v3.25.4

INVESTMENTS (Tables) | 6 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Components | The components of investments were as follows:
(In millions) |  | Fair Value Level |  | Adjusted Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  |  | Recorded Basis |  |  | Cash and Cash Equivalents |  | Short-term Investments |  |  | Equity and Other Investments |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Fair Value Recorded in Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Level 2 |  | $ | 8,367 |  | $ | 0 |  | $ | 0 |  |  | $ | 8,367 |  |  | $ | 7,622 |  | $ | 745 |  |  | $ | 0 |
Certificates of deposit |  | Level 2 |  |  | 3,506 |  |  | 0 |  |  | 0 |  |  |  | 3,506 |  |  |  | 3,062 |  |  | 444 |  |  |  | 0 |
U.S. government securities |  | Level 1 |  |  | 48,194 |  |  | 147 |  |  | (1,046 | ) |  |  | 47,295 |  |  |  | 2,045 |  |  | 45,250 |  |  |  | 0 |
U.S. agency securities |  | Level 2 |  |  | 2,444 |  |  | 0 |  |  | 0 |  |  |  | 2,444 |  |  |  | 0 |  |  | 2,444 |  |  |  | 0 |
Foreign government bonds |  | Level 2 |  |  | 402 |  |  | 18 |  |  | (6 | ) |  |  | 414 |  |  |  | 0 |  |  | 414 |  |  |  | 0 |
Mortgage- and asset-backed securities |  | Level 2 |  |  | 3,227 |  |  | 19 |  |  | (21 | ) |  |  | 3,225 |  |  |  | 0 |  |  | 3,225 |  |  |  | 0 |
Corporate notes and bonds |  | Level 2 |  |  | 12,162 |  |  | 176 |  |  | (55 | ) |  |  | 12,283 |  |  |  | 0 |  |  | 12,283 |  |  |  | 0 |
Corporate notes and bonds |  | Level 3 |  |  | 1,597 |  |  | 120 |  |  | 0 |  |  |  | 1,717 |  |  |  | 0 |  |  | 97 |  |  |  | 1,620 |
Municipal securities |  | Level 2 |  |  | 170 |  |  | 1 |  |  | (6 | ) |  |  | 165 |  |  |  | 0 |  |  | 165 |  |  |  | 0 |
Municipal securities |  | Level 3 |  |  | 105 |  |  | 0 |  |  | (12 | ) |  |  | 93 |  |  |  | 0 |  |  | 93 |  |  |  | 0 |
Total debt investments |  |  |  | $ | 80,174 |  | $ | 481 |  | $ | (1,146 | ) |  | $ | 79,509 |  |  | $ | 12,729 |  | $ | 65,160 |  |  | $ | 1,620 |
Changes in Fair Value Recorded in Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | Level 1 |  |  |  |  |  |  |  |  |  |  |  | $ | 4,366 |  |  | $ | 1,346 |  | $ | 0 |  |  | $ | 3,020 |
Equity investments |  | Other |  |  |  |  |  |  |  |  |  |  |  |  | 16,562 |  |  |  | 0 |  |  | 0 |  |  |  | 16,562 |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 20,928 |  |  | $ | 1,346 |  | $ | 0 |  |  | $ | 19,582 |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,221 |  |  | $ | 10,221 |  | $ | 0 |  |  | $ | 0 |
Derivatives, net (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6 |  |  |  | 0 |  |  | 6 |  |  |  | 0 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 110,664 |  |  | $ | 24,296 |  | $ | 65,166 |  |  | $ | 21,202 |
(In millions) |  | Fair Value Level |  | Adjusted Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  |  | Recorded Basis |  | Cash and Cash Equivalents |  | Short-term Investments |  | Equity and Other Investments |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Fair Value Recorded in Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Level 2 |  | $ | 10,880 |  | $ | 0 |  | $ | 0 |  |  | $ | 10,880 |  | $ | 9,939 |  | $ | 941 |  | $ | 0 |
Certificates of deposit |  | Level 2 |  |  | 2,653 |  |  | 0 |  |  | 0 |  |  |  | 2,653 |  |  | 2,309 |  |  | 344 |  |  | 0 |
U.S. government securities |  | Level 1 |  |  | 52,878 |  |  | 71 |  |  | (1,462 | ) |  |  | 51,487 |  |  | 4,742 |  |  | 46,745 |  |  | 0 |
U.S. agency securities |  | Level 2 |  |  | 2,686 |  |  | 0 |  |  | 0 |  |  |  | 2,686 |  |  | 496 |  |  | 2,190 |  |  | 0 |
Foreign government bonds |  | Level 2 |  |  | 349 |  |  | 24 |  |  | (9 | ) |  |  | 364 |  |  | 0 |  |  | 364 |  |  | 0 |
Mortgage- and asset-backed securities |  | Level 2 |  |  | 2,558 |  |  | 10 |  |  | (27 | ) |  |  | 2,541 |  |  | 0 |  |  | 2,541 |  |  | 0 |
Corporate notes and bonds |  | Level 2 |  |  | 10,763 |  |  | 124 |  |  | (101 | ) |  |  | 10,786 |  |  | 0 |  |  | 10,786 |  |  | 0 |
Corporate notes and bonds |  | Level 3 |  |  | 2,511 |  |  | 65 |  |  | (5 | ) |  |  | 2,571 |  |  | 0 |  |  | 111 |  |  | 2,460 |
Municipal securities |  | Level 2 |  |  | 207 |  |  | 1 |  |  | (7 | ) |  |  | 201 |  |  | 0 |  |  | 201 |  |  | 0 |
Municipal securities |  | Level 3 |  |  | 104 |  |  | 0 |  |  | (14 | ) |  |  | 90 |  |  | 0 |  |  | 90 |  |  | 0 |
Total debt investments |  |  |  | $ | 85,589 |  | $ | 295 |  | $ | (1,625 | ) |  | $ | 84,259 |  | $ | 17,486 |  | $ | 64,313 |  | $ | 2,460 |
Changes in Fair Value Recorded in Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | Level 1 |  |  |  |  |  |  |  |  |  |  |  | $ | 4,577 |  | $ | 1,045 |  | $ | 0 |  | $ | 3,532 |
Equity investments |  | Other |  |  |  |  |  |  |  |  |  |  |  |  | 9,141 |  |  | 0 |  |  | 0 |  |  | 9,141 |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,718 |  | $ | 1,045 |  | $ | 0 |  | $ | 12,673 |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,711 |  | $ | 11,711 |  | $ | 0 |  | $ | 0 |
Derivatives, net (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 282 |  |  | 0 |  |  | 10 |  |  | 272 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 109,970 |  | $ | 30,242 |  | $ | 64,323 |  | $ | 15,405 |
(a) Refer to Note 5 – Derivatives for further information on the fair value of our derivative instruments.
Unrealized Losses on Debt Investments | Debt investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows:
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  |  |  |  |  |  | Total Unrealized Losses |
(In millions) |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Total Fair Value |  |  |  |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 350 |  |  | $ | (4 | ) |  | $ | 28,600 |  |  | $ | (1,042 | ) |  | $ | 28,950 |  |  | $ | (1,046 | )
Foreign government bonds |  |  | 48 |  |  |  | (3 | ) |  |  | 83 |  |  |  | (3 | ) |  |  | 131 |  |  |  | (6 | )
Mortgage- and asset-backed securities |  |  | 0 |  |  |  | 0 |  |  |  | 202 |  |  |  | (21 | ) |  |  | 202 |  |  |  | (21 | )
Corporate notes and bonds |  |  | 432 |  |  |  | (2 | ) |  |  | 2,318 |  |  |  | (53 | ) |  |  | 2,750 |  |  |  | (55 | )
Municipal securities |  |  | 0 |  |  |  | 0 |  |  |  | 162 |  |  |  | (18 | ) |  |  | 162 |  |  |  | (18 | )
Total |  | $ | 830 |  |  | $ | (9 | ) |  | $ | 31,365 |  |  | $ | (1,137 | ) |  | $ | 32,195 |  |  | $ | (1,146 | )
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  |  |  |  |  |  | Total Unrealized Losses |
(In millions) |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Total Fair Value |  |  |  |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 2,569 |  |  | $ | (51 | ) |  | $ | 34,608 |  |  | $ | (1,411 | ) |  | $ | 37,177 |  |  | $ | (1,462 | )
Foreign government bonds |  |  | 43 |  |  |  | (2 | ) |  |  | 106 |  |  |  | (7 | ) |  |  | 149 |  |  |  | (9 | )
Mortgage- and asset-backed securities |  |  | 841 |  |  |  | (4 | ) |  |  | 189 |  |  |  | (23 | ) |  |  | 1,030 |  |  |  | (27 | )
Corporate notes and bonds |  |  | 1,107 |  |  |  | (8 | ) |  |  | 3,105 |  |  |  | (98 | ) |  |  | 4,212 |  |  |  | (106 | )
Municipal securities |  |  | 0 |  |  |  | 0 |  |  |  | 168 |  |  |  | (21 | ) |  |  | 168 |  |  |  | (21 | )
Total |  | $ | 4,560 |  |  | $ | (65 | ) |  | $ | 38,176 |  |  | $ | (1,560 | ) |  | $ | 42,736 |  |  | $ | (1,625 | )
Debt Investment Maturities | Debt Investment Maturities The following table outlines maturities of our debt investments as of December 31, 2025:
(In millions) |  | Adjusted Cost Basis |  |  | Estimated Fair Value |
December 31, 2025 |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 27,582 |  |  | $ | 27,509 |
Due after one year through five years |  |  | 47,136 |  |  |  | 46,511 |
Due after five years through 10 years |  |  | 4,110 |  |  |  | 4,213 |
Due after 10 years |  |  | 1,346 |  |  |  | 1,276 |
Total |  | $ | 80,174 |  |  | $ | 79,509 |

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