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v3.26.1

INVESTMENTS (Tables) | 9 Months Ended
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Mar. 31, 2026
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 |
March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Fair Value Recorded in Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Level 2 |  |  | $ | 5,544 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5,544 |  |  | $ | 5,543 |  |  | $ | 1 |  |  | $ | 0 |
Certificates of deposit |  | Level 2 |  |  |  | 1,394 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,394 |  |  |  | 1,350 |  |  |  | 44 |  |  |  | 0 |
U.S. government securities |  | Level 1 |  |  |  | 50,821 |  |  |  | 25 |  |  |  | (1,078 | ) |  |  | 49,768 |  |  |  | 8,923 |  |  |  | 32,119 |  |  |  | 8,726 |
U.S. agency securities |  | Level 2 |  |  |  | 3,215 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,215 |  |  |  | 2,465 |  |  |  | 750 |  |  |  | 0 |
Foreign government bonds |  | Level 2 |  |  |  | 225 |  |  |  | 13 |  |  |  | (5 | ) |  |  | 233 |  |  |  | 0 |  |  |  | 233 |  |  |  | 0 |
Mortgage- and asset-backed securities |  | Level 2 |  |  |  | 2,010 |  |  |  | 6 |  |  |  | (23 | ) |  |  | 1,993 |  |  |  | 0 |  |  |  | 1,993 |  |  |  | 0 |
Corporate notes and bonds |  | Level 2 |  |  |  | 10,652 |  |  |  | 66 |  |  |  | (73 | ) |  |  | 10,645 |  |  |  | 0 |  |  |  | 10,645 |  |  |  | 0 |
Corporate notes and bonds |  | Level 3 |  |  |  | 1,601 |  |  |  | 120 |  |  |  | 0 |  |  |  | 1,721 |  |  |  | 0 |  |  |  | 101 |  |  |  | 1,620 |
Municipal securities |  | Level 2 |  |  |  | 152 |  |  |  | 1 |  |  |  | (6 | ) |  |  | 147 |  |  |  | 0 |  |  |  | 147 |  |  |  | 0 |
Municipal securities |  | Level 3 |  |  |  | 104 |  |  |  | 0 |  |  |  | (14 | ) |  |  | 90 |  |  |  | 0 |  |  |  | 90 |  |  |  | 0 |
Total debt investments |  |  |  |  | $ | 75,718 |  |  | $ | 231 |  |  | $ | (1,199 | ) |  | $ | 74,750 |  |  | $ | 18,281 |  |  | $ | 46,123 |  |  | $ | 10,346 |
Changes in Fair Value Recorded in Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,911 |  |  | $ | 1,093 |  |  | $ | 0 |  |  | $ | 2,818 |
Equity investments |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,519 |  |  |  | 0 |  |  |  | 0 |  |  |  | 20,519 |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 24,430 |  |  | $ | 1,093 |  |  | $ | 0 |  |  | $ | 23,337 |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,731 |  |  | $ | 12,731 |  |  | $ | 0 |  |  | $ | 0 |
Derivatives, net (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44 |  |  |  | 0 |  |  |  | 44 |  |  |  | 0 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 111,955 |  |  | $ | 32,105 |  |  | $ | 46,167 |  |  | $ | 33,683 |
(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 |  |  |  |
March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 6,800 |  |  | $ | (335 | ) |  | $ | 23,042 |  |  | $ | (743 | ) |  | $ | 29,842 |  |  | $ | (1,078 | )
Foreign government bonds |  |  | 91 |  |  |  | (2 | ) |  |  | 31 |  |  |  | (3 | ) |  |  | 122 |  |  |  | (5 | )
Mortgage- and asset-backed securities |  |  | 581 |  |  |  | (3 | ) |  |  | 150 |  |  |  | (20 | ) |  |  | 731 |  |  |  | (23 | )
Corporate notes and bonds |  |  | 3,472 |  |  |  | (29 | ) |  |  | 1,411 |  |  |  | (44 | ) |  |  | 4,883 |  |  |  | (73 | )
Municipal securities |  |  | 0 |  |  |  | 0 |  |  |  | 154 |  |  |  | (20 | ) |  |  | 154 |  |  |  | (20 | )
Total |  | $ | 10,944 |  |  | $ | (369 | ) |  | $ | 24,788 |  |  | $ | (830 | ) |  | $ | 35,732 |  |  | $ | (1,199 | )
|  | 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 March 31, 2026:
(In millions) |  | Adjusted Cost Basis |  |  | Estimated Fair Value |
March 31, 2026 |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 31,578 |  |  | $ | 31,489 |
Due after one year through five years |  |  | 39,402 |  |  |  | 38,528 |
Due after five years through 10 years |  |  | 3,481 |  |  |  | 3,559 |
Due after 10 years |  |  | 1,257 |  |  |  | 1,174 |
Total |  | $ | 75,718 |  |  | $ | 74,750 |

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