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Financial Instruments | 6 Months Ended
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Jun. 30, 2026
Financial Instruments [Abstract] |
Financial Instruments | Financial Instruments Fair Value Measurements Our cash equivalents, marketable securities, and restricted cash equivalents are classified within Level 1 or Level 2 of the fair value hierarchy because their fair values are derived from quoted market prices or alternative pricing sources and models utilizing market observable inputs. Certain other assets are classified within Level 3 because factors used to develop the estimated fair value are unobservable inputs that are not supported by market activity. The following tables summarize our assets measured at fair value on a recurring basis and the classification by level of input within the fair value hierarchy (in millions):
|  |  |  | Fair Value Measurement at Reporting Date Using
|  | June 30, 2026 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,223 |  |  | $ | 5,223 |  |  | $ | — |  |  | $ | — |
U.S. government securities |  | 2,077 |  |  | 2,077 |  |  | — |  |  | — |
Time deposits |  | 350 |  |  | — |  |  | 350 |  |  | — |
Corporate debt securities |  | 4,483 |  |  | — |  |  | 4,483 |  |  | — |
Total cash equivalents |  | 12,133 |  |  | 7,300 |  |  | 4,833 |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |
U.S. government securities |  | 41,724 |  |  | 41,724 |  |  | — |  |  | — |
U.S. government agency securities |  | 940 |  |  | 940 |  |  | — |  |  | — |
Corporate debt securities |  | 28,591 |  |  | — |  |  | 28,591 |  |  | — |
Marketable equity securities |  | 3,543 |  |  | 3,543 |  |  | — |  |  | — |
Total marketable securities |  | 74,798 |  |  | 46,207 |  |  | 28,591 |  |  | — |
Restricted cash equivalents |  | 13,554 |  |  | 13,554 |  |  | — |  |  | — |
Other assets |  | 114 |  |  | — |  |  | — |  |  | 114 |
Total |  | $ | 100,599 |  |  | $ | 67,061 |  |  | $ | 33,424 |  |  | $ | 114 |
|  |  |  | Fair Value Measurement at Reporting Date Using
|  | December 31, 2025 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 27,928 |  |  | $ | 27,928 |  |  | $ | — |  |  | $ | — |
U.S. government securities |  | 1,623 |  |  | 1,623 |  |  | — |  |  | — |
Time deposits |  | 328 |  |  | — |  |  | 328 |  |  | — |
Corporate debt securities |  | 1,603 |  |  | — |  |  | 1,603 |  |  | — |
Total cash equivalents |  | 31,482 |  |  | 29,551 |  |  | 1,931 |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |
U.S. government securities |  | 21,483 |  |  | 21,483 |  |  | — |  |  | — |
U.S. government agency securities |  | 767 |  |  | 767 |  |  | — |  |  | — |
Corporate debt securities |  | 17,477 |  |  | — |  |  | 17,477 |  |  | — |
Marketable equity securities |  | 5,992 |  |  | 5,992 |  |  | — |  |  | — |
Total marketable securities |  | 45,719 |  |  | 28,242 |  |  | 17,477 |  |  | — |
Restricted cash equivalents |  | 2,539 |  |  | 2,539 |  |  | — |  |  | — |
Other assets |  | 106 |  |  | — |  |  | — |  |  | 106 |
Total |  | $ | 79,846 |  |  | $ | 60,332 |  |  | $ | 19,408 |  |  | $ | 106 |
Restricted Cash Equivalents As of June 30, 2026, our restricted cash equivalents of $13.55 billion include $10.80 billion of money market funds related to escrow requirements under certain multi-year infrastructure purchase agreements. These funds are restricted from general corporate use and are expected to be released between 2028 and 2030 upon satisfying the underlying purchase obligations. Based on the expected timing of the release of these restrictions, substantially all of our restricted cash equivalents were classified within other assets on our condensed consolidated balance sheets. See Note 9 — Commitments and Contingencies for additional information. Marketable Debt Securities The following tables summarize our available-for-sale marketable debt securities with unrealized losses as of June 30, 2026 and December 31, 2025, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in millions):
| June 30, 2026
| Less than 12 months |  | 12 months or greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. government securities | $ | 38,575 |  |  | $ | (107) |  |  | $ | 212 |  |  | $ | (3) |  |  | $ | 38,787 |  |  | $ | (110) |
U.S. government agency securities | 407 |  |  | (3) |  |  | 25 |  |  | — |  |  | 432 |  |  | (3) |
Corporate debt securities | 12,413 |  |  | (45) |  |  | 574 |  |  | (5) |  |  | 12,987 |  |  | (50) |
Total | $ | 51,395 |  |  | $ | (155) |  |  | $ | 811 |  |  | $ | (8) |  |  | $ | 52,206 |  |  | $ | (163) |
| December 31, 2025
| Less than 12 months |  | 12 months or greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. government securities | $ | 1,491 |  |  | $ | (2) |  |  | $ | 1,570 |  |  | $ | (18) |  |  | $ | 3,061 |  |  | $ | (20) |
U.S. government agency securities | 17 |  |  | — |  |  | 25 |  |  | — |  |  | 42 |  |  | — |
Corporate debt securities | 1,213 |  |  | (1) |  |  | 1,534 |  |  | (20) |  |  | 2,747 |  |  | (21) |
Total | $ | 2,721 |  |  | $ | (3) |  |  | $ | 3,129 |  |  | $ | (38) |  |  | $ | 5,850 |  |  | $ | (41) |
As of June 30, 2026 and December 31, 2025, the gross unrealized gains on our marketable debt securities were not material and $300 million, respectively, and the allowance for credit losses were not material for both periods. The following table classifies our marketable debt securities by contractual maturities (in millions):
| June 30, 2026
Due within one year | $ | 44,551 |
Due after one year to five years | 26,704 |
Total | $ | 71,255 |
Marketable Equity Securities The net unrealized losses on our marketable equity securities were $733 million and $511 million for the three months ended June 30, 2026 and 2025, respectively; and $2.30 billion and $374 million for the six months ended June 30, 2026 and 2025, respectively. These losses are recorded within interest and other income (expense), net on our condensed consolidated statements of income.

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- Definition Financial Instruments + References No definition available. + Details
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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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