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Financials (2025)
Revenue
$5.2B
Revenue Growth YoY
19.7%
EBITDA
negative
Net Income
$-257M
Stock Price
Market Cap
Stock-Based Compensation (2025)
SBC Expense
$1.4B
SBC % of Revenue
26.1%
SBC % of EBITDA
neg EBITDA
SBC % of Market Cap
Buybacks
$779M
Unrecognized SBC
SBC % of Revenue — Historical
SBC vs Buybacks ($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 $1.4B $5.2B $-38M 26.1% neg 19.7% $779M $-257M 256,000,000
2024 $1.1B $4.4B $-38M 24.8% neg 23.3% $395M $-301M 257,000,000
2023 $948M $3.5B $-284M 26.8% neg 26.1% $150M $-487M 104,085,737
2022 $525M $2.8B $122M 18.7% 430.8% 34.2% $0 $-520M
2021 IPO $341M $2.1B $197M 16.3% 172.7% $0 $-579M