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Table of Contents Operating Expenses Compute and Infrastructure (in millions, except for percentages) Compute and infrastructure Percentage of revenue Six Months Ended June 30, 2025 2026 $ Change % Change $ 2,334 $ 8,945 $ 6,611 283 % 201 % 55 % Compute and infrastructure expenses for the six months ended June 30, 2026 increased by $6.6 billion, or 283%, compared to the six months ended June 30, 2025. The increase was driven by the delivery of committed compute throughout the first half of 2026 under our CSP arrangements. As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased accordingly. Compute and infrastructure expenses as a percentage of revenue decreased as revenue increased significantly in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, against a compute base that was primarily committed in advance and did not fluctuate with in-period demand. Personnel (in millions, except for percentages) Personnel Percentage of revenue Six Months Ended June 30, 2025 2026 $ Change % Change $ 538 $ 3,152 $ 2,614 486 % 46 % 19 % Personnel expenses for the six months ended June 30, 2026 increased by $2.6 billion, or 486%, compared to the six months ended June 30, 2025. The increase was driven by a $1.9 billion increase in stock-based compensation expense and a $510 million increase in cash compensation, both as a result of headcount growth. Sales, Marketing, and Partnerships (in millions, except for percentages) Sales, marketing, and partnerships Percentage of revenue Six Months Ended June 30, 2025 2026 $ Change % Change $ 120 $ 3,168 $ 3,048 2,540 % 10 % 19 % Sales, marketing, and partnerships expenses for the six months ended June 30, 2026 increased by $3.0 billion, or 2,540%, compared to the six months ended June 30, 2025. The increase was primarily driven by a $2.7 billion increase in fees paid to channel partners, reflecting the growth of our business, and a $273 million increase in marketing and advertising expenses, reflecting higher media spend to support product launches. Other Operating and Administrative (in millions, except for percentages) Other operating and administrative Percentage of revenue Six Months Ended June 30, 2025 2026 $ Change % Change $ 306 $ 1,714 $ 1,408 460 % 26 % 11 % Other operating and administrative expenses for the six months ended June 30, 2026 increased by $1.4 billion, or 460%, compared to the six months ended June 30, 2025. The increase was primarily driven by a $251 million increase in vendor costs related to data quality and performance evaluation services, a $223 million increase in information technology and cloud software costs, a $222 million increase in payment processing fees, a $205 million increase in professional services costs, a $126 million increase in non-cash charges related to our donation matching program, and a $68 million increase in facility and occupancy costs. 149
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