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Financials (2025)
Revenue
$13.7B
Revenue Growth YoY
27.9%
EBITDA
$1.5B
Net Income
$935M
Stock Price
Market Cap
Stock-Based Compensation (2025)
SBC Expense
$1.1B
SBC % of Revenue
7.7%
SBC % of EBITDA
71.5%
SBC % of Market Cap
Buybacks
$0
Unrecognized SBC
SBC % of Revenue — Historical
SBC vs Buybacks ($M) — Historical
SBC % Revenue vs SBC % Market Cap
Revenue-based SBC % is the P&L view. Market-cap-based % is the shareholder dilution view — how much of the company is given away each year.
Market Cap vs Cumulative SBC
Total SBC expense paid since earliest data year vs current market cap. Shows the cumulative cost of stock-based compensation relative to company size.
GAAP vs "Adjusted" Earnings
GAAP net income already includes SBC as a real expense. But many companies highlight "adjusted" earnings that add SBC back, flattering profitability. The orange gap shows how much non-GAAP metrics overstate real earnings each year.
Ownership Retained Over Time
100 = your original ownership at the earliest data year. Net share issuance drives this down.
Annual Gross Dilution vs Buyback Offset
Red = gross share issuance from SBC. Green = shares retired via buybacks. Both as % of prior-year shares.
Year-by-Year Detail
Year SBC ($) Revenue ($) EBITDA ($) SBC % Rev SBC % EBITDA Rev Growth Buybacks ($) Net Income ($) Shares (EOY) Price (EOY) Market Cap SBC % MCap Unrecognized SBC ($)
2025 $1.1B $13.7B $1.5B 7.7% 71.5% 27.9% $0 $935M 409,966,858
2024 $1.1B $10.7B $523M 10.2% 210.1% 24.2% $224M $123M 394,485,016
2023 $1.1B $8.6B $-70M 12.6% neg 31.2% $750M $-558M 376,763,050
2022 $889M $6.6B $-755M 13.5% neg 34.7% $400M $-1.4B 363,912,749
2021 $486M $4.9B $-296M 9.9% neg 69.4% $0 $-468M 317,157,876
2020 $322M $2.9B $-316M 11.2% neg 226.1% $0 $-461M 290,150,290
2019 $18M $885M $-584M 2.0% neg 204.1% $0 $-667M
2018 IPO $24M $291M $-201M 8.2% neg $60M $-204M