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Financials (2025)
Revenue
$13.3B
Revenue Growth YoY
20.9%
EBITDA
$2.6B
Net Income
$1.7B
Stock Price
—
Market Cap
—
Stock-Based Compensation (2025)
SBC Expense
$2.0B
SBC % of Revenue
14.7%
SBC % of EBITDA
76.3%
SBC % of Market Cap
—
Buybacks
$1.8B
Unrecognized SBC
—
SBC % of Revenue — Historical
SBC vs Buybacks ($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 $2.0B $13.3B $2.6B 14.7% 76.3% 20.9% $1.8B $1.7B 1,047,278,000 — — — —
2024 $1.7B $11.0B $1.9B 15.9% 90.6% 22.4% $696M $1.4B 1,032,437,000 — — — —
2023 $1.6B $9.0B $1.3B 17.9% 121.1% 23.8% $538M $1.7B 204,724,000 — — — —
2022 $1.4B $7.2B $788M 19.3% 177.8% 22.9% $0 $325M 202,882,000 — — — —
2021 $1.1B $5.9B $729M 19.2% 155.1% 30.5% $0 $230M 199,608,000 — — — —
2020 $870M $4.5B $535M 19.3% 162.6% 30.6% — $119M 195,845,000 — — — —
2019 $662M $3.5B $294M 19.1% 225.2% 32.6% $0 $627M 189,461,000 — — — —
2018 $544M $2.6B $107M 20.9% 507.5% 36.0% $0 $-27M 180,175,000 — — — —
2017 $394M $1.9B $49M 20.5% 796.3% 37.9% $55M $-117M 174,275,864 — — — —
2016 $318M $1.4B $-299M 22.8% neg 38.3% $0 $-414M 167,430,773 — — — —
2015 $258M $1.0B $-106M 25.6% neg 47.3% $0 $-198M 160,785,764 — — — —
2014 $154M $683M $-110M 22.6% neg 60.7% — $-179M 149,509,092 — — — —
2013 $66M $425M $-42M 15.4% neg 74.2% — $-74M 140,354,605 — — — —
2012 $28M $244M $-24M 11.5% neg 232.1% — $-37M 126,367,700 — — — —
2011 $6M $73M $-2M 7.7% neg 93.4% — $-7M 22,229,978 — — — —
2010 IPO $1M $38M $6M 3.0% 19.8% — — $5M — — — — —