v3.25.4

INVESTMENTS | 6 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | NOTE 4 — INVESTMENTS 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. Equity investments presented as “Other” in the tables above include investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments, measured using the equity method, or measured at fair value using net asset value as a practical expedient which are not categorized in the fair value hierarchy. As of December 31, 2025 and June 30, 2025, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $5.0 billion and $2.9 billion, respectively, and equity investments measured using the equity method were $11.5 billion and $6.0 billion, respectively. 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 | )
Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent impairments based on our evaluation of available evidence. 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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- Definition The entire disclosure for cash, cash equivalent, investment in debt and equity securities, equity method investment, investment in joint venture, and investment classified as other. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 13 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482477/820-10-65-13 + Details
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