Property and equipment consisted of the following as of December 31, 2025 and 2024 (in thousands, except years):
 
December 31, 2025December 31, 2024Estimated Useful Life
(in years)
Computer and networking equipment$3,058,517 $2,665,002 
3-7
Purchased software98,119 88,033 
3-10
Furniture and fixtures64,923 63,876 
1-7
Office equipment33,000 36,340 
3-5
Leasehold improvements198,377 197,663 
1-15
Internal-use software2,501,492 2,103,054 
2-10
Property and equipment, gross5,954,428 5,153,968 
Accumulated depreciation and amortization(3,620,966)(3,158,897)
Property and equipment, net$2,333,462 $1,995,071 
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Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 24, 2025
2023Feb 28, 2024
2022Feb 28, 2023
2021Feb 28, 2022
2020Feb 26, 2021
2019Feb 28, 2020
2018Feb 28, 2019
2017Mar 1, 2018
2016Feb 28, 2017
2015Feb 29, 2016

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.