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Financials (2026)
Revenue
$2.5B
Revenue Growth YoY
22.8%
EBITDA
negative
Net Income
$-71M
Stock Price
Market Cap
Stock-Based Compensation (2026)
SBC Expense
$550M
SBC % of Revenue
22.3%
SBC % of EBITDA
neg EBITDA
SBC % of Market Cap
Buybacks
$400M
Unrecognized SBC
SBC % of Revenue — Historical
SBC vs Buybacks ($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 ($) Shares (EOY) Price (EOY) Market Cap SBC % MCap Unrecognized SBC ($)
2026 $550M $2.5B $-115M 22.3% neg 22.8% $400M $-71M 80,369,527
2025 $494M $2.0B $-204M 24.6% neg 19.2% $0 $-129M 81,187,663
2024 $457M $1.7B $-215M 27.1% neg 31.1% $0 $-177M 72,831,108
2023 $381M $1.3B $-331M 29.7% neg 47.0% $0 $-345M 70,037,195
2022 $251M $874M $-276M 28.7% neg 48.0% $0 $-307M 67,566,341
2021 $149M $590M $-195M 25.3% neg 40.0% $11K $-267M 61,186,431
2020 $76M $422M $-135M 18.0% neg 57.9% $43K $-176M 48,962,130
2019 $37M $267M $-92M 14.0% neg 60.8% $327K $-99M 54,991,497
2018 $21M $166M $-81M 12.8% neg 44.6% $242K $-84M 50,575,845
2017 $21M $115M $-66M 18.3% neg 75.9% $48K $-70M
2016 IPO $13M $65M $-69M 19.6% neg $17K $-73M