Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.
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| Period | Market cap |
|---|---|
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | — |
| FY2021, ended Dec 31, 2021 | $93.4B |
| FY2022, ended Dec 31, 2022 | $17.1B |
| FY2023, ended Dec 31, 2023 | $22.9B |
| FY2024, ended Dec 31, 2024 | $15.0B |
| FY2025, ended Dec 31, 2025 | $24.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $25.1B |
Revenue
By fiscal year, then the trailing 12 months
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| Period | Revenue |
|---|---|
| FY2019, ended Dec 31, 2019 | $0 |
| FY2020, ended Dec 31, 2020 | $0 |
| FY2021, ended Dec 31, 2021 | $55.0M |
| FY2022, ended Dec 31, 2022 | $1.66B |
| FY2023, ended Dec 31, 2023 | $4.43B |
| FY2024, ended Dec 31, 2024 | $4.97B |
| FY2025, ended Dec 31, 2025 | $5.39B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $5.88B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.
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| Period | Net income | Free cash flow |
|---|---|---|
| FY2019, ended Dec 31, 2019 | −$426M | −$552M |
| FY2020, ended Dec 31, 2020 | −$1.02B | −$1.76B |
| FY2021, ended Dec 31, 2021 | −$4.69B | −$4.42B |
| FY2022, ended Dec 31, 2022 | −$6.75B | −$6.42B |
| FY2023, ended Dec 31, 2023 | −$5.43B | −$5.89B |
| FY2024, ended Dec 31, 2024 | −$4.75B | −$2.86B |
| FY2025, ended Dec 31, 2025 | −$3.65B | −$2.49B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | −$3.23B | −$3.49B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.
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| Period | Cash and cash equivalents |
|---|---|
| FY2019, ended Dec 31, 2019 | $2.27B |
| FY2020, ended Dec 31, 2020 | $2.98B |
| FY2021, ended Dec 31, 2021 | $18.1B |
| FY2022, ended Dec 31, 2022 | $11.6B |
| FY2023, ended Dec 31, 2023 | $7.86B |
| FY2024, ended Dec 31, 2024 | $5.29B |
| FY2025, ended Dec 31, 2025 | $3.58B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.59B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.
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| Period | Total debt |
|---|---|
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | $75.0M |
| FY2021, ended Dec 31, 2021 | $1.23B |
| FY2022, ended Dec 31, 2022 | $1.23B |
| FY2023, ended Dec 31, 2023 | $4.43B |
| FY2024, ended Dec 31, 2024 | $4.44B |
| FY2025, ended Dec 31, 2025 | $4.44B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $4.44B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 1,348% since FY19.
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| Period | Shares outstanding |
|---|---|
| FY2019, ended Dec 31, 2019 | 100M |
| FY2020, ended Dec 31, 2020 | 101M |
| FY2021, ended Dec 31, 2021 | 901M |
| FY2022, ended Dec 31, 2022 | 927M |
| FY2023, ended Dec 31, 2023 | 977M |
| FY2024, ended Dec 31, 2024 | 1.13B |
| FY2025, ended Dec 31, 2025 | 1.24B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 1.45B |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.
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| Period | Paid to employees | Sold for cash |
|---|---|---|
| FY2019, ended Dec 31, 2019 | $0 | $2.75B |
| FY2020, ended Dec 31, 2020 | $0 | $2.51B |
| FY2021, ended Dec 31, 2021 | $570M | $2.66B |
| FY2022, ended Dec 31, 2022 | $987M | $102M |
| FY2023, ended Dec 31, 2023 | $821M | $0 |
| FY2024, ended Dec 31, 2024 | $692M | $0 |
| FY2025, ended Dec 31, 2025 | $741M | $750M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $797M | $1.30B |
Valuation
At current price- Market Cap
- $17.1B
- P/E
- n/m. Market cap / net income (TTM)
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.9×
- Price / Book
- 3.3×
- EV / EBITDA
- n/m. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $5.88B
- Revenue Growth YoY
- 14.2%
- Revenue CAGR 3Y
- 48.1%
- Revenue CAGR 5Y
- —. Compound annual growth over the last 5 fiscal years
- EPS Growth YoY
- n/m. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- n/m. TTM vs. TTM a year earlier
Profitability
Trailing 12 months- Gross Margin
- 7.5%
- Operating Margin
- −60.1%
- Net Margin
- −55.0%
- FCF Margin
- −59.3%
- Return on Equity
- −57.7%
Earnings
Trailing 12 months- Net Income
- −$3.23B
- EPS (diluted)
- −$2.59
- EBITDA
- −$2.71B
- Operating Income
- −$3.53B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $3.59B
- Total Debt
- $4.44B
- Net Debt
- $852M
- Total Assets
- $15.1B
- Total Liabilities
- $10.0B
- Shareholders' Equity
- $5.13B
Cash Flow
Trailing 12 months- Operating Cash Flow
- −$1.84B
- Capital Expenditure
- $1.64B
- Free Cash Flow
- −$3.49B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.62
Every ratio is calculated from the company’s reported figures.