
Expected volatility	38.3	%	24.4	%	29.1	%
Dividend yield	—	%	—	%	—	%

For the years ended December 31, 2025, 2024 and 2023, the weighted average fair value of awards granted under the 1999 ESPP was $22.00 per share, $22.63 per share and $23.12 per share, respectively.

Restricted Stock Units, Restricted Stock and Deferred Stock Units

Restricted stock units ("RSUs") represent the right to receive one share of the Company’s common stock upon vesting, while restricted stock is a grant of one share of the Company's common stock subject to vesting conditions. These awards are granted at the discretion of the board of directors, a committee thereof or, subject to defined limitations, the Chief Executive Officer of the Company, acting as a committee of one director, to whom such authority has been delegated. The Company has issued service-based RSUs and restricted stock that vest based on the passage of time assuming continued service with the Company, market-based RSUs that vest based upon total shareholder return ("TSR") measured against the benchmark TSR of a peer group and performance-based RSUs that vest only upon the achievement of defined internal performance metrics tied primarily to defined financial metrics.

In addition to granting RSUs and restricted stock to its employees, the Company has granted deferred stock units ("DSUs") to non-employee members of its board of directors. These DSUs are granted at the discretion of the board of directors, subject to defined limitations. Each DSU represents the right to receive one share of the Company’s common stock upon vesting. The holder may elect to defer receipt of the vested shares of stock represented by the DSU for a period of at least one year but not more than ten years from the grant date. DSUs vest 100% on the first anniversary of the grant date. If a director has completed one year of service, vesting of 100% of the DSUs held by such director will accelerate at the time of his or her departure from the board.

The RSUs, restricted stock and DSUs granted by the Company during the year ended December 31, 2025 were as follows (in thousands):


			December 31, 2025
Service-based (1)			6,499
Market-based			249
Performance-based			135
Total			6,883

(1) Includes DSU grants of 36,948 shares

For service-based RSUs, restricted stock and DSUs, the fair value is calculated based upon the Company’s closing stock price on the date of grant, and the stock-based compensation expense is being recognized over the vesting period. The majority of these awards vest over a three- or four-year period following the grant date, with some programs vesting over less time.

For market-based RSUs, the Company uses the Monte Carlo simulation model to determine the fair value. This model requires the input of assumptions, including the estimated term of each award, the risk-free interest rate, historical stock price volatility of the Company's shares and historical stock price volatility of peer-company shares. The grant-date fair values of the TSR-based RSUs granted during the years ended December 31, 2025, 2024 and 2023 were estimated using a Monte Carlo simulation model with the following assumptions:


	2025		2024		2023
Expected term (in years)	3.0		3.0		3.0
Risk-free interest rate	3.9	%	4.3	%	4.5	%
Akamai historical share price volatility	31.5	%	25.6	%	28.8	%
Average volatility of peer-company share price	30.2	%	30.6	%	33.6	%

For performance-based RSUs, management measures compensation expense based upon a review of the Company’s expected achievement against specified financial performance targets. Such compensation cost is being recognized using a graded-vesting method for each series of grants of performance-based RSUs, to the extent management has deemed that such awards are probable of vesting based upon the expected achievement against the specified targets. Each reporting period, management reviews the Company’s expected performance and adjusts the compensation cost, if needed, at such time.

RSU, restricted stock and DSU activity for the year ended December 31, 2025 was as follows:


	Units (in thousands)	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2025	7,710	$	100.04
Granted	6,883	81.43
Vested (1)	(4,932)	98.22
Forfeited	(691)	99.04
Outstanding at December 31, 2025	8,970	$	86.81

(1) Includes DSUs of 20,900 shares which have vested and been distributed. Excludes DSUs which have vested, but have not yet been distributed.

The pre-tax intrinsic value and fair value of RSUs, restricted stock and DSUs were as follows (in thousands, except per share amounts):


	2025		2024		2023
Pre-tax intrinsic value of awards vested	$	479,587	$	429,491	$	254,686
Fair value of awards vested	$	484,411	$	433,026	$	259,919
Weighted average fair value of awards granted, per share (1)	$	81.43	$	108.09	$	74.89

(1) The grant-date fair value is calculated based upon the Company’s closing stock price on the date of grant.

As of December 31, 2025, outstanding and unvested RSUs, restricted stock and DSUs had an aggregate intrinsic value of $782.6 million and a weighted average remaining vesting period of approximately 1.5 years. These awards are expected to vest on various dates through 2029.

As of December 31, 2025 and 2024, the Company had liability-classified awards outstanding of $18.0 million and $10.0 million, respectively. The liability-classified awards outstanding at December 31, 2025 are expected to vest and be re-classified to equity in 2026. The liability-classified awards outstanding at December 31, 2024 vested and were re-classified to equity in 2025.

Nature of Business and Basis of Presentation	12 Months Ended
Nature of Business and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation Akamai Technologies, Inc. (the “Company”) develops and provides solutions for global enterprises to build, secure and accelerate their applications and digital experiences. Its massively distributed global infrastructure is comprised of core and distributed compute sites, more than 4,300 edge points-of-presence in over 130 countries and approximately 700 cities. The Company was incorporated in Delaware in 1998 and is headquartered in Cambridge, Massachusetts. The Company is currently organized and operates as one operating and reportable segment. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in the accompanying consolidated financial statements.

Investments and Fair Value Measurements - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 951,177	$ 1,319,061
Gross unrealized gains	3,921	1,936
Gross unrealized losses	(127)	(343)
Aggregate Fair Value	954,971	1,320,654
Short-Term Marketable Securities	248,174	1,069,448
Long-Term Marketable Securities	706,797	251,206
Time deposits
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	31,035	11,330
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Aggregate Fair Value	31,035	11,330
Short-Term Marketable Securities	31,035	11,330
Long-Term Marketable Securities	0	0
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	920,142	1,003,915
Gross unrealized gains	3,921	1,369
Gross unrealized losses	(127)	(307)
Aggregate Fair Value	923,936	1,004,977
Short-Term Marketable Securities	217,139	808,800
Long-Term Marketable Securities	$ 706,797	196,177
U.S. government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		303,816
Gross unrealized gains		567
Gross unrealized losses		(36)
Aggregate Fair Value		304,347
Short-Term Marketable Securities		249,318
Long-Term Marketable Securities		$ 55,029

COVER - USD ($) $ in Millions	12 Months Ended
COVER - USD ($) $ in Millions	Dec. 31, 2025	Feb. 16, 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	0-27275
Entity Registrant Name	Akamai Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3432319
Entity Address, Address Line One	145 Broadway
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	444-3000
Title of 12(b) Security	Common Stock - par value $0.01 per share
Trading Symbol	AKAM
Security Exchange Name	NASDAQ
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	false
Entity Shell Company	false
Entity Public Float			$ 11,183.9
Entity Common Stock, Shares Outstanding		144,888,114
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission relative to the registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference into Items 10, 11, 12, 13 and 14 of Part III of this annual report on Form 10-K
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001086222

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Outstanding letter of credit	$ 4.4
Real Estate Arrangements
Lessee, Lease, Description [Line Items]
Future sublease income	164.7
Co-location Arrangements
Lessee, Lease, Description [Line Items]
Operating lease not yet commenced	278.0
Data Center Sublease
Lessee, Lease, Description [Line Items]
Future sublease income	566.5
Operating lease not yet commenced	$ 187.1
Term of operating lease not yet commenced	12 years
Minimum \| Co-location Arrangements
Lessee, Lease, Description [Line Items]
Term of operating lease not yet commenced	1 year
Maximum \| Co-location Arrangements
Lessee, Lease, Description [Line Items]
Term of operating lease not yet commenced	20 years

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Payroll and other related benefits	$	171,314	$	146,841
Income taxes payable	53,257		76,375
Bandwidth, co-location and network-related expenses	45,222		77,603
Property, use and other taxes	34,515		31,357

Convertible senior notes interest	7,229		6,926
Other accrued expenses	8,085		31,786
Total	$	319,622	$	370,888

Summary of Significant Accounting Policies - Goodwill, Acquired Intangible Assets and Long-Lived Assets (Details) - reporting_unit	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Number of reporting units	1	1	1

Debt - Revolving Credit Facility (Details) - USD ($)	1 Months Ended
Debt - Revolving Credit Facility (Details) - USD ($)	Nov. 30, 2022	Dec. 31, 2025	Jan. 31, 2025
2025 Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 150,000,000.0
Outstanding borrowings		$ 0
2022 Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000.0
Outstanding borrowings		$ 0
Maximum borrowing capacity under specific conditions	$ 1,000,000,000.0
Line of credit facility, extension term	1 year
2022 Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee	0.07%
2022 Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee	0.125%
2022 Credit Agreement \| Benchmark Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
2022 Credit Agreement \| Benchmark Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
2022 Credit Agreement \| Reference Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
2022 Credit Agreement \| Reference Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
2022 Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
2022 Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.125%

Prepaid Expenses and Other Current Assets - Prepaid Expenses And Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid income taxes	$ 61,399	$ 36,822
Prepaid sales and other taxes	48,989	39,069
Prepaid software and related service costs	33,945	35,490
Deferred commissions	69,983	72,391
Other prepaid expenses	32,963	23,604
Other current assets	59,202	46,451
Total	$ 306,481	$ 253,827

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

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

Schedule of Asset Acquisition

The following table summarizes the details of the asset acquisitions:


Asset Acquisition	Acquisition Date	Purchase Price (1) (in thousands)		Weighted Average Amortization Period (in years)
Edgio	December 2024	$	158,341	9.0
Lumen	October 2023	$	79,682	12.2
StackPath	August 2023	$	51,211	13.4

(1) Includes capitalized transaction costs and a portion of the transition services agreement costs.

Schedule of Purchase Price Allocation

The allocation of the purchase price for Noname Security and fair values of the assets acquired and liabilities assumed were as follows (in thousands):


Total purchase consideration	$	451,529

Allocation of the purchase consideration:
Cash	$	18,253
Accounts receivable	5,984
Prepaid expenses and other current assets	3,020


Identifiable intangible assets	137,800
Deferred income tax assets	2,526

Total assets acquired	167,583
Accounts payable	(2,074)
Accrued expenses	(5,759)
Deferred revenue	(19,289)



Total liabilities assumed	(27,122)
Identifiable net assets acquired	140,461
Goodwill	311,068
Total purchase price allocation	$	451,529

Schedule of Acquired Intangible Assets

Acquired intangible assets that are subject to amortization consisted of the following as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Completed technologies	$	465,832	$	(250,436)	$	215,396	$	463,766	$	(223,480)	$	240,286
Customer-related intangible assets	725,494		(363,724)		361,770		758,817		(313,991)		444,826

Trademarks and trade names	15,247		(12,080)		3,167		15,318		(10,579)		4,739
Acquired license rights	44,810		(10,601)		34,209		44,810		(7,076)		37,734
Total	$	1,251,383	$	(636,841)	$	614,542	$	1,282,711	$	(555,126)	$	727,585

Identified intangible assets acquired and their respective weighted average amortization period were as follows (in thousands, except years):


	Gross Carrying Amount		Weighted Average Amortization Period (in years)
Completed technologies	$	132,300	10.5
Customer-related intangible assets	4,800		10.5
Trademarks	700		2.5
Total	$	137,800

Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax provision (benefit):
Federal	$ 13,625	$ 23,870	$ 23,406
State	(3,637)	6,998	6,731
Foreign	113,733	121,495	99,223
Deferred tax provision (benefit):
Federal	9,791	(43,695)	(18,213)
State	9,048	(17,313)	(3,759)
Foreign	7,814	(9,260)	(1,015)
Total	$ 150,374	$ 82,095	$ 106,373

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Prepaid Expenses and Other Current Assets - Incremental Customer Contract Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization expense related to deferred costs	$ 64,895	$ 66,366	$ 50,414
Incremental costs capitalized	$ 90,945	$ 114,238	$ 70,072

Segment and Geographic Information - Schedule of Information Regarding Operating Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Revenue	$ 4,208,175	$ 3,991,168	$ 3,811,920
Depreciation and amortization	708,611	648,410	570,776
Stock-based compensation	459,402	393,378	328,467
Restructuring charge	58,051	95,441	56,643
Interest and marketable securities income, net	70,808	100,280	45,194
Interest expense	30,759	27,117	17,709
Other expense, net	(4,588)	(19,561)	(12,296)
Income tax expense	150,374	82,095	106,373
Gain from equity method investment	0	0	1,475
Net income	452,031	504,918	547,629
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	4,208,175	3,991,168	3,811,920
Co-location costs	349,191	308,314	256,062
Bandwidth fees	192,875	233,100	228,038
Network build-out and supporting services	236,644	193,607	215,557
Payroll and related costs	1,565,108	1,511,272	1,408,866
Capitalized salaries and related costs	(322,703)	(302,830)	(261,728)
Facilities-related costs	86,081	86,671	90,061
Software and related service costs	85,483	71,687	69,970
Other segment items	219,241	211,205	198,525
Depreciation and amortization	708,611	648,410	570,776
Stock-based compensation	459,402	393,378	328,467
Restructuring charge	58,051	95,441	56,643
Acquisition-related costs	3,247	7,502	13,345
Interest and marketable securities income, net	(70,808)	(100,280)	(45,194)
Interest expense	30,759	27,117	17,709
Other expense, net	4,588	19,561	12,296
Income tax expense	150,374	82,095	106,373
Gain from equity method investment	0	0	(1,475)
Net income	$ 452,031	$ 504,918	$ 547,629

Investments and Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

Available-for-sale marketable securities held as of December 31, 2025 and 2024 were as follows (in thousands):


			Gross Unrealized				Aggregate Fair Value		Classification on Balance Sheet
	Amortized Cost								Short-Term Marketable Securities		Long-Term Marketable Securities
As of December 31, 2025			Gains		Losses
Time deposits	$	31,035	$	—	$	—	$	31,035	$	31,035	$	—

Corporate bonds	920,142		3,921		(127)		923,936		217,139		706,797


	$	951,177	$	3,921	$	(127)	$	954,971	$	248,174	$	706,797

As of December 31, 2024
Time deposits	$	11,330	$	—	$	—	$	11,330	$	11,330	$	—

Corporate bonds	1,003,915		1,369		(307)		1,004,977		808,800		196,177

U.S. government agency obligations	303,816		567		(36)		304,347		249,318		55,029
	$	1,319,061	$	1,936	$	(343)	$	1,320,654	$	1,069,448	$	251,206

The Company holds money market funds and mutual funds, which are classified as equity securities. These securities are not included in the available-for-sale securities table above, but are included in marketable securities in the consolidated balance sheets.

Unrealized gains and unrealized losses on investments classified as available-for-sale are included within accumulated other comprehensive loss in the consolidated balance sheets. Upon realization, those amounts are reclassified from accumulated other comprehensive loss to interest and marketable securities income, net in the consolidated statements of income. As of December 31, 2025, the Company did not hold any available-for-sale marketable securities in a continuous unrealized loss position for more than 12 months.

Contractual maturities of the Company’s available-for-sale marketable securities held as of December 31, 2025 and 2024 were as follows (in thousands):


	December 31, 2025		December 31, 2024
Due in 1 year or less	$	248,174	$	1,069,448
Due after 1 year through 5 years	706,797		251,206
	$	954,971	$	1,320,654

Fair Value Measurements

The fair value measurements within the fair value hierarchy of the Company’s financial assets as of December 31, 2025 and 2024 were as follows (in thousands):


	Total Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2
As of December 31, 2025
Cash Equivalents and Marketable Securities:
Money market funds	$	409,326	$	409,326	$	—
Time deposits	103,038		—		103,038
Commercial paper	34,962		—		34,962
Corporate bonds	923,936		—		923,936


Mutual funds	28,981		28,981		—
	$	1,500,243	$	438,307	$	1,061,936

As of December 31, 2024
Cash Equivalents and Marketable Securities:
Money market funds	$	163,722	$	163,722	$	—
Time deposits	64,202		—		64,202

Corporate bonds	1,004,977		—		1,004,977

U.S. government agency obligations	304,347		—		304,347
Mutual funds	26,580		26,580		—
	$	1,563,828	$	190,302	$	1,373,526

As of December 31, 2025 and 2024, the fair value of the Company's financial assets were determined utilizing a Level 1 or Level 2 valuation. Level 1 valuations are based upon the market prices for such investments that are readily available in active markets and Level 2 valuations are based upon the available quoted prices for similar assets in active markets (or identical assets in an inactive market). The Company did not have any transfers of assets or liabilities between Level 1 or Level 2 of the fair value measurement hierarchy during the years ended December 31, 2025 and 2024.

When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about the assumptions market participants would use to estimate the fair value of a financial instrument.

- 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

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+ Details

Acquisitions - Schedule of Asset Acquisitions (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2024	Oct. 31, 2023	Aug. 31, 2023
Edgio
Business Combination [Line Items]
Purchase price	$ 158,341
Edgio \| Customer-related intangible assets
Business Combination [Line Items]
Weighted Average Amortization Period (in years)	9 years
Lumen
Business Combination [Line Items]
Purchase price		$ 79,682
Lumen \| Customer-related intangible assets
Business Combination [Line Items]
Weighted Average Amortization Period (in years)		12 years 2 months 12 days
StackPath
Business Combination [Line Items]
Purchase price			$ 51,211
StackPath \| Customer-related intangible assets
Business Combination [Line Items]
Weighted Average Amortization Period (in years)			13 years 4 months 24 days

- 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

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+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following as of December 31, 2025 and 2024 (in thousands, except years):


	December 31, 2025		December 31, 2024		Estimated Useful Life (in years)
Computer and networking equipment	$	3,058,517	$	2,665,002	3-7
Purchased software	98,119		88,033		3-10
Furniture and fixtures	64,923		63,876		1-7
Office equipment	33,000		36,340		3-5
Leasehold improvements	198,377		197,663		1-15
Internal-use software	2,501,492		2,103,054		2-10
Property and equipment, gross	5,954,428		5,153,968
Accumulated depreciation and amortization	(3,620,966)		(3,158,897)
Property and equipment, net	$	2,333,462	$	1,995,071

Depreciation and amortization expense on property and equipment and capitalized internal-use software for the years ended December 31, 2025, 2024 and 2023 was $597.5 million, $556.0 million and $504.0 million, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company capitalized $123.4 million, $105.3 million and $81.8 million, respectively, of stock-based compensation related to employees who developed and enhanced internal-use software applications.

During the years ended December 31, 2025 and 2024, the Company wrote off $143.5 million and $250.6 million, respectively, of property and equipment, gross, along with the associated accumulated depreciation and amortization. The write-offs were primarily related to computer and networking equipment and internal-use software no longer in use. These assets had been substantially depreciated and amortized. In addition, the Company recorded a restructuring charge of $9.4 million and $32.8 million during the years ended December 31, 2025 and 2024, respectively, related to the impairment of internal-use software and facility-related property and equipment.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Purchase of note hedges, net of tax	$ 149,509	$ 57,628

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments The Company enters into long-term agreements with network and internet service providers for bandwidth, as well as executes purchase orders for the purchase of goods or services in the ordinary course of business, which may contain minimum commitments. These minimum commitments may vary from period to period depending on the timing and length of contract renewals with vendors, and on the Company's plans for network expansion, including expansion plans related to the Company's compute business. Minimum commitments are not recorded as liabilities on the consolidated balance sheet until the Company has received the related good or service. Legal Matters The Company is party to various litigation matters that management considers routine and incidental to its business. Management does not expect the results of any of these routine actions to have a material effect on the Company’s business, results of operations, financial condition or cash flows. Indemnification The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company agrees to indemnify, hold harmless and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company's business partners, vendors or customers, in connection with its provision of its services. Generally, these obligations are limited to claims relating to infringement of a patent, copyright or other intellectual property right or the Company’s negligence, willful misconduct or violation of law. Subject to applicable statutes of limitation, the term of each of these indemnification agreements is generally perpetual from the time of execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company carries insurance that covers certain third-party claims relating to its services and activities and that could limit the Company’s exposure in that respect. The Company has agreed to indemnify each of its officers and directors, or employees who serve as officers or directors of its subsidiaries at management's request, during his or her lifetime for certain events or occurrences that happen by reason of the fact that the officer or director is or was or has agreed to serve as an officer or director of the Company. The Company has director and officer insurance policies that may limit its exposure and may enable the Company to recover a portion of certain future amounts paid. To date, the Company has not encountered material costs as a result of such indemnification obligations and has not accrued any related liabilities in its consolidated financial statements. In assessing whether to establish an accrual, the Company considers such factors as the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss.

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 333,747	$ 292,902	$ 253,606
Short-term lease cost	25,971	25,948	23,698
Variable lease cost	100,667	93,850	87,944
Sublease income	(39,646)	(31,722)	(32,024)
Total operating lease costs (income)	420,739	380,978	333,224
Real Estate Arrangements
Lessee, Lease, Description [Line Items]
Operating lease cost	66,545	67,757	74,054
Short-term lease cost	381	660	133
Variable lease cost	26,218	26,122	25,860
Sublease income	(31,459)	(31,722)	(32,024)
Total operating lease costs (income)	61,685	62,817	68,023
Co-location Arrangements
Lessee, Lease, Description [Line Items]
Operating lease cost	260,243	225,145	179,552
Short-term lease cost	25,590	25,288	23,565
Variable lease cost	73,375	67,728	62,084
Sublease income	0	0	0
Total operating lease costs (income)	359,208	318,161	265,201
Data Center Sublease
Lessee, Lease, Description [Line Items]
Operating lease cost	6,959	0	0
Short-term lease cost	0	0	0
Variable lease cost	1,074	0	0
Sublease income	(8,187)	0	0
Total operating lease costs (income)	$ (154)	$ 0	$ 0

Net Income per Share - Schedule of Anti-Dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation (in shares)	45,891	35,493	31,316
Service-based stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation (in shares)	3,532	2,171	2,947
Market- and performance-based stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation (in shares)	1,583	1,316	1,371
Warrants related to issuance of convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation (in shares)	40,776	32,006	26,998

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 79,921	$ 68,658	$ 67,958
Gross increases – tax positions of prior periods	7,322	11,150	2,074
Gross increases – current period tax positions	2,801	4,223	4,091
Gross decreases – tax positions of prior periods	(3,839)	(1,445)	(3,685)
Gross decreases – lapse of applicable statute of limitations	(593)	(2,665)	(1,780)
Balance at end of year	$ 85,612	$ 79,921	$ 68,658

Summary of Significant Accounting Policies - Concentrations of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2025
Customer Concentration Risk \| Accounts Receivable \| One Customer
Concentration Risk [Line Items]
Concentration risk percent (more than)	10.00%

- 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 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- 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

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following as of December 31, 2025 and 2024 (in thousands, except years):


	December 31, 2025		December 31, 2024		Estimated Useful Life (in years)
Computer and networking equipment	$	3,058,517	$	2,665,002	3-7
Purchased software	98,119		88,033		3-10
Furniture and fixtures	64,923		63,876		1-7
Office equipment	33,000		36,340		3-5
Leasehold improvements	198,377		197,663		1-15
Internal-use software	2,501,492		2,103,054		2-10
Property and equipment, gross	5,954,428		5,153,968
Accumulated depreciation and amortization	(3,620,966)		(3,158,897)
Property and equipment, net	$	2,333,462	$	1,995,071

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 801,372	$ 731,209
Allowances for current expected credit losses and other reserves	(7,706)	(3,522)	$ (3,469)	$ (5,917)
Accounts receivable, net	793,666	727,687
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	577,914	508,928
Unbilled accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 223,458	$ 222,281

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 4,208,175	$ 3,991,168	$ 3,811,920
Costs and operating expenses:
Cost of revenue (exclusive of amortization of acquired intangible assets shown below)	1,727,513	1,620,793	1,511,063
Research and development	513,560	470,876	406,048
Sales and marketing	574,302	556,781	533,226
General and administrative	656,739	621,785	600,851
Amortization of acquired intangible assets	111,066	92,081	66,751
Restructuring charge	58,051	95,441	56,643
Total costs and operating expenses	3,641,231	3,457,757	3,174,582
Income from operations	566,944	533,411	637,338
Interest and marketable securities income, net	70,808	100,280	45,194
Interest expense	(30,759)	(27,117)	(17,709)
Other expense, net	(4,588)	(19,561)	(12,296)
Income before provision for income taxes	602,405	587,013	652,527
Provision for income taxes	(150,374)	(82,095)	(106,373)
Gain from equity method investment	0	0	1,475
Net income	$ 452,031	$ 504,918	$ 547,629
Net income per share:
Basic (in dollars per share)	$ 3.11	$ 3.34	$ 3.59
Diluted (in dollars per share)	$ 3.07	$ 3.27	$ 3.52
Shares used in per share calculations:
Basic (in shares)	145,402	151,392	152,510
Diluted (in shares)	147,023	154,346	155,397

Revenue from Contracts with Customers - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) channel	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Number of solution categories \| channel	3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	$ 4,208,175	$ 3,991,168	$ 3,811,920
Revenue recognized	147,200	109,100	105,900
Remaining performance obligation	5,200,000
Cloud Infrastructure Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	$ 313,900	$ 230,000	$ 174,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, percentage	55.00%
Remaining performance obligation, expected timing	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, percentage	40.00%
Remaining performance obligation, expected timing	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	3 years

Segment and Geographic Information - Schedule of Net Property And Equipment, Excluding Internal-Use Software, And Operating Lease Right-Of-Use Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Property and equipment, net	$ 2,333,462	$ 1,995,071
Operating lease right-of-use assets	1,469,700	1,006,738
U.S.
Segment Reporting Information [Line Items]
Operating lease right-of-use assets	1,066,526	600,015
U.S. \| Property, Plant, and Equipment, Excluding Internal-Use Software
Segment Reporting Information [Line Items]
Property and equipment, net	669,390	616,376
Non-U.S.
Segment Reporting Information [Line Items]
Operating lease right-of-use assets	403,174	406,723
Non-U.S. \| Property, Plant, and Equipment, Excluding Internal-Use Software
Segment Reporting Information [Line Items]
Property and equipment, net	$ 737,260	$ 663,914

Income Taxes - Schedule of Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S.	$ 26,232	$ 54,465	$ 20,146
Foreign	576,173	532,548	632,381
Income before provision for income taxes	$ 602,405	$ 587,013	$ 652,527

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Schedule of Employee Stock Purchase Plan Activity (Details) - 1999 ESPP - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	966	788	797
Weighted average purchase price per share (in dollars per share)	$ 64.54	$ 77.60	$ 78.29
Issuance of common stock	$ 62,322	$ 61,131	$ 62,365

- 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

Acquired Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Intangible Assets

Acquired intangible assets that are subject to amortization consisted of the following as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Completed technologies	$	465,832	$	(250,436)	$	215,396	$	463,766	$	(223,480)	$	240,286
Customer-related intangible assets	725,494		(363,724)		361,770		758,817		(313,991)		444,826

Trademarks and trade names	15,247		(12,080)		3,167		15,318		(10,579)		4,739
Acquired license rights	44,810		(10,601)		34,209		44,810		(7,076)		37,734
Total	$	1,251,383	$	(636,841)	$	614,542	$	1,282,711	$	(555,126)	$	727,585

Identified intangible assets acquired and their respective weighted average amortization period were as follows (in thousands, except years):


	Gross Carrying Amount		Weighted Average Amortization Period (in years)
Completed technologies	$	132,300	10.5
Customer-related intangible assets	4,800		10.5
Trademarks	700		2.5
Total	$	137,800

Schedule of the Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	2025		2024
Beginning balance	$	3,151,077	$	2,850,470
Acquisition of Fermyon Technologies, Inc.	36,008		—
Acquisition of Noname Gate Ltd.	—		312,065


Measurement period adjustments related to acquisitions completed in prior years	(996)		18
Foreign currency translation	20,436		(11,476)
Ending balance	$	3,206,525	$	3,151,077

- Definition

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

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+ Details

Stockholders' Equity - Schedule of Stock Repurchased Activity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Repurchases of common stock	$ 804,077	$ 558,488	$ 658,187
Common Stock
Class of Stock [Line Items]
Repurchases of common stock	$ 799,963	$ 557,468	$ 654,046
Number of shares repurchased (in shares)	10,029	5,623	7,802

- 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

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Payroll and other related benefits	$ 171,314	$ 146,841
Income taxes payable	53,257	76,375
Bandwidth, co-location and network-related expenses	45,222	77,603
Property, use and other taxes	34,515	31,357
Convertible senior notes interest	7,229	6,926
Other accrued expenses	8,085	31,786
Total	$ 319,622	$ 370,888

Net Income per Share - Schedule of Components (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income	$ 452,031	$ 504,918	$ 547,629
Denominator:
Shares used for basic net income per share (in shares)	145,402	151,392	152,510
Effect of dilutive securities:
Stock awards (in shares)	1,621	2,210	2,312
Convertible senior notes (in shares)	0	744	575
Warrants related to issuance of convertible senior notes (in shares)	0	0	0
Shares used for diluted net income per share (in shares)	147,023	154,346	155,397
Basic net income per share (in dollars per share)	$ 3.11	$ 3.34	$ 3.59
Diluted net income per share (in dollars per share)	$ 3.07	$ 3.27	$ 3.52

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Geographical and Solution Category

Revenue by geography included in the Company’s consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	2025		2024		2023
U.S.	$	2,139,173	$	2,075,533	$	1,968,779
International	2,069,002		1,915,635		1,843,141
Total revenue	$	4,208,175	$	3,991,168	$	3,811,920

Revenue by solution category included in the Company’s consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	2025		2024		2023
Security	$	2,243,404	$	2,042,661	$	1,765,267
Delivery	1,256,721		1,318,131		1,542,434
Cloud computing	708,050		630,376		504,219
Total revenue	$	4,208,175	$	3,991,168	$	3,811,920

Income Taxes - Schedule of Difference Between Effective and Statutory (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Income before provision for income taxes	$ 602,405	$ 587,013	$ 652,527
U.S. federal statutory tax rate	126,505	123,273	137,031
Effect of cross-border tax laws
Foreign-derived intangible income	(5,168)	(9,655)	(7,547)
Other	(32)	3,730	(1,530)
Tax credits
Research and development credit	(17,084)	(27,194)	(18,296)
Other credits	(732)	345	(922)
Non-taxable or non-deductible items
Officers' compensation	8,588	6,401	6,647
Transfer pricing	14,974	11,417	6,722
Other	(744)	1,137	419
Other adjustments
Changes in unrecognized tax benefits	13,270	10,257	770
Total	$ 150,374	$ 82,095	$ 106,373
Percent
U.S. federal statutory tax rate (in percent)	21.00%	21.00%	21.00%
Effect of cross-border tax laws
Foreign-derived intangible income (in percent)	(0.90%)	(1.60%)	(1.20%)
Other (in percent)	0.00%	0.60%	(0.20%)
Tax credits
Research and development credit (in percent)	(2.80%)	(4.60%)	(2.80%)
Other credits (in percent)	(0.10%)	0.00%	(0.10%)
Non-taxable or non-deductible items
Officers' compensation (in percent)	0.014	0.011	0.010
Transfer pricing (in percent)	0.025	0.019	0.010
Other (in percent)	(0.10%)	0.20%	0.10%
Other adjustments
Changes in unrecognized tax benefits (in percent)	2.20%	1.70%	0.10%
Total (in percent)	25.00%	14.00%	16.30%
Israel
Non-taxable or non-deductible items
Stock-based compensation	$ 3,354	$ 8,268	$ 5,803
Other adjustments
Intercompany sale of intellectual property	0	14,174	0
Other	$ (216)	$ 8,530	$ (473)
Non-taxable or non-deductible items
Stock-based compensation (in percent)	0.50%	1.40%	0.90%
Other adjustments
Intercompany sale of intellectual property (in percent)	0.00%	2.40%	0.00%
Other (in percent)	0.00%	1.50%	(0.10%)
Switzerland
Amount
State and local income taxes, net of federal effect	$ 19,148	$ 2,710	$ 9,495
Other adjustments
Intercompany sale of intellectual property	0	(14,093)	(3,993)
Other	4,704	1,409	2,277
Statutory tax rate difference between Switzerland and U.S.	(57,418)	(44,276)	(62,660)
Withholding tax	$ 6,276	$ 11,480	$ 681
Percent
State and local income taxes (in percent)	3.20%	0.50%	1.50%
Other adjustments
Intercompany sale of intellectual property (in percent)	0.00%	(2.40%)	(0.60%)
Other (in percent)	0.80%	0.20%	0.30%
Statutory tax rate difference between Switzerland and U.S. (in percent)	(9.50%)	(7.50%)	(9.60%)
Withholding tax (in percent)	0.010	0.020	0.001
Other foreign jurisdictions
Other adjustments
Statutory tax rate difference between Switzerland and U.S.	$ 13,617	$ 21,388	$ 14,718
Other adjustments
Statutory tax rate difference between Switzerland and U.S. (in percent)	2.30%	3.60%	2.30%
U.S.
Amount
State and local income taxes, net of federal effect	$ 8,027	$ (14,231)	$ (731)
Non-taxable or non-deductible items
Stock-based compensation	13,589	(16,723)	6,214
Other adjustments
Intercompany sale of intellectual property	0	(20,640)	5,740
Other	$ (284)	$ 4,388	$ 6,008
Percent
State and local income taxes (in percent)	1.30%	(2.40%)	(0.10%)
Non-taxable or non-deductible items
Stock-based compensation (in percent)	2.20%	(2.80%)	0.90%
Other adjustments
Intercompany sale of intellectual property (in percent)	0.00%	(3.50%)	0.90%
Other (in percent)	0.00%	0.70%	0.90%

Acquired Intangible Assets and Goodwill - Schedule of the Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Changes in the carrying amount of goodwill
Beginning balance	$ 3,151,077	$ 2,850,470
Measurement period adjustments related to acquisitions completed in prior years	(996)	18
Foreign currency translation	20,436	(11,476)
Ending balance	3,206,525	3,151,077
Fermyon Technologies, Inc
Changes in the carrying amount of goodwill
Acquisition	36,008	0
Noname Security
Changes in the carrying amount of goodwill
Acquisition	$ 0	$ 312,065

- 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

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	$ 452,031	$ 504,918	$ 547,629
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	708,611	648,410	570,776
Stock-based compensation	459,402	393,378	328,467
Provision (benefit) for deferred income taxes	26,653	(70,268)	(22,987)
Amortization of debt issuance costs	7,053	6,521	5,341
(Gain) loss on investments	(9,370)	5,066	(311)
Other non-cash reconciling items, net	47,462	65,488	50,221
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(59,437)	(22,300)	(49,203)
Prepaid expenses and other current assets	(43,749)	(46,094)	(18,726)
Accounts payable and accrued expenses	(48,577)	344	(39,825)
Deferred revenue	(13,054)	20,687	48
Other current liabilities	965	26,860	1,516
Other non-current assets and liabilities	(9,225)	(13,839)	(24,507)
Net cash provided by operating activities	1,518,765	1,519,171	1,348,439
Cash flows from investing activities:
Cash paid for business acquisitions, net of cash acquired	(55,112)	(434,066)	(106,171)
Cash paid for asset acquisitions	(29,930)	(132,835)	(120,985)
Purchases of property and equipment	(507,786)	(390,433)	(457,909)
Capitalization of internal-use software development costs	(311,714)	(294,834)	(272,131)
Purchases of short- and long-term marketable securities	(964,590)	(236,176)	(1,461,890)
Proceeds from sales of short- and long-term marketable securities	273,375	333,069	201,585
Proceeds from maturities and redemptions of short- and long-term marketable securities	1,060,308	352,623	375,332
Other, net	(5,294)	3,973	(6,069)
Net cash used in investing activities	(540,743)	(798,679)	(1,848,238)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility	250,000	0	90,000
Repayment of borrowings under revolving credit facility	(250,000)	0	(90,000)
Proceeds from the issuance of convertible senior notes, net of issuance costs	1,701,202	0	1,247,388
Proceeds from the issuance of warrants related to convertible senior notes	330,855	0	90,195
Purchases of note hedges related to convertible senior notes	(605,820)	0	(236,555)
Repayment of convertible senior notes	(1,149,992)	0	0
Proceeds related to the issuance of common stock under stock plans	62,450	61,513	62,979
Employee taxes paid related to net share settlement of stock awards	(123,770)	(173,176)	(66,222)
Repurchases of common stock	(799,963)	(557,468)	(654,046)
Other, net	(2,998)	(10,504)	(360)
Net cash (used in) provided by financing activities	(588,036)	(679,635)	443,379
Effects of exchange rate changes on cash, cash equivalents and restricted cash	22,238	(12,243)	3,868
Net increase (decrease) in cash, cash equivalents and restricted cash	412,224	28,614	(52,552)
Cash, cash equivalents and restricted cash at beginning of year	519,084	490,470	543,022
Cash, cash equivalents and restricted cash at end of year	931,308	519,084	490,470
Supplemental disclosure of cash flow information:
Cash paid for interest expense	23,293	20,420	6,328
Cash paid for operating lease liabilities	329,674	288,067	257,961
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	742,969	356,912	333,590
Purchases of property and equipment and capitalization of internal-use software development costs included in accounts payable and accrued expenses	55,479	55,515	65,048
Capitalization of stock-based compensation	126,046	107,488	83,676
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	930,231	517,707	489,468
Restricted cash	1,077	1,377	1,002
Cash, cash equivalents and restricted cash	$ 931,308	$ 519,084	$ 490,470

Summary of Significant Accounting Policies - Incremental Costs to Obtain a Contract with a Customer (Details)	Dec. 31, 2025
Customer Arrangement
Capitalized Contract Cost [Line Items]
Expected life of customer arrangement	4 years

Acquisitions

12 Months Ended

Dec. 31, 2025

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

Acquisitions

Asset Acquisitions

The Company acquired certain customer contracts from Edgio, Inc. ("Edgio"), Lumen Technologies, Inc. ("Lumen") and StackPath, LLC ("StackPath"), and certain of their affiliates. The acquisitions are intended to further strengthen the Company's existing delivery and security businesses by integrating the acquired customers onto its platform and offering them the Company’s broader portfolio of services. Substantially all of the purchase price related to these acquisitions has been ascribed to customer-related acquired intangible assets.

The following table summarizes the details of the asset acquisitions:


Asset Acquisition	Acquisition Date	Purchase Price (1) (in thousands)		Weighted Average Amortization Period (in years)
Edgio	December 2024	$	158,341	9.0
Lumen	October 2023	$	79,682	12.2
StackPath	August 2023	$	51,211	13.4

(1) Includes capitalized transaction costs and a portion of the transition services agreement costs.

Business Acquisitions

Business acquisition-related costs were $3.2 million, $7.5 million and $2.7 million during the years ended December 31, 2025, 2024 and 2023, respectively, and are included in general and administrative expense in the consolidated statements of income. Pro forma results of operations for the acquisitions completed in the years ended December 31, 2025, 2024 and 2023 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to the Company's consolidated financial results. Revenue and earnings of the acquired companies since the dates of the acquisitions are included in the Company's consolidated statements of income and are not presented separately because they are not material.

Fermyon

In November 2025, the Company acquired all the outstanding equity interests of Fermyon Technologies, Inc. ("Fermyon") for $56.6 million in cash, subject to post-closing adjustments. By acquiring Fermyon, a serverless WebAssembly company, the Company plans to deepen the integration between the edge functions platform and its performance and security products. The resulting cloud computing platform aims to make it even faster and easier for developers to build, deploy and secure applications at the edge that outperform cloud-native applications, for less money, the same way they can in core data centers today. The Company allocated $36.0 million of the purchase price to goodwill and $17.3 million to a completed technology identifiable intangible asset with a total weighted average amortization period of 9.1 years. The intangible asset is being amortized based upon the pattern in which the economic benefits of the intangible asset is being utilized. The value of the goodwill can be attributed to a number of business factors, including a trained technical workforce and revenue synergies expected to be realized. The Company expects that $16.9 million of the goodwill related to the acquisition of Fermyon will be deductible for tax purposes as a result of post-acquisition transactions. As of December 31, 2025, the purchase price allocation is preliminary, pending net working capital adjustments and the finalization of certain income tax matters.

Noname Security

In June 2024, the Company acquired all the outstanding equity interests of Noname Gate Ltd. ("Noname Security") for $451.5 million in cash. Noname Security is intended to expand the Company’s existing application programming interface ("API") security offering by providing more flexible deployment options, extensive vendor integrations and enhanced attack analysis. The Company believes this acquisition will accelerate its ability to meet increasing customer and market demand. The Company finalized its allocation of the purchase price in the second quarter of 2025.

The allocation of the purchase price for Noname Security and fair values of the assets acquired and liabilities assumed were as follows (in thousands):


Total purchase consideration	$	451,529

Allocation of the purchase consideration:
Cash	$	18,253
Accounts receivable	5,984
Prepaid expenses and other current assets	3,020


Identifiable intangible assets	137,800
Deferred income tax assets	2,526

Total assets acquired	167,583
Accounts payable	(2,074)
Accrued expenses	(5,759)
Deferred revenue	(19,289)



Total liabilities assumed	(27,122)
Identifiable net assets acquired	140,461
Goodwill	311,068
Total purchase price allocation	$	451,529

The value of the goodwill can be attributed to a number of business factors, including a trained technical and sales workforce, and revenue and cost synergies expected to be realized. The value of goodwill deductible for tax purposes as a result of post-acquisition transactions is $248.8 million.

Identified intangible assets acquired and their respective weighted average amortization period were as follows (in thousands, except years):


	Gross Carrying Amount		Weighted Average Amortization Period (in years)
Completed technologies	$	132,300	10.5
Customer-related intangible assets	4,800		10.5
Trademarks	700		2.5
Total	$	137,800

The Company applied the multi-period excess earnings method to estimate the fair values of the completed technologies and customer-related acquired intangible assets, and the relief-from-royalty method to estimate the fair values of the trademarks. The Company applied significant judgment in estimating the fair values of the acquired intangible assets, which involved significant estimates and assumptions with respect to forecasted revenue growth rates, forecasted operating margins, the technology obsolescence curve and discount rates. The total weighted average amortization period for the intangible assets acquired from Noname Security is 10.5 years. The intangible assets are amortized using a method that approximates their economic benefit over their estimated useful lives.

Neosec

In May 2023, the Company acquired all the outstanding equity interests of Neosec for $91.4 million in cash. Neosec is an API detection and response platform based on data and behavioral analytics. The acquisition is intended to complement the Company's application and API security portfolio by extending its visibility into the rapidly growing API threat landscape. The Company allocated $66.9 million of the purchase price to goodwill and $19.9 million to identifiable intangible assets, primarily consisting of completed technologies, with a total weighted average amortization period of 9.7 years. The intangible assets are being amortized based upon the pattern in which the economic benefits of the intangible assets are being utilized. The value of the goodwill can be attributed to a number of business factors, including the expected impact from the ability to interface with the Company's platform. The value of goodwill deductible for tax purposes as a result of post-acquisition transactions is $33.8 million. The Company finalized its allocation of the purchase price in the second quarter of 2024.

StorageOS

In March 2023, the Company acquired all the outstanding equity interests of StorageOS, Inc. ("StorageOS"), also known as Ondat, a cloud-based storage technology provider for $20.6 million in cash. The acquisition of StorageOS's cloud storage technology and its industry-recognized talent is intended to strengthen the Company's cloud computing offerings. Storage is a key component of any cloud computing offering, and this acquisition is expected to enhance the Company's storage capabilities, allowing the Company to offer a fundamentally different approach to cloud that integrates core and distributed compute sites with a massively scaled edge network. The Company allocated $14.0 million of the purchase price to goodwill and $4.5 million to a completed technology identifiable intangible asset with a total weighted average amortization period of 8.8 years. The intangible asset is being amortized based upon the pattern in which the economic benefit of the intangible asset is being utilized. The value of the goodwill is primarily attributable to synergies related to the integration of StorageOS technology onto the Company's platform as well as a trained technical workforce. All of the goodwill related to the acquisition of StorageOS is deductible for tax purposes as a result of post-acquisition transactions. The Company finalized its allocation of purchase price in the first quarter of 2024.

Acquisitions

Asset Acquisitions

The following table summarizes the details of the asset acquisitions:


Asset Acquisition	Acquisition Date	Purchase Price (1) (in thousands)		Weighted Average Amortization Period (in years)
Edgio	December 2024	$	158,341	9.0
Lumen	October 2023	$	79,682	12.2
StackPath	August 2023	$	51,211	13.4

(1) Includes capitalized transaction costs and a portion of the transition services agreement costs.

Business Acquisitions

Fermyon

Noname Security

The allocation of the purchase price for Noname Security and fair values of the assets acquired and liabilities assumed were as follows (in thousands):


Total purchase consideration	$	451,529

Allocation of the purchase consideration:
Cash	$	18,253
Accounts receivable	5,984
Prepaid expenses and other current assets	3,020


Identifiable intangible assets	137,800
Deferred income tax assets	2,526

Total assets acquired	167,583
Accounts payable	(2,074)
Accrued expenses	(5,759)
Deferred revenue	(19,289)



Total liabilities assumed	(27,122)
Identifiable net assets acquired	140,461
Goodwill	311,068
Total purchase price allocation	$	451,529

Identified intangible assets acquired and their respective weighted average amortization period were as follows (in thousands, except years):


	Gross Carrying Amount		Weighted Average Amortization Period (in years)
Completed technologies	$	132,300	10.5
Customer-related intangible assets	4,800		10.5
Trademarks	700		2.5
Total	$	137,800

Neosec

StorageOS

- Definition

The entire disclosure for business combination.

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable reserve	$ 7,706	$ 3,522
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares designated as Series A Junior Participating Preferred Stock (in shares)	700,000	700,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	149,711,094	155,647,988
Common stock, shares outstanding (in shares)	144,711,094	150,025,096
Treasury stock (in shares)	5,000,000	5,622,892

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in the accompanying consolidated financial statements.
Use of Estimates	Use of Estimates The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. These principles require management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the amounts disclosed in the related notes to the consolidated financial statements. Actual results and outcomes may differ materially from management’s estimates, judgments and assumptions. Significant estimates, judgments and assumptions used in these financial statements include, but are not limited to, those related to revenue, accounts receivable and related reserves, valuation and impairment of investments and marketable securities, valuation and amortization periods of acquired intangible assets, useful lives and realizability of long-lived assets, capitalized internal-use software development costs, income tax reserves and accounting for stock-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. The effects of material revisions in estimates are reflected in the consolidated financial statements prospectively from the date of the change in estimate.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities Cash and cash equivalents consist of cash held in bank deposit accounts and short-term, highly-liquid investments with remaining maturities of three months or less at the date of purchase. Marketable securities consist of corporate, government and other securities. Securities having remaining maturities of less than one year from the date of the balance sheet are classified as short-term, and those with maturities of more than one year from the date of the balance sheet are classified as long-term in the consolidated balance sheets. The Company classifies its fixed income securities with readily determinable fair values as available-for-sale. These investments are classified as marketable securities on the consolidated balance sheets and are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive loss, a separate component of stockholders’ equity. Available-for-sale securities are evaluated for impairment when the fair value declines below the cost basis. The Company periodically evaluates whether the decline is due to credit losses by considering available evidence regarding these investments including, among other factors, the extent to which, the fair value is less than the cost basis; the financial health of, and business outlook for, the issuer, including industry and sector performance and operational and financing cash flow factors. Additionally, the Company considers its intent and ability to retain its investment in the security for a period of time sufficient to allow for an anticipated recovery in market value. Assessing the above factors involves inherent uncertainty. If a portion of the unrealized loss is due to credit losses, or if the Company does not have the intent or ability to retain its investment in the security, an impairment will be recorded in interest and marketable securities income, net. Impairments, if recorded, could materially differ from the actual market performance of marketable securities in the Company's portfolio if, among other things, relevant information related to the Company's investments was not publicly available, or other factors not considered by the Company would have been relevant to the determination of impairment.
Accounts Receivable and Related Reserves	Accounts Receivable and Related Reserves The Company’s accounts receivable balance includes unbilled amounts that represent revenue recorded for customers that are typically billed monthly in arrears. The Company records reserves against its accounts receivable balance which primarily consists of allowances for current expected credit losses. Increases and decreases in the allowance for current expected credit losses are included as a component of general and administrative expense in the consolidated statements of income. The allowance for current expected credit losses has been developed using historical loss rates for the previous twelve months as well as expectations about the future where the Company has been able to develop forecasts to support its estimates. In addition, the allowance considers outstanding balances on a customer-specific, account-by-account basis. The Company assesses collectibility based upon a review of customer receivables from prior sales with collection issues where the Company no longer believes that the customer has the ability to pay for services previously provided. The Company also performs ongoing credit evaluations of its customers. If such an evaluation indicates that payment is no longer reasonably assured for services provided, any future services provided to that customer will result in the creation of a cash-basis reserve until the Company receives consistent payments. The Company does not have any off-balance sheet credit exposure related to its customers.
Incremental Costs to Obtain a Contract with a Customer, Contract Liabilities, Revenue Recognition and Cost of Revenue	Incremental Costs to Obtain a Contract with a Customer The Company capitalizes incremental costs associated with obtaining customer contracts, specifically certain commission and incentive payments. The Company pays commissions and incentives up-front based on contract value upon signing a new arrangement with a customer and upon renewal and upgrades of existing contracts with customers if the renewal and upgrades result in a net incremental increase in contract value. To the extent commissions and incentives are earned, the expenses, including estimated payroll taxes, are deferred on the Company's consolidated balance sheet and amortized over the expected life of the customer arrangement on a straight-line basis. Based on the nature of the Company's unique technology and services, and the rate at which the Company continually enhances and updates its technology, the expected life of the customer arrangement is determined to be approximately four years. Additionally, the Company may pay commissions and incentives based upon contract value, rather than net incremental increase in contract value, to certain sales groups within the Company. For these commission arrangements, the Company amortizes capitalized costs for contract renewals over an average renewal contract period. The Company also incurs commission expense on an ongoing basis based upon revenue recognized. In these cases, no costs are deferred, as the commissions are earned and expensed in the same period for which the associated revenue is recognized. Amortization of the costs is primarily included in sales and marketing expense in the consolidated statements of income. The current portion of deferred commission and incentive payments is included in prepaid expenses and other current assets, and the long-term portion is included in other assets on the Company's consolidated balance sheets. Contract Liabilities Contract liabilities primarily represent payments received from customers for which the related performance obligations have not yet been satisfied. These balances consist of the unearned portion of monthly service fees and integration fees and prepayments made by customers for future periods. The current and long-term portions of the Company's contract liabilities are included in deferred revenue in the respective sections of the Company's consolidated balance sheets. Revenue Recognition The Company primarily derives revenue from the sale of services to customers executing contracts having terms of one year or longer. Services included in the Company's contracts consist of security solutions, the delivery of content, applications and software over the internet, cloud computing solutions and professional services. Revenue is recognized upon transfer of control of promised services in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company enters into contracts that may include various combinations of these services, which are generally capable of being distinct and accounted for as separate performance obligations. These contracts generally commit the customer to a minimum of monthly, quarterly or annual levels of usage and specify the rate at which the customer must pay for actual usage above the stated minimum. Based on the typical structure of the Company's contracts, which are generally for monthly recurring services that are essentially the same over time and have the same pattern of transfer to the customer, most performance obligations represent a promise to deliver a series of distinct services over time. The Company's contracts with customers sometimes include promises to deliver multiple services to a customer. Determining whether services are distinct performance obligations often requires the exercise of judgment by management. For example, advanced features that enhance a service and are highly interrelated are generally not considered distinct; rather, they are combined with the service they relate to into one performance obligation. Different determinations related to combining services into performance obligations could result in differences in the timing and amount of revenue recognized in a period. Generally, the transaction price in a contract is equal to the committed price stated in the contract, less any discounts or rebates. The Company's typical contracts qualify for series accounting, and the pricing terms generally do not require estimation of the transaction price beyond the reporting period. As a result, any incremental fees generated as a result of usage or “bursting” over committed contract levels are recorded in the period to which the services relate. The amount of consideration recognized for usage above contract minimums is limited to the amount the Company expects to be entitled to receive in exchange for providing the services. Once the transaction price has been determined, the Company allocates such price among all performance obligations in the contract on a relative standalone selling price ("SSP") basis. Determination of SSP requires the exercise of judgment by management. SSP is based on observable inputs such as the price the Company charges for the service when sold separately or the discounted list price per management’s approved price list. In cases where services are not sold separately or price list rates are not available, a cost-plus-margin approach or adjusted market approach is used to determine SSP. Most security, delivery and cloud computing services represent stand-ready obligations that are satisfied over time as the customer simultaneously receives and consumes the benefits provided by the Company. Accordingly, revenue for those services is recognized over time, generally ratably over the term of the arrangement due to consistent monthly usage commitments that expire each period. Any bursting over given commitments is recognized in the period in which the usage was served. For services that involve traffic consumption, revenue is recognized in an amount that reflects the level of traffic served to a customer in a given period. For custom arrangements, other methods may be used as a measure of progress towards satisfying the performance obligations. A small percentage of the Company's contracts are satisfied at a point in time, such as one-time professional services contracts, integration services and most license sales where the primary obligation is delivery of the license at the start of the term. In these cases, revenue is recognized at the point in time of delivery or satisfaction of the performance obligation. From time to time, the Company enters into contracts to sell its services or license its technology to unrelated enterprises at or about the same time that it enters into contracts to purchase products or services from the same enterprises. Consideration payable to a customer is reviewed as part of the transaction price. If the payment to the customer does not represent payment for a distinct service, revenue is recognized only up to the net amount of consideration after customer payment obligations are considered. The Company may also resell the licenses or services of third parties. If the Company is acting as an agent in an arrangement with a customer to provide third party services, the transaction price reflects only the net amount to which the Company will be entitled, after accounting for payments made to the third party responsible for satisfying the performance obligation. Cost of Revenue Cost of revenue consists primarily of fees paid to network providers for bandwidth and to third-party network data centers for housing servers, also known as co-location costs. Cost of revenue also includes employee costs for services delivery and network operation, build-out and support of the Company's network; network build-out and supporting service costs, including network storage costs, cost of software licenses and partner program costs; depreciation of network equipment used to deliver the Company’s services; and amortization of network-related internal-use software. The Company enters into contracts for bandwidth with third-party network providers with terms typically ranging from several months to two years. These contracts generally commit the Company to pay minimum monthly fees plus additional fees for bandwidth usage above the committed level. In some circumstances, internet service providers (“ISPs”) make rack space available for the Company to locate its servers and provide access to their bandwidth at a discount or no cost. Although the Company does not provide any goods or services to the ISPs or the ISPs’ customers under these arrangements, the ISPs and their customers indirectly benefit by accessing content through a local Company server, resulting in better content delivery. The Company records the cost of these vendor relationships at their negotiated transaction price, which is either at a discount or no cost.
Concentrations of Credit Risk	Concentrations of Credit Risk The amounts reflected in the consolidated balance sheets for accounts receivable, other current assets, accounts payable, accrued liabilities and other current liabilities approximate fair values due to their short-term maturities. The Company maintains the majority of its cash, cash equivalents and marketable securities with major financial institutions that the Company believes to be of high credit standing. The Company believes that, as of December 31, 2025, its concentration of credit risk related to cash equivalents and marketable securities was not significant. Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company’s customer base consists of a large number of geographically-dispersed customers diversified across several industries. To reduce risk, the Company routinely assesses the financial strength of its customers. Based on such assessments, the Company believes that its accounts receivable credit risk exposure is limited. For the years ended December 31, 2025, 2024 and 2023, no customer accounted for more than 10% of total revenue. As of December 31, 2025, there was one customer with an accounts receivable balance greater than 10% of total accounts receivable. As of December 31, 2024, no customer had an accounts receivable balance greater than 10% of total accounts receivable. The Company believes that, as of December 31, 2025 and 2024, its concentration of credit risk related to accounts receivable was not significant.
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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 the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When the Company has certain financial assets and liabilities recorded at fair value, principally cash equivalents and short- and long-term marketable securities, they are classified as Level 1, 2 or 3 within the fair value hierarchy. Fair values determined by Level 1 valuations are based upon the market prices for such investments that are readily available in active markets and Level 2 valuations are based upon the available quoted prices for similar assets in active markets (or identical assets in an inactive market). Fair values determined by Level 3 inputs are based on unobservable data points for the asset or liability.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Property and equipment generally include purchases of items with a per-unit value greater than $1,000 and an estimated useful life greater than one year. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the related lease terms or their estimated useful lives. The Company periodically reviews the estimated useful lives of property and equipment. Changes to the estimated useful lives are recorded prospectively from the date of the change. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in income from operations. Repairs and maintenance costs are expensed as incurred.
Operating Leases	Operating Leases The Company enters into operating leases for real estate assets related to office space and co-location assets related to space or racks at co-location facilities and related equipment for its servers and other networking equipment. The Company determines if an arrangement contains a lease at the inception of a contract by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration and the right to obtain the economic benefits from the use of the identified asset. Upon commencement of a lease, the Company records a right-of-use asset that represents the Company’s right to use the underlying asset for the lease term and a lease liability that represents an obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Lease payments are discounted at the lease commencement date. As the implicit rates in the Company’s leases are not readily determinable, an incremental borrowing rate has been applied based on the Company's credit-adjusted risk-free rate. The Company often enters into contracts that contain both lease and non-lease components. Real estate non-lease components include real estate taxes, insurance, maintenance, parking and other operating costs. Co-location non-lease components include utilities and other operating costs. The Company accounts for both lease and non-lease components of fixed costs in its lease arrangements as a single lease component. Variable costs, primarily utilities based on actual usage, common area maintenance and real estate taxes, are not included in the measurement of right-of-use assets and lease liabilities but are expensed when the event determining the amount of variable consideration to be paid occurs. The Company’s lease terms often include renewal options and, particularly in the case of co-location arrangements, may include evergreen provisions. The Company’s right-of-use assets and lease liabilities generally do not include the options to extend, or terminate, unless it is reasonably certain that the Company will exercise these options. The Company has elected to exclude leases for certain networking equipment and leases assumed through acquisitions with terms of 12 months or less from its right-of-use assets and lease liabilities on its consolidated balance sheets. Lease expense is recognized on a straight-line basis over the expected lease term. Reductions in right-of-use assets and changes in lease liabilities are presented on a net basis within other non-current assets and liabilities within the operating section of the Company's consolidated statement of cash flows.
Cost Method Investments	Cost Method Investments The Company accounts for its cost method investments at cost, less impairment, and adjusts for subsequent observable price changes. The Company's cost method investments consist primarily of equity securities of companies which do not have readily determinable fair values, and in which the Company does not have the ability to exercise significant influence over the companies' operations.
Equity Method Investments	Equity Method Investments The Company accounts for equity investments in which it has significant influence, but not a controlling financial interest, using the equity method of accounting. Under the equity method of accounting, investments are initially recorded at cost, less impairment, and subsequently adjusted to recognize the Company’s share of earnings or losses.
Goodwill, Acquired Intangible Assets and Long-Lived Assets	Goodwill, Acquired Intangible Assets and Long-Lived Assets Goodwill is the amount by which the cost of acquired net assets in a business combination exceeds the fair value of the net identifiable assets on the date of purchase and is carried at its historical cost. The Company tests goodwill for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company performs its impairment test of goodwill as of December 31 each year. As of December 31, 2025, 2024 and 2023, the Company concluded that it has one reporting unit and that its chief operating decision maker is its chief executive officer and the executive management team. The Company has assigned the entire balance of goodwill to one reporting unit. The fair value of the reporting unit was based on the Company's market capitalization as of each of December 31, 2025 and 2024, and it was substantially in excess of the carrying value of the reporting unit at each date. Acquired intangible assets consist of completed technologies, customer-related intangible assets, trademarks and trade names and acquired license rights. Acquired intangible assets, other than goodwill, are amortized over their estimated useful lives based upon the estimated economic value derived from the related intangible asset. Significant judgment is used in determining fair values of acquired intangibles assets and their estimated useful lives. Fair value and useful life determinations may be based on, among other factors, estimates of future expected cash flows, royalty cost savings and appropriate discount rates used in calculating present values. Long-lived assets, including property and equipment, operating lease right-of-use assets and acquired intangible assets, are reviewed for impairment whenever events or changes in circumstances, such as service discontinuance, technological obsolescence, significant decreases in the Company’s market capitalization, facility closures or work-force reductions indicate that the carrying amount of the long-lived asset may not be recoverable. When such events occur, the Company compares the carrying amount of the asset to the undiscounted expected future cash flows related to the asset. If this comparison indicates that an impairment is present, the amount of the impairment is calculated as the difference between the carrying amount and the fair value of the asset.
Research and Development Costs and Capitalized Internal-Use Software	Research and Development Costs and Capitalized Internal-Use Software Research and development costs consist primarily of payroll and related personnel costs for the design, development, deployment, testing and enhancement of the Company’s solutions and global network. Costs incurred in the development of the Company’s services are expensed as incurred, except certain internal-use software development costs eligible for capitalization. Capitalized costs include external consulting fees, payroll and payroll-related costs and stock-based compensation for employees in the Company’s engineering, research and development and information technology groups who are directly associated with, and who devote time to, the Company’s internal-use software projects. Capitalization begins when the planning stage is complete and the Company commits resources to the software project; capitalization continues during the application development stage. Capitalization ceases when the software has been tested and is ready for its intended use. Costs incurred during the planning, training and post-implementation stages of the software development life-cycle are expensed as incurred. The Company amortizes completed internal-use software that is used on its network to cost of revenue over its estimated useful life.
Restructuring Charges	Restructuring Charges The Company classifies certain expenses as restructuring charges that result from programs that have significantly changed either the scope of the business undertaken by management or the manner in which that business is conducted. These charges include employee severance and related expenses for workforce reductions, impairments of long-lived assets that will no longer be used in operations (including acquired intangible assets, operating lease right-of-use assets, other facility-related property and equipment and internal-use software) and termination fees for any contracts cancelled as part of these programs. Employee severance and related expenses are recognized when the action giving rise to the expense is probable. Employee severance and related expenses are based upon contractual severance plans.
Stock-Based Compensation	Stock-Based Compensation The Company issues various forms of stock-based compensation, which includes restricted stock, restricted stock units and deferred stock units, and has an employee stock purchase plan (collectively referred to as "stock awards"). The Company’s stock awards are classified as equity and the fair value is determined at the time of grant, unless the number of shares to be granted is unknown. Stock awards that are settleable in shares based upon a future determinable stock price are classified as liabilities until the price is established and the resulting number of shares are known, at which time the stock awards are re-classified to equity. For liability-classified awards, the fair value is determined each reporting period beginning at the grant date until final vesting. The Company has selected the Black-Scholes option-pricing model to determine the fair value of stock awards issued under the Company's 1999 Employee Stock Purchase Plan ("1999 ESPP"). For stock awards with market-based vesting conditions, the Company uses a Monte Carlo simulation to determine the fair value of the award. For stock awards that contain only a service-based vesting feature, the Company recognizes compensation cost on a straight-line basis over the award's vesting period. For awards with a performance-based vesting condition feature, the Company recognizes compensation cost on a graded-vesting basis over the award's expected vesting period, commencing when achievement of the performance condition is deemed probable. In addition, for awards that vest and become exercisable only upon achievement of specified performance conditions, the Company makes judgments and estimates each quarter about the probability that such performance conditions will be met or achieved. The Company excludes from stock-based compensation the fair value of stock awards it estimates will be forfeited. Forfeitures are estimated using historical forfeiture rates, adjusted for any non-recurring one-time events, and are revised in subsequent periods if actual forfeitures differ from those estimates.
Foreign Currency Translation and Forward Currency Contracts	Foreign Currency Translation and Forward Currency Contracts The assets and liabilities of the Company's subsidiaries are translated at the applicable exchange rate as of the balance sheet date, and revenue and expenses are translated at an average rate over the period. Resulting currency translation adjustments are recorded as a component of accumulated other comprehensive loss, a separate component of stockholders’ equity. Gains and losses on inter-company and other non-functional currency transactions are recorded in other expense, net. The Company enters into short-term foreign currency forward contracts to offset foreign exchange gains and losses generated by the re-measurement of certain assets and liabilities recorded in non-functional currencies. Changes in the fair value of these derivatives, as well as re-measurement gains and losses, are recognized in current earnings in other expense, net. As of December 31, 2025 and 2024, the fair value of the forward currency contracts and the underlying gains and losses for the years ended December 31, 2025, 2024 and 2023 were immaterial. The Company's foreign currency forward contracts may be exposed to credit risk to the extent that its counterparties are unable to meet the terms of the agreements. The Company seeks to minimize counterparty credit (or repayment) risk by entering into transactions only with major financial institutions of investment grade credit rating.
Income Taxes	Income Taxes The Company's provision for income taxes is comprised of a current and a deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current year. The deferred income tax provision is calculated as the estimated future tax effects attributable to temporary differences and carryforwards using expected tax rates in effect in the years during which the differences are expected to reverse or the carryforwards are expected to be realized. The Company currently has net deferred tax assets consisting of net operating loss (“NOL”) carryforwards, tax credit carryforwards and deductible temporary differences. Management periodically weighs the positive and negative evidence to determine if it is more-likely-than-not that some or all of the deferred tax assets will be realized. The Company has recorded certain tax reserves to address potential exposures involving its income tax positions. These potential tax liabilities result from the varying application of statutes, rules, regulations and interpretations by different taxing jurisdictions. The Company's estimate of the value of its tax reserves contains assumptions based on past experiences and judgments about the interpretation of statutes, rules and regulations by taxing jurisdictions. It is possible that the costs of the ultimate tax liability or benefit from these matters may be more or less than the amount the Company estimated. Uncertainty in income taxes is recognized in the Company's consolidated financial statements using a two-step process. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed more-likely-than-not to be sustained based on technical merit, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement.
Recently Adopted Accounting Pronouncements And Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements For the annual period ending December 31, 2025, the Company adopted guidance issued by the Financial Accounting Standards Board (“FASB”) to improve income tax disclosures, primarily through enhanced disclosures of the effective tax rate and cash paid for income taxes, in addition to the modification or elimination of other disclosures, on a retrospective basis. Other than additional required disclosures, adoption of the standard did not have an impact on the Company's consolidated financial statements. Recent Accounting Pronouncements In September 2025, the FASB issued guidance which modernizes the accounting for internal-use software by removing all references to software development stages given the evolution of software development. The targeted improvements aim to increase the operability of the recognition guidance for internal-use software. The guidance also seeks to clarify the disclosure requirements for internal-use software. This guidance will be effective for the Company on January 1, 2028, and is to be applied prospectively, modified prospectively or retrospectively. The Company is evaluating the potential impact of adopting this guidance on its consolidated financial statements. In July 2025, the FASB issued guidance which provides targeted improvements and clarifications related to the recognition and measurement of expected credit losses, particularly for off-balance-sheet credit exposures and certain practical expedients. This guidance was effective for the Company on January 1, 2026, and will be applied prospectively. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In November 2024, the FASB issued guidance which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This guidance was effective for the Company on January 1, 2026, and will be applied prospectively. The Company has historically not had induced conversions of its convertible senior notes and does not anticipate this guidance to have an impact on its consolidated financial statements or its disclosures upon adoption. In November 2024, the FASB issued guidance to enhance income statement disclosures through additional disclosures of specified information about certain costs and expenses. This guidance will be effective for the Company's annual period ending December 31, 2027 and interim periods beginning on January 1, 2028, and is to be applied prospectively with the option to adopt retrospectively. The Company is evaluating the impact the update will have on its disclosures.

Accounts Receivable

12 Months Ended

Dec. 31, 2025

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Accounts Receivable

Net accounts receivable consisted of the following as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Trade accounts receivable	$	577,914	$	508,928
Unbilled accounts receivable	223,458		222,281
Gross accounts receivable	801,372		731,209
Allowances for current expected credit losses and other reserves	(7,706)		(3,522)
Accounts receivable, net	$	793,666	$	727,687

A summary of activity in the accounts receivable allowance for current expected credit losses and other reserves for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	2025		2024		2023
Beginning balance	$	3,522	$	3,469	$	5,917
Charges to income from operations	16,109		6,954		13,431
Collections from customers previously reserved and other	(11,925)		(6,901)		(15,879)
Ending balance	$	7,706	$	3,522	$	3,469

Charges to income from operations primarily represents charges to provision for doubtful accounts for increases in the allowance for current expected credit losses.

Acquired Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Intangible Assets and Goodwill

Acquired intangible assets that are subject to amortization consisted of the following as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Completed technologies	$	465,832	$	(250,436)	$	215,396	$	463,766	$	(223,480)	$	240,286
Customer-related intangible assets	725,494		(363,724)		361,770		758,817		(313,991)		444,826

Trademarks and trade names	15,247		(12,080)		3,167		15,318		(10,579)		4,739
Acquired license rights	44,810		(10,601)		34,209		44,810		(7,076)		37,734
Total	$	1,251,383	$	(636,841)	$	614,542	$	1,282,711	$	(555,126)	$	727,585

Aggregate expense related to amortization of acquired intangible assets for the years ended December 31, 2025, 2024 and 2023 was $111.1 million, $92.1 million and $66.8 million, respectively. Based on the Company's acquired intangible assets as of December 31, 2025, aggregate expense related to amortization of acquired intangible assets is expected to be $100.2 million, $85.6 million, $79.0 million, $74.0 million and $66.7 million for the years ending December 31, 2026, 2027, 2028, 2029 and 2030, respectively. The Company recorded restructuring charges related to the impairment of acquired completed technologies and customer-related intangible assets whose values were no longer supported by future cash flows of $22.2 million and $23.7 million for the years ended December 31, 2025 and 2024, respectively. There were no impairments for the year ended December 31, 2023.

The changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	2025		2024
Beginning balance	$	3,151,077	$	2,850,470
Acquisition of Fermyon Technologies, Inc.	36,008		—
Acquisition of Noname Gate Ltd.	—		312,065


Measurement period adjustments related to acquisitions completed in prior years	(996)		18
Foreign currency translation	20,436		(11,476)
Ending balance	$	3,206,525	$	3,151,077

Net Income per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income per Share

Basic net income per share is computed using the weighted average number of common shares outstanding during the applicable period. Diluted net income per share is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common stock. Potential common stock consists of shares issuable pursuant to stock awards, convertible senior notes and warrants issued by the Company. The dilutive effect of outstanding stock awards is reflected in diluted earnings per share by application of the treasury stock method and the dilutive effect of the convertible securities is reflected in diluted earnings per share by application of the if-converted method.

The components used in the computation of basic and diluted net income per share for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands, except per share data):


	2025		2024		2023
Numerator:
Net income	$	452,031	$	504,918	$	547,629
Denominator:
Shares used for basic net income per share	145,402		151,392		152,510
Effect of dilutive securities:
Stock awards	1,621		2,210		2,312
Convertible senior notes	—		744		575
Warrants related to issuance of convertible senior notes	—		—		—
Shares used for diluted net income per share	147,023		154,346		155,397
Basic net income per share	$	3.11	$	3.34	$	3.59
Diluted net income per share	$	3.07	$	3.27	$	3.52

For the years ended December 31, 2025, 2024 and 2023, certain potential outstanding shares from service-based stock awards and warrants were excluded from the computation of diluted net income per share because the effect of including these items was anti-dilutive. Additionally, certain market- and performance-based stock awards were excluded from the computation of diluted net income per share because the underlying market and performance conditions for such stock awards had not been met as of these dates. The number of potentially outstanding shares excluded from the computation of diluted net income per share for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025	2024	2023

Service-based stock awards	3,532	2,171	2,947
Market- and performance-based stock awards	1,583	1,316	1,371

Warrants related to issuance of convertible senior notes	40,776	32,006	26,998
Total shares excluded from computation	45,891	35,493	31,316

Restructuring - Schedule of Restructuring Accrual (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 26,351	$ 837	$ 541
Cost incurred	23,065	36,807	21,085
Cash disbursements	(27,452)	(10,780)	(20,748)
Translation adjustments and other	432	(513)	(41)
Ending balance	22,396	26,351	837
Q4 2025 Action
Restructuring Reserve [Roll Forward]
Beginning balance	0	0	0
Cost incurred	20,695	0	0
Cash disbursements	0	0	0
Translation adjustments and other	55	0	0
Ending balance	20,750	0	0
Q3 2024 Action
Restructuring Reserve [Roll Forward]
Beginning balance	24,606	0	0
Cost incurred	398	34,447	0
Cash disbursements	(25,269)	(9,326)	0
Translation adjustments and other	310	(515)	0
Ending balance	45	24,606	0
Q1 2023 Action
Restructuring Reserve [Roll Forward]
Beginning balance	758	819	0
Cost incurred	0	0	20,668
Cash disbursements	0	(60)	(19,798)
Translation adjustments and other	0	(1)	(51)
Ending balance	758	758	819
Acquisitions Related and Other
Restructuring Reserve [Roll Forward]
Beginning balance	987	18	541
Cost incurred	1,972	2,360	417
Cash disbursements	(2,183)	(1,394)	(950)
Translation adjustments and other	67	3	10
Ending balance	$ 843	$ 987	$ 18

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss, net of tax, which is reported as a component of stockholders' equity, for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Foreign Currency Translation		Net Unrealized Gains (Losses) on Investments		Total
Balance as of January 1, 2024	$	(98,035)	$	2,705	$	(95,330)
Other comprehensive loss	(59,064)		(1,599)		(60,663)
Balance as of December 31, 2024	(157,099)		1,106		(155,993)
Other comprehensive income	59,563		1,674		61,237
Balance as of December 31, 2025	$	(97,536)	$	2,780	$	(94,756)

Amounts reclassified from accumulated other comprehensive loss to net income were insignificant for the years ended December 31, 2025 and 2024.

Leases - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Real Estate Arrangements
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (in years)	8 years 1 month 6 days	9 years 1 month 6 days
Weighted average discount rate	3.60%	3.50%
Co-location Arrangements
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (in years)	4 years 9 months 18 days	4 years 7 months 6 days
Weighted average discount rate	4.40%	4.30%
Data Center Sublease
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (in years)	11 years 10 months 24 days	0 years
Weighted average discount rate	5.10%	0.00%

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

Information regarding the Company's one operating segment for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	2025		2024		2023
Revenue	$	4,208,175	$	3,991,168	$	3,811,920
Less:
Co-location costs	349,191		308,314		256,062
Bandwidth fees	192,875		233,100		228,038
Network build-out and supporting services	236,644		193,607		215,557
Payroll and related costs	1,565,108		1,511,272		1,408,866
Capitalized salaries and related costs	(322,703)		(302,830)		(261,728)
Facilities-related costs	86,081		86,671		90,061
Software and related service costs	85,483		71,687		69,970
Other segment items (1)	219,241		211,205		198,525
Depreciation and amortization	708,611		648,410		570,776
Stock-based compensation	459,402		393,378		328,467
Restructuring charge	58,051		95,441		56,643
Acquisition-related costs	3,247		7,502		13,345
Interest and marketable securities income, net	(70,808)		(100,280)		(45,194)
Interest expense	30,759		27,117		17,709
Other expense, net	4,588		19,561		12,296
Income tax expense	150,374		82,095		106,373
Gain from equity method investment	—		—		(1,475)
Net income	$	452,031	$	504,918	$	547,629

(1) Other segment items includes marketing programs and related costs, third-party professional service fees, non-income related tax expense and other expenses.

Schedule of Long-lived Assets by Geographic Areas

Net property and equipment, excluding internal-use software, and operating lease right-of-use assets, located in the U.S. and international locations, as of December 31, 2025 and 2024 was as follows (in thousands):


	December 31, 2025		December 31, 2024
Property and equipment, net, excluding internal-use software, located in the U.S.	$	669,390	$	616,376
Property and equipment, net, excluding internal-use software, located internationally	$	737,260	$	663,914
Operating lease right-of-use assets located in the U.S.	$	1,066,526	$	600,015
Operating lease right-of-use assets located internationally	$	403,174	$	406,723

Restructuring (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activity

The following table summarizes the Company's restructuring charges during the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024		2023
Q4 2025 Action	$	51,260	$	—	$	—
Q3 2024 Action	398		63,398		—
Q1 2023 Action	—		—		20,668
FlexBase	13		1,717		27,654

Acquisitions related and other	6,380		30,326		8,321
Total restructuring charge	$	58,051	$	95,441	$	56,643

The liability for restructuring charges related to employee severance and associated expenses is substantially included in other current liabilities on the consolidated balance sheets. The changes in the liability for all restructuring actions for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	Q4 2025 Action		Q3 2024 Action		Q1 2023 Action		Acquisitions Related and Other		Total
Balance as of January 1, 2023	$	—	$	—	$	—	$	541	$	541
Cost incurred	—		—		20,668		417		21,085
Cash disbursements	—		—		(19,798)		(950)		(20,748)
Translation adjustments and other	—		—		(51)		10		(41)
Balance as of December 31, 2023	—		—		819		18		837
Cost incurred	—		34,447		—		2,360		36,807
Cash disbursements	—		(9,326)		(60)		(1,394)		(10,780)
Translation adjustments and other	—		(515)		(1)		3		(513)
Balance as of December 31, 2024	—		24,606		758		987		26,351
Cost incurred	20,695		398		—		1,972		23,065
Cash disbursements	—		(25,269)		—		(2,183)		(27,452)
Translation adjustments and other	55		310		—		67		432
Balance as of December 31, 2025	$	20,750	$	45	$	758	$	843	$	22,396

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Schedule of Accounts Receivable

Net accounts receivable consisted of the following as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Trade accounts receivable	$	577,914	$	508,928
Unbilled accounts receivable	223,458		222,281
Gross accounts receivable	801,372		731,209
Allowances for current expected credit losses and other reserves	(7,706)		(3,522)
Accounts receivable, net	$	793,666	$	727,687

Schedule of Activity in the Accounts Receivable Reserves

A summary of activity in the accounts receivable allowance for current expected credit losses and other reserves for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	2025		2024		2023
Beginning balance	$	3,522	$	3,469	$	5,917
Charges to income from operations	16,109		6,954		13,431
Collections from customers previously reserved and other	(11,925)		(6,901)		(15,879)
Ending balance	$	7,706	$	3,522	$	3,469

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Compensation Related Costs [Abstract]
Contributions by employer	$ 28.2	$ 19.1	$ 19.7
Deferred compensation arrangement with individual, compensation expense	$ 29.0	$ 26.6
Deferred compensation (in shares)	23,145

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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+ Details

Net Income per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Components Used in Diluted and Basic Income Per Common Share

The components used in the computation of basic and diluted net income per share for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands, except per share data):


	2025		2024		2023
Numerator:
Net income	$	452,031	$	504,918	$	547,629
Denominator:
Shares used for basic net income per share	145,402		151,392		152,510
Effect of dilutive securities:
Stock awards	1,621		2,210		2,312
Convertible senior notes	—		744		575
Warrants related to issuance of convertible senior notes	—		—		—
Shares used for diluted net income per share	147,023		154,346		155,397
Basic net income per share	$	3.11	$	3.34	$	3.59
Diluted net income per share	$	3.07	$	3.27	$	3.52

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The number of potentially outstanding shares excluded from the computation of diluted net income per share for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025	2024	2023

Service-based stock awards	3,532	2,171	2,947
Market- and performance-based stock awards	1,583	1,316	1,371

Warrants related to issuance of convertible senior notes	40,776	32,006	26,998
Total shares excluded from computation	45,891	35,493	31,316

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The Company sells its services through a sales force located both domestically and internationally. Revenue derived from operations outside of the U.S. is determined based on the country in which the sale originated. Other than the U.S., no single country accounted for 10% or more of the Company’s total revenue for any reported period. Revenue by geography included in the Company’s consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	2025		2024		2023
U.S.	$	2,139,173	$	2,075,533	$	1,968,779
International	2,069,002		1,915,635		1,843,141
Total revenue	$	4,208,175	$	3,991,168	$	3,811,920

The Company reports its revenue in three solution categories: security, delivery and cloud computing. Security includes solutions that are designed to protect business online by keeping infrastructure, websites, applications, APIs, networks and users safe. Delivery includes solutions that are designed to enable business online, including media delivery and web and mobile performance. Cloud computing is comprised of Cloud Infrastructure Services, which includes compute and storage solutions, EdgeWorkers product and the partner solutions running on the Company's compute platform, and other cloud applications. Revenue by solution category included in the Company’s consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	2025		2024		2023
Security	$	2,243,404	$	2,042,661	$	1,765,267
Delivery	1,256,721		1,318,131		1,542,434
Cloud computing	708,050		630,376		504,219
Total revenue	$	4,208,175	$	3,991,168	$	3,811,920

Revenue for Cloud Infrastructure Services for the years ended December 31, 2025, 2024 and 2023 were $313.9 million, $230.0 million, and $174.4 million, respectively.

Most security, delivery and cloud computing services represent stand-ready obligations that are satisfied over time as the customer simultaneously receives and consumes the services provided by the Company. Accordingly, the majority of the Company's revenue is recognized over time, generally ratably over the term of the arrangement due to consistent monthly usage commitments that expire each period. Any usage over a given commitment is recognized in the period in which the units are served. A small percentage of the Company's contracts are satisfied at a point in time, such as one-time professional services contracts, integration services and most license sales where the primary obligation is delivery of the license at the start of the term. In these cases, revenue is recognized at a point in time of delivery or satisfaction of the performance obligation.

During the years ended December 31, 2025, 2024 and 2023, the Company recognized $147.2 million, $109.1 million and $105.9 million of revenue that was included in deferred revenue as of December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2025, the aggregate amount of remaining performance obligations from contracts with customers was $5.2 billion. The Company expects to recognize approximately 55% of its remaining performance obligations as revenue over the next 12 months and approximately 40% over the next two to three years, with the remaining thereafter. Remaining performance obligations represent the amount of the transaction price under contracts with customers that are attributable to performance obligations that are unsatisfied or partially satisfied at the reporting date. This consists of future committed revenue for monthly, quarterly or annual periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced in prior periods for which the related performance obligations have not been satisfied. It excludes estimates of variable consideration such as usage-based contracts with no committed contract as well as anticipated renewed contracts. Revenue recognized during the years ended December 31, 2025, 2024 and 2023, related to performance obligations satisfied in previous periods was not material.

- 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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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Narrative (Details) - Convertible Debt	12 Months Ended
Debt - Narrative (Details) - Convertible Debt	Dec. 31, 2025 USD ($) senior_note day	May 31, 2025 USD ($)	May 01, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Principal \| $	$ 4,140,000,000			$ 3,565,000,000
Number of convertible senior notes \| senior_note	3
Convertible Notes
Debt Instrument [Line Items]
Principal \| $	$ 4,140,000,000
2033 Notes
Debt Instrument [Line Items]
Principal \| $	$ 1,725,000,000	$ 1,725,000,000		0
Interest rate	0.25%
2033 Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold trading days exceeding price	20
Threshold consecutive trading days exceeding price	30
Threshold greater than percentage of stock price trigger	130.00%
2027 Notes
Debt Instrument [Line Items]
Principal \| $	$ 1,150,000,000		$ 1,150,000,000	1,150,000,000
Interest rate	0.375%
Repurchase price (as a percent)	100.00%
2027 Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold trading days exceeding price	20
Threshold consecutive trading days exceeding price	30
Threshold greater than percentage of stock price trigger	130.00%
2027 Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Threshold trading days exceeding price	5
Threshold consecutive trading days exceeding price	5
Threshold greater than percentage of stock price trigger	98.00%
2025 Notes
Debt Instrument [Line Items]
Principal \| $	$ 0		$ 1,150,000,000	1,150,000,000
Interest rate			0.125%
Repurchase price (as a percent)	100.00%
2025 Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Threshold trading days exceeding price	5
Threshold consecutive trading days exceeding price	5
Threshold greater than percentage of stock price trigger	98.00%
2029 Notes
Debt Instrument [Line Items]
Principal \| $	$ 1,265,000,000			$ 1,265,000,000
Interest rate	1.125%
Repurchase price (as a percent)	100.00%
2029 Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold trading days exceeding price	20
Threshold consecutive trading days exceeding price	30
Threshold greater than percentage of stock price trigger	130.00%
2029 Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Threshold trading days exceeding price	5
Threshold consecutive trading days exceeding price	5
Threshold greater than percentage of stock price trigger	98.00%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Expense

Components of total stock-based compensation expense included in the Company’s consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025		2024		2023
Cost of revenue	$	77,176	$	61,177	$	43,802
Research and development	169,404		152,114		123,896
Sales and marketing	90,198		77,593		66,453
General and administrative	122,624		102,494		94,316
Total stock-based compensation	459,402		393,378		328,467
Provision for income taxes	(80,946)		(96,607)		(59,359)
Total stock-based compensation, net of taxes	$	378,456	$	296,771	$	269,108

Schedule of Employee Stock Purchase Plan Activity

The following summarizes the activity under the 1999 ESPP (in thousands, except per share amounts):


	2025		2024		2023
Shares issued	966		788		797
Weighted average purchase price per share	$	64.54	$	77.60	$	78.29
Issuance of common stock	$	62,322	$	61,131	$	62,365

Schedule of Assumptions Used


	2025		2024		2023
Expected term (in years)	0.5		0.5		0.5
Risk-free interest rate	4.3	%	5.2	%	5.2	%
Expected volatility	38.3	%	24.4	%	29.1	%
Dividend yield	—	%	—	%	—	%

The grant-date fair values of the TSR-based RSUs granted during the years ended December 31, 2025, 2024 and 2023 were estimated using a Monte Carlo simulation model with the following assumptions:


	2025		2024		2023
Expected term (in years)	3.0		3.0		3.0
Risk-free interest rate	3.9	%	4.3	%	4.5	%
Akamai historical share price volatility	31.5	%	25.6	%	28.8	%
Average volatility of peer-company share price	30.2	%	30.6	%	33.6	%

Schedule of Restricted Stock Units by Type

The RSUs, restricted stock and DSUs granted by the Company during the year ended December 31, 2025 were as follows (in thousands):


			December 31, 2025
Service-based (1)			6,499
Market-based			249
Performance-based			135
Total			6,883

(1) Includes DSU grants of 36,948 shares

Schedule of Restricted Stock Units Activity

RSU, restricted stock and DSU activity for the year ended December 31, 2025 was as follows:


	Units (in thousands)	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2025	7,710	$	100.04
Granted	6,883	81.43
Vested (1)	(4,932)	98.22
Forfeited	(691)	99.04
Outstanding at December 31, 2025	8,970	$	86.81

(1) Includes DSUs of 20,900 shares which have vested and been distributed. Excludes DSUs which have vested, but have not yet been distributed.

Schedule of Fair Value of Stock Activity

The pre-tax intrinsic value and fair value of RSUs, restricted stock and DSUs were as follows (in thousands, except per share amounts):


	2025		2024		2023
Pre-tax intrinsic value of awards vested	$	479,587	$	429,491	$	254,686
Fair value of awards vested	$	484,411	$	433,026	$	259,919
Weighted average fair value of awards granted, per share (1)	$	81.43	$	108.09	$	74.89

(1) The grant-date fair value is calculated based upon the Company’s closing stock price on the date of grant.

Restructuring - Schedule of Restructuring Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charge	$ 58,051	$ 95,441	$ 56,643
Restructuring Incurred Cost, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag	Total restructuring charge	Total restructuring charge	Total restructuring charge
Q4 2025 Action
Restructuring Cost and Reserve [Line Items]
Restructuring charge	$ 51,260	$ 0	$ 0
Q3 2024 Action
Restructuring Cost and Reserve [Line Items]
Restructuring charge	398	63,398	0
Q1 2023 Action
Restructuring Cost and Reserve [Line Items]
Restructuring charge	0	0	20,668
FlexBase
Restructuring Cost and Reserve [Line Items]
Restructuring charge	13	1,717	27,654
Acquisitions related and other
Restructuring Cost and Reserve [Line Items]
Restructuring charge	$ 6,380	$ 30,326	$ 8,321

- 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

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]
Valuation allowance	$ 44,496	$ 41,615	$ 45,704	$ 41,250
Unrecognized tax benefits, income tax penalties and interest accrued	25,800	16,300
Income tax interest and penalties expense	8,500	$ 7,500	$ 2,400
Unrecognized tax benefits that, if recognized, would impact the effective income tax rate	$ 57,700

Stock-Based Compensation - Schedule of Stock Units by Type (Details)	12 Months Ended
	Dec. 31, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	6,883,000
Service-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	6,499,000
Market-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	249,000
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	135,000
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	36,948

- 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

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before provision for income taxes were as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024		2023
U.S.	$	26,232	$	54,465	$	20,146
Foreign	576,173		532,548		632,381
Income before provision for income taxes	$	602,405	$	587,013	$	652,527

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


	2025		2024		2023
Current tax provision (benefit):
Federal	$	13,625	$	23,870	$	23,406
State	(3,637)		6,998		6,731
Foreign	113,733		121,495		99,223
Deferred tax provision (benefit):
Federal	9,791		(43,695)		(18,213)
State	9,048		(17,313)		(3,759)
Foreign	7,814		(9,260)		(1,015)
Total	$	150,374	$	82,095	$	106,373

In July 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. The OBBBA did not have a material impact on the Company's consolidated financial statements for the year ended December 31, 2025.

The Company’s effective tax rate differed from the U.S. federal statutory tax rate as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025				2024				2023
Income before provision for income taxes	$	602,405			$	587,013			$	652,527
U.S. federal statutory tax rate	126,505		21.0	%	123,273		21.0	%	137,031		21.0	%
U.S. tax effects
State and local income taxes, net of federal effect (1)	8,027		1.3		(14,231)		(2.4)		(731)		(0.1)
Federal
Effect of cross-border tax laws
Foreign-derived intangible income	(5,168)		(0.9)		(9,655)		(1.6)		(7,547)		(1.2)
Other	(32)		—		3,730		0.6		(1,530)		(0.2)
Tax credits
Research and development credit	(17,084)		(2.8)		(27,194)		(4.6)		(18,296)		(2.8)
Other credits	(732)		(0.1)		345		—		(922)		(0.1)
Non-taxable or non-deductible items
Stock-based compensation	13,589		2.2		(16,723)		(2.8)		6,214		0.9
Officers' compensation	8,588		1.4		6,401		1.1		6,647		1.0
Transfer pricing	14,974		2.5		11,417		1.9		6,722		1.0
Other	(744)		(0.1)		1,137		0.2		419		0.1
Other adjustments
Intercompany sale of intellectual property	—		—		(20,640)		(3.5)		5,740		0.9
Other	(284)		—		4,388		0.7		6,008		0.9
Foreign tax effects
Israel
Stock-based compensation	3,354		0.5		8,268		1.4		5,803		0.9
Intercompany sale of intellectual property	—		—		14,174		2.4		—		—
Other	(216)		—		8,530		1.5		(473)		(0.1)
Switzerland
State and local income taxes	19,148		3.2		2,710		0.5		9,495		1.5
Statutory tax rate difference between Switzerland and U.S.	(57,418)		(9.5)		(44,276)		(7.5)		(62,660)		(9.6)
Intercompany sale of intellectual property	—		—		(14,093)		(2.4)		(3,993)		(0.6)
Withholding tax	6,276		1.0		11,480		2.0		681		0.1
Other	4,704		0.8		1,409		0.2		2,277		0.3
Other foreign jurisdictions	13,617		2.3		21,388		3.6		14,718		2.3
Changes in unrecognized tax benefits	13,270		2.2		10,257		1.7		770		0.1
Total	$	150,374	25.0	%	$	82,095	14.0	%	$	106,373	16.3	%

(1) The majority of the tax effects within this category represent taxes in New Jersey and Massachusetts for the year ended December 31, 2025; Massachusetts and California for the year ended December 31, 2024; and California, New Jersey, Massachusetts and New York City for the year ended December 31, 2023.

The components of the net deferred tax assets and liabilities and the related valuation allowance as of December 31, 2025 and 2024 were as follows (in thousands):


	2025		2024

Deferred revenue	20,154		20,598
Acquired intangible assets	4,955		23,731
Operating lease liabilities	196,643		108,429
Stock-based compensation	55,249		48,486
NOLs	31,401		21,769
Capitalized interest expense	26,933		8,045
Tax credit carryforwards	109,687		101,508
Capitalized research and development costs	246,457		188,470
Convertible senior notes interest	193,401		82,881
Depreciation and amortization	9,107		43,601
Other	28,748		33,830
Deferred tax assets	922,735		681,348


Operating lease right-of-use assets	(184,876)		(96,683)
Deferred commissions	(31,328)		(25,477)
Capitalized internal-use software development costs	(70,348)		(50,390)
Deferred tax liabilities	(286,552)		(172,550)
Valuation allowance	(44,496)		(41,615)
Net deferred tax assets	$	591,687	$	467,183

A summary of activity in the valuation allowance on deferred tax assets for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):


	2025		2024		2023
Beginning balance	$	41,615	$	45,704	$	41,250
Charges to income tax expense	3,330		3,469		4,814
Release of valuation allowance	(449)		(7,558)		(360)
Ending balance	$	44,496	$	41,615	$	45,704

Valuation allowances will be recognized on deferred tax assets if it is more-likely-than-not that some or all of the deferred tax assets will not be utilized. In measuring deferred tax assets, the Company considers all available evidence, both positive and negative, to determine whether a valuation allowance is needed. As of December 31, 2025, the Company recorded a $44.5 million valuation allowance against deferred tax assets related to state tax credits, foreign tax deductions and foreign NOLs in which it is more-likely-than-not that such attributes will expire prior to utilization.

The Company's NOL and tax credit carryforwards in U.S. federal, state and foreign jurisdictions as of December 31, 2025 were as follows (in thousands, except years):


	2025		Expirations at Various Dates Through:
NOL carryforwards:
Federal	$	62,500	2035
State	$	65,200	2046
Foreign	$	61,600	2039
Federal and state research and development tax credit and other credit carryforwards	$	143,300	2045

A portion of the Company's U.S. federal, state and foreign NOL carryforwards relate to acquisitions completed between 2012 and 2025.

As of December 31, 2025, no provision for U.S. federal, state and foreign income taxes or withholding taxes has been provided for any undistributed foreign earnings or any additional basis differences inherent in the Company's international subsidiaries, as these amounts continue to be indefinitely reinvested. Determination of the amount of the unrecognized deferred tax liability on outside basis differences is not practicable because of the complexity of laws and regulations, the varying tax treatment of alternative repatriation scenarios and the variation due to multiple potential assumptions relating to the timing of any future repatriation.

The changes in the Company’s unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025		2024		2023
Balance at beginning of year	$	79,921	$	68,658	$	67,958
Gross increases – tax positions of prior periods	7,322		11,150		2,074
Gross increases – current period tax positions	2,801		4,223		4,091
Gross decreases – tax positions of prior periods	(3,839)		(1,445)		(3,685)
Gross decreases – lapse of applicable statute of limitations	(593)		(2,665)		(1,780)
Balance at end of year	$	85,612	$	79,921	$	68,658

As of December 31, 2025 and 2024, the Company had total accrued interest and penalties for unrecognized tax benefits of $25.8 million and $16.3 million, respectively. Interest and penalties related to unrecognized tax benefits are recorded in the provision for income taxes and were $8.5 million, $7.5 million and $2.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the amount of unrecognized tax benefits that, if recognized, would impact the effective income tax rate is $57.7 million.

Certain U.S. federal, state and foreign income tax returns from 2015 through 2024 are currently under audit. The Company has reserved for those positions that are not more-likely-than-not to be sustained.

Cash paid for income taxes, net of refunds, for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025		2024		2023
Federal	$	8,379	$	8,502	$	14,989
State	(324)		4,465		2,348
Foreign
Brazil	*		8,742		8,342
India	10,342		17,531		11,909
Israel	32,557		14,162		10,278
Switzerland	40,267		45,623		60,176
United Kingdom	9,870		8,240		*
Other foreign jurisdictions	42,455		29,057		26,436
Total foreign	135,491		123,355		117,141
Cash paid for income taxes, net of refunds	$	143,546	$	136,322	$	134,478

* Jurisdiction below the threshold for the period presented

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Investments and Fair Value Measurements - Schedule of Fair Value Measurement (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash Equivalents and Marketable Securities:
Available-for-sale securities	$ 954,971	$ 1,320,654
Total Fair Value	1,500,243	1,563,828
Money market funds
Cash Equivalents and Marketable Securities:
Cash equivalents	409,326	163,722
Level 1
Cash Equivalents and Marketable Securities:
Total Fair Value	438,307	190,302
Level 1 \| Money market funds
Cash Equivalents and Marketable Securities:
Cash equivalents	409,326	163,722
Level 2
Cash Equivalents and Marketable Securities:
Total Fair Value	1,061,936	1,373,526
Level 2 \| Money market funds
Cash Equivalents and Marketable Securities:
Cash equivalents	0	0
Time deposits
Cash Equivalents and Marketable Securities:
Available-for-sale securities and cash equivalents	103,038	64,202
Available-for-sale securities	31,035	11,330
Time deposits \| Level 1
Cash Equivalents and Marketable Securities:
Available-for-sale securities and cash equivalents	0	0
Time deposits \| Level 2
Cash Equivalents and Marketable Securities:
Available-for-sale securities and cash equivalents	103,038	64,202
Commercial paper
Cash Equivalents and Marketable Securities:
Available-for-sale securities and cash equivalents	34,962
Commercial paper \| Level 1
Cash Equivalents and Marketable Securities:
Available-for-sale securities and cash equivalents	0
Commercial paper \| Level 2
Cash Equivalents and Marketable Securities:
Available-for-sale securities and cash equivalents	34,962
Corporate bonds
Cash Equivalents and Marketable Securities:
Available-for-sale securities	923,936	1,004,977
Corporate bonds \| Level 1
Cash Equivalents and Marketable Securities:
Available-for-sale securities	0	0
Corporate bonds \| Level 2
Cash Equivalents and Marketable Securities:
Available-for-sale securities	923,936	1,004,977
U.S. government agency obligations
Cash Equivalents and Marketable Securities:
Available-for-sale securities and cash equivalents		304,347
Available-for-sale securities		304,347
U.S. government agency obligations \| Level 1
Cash Equivalents and Marketable Securities:
Available-for-sale securities and cash equivalents		0
U.S. government agency obligations \| Level 2
Cash Equivalents and Marketable Securities:
Available-for-sale securities and cash equivalents		304,347
Mutual funds
Cash Equivalents and Marketable Securities:
Available-for-sale securities	28,981	26,580
Mutual funds \| Level 1
Cash Equivalents and Marketable Securities:
Available-for-sale securities	28,981	26,580
Mutual funds \| Level 2
Cash Equivalents and Marketable Securities:
Available-for-sale securities	$ 0	$ 0

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 8,696	$ 7,802	$ 5,803
Capitalization of interest expense	(1,643)	(1,281)	(462)
Total interest expense	30,759	27,117	17,709
Credit Agreement
Debt Instrument [Line Items]
Interest on debt instruments	2,032	616	1,402
Convertible Debt \| 2033 Notes
Debt Instrument [Line Items]
Interest on debt instruments	2,647	0	0
Convertible Debt \| 2029 Notes
Debt Instrument [Line Items]
Interest on debt instruments	14,232	14,232	5,218
Convertible Debt \| 2027 Notes
Debt Instrument [Line Items]
Interest on debt instruments	4,312	4,312	4,312
Convertible Debt \| 2025 Notes
Debt Instrument [Line Items]
Interest on debt instruments	$ 483	$ 1,436	$ 1,436

Debt - Schedule of Note Hedges and Warrants (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Note hedge transaction costs	$ 605,820	$ 0	$ 236,555
Aggregate proceeds from sale of warrants	330,855	$ 0	$ 90,195
2033 Notes \| Convertible Debt
Debt Instrument [Line Items]
Note hedge transaction costs	$ 605,820
Shares covered by note hedge transactions (in shares)	18,546
Shares related to warrant transactions (in shares)	18,546
Strike price per share related to warrant transactions (in dollars per share)	$ 155.02
Aggregate proceeds from sale of warrants	$ 330,855
2029 Notes \| Convertible Debt
Debt Instrument [Line Items]
Note hedge transaction costs	$ 236,555
Shares covered by note hedge transactions (in shares)	10,015
Shares related to warrant transactions (in shares)	10,015
Strike price per share related to warrant transactions (in dollars per share)	$ 180.44
Aggregate proceeds from sale of warrants	$ 90,195
2027 Notes \| Convertible Debt
Debt Instrument [Line Items]
Note hedge transaction costs	$ 312,225
Shares covered by note hedge transactions (in shares)	9,898
Shares related to warrant transactions (in shares)	9,898
Strike price per share related to warrant transactions (in dollars per share)	$ 178.74
Aggregate proceeds from sale of warrants	$ 185,150

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Real Estate Arrangements
Lessee, Lease, Description [Line Items]
2026	$ 69,605
2027	67,183
2028	61,593
2029	59,376
2030	58,666
Thereafter	210,526
Total lease payments	526,949
Less: imputed interest	68,683
Total lease liabilities	458,266
Co-location Arrangements
Lessee, Lease, Description [Line Items]
2026	229,288
2027	160,536
2028	124,197
2029	102,560
2030	63,985
Thereafter	98,149
Total lease payments	778,715
Less: imputed interest	81,944
Total lease liabilities	696,771
Data Center Sublease
Lessee, Lease, Description [Line Items]
2026	43,580
2027	41,793
2028	42,838
2029	43,909
2030	45,007
Thereafter	343,135
Total lease payments	560,262
Less: imputed interest	145,266
Total lease liabilities	$ 414,996

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

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Compensation Related Costs [Abstract]
Employee Benefit Plans	Employee Benefit Plans Defined Contribution Plans The Company has a savings plan for its U.S. employees that is designed to be qualified under Section 401(k) of the Internal Revenue Code. Eligible employees are permitted to contribute to this plan through payroll deductions within statutory and plan limits. During 2025, the Company's matching program related to this plan was redesigned to be settled in shares of the Company's common stock instead of cash and the percentage match was increased. The Company contributed $28.2 million of the Company's common stock to the savings plan for the year ended December 31, 2025 under the matching program. The Company contributed $19.1 million and $19.7 million of cash to the savings plan for the years ended December 31, 2024 and 2023, respectively, under a matching program. The Company also maintains defined contribution benefit plans covering eligible foreign employees. The expense for these plans was not material in any period presented. Deferred Compensation Plan The Company offers certain eligible employees the ability to participate in a non-qualified deferred compensation plan, under which certain executives may elect to defer a portion of their compensation. Deferrals of cash compensation are invested by the Company in restricted mutual funds that mirror hypothetical investments elected by the plan participants and deferrals of stock awards remain in the Company’s common stock. As of December 31, 2025 and 2024, the total cash obligation under the deferred compensation plan was $29.0 million and $26.6 million, respectively. As of December 31, 2025, the Company has deferred the issuance of 23,145 shares of common stock in connection with the deferred compensation plan.

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company has entered into various operating lease agreements for its offices and co-location sites and related equipment. The Company has also entered into sublease agreements with tenants of various offices previously vacated by the Company. These operating leases have lease periods expiring between 2026 and 2046. Additionally, the Company entered into an operating lease with a data center operator for space in the Virginia area. Contemporaneously, the Company entered into a sublease with the affiliate of a large social media customer for the use of the space on substantially similar terms. Both the lease and sublease for the data center expire in 2037.

The Company’s operating lease costs for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	Real Estate Arrangements		Co-location Arrangements		Data Center Sublease		Total
2025
Operating lease cost	$	66,545	$	260,243	$	6,959	$	333,747
Short-term lease cost	381		25,590		—		25,971
Variable lease cost	26,218		73,375		1,074		100,667
Sublease income	(31,459)		—		(8,187)		(39,646)
Total operating lease costs (income)	$	61,685	$	359,208	$	(154)	$	420,739

2024
Operating lease cost	$	67,757	$	225,145	$	—	$	292,902
Short-term lease cost	660		25,288		—		25,948
Variable lease cost	26,122		67,728		—		93,850
Sublease income	(31,722)		—		—		(31,722)
Total operating lease costs	$	62,817	$	318,161	$	—	$	380,978

2023
Operating lease cost	$	74,054	$	179,552	$	—	$	253,606
Short-term lease cost	133		23,565		—		23,698
Variable lease cost	25,860		62,084		—		87,944
Sublease income	(32,024)		—		—		(32,024)
Total operating lease costs	$	68,023	$	265,201	$	—	$	333,224

Lease costs for real estate arrangements and the data center sublease are included in general and administrative expenses in the consolidated statements of income. Lease costs for co-location arrangements are primarily included in cost of revenue in the consolidated statements of income.

Weighted average remaining lease terms and discount rates related to the Company's operating leases as of December 31, 2025 and 2024 were as follows:


	December 31, 2025						December 31, 2024
	Real Estate Arrangements		Co-location Arrangements		Data Center Sublease		Real Estate Arrangements		Co-location Arrangements		Data Center Sublease
Weighted average remaining lease term (in years)	8.1		4.8		11.9		9.1		4.6		0.0
Weighted average discount rate	3.6	%	4.4	%	5.1	%	3.5	%	4.3	%	—	%

Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands):


	Real Estate Arrangements		Co-location Arrangements		Data Center Sublease
2026	$	69,605	$	229,288	$	43,580
2027	67,183		160,536		41,793
2028	61,593		124,197		42,838
2029	59,376		102,560		43,909
2030	58,666		63,985		45,007
Thereafter	210,526		98,149		343,135
Total lease payments	526,949		778,715		560,262
Less: imputed interest	68,683		81,944		145,266
Total lease liabilities	$	458,266	$	696,771	$	414,996

The table above excludes future sublease income of $164.7 million from real estate arrangements and $566.5 million from the data center sublease that are expected to be recognized through 2034 and 2037, respectively. As of December 31, 2025, the Company had additional operating leases for co-location arrangements that had not yet commenced of $278.0 million, of which a majority will commence in 2026, with lease terms of one year to twenty years. Additionally, the final portion of the data center sublease commenced in January 2026, with a total commitment of $187.1 million and a lease term of twelve years. Both the lease cost and associated sublease income are expected to substantially offset each other.

As of December 31, 2025, the Company had outstanding letters of credit in the amount of $4.4 million, primarily related to operating leases. The letters of credit remain in effect until the Company fulfills its obligations under these leases or as such obligations expire under the terms of the letters of credit.

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 459,402	$ 393,378	$ 328,467
Provision for income taxes	(80,946)	(96,607)	(59,359)
Total stock-based compensation, net of taxes	378,456	296,771	269,108
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	77,176	61,177	43,802
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	169,404	152,114	123,896
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	90,198	77,593	66,453
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 122,624	$ 102,494	$ 94,316

- 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

Debt - Schedule of Conversions of Stock (Details) - Convertible Debt	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares	May 31, 2025 USD ($)	May 01, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Principal	$ 4,140,000,000			$ 3,565,000,000
2033 Notes
Debt Instrument [Line Items]
Principal	$ 1,725,000,000	$ 1,725,000,000		0
Coupon Interest Rate	0.25%
Effective Interest Rate	0.484%
Conversion rate	0.0107513
Conversion price (in dollars per share) \| $ / shares	$ 93.01
2029 Notes
Debt Instrument [Line Items]
Principal	$ 1,265,000,000			1,265,000,000
Coupon Interest Rate	1.125%
Effective Interest Rate	1.388%
Conversion rate	0.007917
Conversion price (in dollars per share) \| $ / shares	$ 126.31
2027 Notes
Debt Instrument [Line Items]
Principal	$ 1,150,000,000		$ 1,150,000,000	$ 1,150,000,000
Coupon Interest Rate	0.375%
Effective Interest Rate	0.539%
Conversion rate	0.0086073
Conversion price (in dollars per share) \| $ / shares	$ 116.18

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,878,357	$ 4,597,155	$ 4,360,187
Other comprehensive (loss) income	61,237	(60,663)	45,002
Ending balance	4,977,371	4,878,357	4,597,155
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(155,993)	(95,330)	(140,332)
Ending balance	(94,756)	(155,993)	(95,330)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(157,099)	(98,035)
Other comprehensive (loss) income	59,563	(59,064)
Ending balance	(97,536)	(157,099)	(98,035)
Net Unrealized Gains (Losses) on Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,106	2,705
Other comprehensive (loss) income	1,674	(1,599)
Ending balance	$ 2,780	$ 1,106	$ 2,705

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Debt- Schedule of Convertible Senior Notes (Details) - Convertible Debt - USD ($)	Dec. 31, 2025	May 31, 2025	May 01, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal	$ 4,140,000,000			$ 3,565,000,000
Less: issuance costs, net of amortization	(34,645,000)			(19,189,000)
Net carrying amount	4,105,355,000			3,545,811,000
Estimated fair value	4,331,450,000			3,614,278,000
2033 Notes
Debt Instrument [Line Items]
Principal	1,725,000,000	$ 1,725,000,000		0
Less: issuance costs, net of amortization	(21,390,000)			0
Net carrying amount	1,703,610,000			0
Estimated fair value	1,918,062,000			0
2029 Notes
Debt Instrument [Line Items]
Principal	1,265,000,000			1,265,000,000
Less: issuance costs, net of amortization	(10,187,000)			(13,354,000)
Net carrying amount	1,254,813,000			1,251,646,000
Estimated fair value	1,254,981,000			1,239,068,000
2027 Notes
Debt Instrument [Line Items]
Principal	1,150,000,000		$ 1,150,000,000	1,150,000,000
Less: issuance costs, net of amortization	(3,068,000)			(4,951,000)
Net carrying amount	1,146,932,000			1,145,049,000
Estimated fair value	1,158,407,000			1,155,865,000
2025 Notes
Debt Instrument [Line Items]
Principal	0		$ 1,150,000,000	1,150,000,000
Less: issuance costs, net of amortization	0			(884,000)
Net carrying amount	0			1,149,116,000
Estimated fair value	$ 0			$ 1,219,345,000

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Repurchase Program

In October 2021, the board of directors authorized a $1.8 billion share repurchase program, effective January 2022 through December 2024. In May 2024, the board of directors authorized a new $2.0 billion share repurchase program, effective May 2024 through June 2027. The Company's goals for the share repurchase programs are to offset the dilution created by its employee equity compensation programs over time and provide the flexibility to return capital to stockholders as business and market conditions warrant, while still preserving its ability to pursue other strategic opportunities.

The following summarizes the share repurchase activity pursuant to the share repurchase programs described above (in thousands):


	2025		2024		2023
Repurchases of common stock	$	799,963	$	557,468	$	654,046
Number of shares repurchased	10,029		5,623		7,802

As of December 31, 2025, the Company had $1.2 billion available for future purchases of shares under the current repurchase program.

The board of directors authorized the retirement of 10.3 million shares and 7.8 million shares of its treasury stock at December 31, 2025 and December 31, 2023, respectively, and no shares at December 31, 2024. The retired shares were returned to the number of authorized but unissued shares of the Company's common stock, and the retirement was recorded to additional paid-in capital.

- Definition

The entire disclosure for equity.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 452,031	$ 504,918	$ 547,629
Other comprehensive gain (loss):
Foreign currency translation adjustments	59,563	(59,064)	18,439
Change in unrealized gain (loss) on investments, net of income tax (expense) benefit of $(522), $515 and $(8,562) for the years ended December 31, 2025, 2024 and 2023, respectively	1,674	(1,599)	26,563
Other comprehensive gain (loss)	61,237	(60,663)	45,002
Comprehensive income	$ 513,268	$ 444,255	$ 592,631

- 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.

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

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+ Details

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,954,428	$ 5,153,968
Accumulated depreciation and amortization	(3,620,966)	(3,158,897)
Property and equipment, net	2,333,462	1,995,071
Purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 98,119	88,033
Purchased software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Purchased software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	10 years
Computer and networking equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,058,517	2,665,002
Computer and networking equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Computer and networking equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 64,923	63,876
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	1 year
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 33,000	36,340
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 198,377	197,663
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	15 years
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,501,492	$ 2,103,054
Internal-use software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	2 years
Internal-use software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	10 years

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 930,231	$ 517,707
Marketable securities	256,302	1,078,876
Accounts receivable, net of reserves of $7,706 and $3,522 at December 31, 2025 and 2024, respectively	793,666	727,687
Prepaid expenses and other current assets	306,481	253,827
Total current assets	2,286,680	2,578,097
Marketable securities	733,228	275,592
Property and equipment, net	2,333,462	1,995,071
Operating lease right-of-use assets	1,469,700	1,006,738
Acquired intangible assets, net	614,542	727,585
Goodwill	3,206,525	3,151,077
Deferred income tax assets	622,776	483,249
Other assets	212,730	151,376
Total assets	11,479,643	10,368,785
Current liabilities:
Accounts payable	125,054	130,447
Accrued expenses	319,622	370,888
Deferred revenue	151,186	149,222
Convertible senior notes	0	1,149,116
Operating lease liabilities	336,613	259,134
Other current liabilities	35,043	32,516
Total current liabilities	967,518	2,091,323
Deferred revenue	17,088	26,314
Deferred income tax liabilities	31,089	16,066
Convertible senior notes	4,105,355	2,396,695
Operating lease liabilities	1,233,420	829,660
Other liabilities	147,802	130,370
Total liabilities	6,502,272	5,490,428
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 700,000 shares designated as Series A Junior Participating Preferred Stock; no shares issued or outstanding	0	0
Common stock, $0.01 par value; 700,000,000 shares authorized; 149,711,094 shares issued and 144,711,094 shares outstanding at December 31, 2025, and 155,647,988 shares issued and 150,025,096 outstanding at December 31, 2024	1,497	1,556
Additional paid-in capital	2,080,487	2,618,384
Accumulated other comprehensive loss	(94,756)	(155,993)
Treasury stock, at cost; 5,000,000 shares at December 31, 2025, and 5,622,892 shares at December 31, 2024	(434,786)	(558,488)
Retained earnings	3,424,929	2,972,898
Total stockholders’ equity	4,977,371	4,878,357
Total liabilities and stockholders’ equity	$ 11,479,643	$ 10,368,785
Common stock, shares issued (in shares)	149,711,094	155,647,988

Accrued Expenses

12 Months Ended

Dec. 31, 2025

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Expenses

Accrued expenses consisted of the following as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Payroll and other related benefits	$	171,314	$	146,841
Income taxes payable	53,257		76,375
Bandwidth, co-location and network-related expenses	45,222		77,603
Property, use and other taxes	34,515		31,357

Convertible senior notes interest	7,229		6,926
Other accrued expenses	8,085		31,786
Total	$	319,622	$	370,888

Income Taxes - Schedule of Deferred Tax and Related Valuation Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred revenue	$ 20,154	$ 20,598
Acquired intangible assets	4,955	23,731
Operating lease liabilities	196,643	108,429
Stock-based compensation	55,249	48,486
NOLs	31,401	21,769
Capitalized interest expense	26,933	8,045
Tax credit carryforwards	109,687	101,508
Capitalized research and development costs	246,457	188,470
Convertible senior notes interest	193,401	82,881
Depreciation and amortization	9,107	43,601
Other	28,748	33,830
Deferred tax assets	922,735	681,348
Operating lease right-of-use assets	(184,876)	(96,683)
Deferred commissions	(31,328)	(25,477)
Capitalized internal-use software development costs	(70,348)	(50,390)
Deferred tax liabilities	(286,552)	(172,550)
Valuation allowance	(44,496)	(41,615)	$ (45,704)	$ (41,250)
Net deferred tax assets	$ 591,687	$ 467,183

Stockholders' Equity - Narrative (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2024	Oct. 31, 2021
Stockholders' Equity Note [Abstract]
Amount of common stock repurchases authorized				$ 2.0	$ 1.8
Remaining amount available for future purchases of shares under approved repurchase program	$ 1.2
Treasury stock shares retired	10,300,000	0	7,800,000

Stock-Based Compensation - Pre-Tax Intrinsic Value And Fair Value of Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Pre-tax intrinsic value of awards vested	$ 479,587	$ 429,491	$ 254,686
Fair value of awards vested	$ 484,411	$ 433,026	$ 259,919
Weighted average fair value of awards granted, per share (in dollars per share)	$ 81.43	$ 108.09	$ 74.89

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Prepaid income taxes	$	61,399	$	36,822
Prepaid sales and other taxes	48,989		39,069
Prepaid software and related service costs	33,945		35,490
Deferred commissions	69,983		72,391
Other prepaid expenses	32,963		23,604
Other current assets	59,202		46,451
Total	$	306,481	$	253,827

Incremental Costs to Obtain a Contract with a Customer

Deferred costs associated with obtaining customer contracts, specifically commission and incentive payments, as of December 31, 2025 and 2024 were as follows (in thousands):


	December 31, 2025		December 31, 2024
Deferred costs included in prepaid expenses and other current assets	$	69,983	$	72,391
Deferred costs included in other assets	92,525		58,996
Total deferred costs	$	162,508	$	131,387

Information related to incremental costs to obtain a contract with a customer for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025		2024		2023
Amortization expense related to deferred costs	$	64,895	$	66,366	$	50,414
Incremental costs capitalized	$	90,945	$	114,238	$	70,072

Amortization expense related to deferred costs is primarily included in sales and marketing expense in the consolidated statements of income.

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	238

Acquired Intangible Assets and Goodwill - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,251,383	$ 1,282,711
Accumulated Amortization	(636,841)	(555,126)
Net Carrying Amount	614,542	727,585
Completed technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	465,832	463,766
Accumulated Amortization	(250,436)	(223,480)
Net Carrying Amount	215,396	240,286
Customer-related intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	725,494	758,817
Accumulated Amortization	(363,724)	(313,991)
Net Carrying Amount	361,770	444,826
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	15,247	15,318
Accumulated Amortization	(12,080)	(10,579)
Net Carrying Amount	3,167	4,739
Acquired license rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	44,810	44,810
Accumulated Amortization	(10,601)	(7,076)
Net Carrying Amount	$ 34,209	$ 37,734

- 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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Tax

The components of income before provision for income taxes were as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024		2023
U.S.	$	26,232	$	54,465	$	20,146
Foreign	576,173		532,548		632,381
Income before provision for income taxes	$	602,405	$	587,013	$	652,527

Schedule of Provision for Income Tax

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


	2025		2024		2023
Current tax provision (benefit):
Federal	$	13,625	$	23,870	$	23,406
State	(3,637)		6,998		6,731
Foreign	113,733		121,495		99,223
Deferred tax provision (benefit):
Federal	9,791		(43,695)		(18,213)
State	9,048		(17,313)		(3,759)
Foreign	7,814		(9,260)		(1,015)
Total	$	150,374	$	82,095	$	106,373

Schedule of Effective Income Tax Rate Reconciliation

The Company’s effective tax rate differed from the U.S. federal statutory tax rate as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025				2024				2023
Income before provision for income taxes	$	602,405			$	587,013			$	652,527
U.S. federal statutory tax rate	126,505		21.0	%	123,273		21.0	%	137,031		21.0	%
U.S. tax effects
State and local income taxes, net of federal effect (1)	8,027		1.3		(14,231)		(2.4)		(731)		(0.1)
Federal
Effect of cross-border tax laws
Foreign-derived intangible income	(5,168)		(0.9)		(9,655)		(1.6)		(7,547)		(1.2)
Other	(32)		—		3,730		0.6		(1,530)		(0.2)
Tax credits
Research and development credit	(17,084)		(2.8)		(27,194)		(4.6)		(18,296)		(2.8)
Other credits	(732)		(0.1)		345		—		(922)		(0.1)
Non-taxable or non-deductible items
Stock-based compensation	13,589		2.2		(16,723)		(2.8)		6,214		0.9
Officers' compensation	8,588		1.4		6,401		1.1		6,647		1.0
Transfer pricing	14,974		2.5		11,417		1.9		6,722		1.0
Other	(744)		(0.1)		1,137		0.2		419		0.1
Other adjustments
Intercompany sale of intellectual property	—		—		(20,640)		(3.5)		5,740		0.9
Other	(284)		—		4,388		0.7		6,008		0.9
Foreign tax effects
Israel
Stock-based compensation	3,354		0.5		8,268		1.4		5,803		0.9
Intercompany sale of intellectual property	—		—		14,174		2.4		—		—
Other	(216)		—		8,530		1.5		(473)		(0.1)
Switzerland
State and local income taxes	19,148		3.2		2,710		0.5		9,495		1.5
Statutory tax rate difference between Switzerland and U.S.	(57,418)		(9.5)		(44,276)		(7.5)		(62,660)		(9.6)
Intercompany sale of intellectual property	—		—		(14,093)		(2.4)		(3,993)		(0.6)
Withholding tax	6,276		1.0		11,480		2.0		681		0.1
Other	4,704		0.8		1,409		0.2		2,277		0.3
Other foreign jurisdictions	13,617		2.3		21,388		3.6		14,718		2.3
Changes in unrecognized tax benefits	13,270		2.2		10,257		1.7		770		0.1
Total	$	150,374	25.0	%	$	82,095	14.0	%	$	106,373	16.3	%

Schedule of Net Deferred Tax and Valuation Allowance

The components of the net deferred tax assets and liabilities and the related valuation allowance as of December 31, 2025 and 2024 were as follows (in thousands):


	2025		2024

Deferred revenue	20,154		20,598
Acquired intangible assets	4,955		23,731
Operating lease liabilities	196,643		108,429
Stock-based compensation	55,249		48,486
NOLs	31,401		21,769
Capitalized interest expense	26,933		8,045
Tax credit carryforwards	109,687		101,508
Capitalized research and development costs	246,457		188,470
Convertible senior notes interest	193,401		82,881
Depreciation and amortization	9,107		43,601
Other	28,748		33,830
Deferred tax assets	922,735		681,348


Operating lease right-of-use assets	(184,876)		(96,683)
Deferred commissions	(31,328)		(25,477)
Capitalized internal-use software development costs	(70,348)		(50,390)
Deferred tax liabilities	(286,552)		(172,550)
Valuation allowance	(44,496)		(41,615)
Net deferred tax assets	$	591,687	$	467,183

Schedule of Valuation Allowance

A summary of activity in the valuation allowance on deferred tax assets for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):


	2025		2024		2023
Beginning balance	$	41,615	$	45,704	$	41,250
Charges to income tax expense	3,330		3,469		4,814
Release of valuation allowance	(449)		(7,558)		(360)
Ending balance	$	44,496	$	41,615	$	45,704

Schedule of Operating Loss Carryforwards

The Company's NOL and tax credit carryforwards in U.S. federal, state and foreign jurisdictions as of December 31, 2025 were as follows (in thousands, except years):


	2025		Expirations at Various Dates Through:
NOL carryforwards:
Federal	$	62,500	2035
State	$	65,200	2046
Foreign	$	61,600	2039
Federal and state research and development tax credit and other credit carryforwards	$	143,300	2045

Schedule of Unrecognized Tax Benefits

The changes in the Company’s unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025		2024		2023
Balance at beginning of year	$	79,921	$	68,658	$	67,958
Gross increases – tax positions of prior periods	7,322		11,150		2,074
Gross increases – current period tax positions	2,801		4,223		4,091
Gross decreases – tax positions of prior periods	(3,839)		(1,445)		(3,685)
Gross decreases – lapse of applicable statute of limitations	(593)		(2,665)		(1,780)
Balance at end of year	$	85,612	$	79,921	$	68,658

Schedule of Income Taxes Paid

Cash paid for income taxes, net of refunds, for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025		2024		2023
Federal	$	8,379	$	8,502	$	14,989
State	(324)		4,465		2,348
Foreign
Brazil	*		8,742		8,342
India	10,342		17,531		11,909
Israel	32,557		14,162		10,278
Switzerland	40,267		45,623		60,176
United Kingdom	9,870		8,240		*
Other foreign jurisdictions	42,455		29,057		26,436
Total foreign	135,491		123,355		117,141
Cash paid for income taxes, net of refunds	$	143,546	$	136,322	$	134,478

* Jurisdiction below the threshold for the period presented

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)
Accounting Policies [Abstract]
Property and equipment per unit value, minimum	$ 1,000
Property, plant and equipment, estimated useful life	1 year

Income Taxes - Schedule of NOL Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Federal and state research and development tax credit and other credit carryforwards	$ 143,300
Maximum
Operating Loss Carryforwards [Line Items]
Expirations at Various Dates Through	2045	2045
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 62,500
Domestic Tax Jurisdiction [Member] \| Maximum
Operating Loss Carryforwards [Line Items]
Expirations at Various Dates Through	2035	2035
State
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 65,200
State \| Maximum
Operating Loss Carryforwards [Line Items]
Expirations at Various Dates Through	2046	2046
Foreign Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 61,600
Foreign Tax Jurisdiction [Member] \| Maximum
Operating Loss Carryforwards [Line Items]
Expirations at Various Dates Through	2039	2039

Acquisitions - Schedule of Acquired Intangible Assets (Details) - Noname Security $ in Thousands	1 Months Ended
	Jun. 30, 2024 USD ($)
Business Combination [Line Items]
Gross Carrying Amount	$ 137,800
Weighted Average Amortization Period (in years)	10 years 6 months
Completed technologies
Business Combination [Line Items]
Gross Carrying Amount	$ 132,300
Weighted Average Amortization Period (in years)	10 years 6 months
Customer-related intangible assets
Business Combination [Line Items]
Gross Carrying Amount	$ 4,800
Weighted Average Amortization Period (in years)	10 years 6 months
Trademarks
Business Combination [Line Items]
Gross Carrying Amount	$ 700
Weighted Average Amortization Period (in years)	2 years 6 months

- 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

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Stock Repurchased Activity

The following summarizes the share repurchase activity pursuant to the share repurchase programs described above (in thousands):


	2025		2024		2023
Repurchases of common stock	$	799,963	$	557,468	$	654,046
Number of shares repurchased	10,029		5,623		7,802

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. These principles require management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the amounts disclosed in the related notes to the consolidated financial statements. Actual results and outcomes may differ materially from management’s estimates, judgments and assumptions. Significant estimates, judgments and assumptions used in these financial statements include, but are not limited to, those related to revenue, accounts receivable and related reserves, valuation and impairment of investments and marketable securities, valuation and amortization periods of acquired intangible assets, useful lives and realizability of long-lived assets, capitalized internal-use software development costs, income tax reserves and accounting for stock-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. The effects of material revisions in estimates are reflected in the consolidated financial statements prospectively from the date of the change in estimate. Cash, Cash Equivalents and Marketable Securities Cash and cash equivalents consist of cash held in bank deposit accounts and short-term, highly-liquid investments with remaining maturities of three months or less at the date of purchase. Marketable securities consist of corporate, government and other securities. Securities having remaining maturities of less than one year from the date of the balance sheet are classified as short-term, and those with maturities of more than one year from the date of the balance sheet are classified as long-term in the consolidated balance sheets. The Company classifies its fixed income securities with readily determinable fair values as available-for-sale. These investments are classified as marketable securities on the consolidated balance sheets and are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive loss, a separate component of stockholders’ equity. Available-for-sale securities are evaluated for impairment when the fair value declines below the cost basis. The Company periodically evaluates whether the decline is due to credit losses by considering available evidence regarding these investments including, among other factors, the extent to which, the fair value is less than the cost basis; the financial health of, and business outlook for, the issuer, including industry and sector performance and operational and financing cash flow factors. Additionally, the Company considers its intent and ability to retain its investment in the security for a period of time sufficient to allow for an anticipated recovery in market value. Assessing the above factors involves inherent uncertainty. If a portion of the unrealized loss is due to credit losses, or if the Company does not have the intent or ability to retain its investment in the security, an impairment will be recorded in interest and marketable securities income, net. Impairments, if recorded, could materially differ from the actual market performance of marketable securities in the Company's portfolio if, among other things, relevant information related to the Company's investments was not publicly available, or other factors not considered by the Company would have been relevant to the determination of impairment. Accounts Receivable and Related Reserves The Company’s accounts receivable balance includes unbilled amounts that represent revenue recorded for customers that are typically billed monthly in arrears. The Company records reserves against its accounts receivable balance which primarily consists of allowances for current expected credit losses. Increases and decreases in the allowance for current expected credit losses are included as a component of general and administrative expense in the consolidated statements of income. The allowance for current expected credit losses has been developed using historical loss rates for the previous twelve months as well as expectations about the future where the Company has been able to develop forecasts to support its estimates. In addition, the allowance considers outstanding balances on a customer-specific, account-by-account basis. The Company assesses collectibility based upon a review of customer receivables from prior sales with collection issues where the Company no longer believes that the customer has the ability to pay for services previously provided. The Company also performs ongoing credit evaluations of its customers. If such an evaluation indicates that payment is no longer reasonably assured for services provided, any future services provided to that customer will result in the creation of a cash-basis reserve until the Company receives consistent payments. The Company does not have any off-balance sheet credit exposure related to its customers. Incremental Costs to Obtain a Contract with a Customer The Company capitalizes incremental costs associated with obtaining customer contracts, specifically certain commission and incentive payments. The Company pays commissions and incentives up-front based on contract value upon signing a new arrangement with a customer and upon renewal and upgrades of existing contracts with customers if the renewal and upgrades result in a net incremental increase in contract value. To the extent commissions and incentives are earned, the expenses, including estimated payroll taxes, are deferred on the Company's consolidated balance sheet and amortized over the expected life of the customer arrangement on a straight-line basis. Based on the nature of the Company's unique technology and services, and the rate at which the Company continually enhances and updates its technology, the expected life of the customer arrangement is determined to be approximately four years. Additionally, the Company may pay commissions and incentives based upon contract value, rather than net incremental increase in contract value, to certain sales groups within the Company. For these commission arrangements, the Company amortizes capitalized costs for contract renewals over an average renewal contract period. The Company also incurs commission expense on an ongoing basis based upon revenue recognized. In these cases, no costs are deferred, as the commissions are earned and expensed in the same period for which the associated revenue is recognized. Amortization of the costs is primarily included in sales and marketing expense in the consolidated statements of income. The current portion of deferred commission and incentive payments is included in prepaid expenses and other current assets, and the long-term portion is included in other assets on the Company's consolidated balance sheets. Concentrations of Credit Risk The amounts reflected in the consolidated balance sheets for accounts receivable, other current assets, accounts payable, accrued liabilities and other current liabilities approximate fair values due to their short-term maturities. The Company maintains the majority of its cash, cash equivalents and marketable securities with major financial institutions that the Company believes to be of high credit standing. The Company believes that, as of December 31, 2025, its concentration of credit risk related to cash equivalents and marketable securities was not significant. Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company’s customer base consists of a large number of geographically-dispersed customers diversified across several industries. To reduce risk, the Company routinely assesses the financial strength of its customers. Based on such assessments, the Company believes that its accounts receivable credit risk exposure is limited. For the years ended December 31, 2025, 2024 and 2023, no customer accounted for more than 10% of total revenue. As of December 31, 2025, there was one customer with an accounts receivable balance greater than 10% of total accounts receivable. As of December 31, 2024, no customer had an accounts receivable balance greater than 10% of total accounts receivable. The Company believes that, as of December 31, 2025 and 2024, its concentration of credit risk related to accounts receivable was not significant. Fair Value of Financial Instruments 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 the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When the Company has certain financial assets and liabilities recorded at fair value, principally cash equivalents and short- and long-term marketable securities, they are classified as Level 1, 2 or 3 within the fair value hierarchy. Fair values determined by Level 1 valuations are based upon the market prices for such investments that are readily available in active markets and Level 2 valuations are based upon the available quoted prices for similar assets in active markets (or identical assets in an inactive market). Fair values determined by Level 3 inputs are based on unobservable data points for the asset or liability. Property and Equipment Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Property and equipment generally include purchases of items with a per-unit value greater than $1,000 and an estimated useful life greater than one year. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the related lease terms or their estimated useful lives. The Company periodically reviews the estimated useful lives of property and equipment. Changes to the estimated useful lives are recorded prospectively from the date of the change. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in income from operations. Repairs and maintenance costs are expensed as incurred. Operating Leases The Company enters into operating leases for real estate assets related to office space and co-location assets related to space or racks at co-location facilities and related equipment for its servers and other networking equipment. The Company determines if an arrangement contains a lease at the inception of a contract by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration and the right to obtain the economic benefits from the use of the identified asset. Upon commencement of a lease, the Company records a right-of-use asset that represents the Company’s right to use the underlying asset for the lease term and a lease liability that represents an obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Lease payments are discounted at the lease commencement date. As the implicit rates in the Company’s leases are not readily determinable, an incremental borrowing rate has been applied based on the Company's credit-adjusted risk-free rate. The Company often enters into contracts that contain both lease and non-lease components. Real estate non-lease components include real estate taxes, insurance, maintenance, parking and other operating costs. Co-location non-lease components include utilities and other operating costs. The Company accounts for both lease and non-lease components of fixed costs in its lease arrangements as a single lease component. Variable costs, primarily utilities based on actual usage, common area maintenance and real estate taxes, are not included in the measurement of right-of-use assets and lease liabilities but are expensed when the event determining the amount of variable consideration to be paid occurs. The Company’s lease terms often include renewal options and, particularly in the case of co-location arrangements, may include evergreen provisions. The Company’s right-of-use assets and lease liabilities generally do not include the options to extend, or terminate, unless it is reasonably certain that the Company will exercise these options. The Company has elected to exclude leases for certain networking equipment and leases assumed through acquisitions with terms of 12 months or less from its right-of-use assets and lease liabilities on its consolidated balance sheets. Lease expense is recognized on a straight-line basis over the expected lease term. Reductions in right-of-use assets and changes in lease liabilities are presented on a net basis within other non-current assets and liabilities within the operating section of the Company's consolidated statement of cash flows. Cost Method Investments The Company accounts for its cost method investments at cost, less impairment, and adjusts for subsequent observable price changes. The Company's cost method investments consist primarily of equity securities of companies which do not have readily determinable fair values, and in which the Company does not have the ability to exercise significant influence over the companies' operations. As of December 31, 2025 and 2024, the carrying amount of the Company's cost method investments was $31.7 million and $20.5 million, respectively, and are included in other assets in the consolidated balance sheets. During the years ended December 31, 2025, 2024 and 2023, the Company recorded a gain, net of impairments, of $9.4 million, an impairment of $5.1 million and a gain of $0.3 million, respectively, included in other expense, net within the Company's consolidated statements of income. Equity Method Investments The Company accounts for equity investments in which it has significant influence, but not a controlling financial interest, using the equity method of accounting. Under the equity method of accounting, investments are initially recorded at cost, less impairment, and subsequently adjusted to recognize the Company’s share of earnings or losses. The Company and Mitsubishi UFJ Financial Group ("MUFG") established Global Open Network, Inc. ("GO-NET") as a joint venture. The Company's 20% stake in GO-NET was accounted for using the equity method. In 2022, MUFG announced its intention to suspend operations and liquidate GO-NET. The liquidation was finalized in 2023 resulting in no material impact to the Company's consolidated financial statements. Goodwill, Acquired Intangible Assets and Long-Lived Assets Goodwill is the amount by which the cost of acquired net assets in a business combination exceeds the fair value of the net identifiable assets on the date of purchase and is carried at its historical cost. The Company tests goodwill for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company performs its impairment test of goodwill as of December 31 each year. As of December 31, 2025, 2024 and 2023, the Company concluded that it has one reporting unit and that its chief operating decision maker is its chief executive officer and the executive management team. The Company has assigned the entire balance of goodwill to one reporting unit. The fair value of the reporting unit was based on the Company's market capitalization as of each of December 31, 2025 and 2024, and it was substantially in excess of the carrying value of the reporting unit at each date. Acquired intangible assets consist of completed technologies, customer-related intangible assets, trademarks and trade names and acquired license rights. Acquired intangible assets, other than goodwill, are amortized over their estimated useful lives based upon the estimated economic value derived from the related intangible asset. Significant judgment is used in determining fair values of acquired intangibles assets and their estimated useful lives. Fair value and useful life determinations may be based on, among other factors, estimates of future expected cash flows, royalty cost savings and appropriate discount rates used in calculating present values. Long-lived assets, including property and equipment, operating lease right-of-use assets and acquired intangible assets, are reviewed for impairment whenever events or changes in circumstances, such as service discontinuance, technological obsolescence, significant decreases in the Company’s market capitalization, facility closures or work-force reductions indicate that the carrying amount of the long-lived asset may not be recoverable. When such events occur, the Company compares the carrying amount of the asset to the undiscounted expected future cash flows related to the asset. If this comparison indicates that an impairment is present, the amount of the impairment is calculated as the difference between the carrying amount and the fair value of the asset. Contract Liabilities Contract liabilities primarily represent payments received from customers for which the related performance obligations have not yet been satisfied. These balances consist of the unearned portion of monthly service fees and integration fees and prepayments made by customers for future periods. The current and long-term portions of the Company's contract liabilities are included in deferred revenue in the respective sections of the Company's consolidated balance sheets. Revenue Recognition The Company primarily derives revenue from the sale of services to customers executing contracts having terms of one year or longer. Services included in the Company's contracts consist of security solutions, the delivery of content, applications and software over the internet, cloud computing solutions and professional services. Revenue is recognized upon transfer of control of promised services in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company enters into contracts that may include various combinations of these services, which are generally capable of being distinct and accounted for as separate performance obligations. These contracts generally commit the customer to a minimum of monthly, quarterly or annual levels of usage and specify the rate at which the customer must pay for actual usage above the stated minimum. Based on the typical structure of the Company's contracts, which are generally for monthly recurring services that are essentially the same over time and have the same pattern of transfer to the customer, most performance obligations represent a promise to deliver a series of distinct services over time. The Company's contracts with customers sometimes include promises to deliver multiple services to a customer. Determining whether services are distinct performance obligations often requires the exercise of judgment by management. For example, advanced features that enhance a service and are highly interrelated are generally not considered distinct; rather, they are combined with the service they relate to into one performance obligation. Different determinations related to combining services into performance obligations could result in differences in the timing and amount of revenue recognized in a period. Generally, the transaction price in a contract is equal to the committed price stated in the contract, less any discounts or rebates. The Company's typical contracts qualify for series accounting, and the pricing terms generally do not require estimation of the transaction price beyond the reporting period. As a result, any incremental fees generated as a result of usage or “bursting” over committed contract levels are recorded in the period to which the services relate. The amount of consideration recognized for usage above contract minimums is limited to the amount the Company expects to be entitled to receive in exchange for providing the services. Once the transaction price has been determined, the Company allocates such price among all performance obligations in the contract on a relative standalone selling price ("SSP") basis. Determination of SSP requires the exercise of judgment by management. SSP is based on observable inputs such as the price the Company charges for the service when sold separately or the discounted list price per management’s approved price list. In cases where services are not sold separately or price list rates are not available, a cost-plus-margin approach or adjusted market approach is used to determine SSP. Most security, delivery and cloud computing services represent stand-ready obligations that are satisfied over time as the customer simultaneously receives and consumes the benefits provided by the Company. Accordingly, revenue for those services is recognized over time, generally ratably over the term of the arrangement due to consistent monthly usage commitments that expire each period. Any bursting over given commitments is recognized in the period in which the usage was served. For services that involve traffic consumption, revenue is recognized in an amount that reflects the level of traffic served to a customer in a given period. For custom arrangements, other methods may be used as a measure of progress towards satisfying the performance obligations. A small percentage of the Company's contracts are satisfied at a point in time, such as one-time professional services contracts, integration services and most license sales where the primary obligation is delivery of the license at the start of the term. In these cases, revenue is recognized at the point in time of delivery or satisfaction of the performance obligation. From time to time, the Company enters into contracts to sell its services or license its technology to unrelated enterprises at or about the same time that it enters into contracts to purchase products or services from the same enterprises. Consideration payable to a customer is reviewed as part of the transaction price. If the payment to the customer does not represent payment for a distinct service, revenue is recognized only up to the net amount of consideration after customer payment obligations are considered. The Company may also resell the licenses or services of third parties. If the Company is acting as an agent in an arrangement with a customer to provide third party services, the transaction price reflects only the net amount to which the Company will be entitled, after accounting for payments made to the third party responsible for satisfying the performance obligation. Cost of Revenue Cost of revenue consists primarily of fees paid to network providers for bandwidth and to third-party network data centers for housing servers, also known as co-location costs. Cost of revenue also includes employee costs for services delivery and network operation, build-out and support of the Company's network; network build-out and supporting service costs, including network storage costs, cost of software licenses and partner program costs; depreciation of network equipment used to deliver the Company’s services; and amortization of network-related internal-use software. The Company enters into contracts for bandwidth with third-party network providers with terms typically ranging from several months to two years. These contracts generally commit the Company to pay minimum monthly fees plus additional fees for bandwidth usage above the committed level. In some circumstances, internet service providers (“ISPs”) make rack space available for the Company to locate its servers and provide access to their bandwidth at a discount or no cost. Although the Company does not provide any goods or services to the ISPs or the ISPs’ customers under these arrangements, the ISPs and their customers indirectly benefit by accessing content through a local Company server, resulting in better content delivery. The Company records the cost of these vendor relationships at their negotiated transaction price, which is either at a discount or no cost. Research and Development Costs and Capitalized Internal-Use Software Research and development costs consist primarily of payroll and related personnel costs for the design, development, deployment, testing and enhancement of the Company’s solutions and global network. Costs incurred in the development of the Company’s services are expensed as incurred, except certain internal-use software development costs eligible for capitalization. Capitalized costs include external consulting fees, payroll and payroll-related costs and stock-based compensation for employees in the Company’s engineering, research and development and information technology groups who are directly associated with, and who devote time to, the Company’s internal-use software projects. Capitalization begins when the planning stage is complete and the Company commits resources to the software project; capitalization continues during the application development stage. Capitalization ceases when the software has been tested and is ready for its intended use. Costs incurred during the planning, training and post-implementation stages of the software development life-cycle are expensed as incurred. The Company amortizes completed internal-use software that is used on its network to cost of revenue over its estimated useful life. Restructuring Charges The Company classifies certain expenses as restructuring charges that result from programs that have significantly changed either the scope of the business undertaken by management or the manner in which that business is conducted. These charges include employee severance and related expenses for workforce reductions, impairments of long-lived assets that will no longer be used in operations (including acquired intangible assets, operating lease right-of-use assets, other facility-related property and equipment and internal-use software) and termination fees for any contracts cancelled as part of these programs. Employee severance and related expenses are recognized when the action giving rise to the expense is probable. Employee severance and related expenses are based upon contractual severance plans. Stock-Based Compensation The Company issues various forms of stock-based compensation, which includes restricted stock, restricted stock units and deferred stock units, and has an employee stock purchase plan (collectively referred to as "stock awards"). The Company’s stock awards are classified as equity and the fair value is determined at the time of grant, unless the number of shares to be granted is unknown. Stock awards that are settleable in shares based upon a future determinable stock price are classified as liabilities until the price is established and the resulting number of shares are known, at which time the stock awards are re-classified to equity. For liability-classified awards, the fair value is determined each reporting period beginning at the grant date until final vesting. The Company has selected the Black-Scholes option-pricing model to determine the fair value of stock awards issued under the Company's 1999 Employee Stock Purchase Plan ("1999 ESPP"). For stock awards with market-based vesting conditions, the Company uses a Monte Carlo simulation to determine the fair value of the award. For stock awards that contain only a service-based vesting feature, the Company recognizes compensation cost on a straight-line basis over the award's vesting period. For awards with a performance-based vesting condition feature, the Company recognizes compensation cost on a graded-vesting basis over the award's expected vesting period, commencing when achievement of the performance condition is deemed probable. In addition, for awards that vest and become exercisable only upon achievement of specified performance conditions, the Company makes judgments and estimates each quarter about the probability that such performance conditions will be met or achieved. The Company excludes from stock-based compensation the fair value of stock awards it estimates will be forfeited. Forfeitures are estimated using historical forfeiture rates, adjusted for any non-recurring one-time events, and are revised in subsequent periods if actual forfeitures differ from those estimates. Foreign Currency Translation and Forward Currency Contracts The assets and liabilities of the Company's subsidiaries are translated at the applicable exchange rate as of the balance sheet date, and revenue and expenses are translated at an average rate over the period. Resulting currency translation adjustments are recorded as a component of accumulated other comprehensive loss, a separate component of stockholders’ equity. Gains and losses on inter-company and other non-functional currency transactions are recorded in other expense, net. The Company enters into short-term foreign currency forward contracts to offset foreign exchange gains and losses generated by the re-measurement of certain assets and liabilities recorded in non-functional currencies. Changes in the fair value of these derivatives, as well as re-measurement gains and losses, are recognized in current earnings in other expense, net. As of December 31, 2025 and 2024, the fair value of the forward currency contracts and the underlying gains and losses for the years ended December 31, 2025, 2024 and 2023 were immaterial. The Company's foreign currency forward contracts may be exposed to credit risk to the extent that its counterparties are unable to meet the terms of the agreements. The Company seeks to minimize counterparty credit (or repayment) risk by entering into transactions only with major financial institutions of investment grade credit rating. Income Taxes The Company's provision for income taxes is comprised of a current and a deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current year. The deferred income tax provision is calculated as the estimated future tax effects attributable to temporary differences and carryforwards using expected tax rates in effect in the years during which the differences are expected to reverse or the carryforwards are expected to be realized. The Company currently has net deferred tax assets consisting of net operating loss (“NOL”) carryforwards, tax credit carryforwards and deductible temporary differences. Management periodically weighs the positive and negative evidence to determine if it is more-likely-than-not that some or all of the deferred tax assets will be realized. The Company has recorded certain tax reserves to address potential exposures involving its income tax positions. These potential tax liabilities result from the varying application of statutes, rules, regulations and interpretations by different taxing jurisdictions. The Company's estimate of the value of its tax reserves contains assumptions based on past experiences and judgments about the interpretation of statutes, rules and regulations by taxing jurisdictions. It is possible that the costs of the ultimate tax liability or benefit from these matters may be more or less than the amount the Company estimated. Uncertainty in income taxes is recognized in the Company's consolidated financial statements using a two-step process. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed more-likely-than-not to be sustained based on technical merit, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Recently Adopted Accounting Pronouncements For the annual period ending December 31, 2025, the Company adopted guidance issued by the Financial Accounting Standards Board (“FASB”) to improve income tax disclosures, primarily through enhanced disclosures of the effective tax rate and cash paid for income taxes, in addition to the modification or elimination of other disclosures, on a retrospective basis. Other than additional required disclosures, adoption of the standard did not have an impact on the Company's consolidated financial statements. Recent Accounting Pronouncements In September 2025, the FASB issued guidance which modernizes the accounting for internal-use software by removing all references to software development stages given the evolution of software development. The targeted improvements aim to increase the operability of the recognition guidance for internal-use software. The guidance also seeks to clarify the disclosure requirements for internal-use software. This guidance will be effective for the Company on January 1, 2028, and is to be applied prospectively, modified prospectively or retrospectively. The Company is evaluating the potential impact of adopting this guidance on its consolidated financial statements. In July 2025, the FASB issued guidance which provides targeted improvements and clarifications related to the recognition and measurement of expected credit losses, particularly for off-balance-sheet credit exposures and certain practical expedients. This guidance was effective for the Company on January 1, 2026, and will be applied prospectively. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In November 2024, the FASB issued guidance which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This guidance was effective for the Company on January 1, 2026, and will be applied prospectively. The Company has historically not had induced conversions of its convertible senior notes and does not anticipate this guidance to have an impact on its consolidated financial statements or its disclosures upon adoption. In November 2024, the FASB issued guidance to enhance income statement disclosures through additional disclosures of specified information about certain costs and expenses. This guidance will be effective for the Company's annual period ending December 31, 2027 and interim periods beginning on January 1, 2028, and is to be applied prospectively with the option to adopt retrospectively. The Company is evaluating the impact the update will have on its disclosures.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		156,494,816
Beginning balance at Dec. 31, 2022	$ 4,360,187	$ 1,565	$ 2,578,603	$ 0	$ (140,332)	$ 1,920,351
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon the exercise of stock options and vesting of restricted and deferred stock units, net of shares withheld for employee taxes (in shares)		1,743,329
Issuance of common stock upon the exercise of stock options and vesting of restricted and deferred stock units, net of shares withheld for employee taxes	(69,604)	$ 17	(69,621)
Issuance of common stock under employee stock purchase plan (in shares)		796,541
Issuance of common stock under employee stock purchase plan	62,365	$ 8	62,357
Stock-based compensation	398,495		398,495
Issuance of warrants related to convertible senior notes	90,195		90,195
Purchase of note hedge related to convertible senior notes, net of deferred taxes of $57,628	(178,927)		(178,927)
Repurchases of common stock (in shares)		(7,801,778)
Repurchases of common stock	(658,187)			(658,187)
Treasury stock retirement	0	$ (78)	(658,109)	658,187
Net income	547,629					547,629
Foreign currency translation adjustment	18,439				18,439
Change in unrealized gain (loss) on investments, net of tax	26,563				26,563
Ending balance (in shares) at Dec. 31, 2023		151,232,908
Ending balance at Dec. 31, 2023	4,597,155	$ 1,512	2,222,993	0	(95,330)	2,467,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon the vesting of restricted and deferred stock units, net of shares withheld for employee taxes (in shares)		3,627,278
Issuance of common stock upon the vesting of restricted and deferred stock units, net of shares withheld for employee taxes	(172,524)	$ 36	(172,560)
Issuance of common stock under employee stock purchase plan (in shares)		787,802
Issuance of common stock under employee stock purchase plan	61,131	$ 8	61,123
Stock-based compensation	506,828		506,828
Repurchases of common stock (in shares)		(5,622,892)
Repurchases of common stock	(558,488)			(558,488)
Net income	504,918					504,918
Foreign currency translation adjustment	(59,064)				(59,064)
Change in unrealized gain (loss) on investments, net of tax	$ (1,599)				(1,599)
Ending balance (in shares) at Dec. 31, 2024	150,025,096	150,025,096
Ending balance at Dec. 31, 2024	$ 4,878,357	$ 1,556	2,618,384	(558,488)	(155,993)	2,972,898
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon the vesting of restricted and deferred stock units, net of shares withheld for employee taxes (in shares)		3,405,612
Issuance of common stock upon the vesting of restricted and deferred stock units, net of shares withheld for employee taxes	(123,777)	$ 35	(123,812)
Issuance of common stock under employee stock purchase plan (in shares)		965,639
Issuance of common stock under employee stock purchase plan	62,322	$ 9	62,313
Stock-based compensation	545,322		545,322
Issuance of warrants related to convertible senior notes	330,855		330,855
Purchase of note hedge related to convertible senior notes, net of deferred taxes of $57,628	(456,311)		(456,311)
Repurchases of common stock (in shares)		(10,028,703)
Repurchases of common stock	(804,077)			(804,077)
Re-issuance of treasury stock for 401(k) employer match (in shares)		343,450
Re-issuance of treasury stock for 401(k) employer match	31,412			31,412
Treasury stock retirement	0	$ (103)	(896,264)	896,367
Net income	452,031					452,031
Foreign currency translation adjustment	59,563				59,563
Change in unrealized gain (loss) on investments, net of tax	$ 1,674				1,674
Ending balance (in shares) at Dec. 31, 2025	144,711,094	144,711,094
Ending balance at Dec. 31, 2025	$ 4,977,371	$ 1,497	$ 2,080,487	$ (434,786)	$ (94,756)	$ 3,424,929

Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allocation of the purchase consideration:
Goodwill		$ 3,206,525	$ 3,151,077	$ 2,850,470
Noname Security
Business Combination [Line Items]
Total purchase consideration	$ 451,529
Allocation of the purchase consideration:
Cash	18,253
Accounts receivable	5,984
Prepaid expenses and other current assets	3,020
Identifiable intangible assets	137,800
Deferred income tax assets	2,526
Total assets acquired	167,583
Accounts payable	(2,074)
Accrued expenses	(5,759)
Deferred revenue	(19,289)
Total liabilities assumed	(27,122)
Identifiable net assets acquired	140,461
Goodwill	311,068
Total purchase price allocation	$ 451,529

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Convertible Senior Notes

In May 2025, the Company issued $1,725.0 million in principal amount of convertible senior notes due 2033 and entered into related convertible note hedge and warrant transactions. The Company intends to use a portion of the net proceeds to repay at maturity its $1,150.0 million outstanding aggregate principal amount of convertible senior notes due in 2027.

Including the May 2025 issuance of $1,725.0 million in principal amount of convertible senior notes, the Company has three convertible senior notes ("2033 Notes", "2029 Notes" and "2027 Notes") outstanding with a par value totaling $4,140.0 million (collectively, the "Notes") that are senior unsecured obligations of the Company and bear interest payable semi-annually in arrears. The following table summarizes further details of the Notes:


Notes	Issuance Date	Maturity Date		Principal Amount (in thousands)		Coupon Interest Rate		Effective Interest Rate
2033 Notes	May 19, 2025	May 15, 2033	(1)	$	1,725,000	0.250	%	0.484	%
2029 Notes	August 18, 2023	February 15, 2029		$	1,265,000	1.125	%	1.388	%
2027 Notes	August 16, 2019	September 1, 2027		$	1,150,000	0.375	%	0.539	%

(1) Holders of the 2033 Notes have the right to require the Company to repurchase for cash all or a portion of their 2033 Notes on May 15, 2031 if the last reported sale price of the Company’s common stock on the trading day immediately preceding the business day immediately preceding May 15, 2031 is less than the conversion price per share. The repurchase price will be equal to 100% of the principal amount of the 2033 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the optional repurchase date.

Additionally, on May 1, 2025, the Company repaid $1,150.0 million in par value of convertible senior notes that matured (“2025 Notes”). The 2025 Notes were senior unsecured obligations of the Company and bore interest at 0.125%.

Conversion Rights of the Notes

At their option, holders may exercise the conversion right of the respective Notes at the following specified times and rates to receive the principal amount in cash and receive any amount in excess of the principal amount in cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election.

Prior to the close of business on the business day immediately preceding the conversion date, as noted in the table below, under the following circumstances a holder may exercise their conversion right:

•during any calendar quarter commencing after the calendar quarter ended September 30, 2025 for the 2033 Notes, December 31, 2023 for the 2029 Notes and December 31, 2019 for the 2027 Notes (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the respective Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate on each such trading day; or

•upon the occurrence of specified corporate events.

On or after the respective conversion date, as noted in the table below, holders may convert all or any portion of their respective Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

If the Company undergoes a fundamental change at any time prior to the maturity date, holders of the Notes will have the right, at their option, to require the Company to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the fundamental change repurchase date.

The conversion rights for the outstanding Notes as of December 31, 2025 are as follows:


Notes	Conversion Date	Conversion Rate (1)	Conversion Price per Share (1)
2033 Notes	January 15, 2033	10.7513	$	93.01
2029 Notes	October 15, 2028	7.9170	$	126.31
2027 Notes	May 1, 2027	8.6073	$	116.18

(1) The conversion rate for the Notes is established as a number of shares of the Company's commons stock per $1,000 principal amount of the Notes, that is equivalent to the conversion price per share, subject to adjustments in certain events. Upon the occurrence of certain corporate events the Company will increase the conversion rate for a holder that elects to convert its Notes.

Components and Fair Value of the Notes

The Notes consisted of the following components as of December 31, 2025 and 2024 (in thousands):


	2033 Notes		2029 Notes		2027 Notes		2025 Notes		Total
As of December 31, 2025
Principal	$	1,725,000	$	1,265,000	$	1,150,000	$	—	$	4,140,000
Less: issuance costs, net of amortization	(21,390)		(10,187)		(3,068)		—		(34,645)
Net carrying amount	$	1,703,610	$	1,254,813	$	1,146,932	$	—	$	4,105,355

Estimated fair value (1)	$	1,918,062	$	1,254,981	$	1,158,407	$	—	$	4,331,450

As of December 31, 2024
Principal	$	—	$	1,265,000	$	1,150,000	$	1,150,000	$	3,565,000
Less: issuance costs, net of amortization	—		(13,354)		(4,951)		(884)		(19,189)
Net carrying amount	$	—	$	1,251,646	$	1,145,049	$	1,149,116	$	3,545,811

Estimated fair value (1)	$	—	$	1,239,068	$	1,155,865	$	1,219,345	$	3,614,278

(1) The fair values were determined based on the quoted prices of the Notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 within the fair value hierarchy.

Note Hedges and Warrants

To minimize the impact of potential dilution upon conversion of the Notes, the Company entered into convertible note hedge transactions with respect to its common stock concurrently with each respective note issuance month. The note hedge transactions cover an approximate number of shares of the Company’s common stock at a strike price that corresponds to the conversion prices for the Notes, also subject to adjustment, and are exercisable upon conversion of the Notes. The note hedge transactions expire upon the respective maturity dates of the Notes. The Company determined that the note hedges meet the definition of a derivative and are classified in stockholders’ equity, as the note hedges are indexed to the Company's common stock, and the Company, at its election, may receive cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock. The Company recorded the purchase of the hedges as a decrease to additional paid-in capital. The Company does not recognize subsequent changes in fair value of the note hedges in its consolidated financial statements.

Separately, the Company also entered into warrant transactions concurrently with each of the note issuances, whereby the Company sold warrants to acquire, subject to anti-dilution adjustments, shares of the Company’s common stock at a predetermined strike price per share. The convertible note hedge and warrant transactions will generally have the effect of increasing the conversion price of each of the Notes to the respective strike price related to the warrant transactions. The Company determined that the warrants meet the definition of a derivative and are classified in stockholders’ equity, as the warrants are indexed to the Company's common stock, and the Company, at its election, may pay or deliver to holders cash or shares of the Company's common stock. The Company recorded the proceeds from the issuance of the warrants as an increase

to additional paid-in capital. The Company does not recognize subsequent changes in fair value of the warrants in its consolidated financial statements. The following table summarizes the main terms impacting the note hedges and warrants (in thousands, except per share data):


	2033 Notes		2029 Notes		2027 Notes
Note hedge transaction costs	$	605,820	$	236,555	$	312,225
Shares covered by note hedge transactions	18,546		10,015		9,898
Shares related to warrant transactions	18,546		10,015		9,898
Strike price per share related to warrant transactions	$	155.02	$	180.44	$	178.74
Aggregate proceeds from sale of warrants	$	330,855	$	90,195	$	185,150

Revolving Credit Facility

In January 2025, the Company entered into a $150.0 million uncommitted revolving credit agreement (the "2025 Credit Agreement"). Any outstanding borrowings are secured by collateral, consisting primarily of available-for-sale marketable securities. Borrowings under the 2025 Credit Agreement may be used to finance working capital needs and for general corporate purposes. The 2025 Credit Agreement does not expire but is cancellable at any time and any borrowings can be due on demand. Borrowings under the 2025 Credit Agreement will bear a specified interest rate, based on the Secured Overnight Financing Rate, and interest period at the time of the confirmed borrowing. There were no outstanding borrowings under the 2025 Credit Agreement as of December 31, 2025.

In November 2022, the Company entered into a $500.0 million revolving credit agreement (the “2022 Credit Agreement”). The 2022 Credit Agreement was amended in May 2025 to increase the aggregate revolving commitments under the 2022 Credit Agreement from $500.0 million to $1.0 billion and to extend the expiration one year. Borrowings under the 2022 Credit Agreement may be used to finance working capital needs and for general corporate purposes. The 2022 Credit Agreement expires on November 22, 2028, and any amounts outstanding thereunder will become due and payable, subject to up to a one-year extension at the Company's request and with the consent of the lenders party thereto.

Borrowings under the 2022 Credit Agreement bear interest, at the Company's option, at a term benchmark rate plus a spread of 0.75% to 1.125%, a reference rate plus a spread of 0.75% to 1.125%, or a base rate plus a spread of 0.00% to 0.125%, in each case with such spread being determined based on the Company's consolidated leverage ratio specified in the 2022 Credit Agreement. Regardless of what amounts, if any, are outstanding under the 2022 Credit Agreement, the Company is also obligated to pay an ongoing commitment fee on undrawn amounts at a rate of 0.07% to 0.125%, with such rate being based on the Company's consolidated leverage ratio specified in the 2022 Credit Agreement.

The 2022 Credit Agreement contains customary representations and warranties, affirmative and negative covenants and events of default. As of December 31, 2025, the Company was in compliance with all covenants. The negative covenants include restrictions on subsidiary indebtedness, liens and fundamental changes. These covenants are subject to a number of important exceptions and qualifications. The principal financial covenant requires a maximum consolidated leverage ratio. There were no outstanding borrowings under the 2022 Credit Agreement as of December 31, 2025.

Interest Expense

The Notes bear interest at fixed rates that are payable semi-annually in arrears on their respective interest payment dates each year. Interest expense, together with ongoing commitment fees under the terms of the Company's credit agreements, included in the consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	2025		2024		2023
Amortization of debt issuance costs	$	8,696	$	7,802	$	5,803
Coupon interest payable on 2033 Notes	2,647		—		—
Coupon interest payable on 2029 Notes	14,232		14,232		5,218
Coupon interest payable on 2027 Notes	4,312		4,312		4,312
Coupon interest payable on 2025 Notes	483		1,436		1,436
Interest payable and commitment fees under the credit agreements	2,032		616		1,402
Capitalization of interest expense	(1,643)		(1,281)		(462)
Total interest expense	$	30,759	$	27,117	$	17,709

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Convertible Senior Notes

The following table summarizes further details of the Notes:


Notes	Issuance Date	Maturity Date		Principal Amount (in thousands)		Coupon Interest Rate		Effective Interest Rate
2033 Notes	May 19, 2025	May 15, 2033	(1)	$	1,725,000	0.250	%	0.484	%
2029 Notes	August 18, 2023	February 15, 2029		$	1,265,000	1.125	%	1.388	%
2027 Notes	August 16, 2019	September 1, 2027		$	1,150,000	0.375	%	0.539	%

The conversion rights for the outstanding Notes as of December 31, 2025 are as follows:


Notes	Conversion Date	Conversion Rate (1)	Conversion Price per Share (1)
2033 Notes	January 15, 2033	10.7513	$	93.01
2029 Notes	October 15, 2028	7.9170	$	126.31
2027 Notes	May 1, 2027	8.6073	$	116.18

The Notes consisted of the following components as of December 31, 2025 and 2024 (in thousands):


	2033 Notes		2029 Notes		2027 Notes		2025 Notes		Total
As of December 31, 2025
Principal	$	1,725,000	$	1,265,000	$	1,150,000	$	—	$	4,140,000
Less: issuance costs, net of amortization	(21,390)		(10,187)		(3,068)		—		(34,645)
Net carrying amount	$	1,703,610	$	1,254,813	$	1,146,932	$	—	$	4,105,355

Estimated fair value (1)	$	1,918,062	$	1,254,981	$	1,158,407	$	—	$	4,331,450

As of December 31, 2024
Principal	$	—	$	1,265,000	$	1,150,000	$	1,150,000	$	3,565,000
Less: issuance costs, net of amortization	—		(13,354)		(4,951)		(884)		(19,189)
Net carrying amount	$	—	$	1,251,646	$	1,145,049	$	1,149,116	$	3,545,811

Estimated fair value (1)	$	—	$	1,239,068	$	1,155,865	$	1,219,345	$	3,614,278

The following table summarizes the main terms impacting the note hedges and warrants (in thousands, except per share data):


	2033 Notes		2029 Notes		2027 Notes
Note hedge transaction costs	$	605,820	$	236,555	$	312,225
Shares covered by note hedge transactions	18,546		10,015		9,898
Shares related to warrant transactions	18,546		10,015		9,898
Strike price per share related to warrant transactions	$	155.02	$	180.44	$	178.74
Aggregate proceeds from sale of warrants	$	330,855	$	90,195	$	185,150

Schedule of Interest Expense

Interest expense, together with ongoing commitment fees under the terms of the Company's credit agreements, included in the consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	2025		2024		2023
Amortization of debt issuance costs	$	8,696	$	7,802	$	5,803
Coupon interest payable on 2033 Notes	2,647		—		—
Coupon interest payable on 2029 Notes	14,232		14,232		5,218
Coupon interest payable on 2027 Notes	4,312		4,312		4,312
Coupon interest payable on 2025 Notes	483		1,436		1,436
Interest payable and commitment fees under the credit agreements	2,032		616		1,402
Capitalization of interest expense	(1,643)		(1,281)		(462)
Total interest expense	$	30,759	$	27,117	$	17,709

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Section S99
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+ Details

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss, net of tax, which is reported as a component of stockholders' equity, for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Foreign Currency Translation		Net Unrealized Gains (Losses) on Investments		Total
Balance as of January 1, 2024	$	(98,035)	$	2,705	$	(95,330)
Other comprehensive loss	(59,064)		(1,599)		(60,663)
Balance as of December 31, 2024	(157,099)		1,106		(155,993)
Other comprehensive income	59,563		1,674		61,237
Balance as of December 31, 2025	$	(97,536)	$	2,780	$	(94,756)

Acquired Intangible Assets and Goodwill - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of acquired intangible assets	$ 111,066,000	$ 92,081,000	$ 66,751,000
2026	100,200,000
2027	85,600,000
2028	79,000,000.0
2029	74,000,000.0
2030	66,700,000
Impairment charge	$ 22,200,000	$ 23,700,000	$ 0
Impairment of intangible asset, not disclosed flag	impairment	impairment	impairment

- 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

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 4,208,175	$ 3,991,168	$ 3,811,920
Security
Disaggregation of Revenue [Line Items]
Revenue	2,243,404	2,042,661	1,765,267
Delivery
Disaggregation of Revenue [Line Items]
Revenue	1,256,721	1,318,131	1,542,434
Cloud computing
Disaggregation of Revenue [Line Items]
Revenue	708,050	630,376	504,219
U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,139,173	2,075,533	1,968,779
International
Disaggregation of Revenue [Line Items]
Revenue	$ 2,069,002	$ 1,915,635	$ 1,843,141

- 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

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Tax benefit (expense) on change in unrealized (loss) gain on investments	$ (522)	$ 515	$ (8,562)

Stock-Based Compensation - Schedule of Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months	6 months
Risk-free interest rate	4.30%	5.20%	5.20%
Expected volatility	38.30%	24.40%	29.10%
Dividend yield	0.00%	0.00%	0.00%
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years	3 years	3 years
Risk-free interest rate	3.90%	4.30%	4.50%
Expected volatility	31.50%	25.60%	28.80%
Average volatility of peer-company share price	30.20%	30.60%	33.60%

- 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

Segment and Geographic Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment and Geographic Information

The Company’s chief operating decision-maker ("CODM") is the chief executive officer and the executive management team. As of December 31, 2025, the Company is currently organized and operates as one operating and reportable segment. The Company is not organized by market and is managed and operated as one business. A single management team that reports to the chief executive officer comprehensively manages the entire business. The Company does not operate any material separate lines of business or separate business entities with respect to its services. Accordingly, the Company does not accumulate discrete financial information with respect to separate entities. The CODM assesses performance and makes decisions on optimizing the allocation of resources across functions and strategic investments using consolidated net income. Segment assets represent total assets as reported on the consolidated balance sheets.

Information regarding the Company's one operating segment for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	2025		2024		2023
Revenue	$	4,208,175	$	3,991,168	$	3,811,920
Less:
Co-location costs	349,191		308,314		256,062
Bandwidth fees	192,875		233,100		228,038
Network build-out and supporting services	236,644		193,607		215,557
Payroll and related costs	1,565,108		1,511,272		1,408,866
Capitalized salaries and related costs	(322,703)		(302,830)		(261,728)
Facilities-related costs	86,081		86,671		90,061
Software and related service costs	85,483		71,687		69,970
Other segment items (1)	219,241		211,205		198,525
Depreciation and amortization	708,611		648,410		570,776
Stock-based compensation	459,402		393,378		328,467
Restructuring charge	58,051		95,441		56,643
Acquisition-related costs	3,247		7,502		13,345
Interest and marketable securities income, net	(70,808)		(100,280)		(45,194)
Interest expense	30,759		27,117		17,709
Other expense, net	4,588		19,561		12,296
Income tax expense	150,374		82,095		106,373
Gain from equity method investment	—		—		(1,475)
Net income	$	452,031	$	504,918	$	547,629

(1) Other segment items includes marketing programs and related costs, third-party professional service fees, non-income related tax expense and other expenses.

The Company deploys its servers into networks worldwide. Net property and equipment, excluding internal-use software, and operating lease right-of-use assets, located in the U.S. and international locations, as of December 31, 2025 and 2024 was as follows (in thousands):


	December 31, 2025		December 31, 2024
Property and equipment, net, excluding internal-use software, located in the U.S.	$	669,390	$	616,376
Property and equipment, net, excluding internal-use software, located internationally	$	737,260	$	663,914
Operating lease right-of-use assets located in the U.S.	$	1,066,526	$	600,015
Operating lease right-of-use assets located internationally	$	403,174	$	406,723

- 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.

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+ Details

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Federal	$ 8,379	$ 8,502	$ 14,989
State	(324)	4,465	2,348
Foreign
Total foreign	135,491	123,355	117,141
Cash paid for income taxes, net of refunds	143,546	136,322	134,478
Brazil
Foreign
Total foreign		8,742	8,342
India
Foreign
Total foreign	10,342	17,531	11,909
Israel
Foreign
Total foreign	32,557	14,162	10,278
Switzerland
Foreign
Total foreign	40,267	45,623	60,176
United Kingdom
Foreign
Total foreign	9,870	8,240
Other foreign jurisdictions
Foreign
Total foreign	$ 42,455	$ 29,057	$ 26,436

Investments and Fair Value Measurements - Narrative (Details)	Dec. 31, 2025 security
Fair Value Disclosures [Abstract]
Available-for-sale, 12 months or longer, number of positions	0

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Units
Outstanding (in shares)	7,710,000
Granted (in shares)	6,883,000
Vested (in shares)	(4,932,000)
Forfeited (in shares)	(691,000)
Outstanding (in shares)	8,970,000	7,710,000
Weighted Average Grant Date Fair Value
Outstanding (in dollars per share)	$ 100.04
Granted (in dollars per share)	81.43	$ 108.09	$ 74.89
Vested (in dollars per share)	98.22
Forfeited (in dollars per share)	99.04
Outstanding (in dollars per share)	$ 86.81	$ 100.04
Deferred Stock Units
Units
Granted (in shares)	36,948
Vested (in shares)	(20,900)

Summary of Significant Accounting Policies - Equity Method Investments (Details)	Dec. 31, 2025
GO-NET
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%

- 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

Restructuring

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring

During the fourth quarter of 2025, management committed to an action to restructure certain parts of the Company to align investments and simplify organizational structure to long-term growth priorities (“Q4 2025 Action”). As a result, certain headcount reductions were necessary. Additionally, the Company planned for the end of life of certain solutions which resulted in impairments to completed technologies and customer-related acquired intangible assets, as well as capitalized internal-use software. The Company does not expect to incur material additional charges related to this action.

During the third quarter of 2024, management committed to an action to restructure certain parts of the Company with the primary intent of redeploying resources to support the Company's strategic investments ("Q3 2024 Action"). As a result, certain headcount reductions were necessary. Additionally, the Company planned for the end of life of certain solutions which resulted in impairments to capitalized internal-use software, as well as completed technologies and customer-related acquired intangible assets. The Company does not expect to incur material additional charges related to this action.

During the first quarter of 2023, management committed to an action to restructure certain parts of the Company to enable it to prioritize investments in the fastest growing areas of the business ("Q1 2023 Action"). As a result, certain headcount reductions were necessary. The Company does not expect to incur material additional charges related to this action.

The Company launched its FlexBase program in May 2022, which is a flexible workplace arrangement that allows employees to choose to work from their home office, a Company office, an approved workspace, or a combination of all three, which is a significant change to the way employees worked prior to the program. As a result, impairments of right-of-use assets and property and equipment were recognized. The Company does not expect to incur material additional charges related to this action.

At times the Company also recognizes restructuring charges related to completed acquisitions for severance and related expenses paid to redundant employees, fees paid to terminate redundant contracts and impairments of redundant long-lived

assets, primarily duplicative facility-related assets, acquired intangible assets and capitalized internal-use software. The Company does not expect to incur material additional charges related to past acquisitions.

The following table summarizes the Company's restructuring charges during the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024		2023
Q4 2025 Action	$	51,260	$	—	$	—
Q3 2024 Action	398		63,398		—
Q1 2023 Action	—		—		20,668
FlexBase	13		1,717		27,654

Acquisitions related and other	6,380		30,326		8,321
Total restructuring charge	$	58,051	$	95,441	$	56,643


	Q4 2025 Action		Q3 2024 Action		Q1 2023 Action		Acquisitions Related and Other		Total
Balance as of January 1, 2023	$	—	$	—	$	—	$	541	$	541
Cost incurred	—		—		20,668		417		21,085
Cash disbursements	—		—		(19,798)		(950)		(20,748)
Translation adjustments and other	—		—		(51)		10		(41)
Balance as of December 31, 2023	—		—		819		18		837
Cost incurred	—		34,447		—		2,360		36,807
Cash disbursements	—		(9,326)		(60)		(1,394)		(10,780)
Translation adjustments and other	—		(515)		(1)		3		(513)
Balance as of December 31, 2024	—		24,606		758		987		26,351
Cost incurred	20,695		398		—		1,972		23,065
Cash disbursements	—		(25,269)		—		(2,183)		(27,452)
Translation adjustments and other	55		310		—		67		432
Balance as of December 31, 2025	$	20,750	$	45	$	758	$	843	$	22,396

Summary of Significant Accounting Policies - Cost Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Carrying amount of cost method investments	$ 31.7	$ 20.5
Impairment gain	$ 9.4		$ 0.3
Impairment loss		$ 5.1

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expense and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Prepaid income taxes	$	61,399	$	36,822
Prepaid sales and other taxes	48,989		39,069
Prepaid software and related service costs	33,945		35,490
Deferred commissions	69,983		72,391
Other prepaid expenses	32,963		23,604
Other current assets	59,202		46,451
Total	$	306,481	$	253,827

Schedule of Deferred Costs Associated with Obtaining Customer Contracts

Deferred costs associated with obtaining customer contracts, specifically commission and incentive payments, as of December 31, 2025 and 2024 were as follows (in thousands):


	December 31, 2025		December 31, 2024
Deferred costs included in prepaid expenses and other current assets	$	69,983	$	72,391
Deferred costs included in other assets	92,525		58,996
Total deferred costs	$	162,508	$	131,387

Information related to incremental costs to obtain a contract with a customer for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025		2024		2023
Amortization expense related to deferred costs	$	64,895	$	66,366	$	50,414
Incremental costs capitalized	$	90,945	$	114,238	$	70,072

Investments and Fair Value Measurements - Schedule of Contractual Maturities of Marketable Securities and Other Investment Related Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Due in 1 year or less	$ 248,174	$ 1,069,448
Due after 1 year through 5 years	706,797	251,206
Aggregate Fair Value	$ 954,971	$ 1,320,654

- 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
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-Name Accounting Standards Codification
-Section 55
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-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)
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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 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

Prepaid Expenses and Other Current Assets - Deferred Cost (Details) - Commission and Incentive Payments - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Capitalized Contract Cost [Line Items]
Deferred costs associated with obtaining customer contracts	$ 162,508	$ 131,387
Deferred costs included in prepaid expenses and other current assets
Capitalized Contract Cost [Line Items]
Deferred costs associated with obtaining customer contracts	69,983	72,391
Deferred costs included in other assets
Capitalized Contract Cost [Line Items]
Deferred costs associated with obtaining customer contracts	$ 92,525	$ 58,996

Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Marketable Securities

Available-for-sale marketable securities held as of December 31, 2025 and 2024 were as follows (in thousands):


			Gross Unrealized				Aggregate Fair Value		Classification on Balance Sheet
	Amortized Cost								Short-Term Marketable Securities		Long-Term Marketable Securities
As of December 31, 2025			Gains		Losses
Time deposits	$	31,035	$	—	$	—	$	31,035	$	31,035	$	—

Corporate bonds	920,142		3,921		(127)		923,936		217,139		706,797


	$	951,177	$	3,921	$	(127)	$	954,971	$	248,174	$	706,797

As of December 31, 2024
Time deposits	$	11,330	$	—	$	—	$	11,330	$	11,330	$	—

Corporate bonds	1,003,915		1,369		(307)		1,004,977		808,800		196,177

U.S. government agency obligations	303,816		567		(36)		304,347		249,318		55,029
	$	1,319,061	$	1,936	$	(343)	$	1,320,654	$	1,069,448	$	251,206

Schedule of Contractual Maturities of Marketable Securities and Other Investment Related Assets

Contractual maturities of the Company’s available-for-sale marketable securities held as of December 31, 2025 and 2024 were as follows (in thousands):


	December 31, 2025		December 31, 2024
Due in 1 year or less	$	248,174	$	1,069,448
Due after 1 year through 5 years	706,797		251,206
	$	954,971	$	1,320,654

Schedule of Fair Value Measurement Within Fair Value Hierarchy

The fair value measurements within the fair value hierarchy of the Company’s financial assets as of December 31, 2025 and 2024 were as follows (in thousands):


	Total Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2
As of December 31, 2025
Cash Equivalents and Marketable Securities:
Money market funds	$	409,326	$	409,326	$	—
Time deposits	103,038		—		103,038
Commercial paper	34,962		—		34,962
Corporate bonds	923,936		—		923,936


Mutual funds	28,981		28,981		—
	$	1,500,243	$	438,307	$	1,061,936

As of December 31, 2024
Cash Equivalents and Marketable Securities:
Money market funds	$	163,722	$	163,722	$	—
Time deposits	64,202		—		64,202

Corporate bonds	1,004,977		—		1,004,977

U.S. government agency obligations	304,347		—		304,347
Mutual funds	26,580		26,580		—
	$	1,563,828	$	190,302	$	1,373,526

- Definition

Tabular disclosure 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 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-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 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax unrecognized compensation cost	$ 497.6
Weighted average period for recognizing compensation cost (in years)	1 year 6 months
Dividend yield	0.00%
Weighted average fair value of equity instruments other than options granted (in dollars per share)	$ 81.43	$ 108.09	$ 74.89
Liability classified awards outstanding	$ 18.0	$ 10.0
Capitalized Internal Use Software
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional stock based compensation	$ 50.4	$ 42.5	$ 32.5
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Weighted average fair value of equity instruments other than options granted (in dollars per share)	$ 22.00	$ 22.63	$ 23.12
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Each RSU receives this number of shares of common stock upon vesting	1
Restricted stock unit vesting provision, minimum (in years)	3 years
Restricted stock unit vesting provision, maximum (in years)	4 years
Aggregate intrinsic value	$ 782.6
Weighted average contractual remaining life (in years)	1 year 6 months
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Each DSU receives this number of shares of common stock upon vesting (in whole numbers)	1
Holder elect to defer vested shares period, minimum (in years)	1 year
Holder elect to defer vested shares period, maximum (in years)	10 years
The amount typically vested by anniversary grant date (percentage)	100.00%
Director's minimum period of service before vesting accelerates (in years)	1 year
Deferred Stock Units \| Director Vesting Acceleration
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
2013 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock approved for issuance under plan (in shares)	46.8
Common stock, capital shares reserved for future issuance (in shares)	9.3
1999 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum amount of shares available for issuance (in shares)	1.5
Aggregate amount of shares available, maximum (in shares)	20.0
Discount on fair market value for purchase of stock (in percentage)	15.00%
Share purchase interval term (in months)	6 months
Common stock available for grant (in shares)	0.6
Amount withheld from employees for future purchases	$ 7.0

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]
Property, software and equipment depreciation, amortization expense	$ 597.5	$ 556.0	$ 504.0
Capitalization of stock-based compensation	123.4	105.3	$ 81.8
Disposal of property plant and equipment	143.5	250.6
Impairment of internal-use software	$ 9.4	$ 32.8

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Jun. 30, 2024	May 31, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Acquisition related costs					$ 3,200	$ 7,500	$ 2,700
Goodwill					$ 3,206,525	$ 3,151,077	$ 2,850,470
Fermyon Technologies, Inc
Business Combination [Line Items]
Cash paid to acquire business	$ 56,600
Goodwill	36,000
Business combination recognized intangible asset finite lived	$ 17,300
Weighted average amortization period (in years)	9 years 1 month 6 days
Goodwill tax deductible amount	$ 16,900
Noname Security
Business Combination [Line Items]
Cash paid to acquire business		$ 451,500
Goodwill		311,068
Business combination recognized intangible asset finite lived		$ 137,800
Weighted average amortization period (in years)		10 years 6 months
Goodwill tax deductible amount		$ 248,800
Neosec, Inc.
Business Combination [Line Items]
Cash paid to acquire business			$ 91,400
Goodwill			66,900
Business combination recognized intangible asset finite lived			$ 19,900
Weighted average amortization period (in years)			9 years 8 months 12 days
Goodwill tax deductible amount			$ 33,800
StorageOS
Business Combination [Line Items]
Cash paid to acquire business				$ 20,600
Goodwill				14,000
Business combination recognized intangible asset finite lived				$ 4,500
Weighted average amortization period (in years)				8 years 9 months 18 days

Income Taxes - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Roll Forward]
Beginning balance	$ 41,615	$ 45,704	$ 41,250
Charges to income tax expense	3,330	3,469	4,814
Release of valuation allowance	(449)	(7,558)	(360)
Ending balance	$ 44,496	$ 41,615	$ 45,704

Nature of Business and Basis of Presentation (Details)	12 Months Ended
Nature of Business and Basis of Presentation (Details)	Dec. 31, 2025 location country city segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of locations (more than) \| location	4,300
Number of countries with networks \| country	130
Number of cities with networks \| city	700
Number of operating segments	1
Number of reportable segments	1

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 programs are designed to identify and categorize cybersecurity threats and risks through different sources. We conduct assessments of threat models to determine which risks are most likely to impact us. Akamai’s information security team gathers threat and risk data and updates through various sources, such as systems reviews, security research activities, product development processes, diligence efforts in acquisitions and internal and external security scans and alerts, as appropriate. As applicable, in certain circumstances, we also collaborate with industry partners in the security community, our peers and law enforcement agencies, to support our cybersecurity threat intelligence capabilities. This information is collected, categorized and assessed to identify, prioritize and manage significant cybersecurity risks. As a result, our process is continually evaluated and evolves as the threat landscape changes. In addition to ongoing risk management procedures, we have implemented a cybersecurity incident procedure designed to identify and address security incidents through various channels. As part of this process, cybersecurity incidents are evaluated, as appropriate, by a cross-functional team to assess the impact of the incident or threat to Akamai from a financial, reputational and operational perspective, and to determine notification obligations to customers and regulators and disclosure obligations to investors, as applicable. The results of such evaluation are discussed with the board of directors as appropriate. On a regular basis, our cybersecurity professionals conduct internal assessments of this process. Additionally, we have implemented an incident response plan that is reviewed by the Audit Committee and the board of directors from time to time. We also incorporate security practices into employee training. We have a process for employees to formally acknowledge their review and understanding of security obligations, and the information security and legal teams conduct periodic security and data protection training aimed to emphasize the importance of security and data protection. In addition, we have implemented a review process to assess the security profile and data protection practices of certain third-party service providers that have exposure to Akamai’s systems, including, as appropriate, review of vendor security policies and procedures and contractually required security commitments. Although risks from cybersecurity threats have to date not materially affected us, our business strategy, results of operations or financial condition, we have, from time to time, experienced threats to and breaches of our and our third-party vendors’ data and systems. For more information, see "Risk Factors" included elsewhere in this annual report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	In addition to ongoing risk management procedures, we have implemented a cybersecurity incident procedure designed to identify and address security incidents through various channels. As part of this process, cybersecurity incidents are evaluated, as appropriate, by a cross-functional team to assess the impact of the incident or threat to Akamai from a financial, reputational and operational perspective, and to determine notification obligations to customers and regulators and disclosure obligations to investors, as applicable. The results of such evaluation are discussed with the board of directors as appropriate. On a regular basis, our cybersecurity professionals conduct internal assessments of this process. Additionally, we have implemented an incident response plan that is reviewed by the Audit Committee and the board of directors from time to time.
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]	Under the oversight and direction of the Akamai executive management team and the Audit Committee of Akamai’s board of directors, the Chief Security Officer (the “CSO”) has primary responsibility for overseeing Akamai’s management of cybersecurity risks. Reporting to the Chief Executive Officer through Akamai's Executive Vice President and General Manager of the Security Technology Group, the CSO leads Akamai’s Information Security Committee, which works cross-functionally with other Akamai departments, including legal, business, policy and technical functions, as appropriate, to exchange information related to cybersecurity. Our current CSO is an accomplished security professional with over 15 years of experience in building and leading information security teams at both public and private companies. Akamai’s information security team is comprised of senior ranking staff who have experience in a broad range of security domains, including security operations, software security, risk management and auditing. The CSO and Akamai’s information security team regularly communicate the nature and state of security risks to senior business leaders across the organization. In addition, the CSO meets on a regular basis with the Information Security Committee, which is comprised of Akamai's senior leadership, to provide cybersecurity program updates and to discuss potential risks and changes in the cyber threat landscape in which we operate. On a quarterly basis and as needed, the CSO reports to the Audit Committee to provide information on, as applicable and appropriate, cybersecurity risk management programs, risk mitigation, cybersecurity incidents and related disclosure obligations, if any, information on new or changing threats and other cybersecurity matters. The Audit Committee Chair reports to our board at least quarterly on our cybersecurity risk management program, including risk mitigation, cybersecurity incidents and other relevant developments in our cyber threat landscape. In addition to formal reporting, the CSO takes part in informal meetings as needed and requested with Akamai's management, including the Chief Executive Officer and the board of directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Under the oversight and direction of the Akamai executive management team and the Audit Committee of Akamai’s board of directors, the Chief Security Officer (the “CSO”) has primary responsibility for overseeing Akamai’s management of cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	On a quarterly basis and as needed, the CSO reports to the Audit Committee to provide information on, as applicable and appropriate, cybersecurity risk management programs, risk mitigation, cybersecurity incidents and related disclosure obligations, if any, information on new or changing threats and other cybersecurity matters.
Cybersecurity Risk Role of Management [Text Block]	Under the oversight and direction of the Akamai executive management team and the Audit Committee of Akamai’s board of directors, the Chief Security Officer (the “CSO”) has primary responsibility for overseeing Akamai’s management of cybersecurity risks. Reporting to the Chief Executive Officer through Akamai's Executive Vice President and General Manager of the Security Technology Group, the CSO leads Akamai’s Information Security Committee, which works cross-functionally with other Akamai departments, including legal, business, policy and technical functions, as appropriate, to exchange information related to cybersecurity. Our current CSO is an accomplished security professional with over 15 years of experience in building and leading information security teams at both public and private companies. Akamai’s information security team is comprised of senior ranking staff who have experience in a broad range of security domains, including security operations, software security, risk management and auditing. The CSO and Akamai’s information security team regularly communicate the nature and state of security risks to senior business leaders across the organization. In addition, the CSO meets on a regular basis with the Information Security Committee, which is comprised of Akamai's senior leadership, to provide cybersecurity program updates and to discuss potential risks and changes in the cyber threat landscape in which we operate. On a quarterly basis and as needed, the CSO reports to the Audit Committee to provide information on, as applicable and appropriate, cybersecurity risk management programs, risk mitigation, cybersecurity incidents and related disclosure obligations, if any, information on new or changing threats and other cybersecurity matters. The Audit Committee Chair reports to our board at least quarterly on our cybersecurity risk management program, including risk mitigation, cybersecurity incidents and other relevant developments in our cyber threat landscape. In addition to formal reporting, the CSO takes part in informal meetings as needed and requested with Akamai's management, including the Chief Executive Officer and the board of directors. The information security team, under the authority of the CSO, has developed a cybersecurity risk management program, informed by industry cybersecurity standards, to identify, assess and manage risks presented by cybersecurity threats. This program is integrated into our overall enterprise risk management program and addresses four primary operational pillars: •researching, monitoring and identifying significant cybersecurity threats and risks across Akamai and the larger internet ecosystem taking into account malicious actors, software vulnerabilities and other threat sources; •assessing designated risks applicable to Akamai’s assets and systems, including those associated with third-party vendors and suppliers, and planning and tracking efforts to address significant risks; •managing cybersecurity incidents and associated reporting and communications obligations; and •ongoing compliance assessments through internal and external audits and assessments, certifications and the penetration and vulnerability testing of certain systems.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Under the oversight and direction of the Akamai executive management team and the Audit Committee of Akamai’s board of directors, the Chief Security Officer (the “CSO”) has primary responsibility for overseeing Akamai’s management of cybersecurity risks. Reporting to the Chief Executive Officer through Akamai's Executive Vice President and General Manager of the Security Technology Group, the CSO leads Akamai’s Information Security Committee, which works cross-functionally with other Akamai departments, including legal, business, policy and technical functions, as appropriate, to exchange information related to cybersecurity. Our current CSO is an accomplished security professional with over 15 years of experience in building and leading information security teams at both public and private companies. Akamai’s information security team is comprised of senior ranking staff who have experience in a broad range of security domains, including security operations, software security, risk management and auditing.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our current CSO is an accomplished security professional with over 15 years of experience in building and leading information security teams at both public and private companies. Akamai’s information security team is comprised of senior ranking staff who have experience in a broad range of security domains, including security operations, software security, risk management and auditing.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CSO and Akamai’s information security team regularly communicate the nature and state of security risks to senior business leaders across the organization. In addition, the CSO meets on a regular basis with the Information Security Committee, which is comprised of Akamai's senior leadership, to provide cybersecurity program updates and to discuss potential risks and changes in the cyber threat landscape in which we operate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

The Company’s operating lease costs for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	Real Estate Arrangements		Co-location Arrangements		Data Center Sublease		Total
2025
Operating lease cost	$	66,545	$	260,243	$	6,959	$	333,747
Short-term lease cost	381		25,590		—		25,971
Variable lease cost	26,218		73,375		1,074		100,667
Sublease income	(31,459)		—		(8,187)		(39,646)
Total operating lease costs (income)	$	61,685	$	359,208	$	(154)	$	420,739

2024
Operating lease cost	$	67,757	$	225,145	$	—	$	292,902
Short-term lease cost	660		25,288		—		25,948
Variable lease cost	26,122		67,728		—		93,850
Sublease income	(31,722)		—		—		(31,722)
Total operating lease costs	$	62,817	$	318,161	$	—	$	380,978

2023
Operating lease cost	$	74,054	$	179,552	$	—	$	253,606
Short-term lease cost	133		23,565		—		23,698
Variable lease cost	25,860		62,084		—		87,944
Sublease income	(32,024)		—		—		(32,024)
Total operating lease costs	$	68,023	$	265,201	$	—	$	333,224

Schedule of Weighted Average Remaining Lease Terms and Discount Rates

Weighted average remaining lease terms and discount rates related to the Company's operating leases as of December 31, 2025 and 2024 were as follows:


	December 31, 2025						December 31, 2024
	Real Estate Arrangements		Co-location Arrangements		Data Center Sublease		Real Estate Arrangements		Co-location Arrangements		Data Center Sublease
Weighted average remaining lease term (in years)	8.1		4.8		11.9		9.1		4.6		0.0
Weighted average discount rate	3.6	%	4.4	%	5.1	%	3.5	%	4.3	%	—	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands):


	Real Estate Arrangements		Co-location Arrangements		Data Center Sublease
2026	$	69,605	$	229,288	$	43,580
2027	67,183		160,536		41,793
2028	61,593		124,197		42,838
2029	59,376		102,560		43,909
2030	58,666		63,985		45,007
Thereafter	210,526		98,149		343,135
Total lease payments	526,949		778,715		560,262
Less: imputed interest	68,683		81,944		145,266
Total lease liabilities	$	458,266	$	696,771	$	414,996