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Other Income (Expense), Net

Other  income  (expense),  net  was  not  material  for  the  quarters  presented  prior  to  2026.  Other  income 
(expense),  net  of $(309) million  and $(8.4) billion  for  the three months ended March 31, 2026  and June 30, 
2026, respectively, was primarily driven by the initial fair value recognition and subsequent change in fair value 
of  the  assets  and  liabilities  recognized  under  the  note  purchase  agreements.  See  Note  4  to  our  consolidated 
financial statements included elsewhere in this prospectus.

Provision for Income Taxes

Provision for income taxes was not material for the quarters presented.

Quarterly Adjusted Operating Income (Loss) and Adjusted Operating Margin

(in millions, except for 
percentages)
Operating income (loss)
Stock-based compensation 
expense
Non-cash charitable 
contributions(1)
Bartz settlement(2)
Adjusted Operating 
Income (Loss)

Revenue

Operating margin
Adjusted Operating 
Margin

$

$

Three Months Ended

March 31,
2025

June 30,
2025

September 30,
2025

December 31,
2025

March 31,
2026

June 30,
2026

$

(935)

$ (1,200)

$ (3,089)

$ (2,836)

$ (1,667)

$

974

105

—

—

181

—

—

305

—

1,500

574

541

—

924

126

—

1,261

—

—

(830)

$ (1,019)

$

(1,284)

$ (1,721)

$

(617)

$ 2,235

$

376
(249)%

$

787
(152)%

1,382
(224)%

$ 2,040

$

4,731

$ 11,555

(139)%

(35)%

(221)%

(129)%

(93)%

(84)%

(13)%

8 %

19 %

______________
(1) Relates to non-cash charges from our donation matching program, the value of which is linked to employee equity awards and 

recorded in other operating and administrative expenses.

(2) Excluded from our calculation of Adjusted Operating Income (Loss) as it is not indicative of ongoing operations.

Quarterly Adjusted Net Income (Loss)

Three Months Ended

(in millions)
Net loss(1)
Stock-based compensation 
expense
Non-cash charitable 
contributions(2) 
Bartz settlement(3)
Change in fair value of 
convertible notes, 
derivative liabilities, and 
SAFEs
Change in fair value of 
certain mark-to-market 
financial instruments
Adjusted Net Income 
(Loss)

March 31,
2025
(6,592) $

$

June 30,
2025

(6,377) $

September 30,
2025
(12,138) $ (16,858) $ (14,439) $ (66,309)

December 31,
2025

March 31,
2026

June 30,
2026

105

—

—

181

—

—

305

—

1,500

574

541

—

924

126

—

1,261

—

—

5,701

5,241

9,165

14,201

12,791

59,597

—

—

—

3

288

8,432

$

(786) $

(955) $

(1,168) $

(1,539) $

(310) $

2,981

160