Equity Investments

3 Months Ended

Jun. 30, 2026

Investments, All Other Investments [Abstract]

5 - Equity Investments

A summary of the components of equity investments is as follows:


	As of
(in millions)	June 30, 2026		March 31, 2026
Equity method investments under fair value option	$	141	$	148
Equity investments in publicly listed companies	290		96
Equity method investments under equity method	12		13
Non-marketable equity securities	146		130
Total equity investments	$	589	$	387

Income (loss) from equity investments, net is as follows:


	Three Months Ended June 30,
(in millions)	2026		2025
Equity investments in publicly listed companies	$	126	$	4
Equity method investments (1)	(8)		(1)
Non-marketable equity securities (includes NAV)	10		1
Total income (loss) from equity investments, net	$	128	$	4

(1)Includes equity method investments where the Company elected the fair value option, including those under the net asset value (“NAV”) practical expedient, along with investments accounted for under the equity method.

Equity method investments under fair value option

The Company elected the fair value option to account for certain equity method investments in Acetone Limited. See discussion below, along with Note 8 - Fair Value, for further information.

The Company holds equity method investments in funds accounted for under the fair value option that apply the NAV practical expedient. The estimated fair values of the Company’s equity securities at fair value that qualify for the NAV practical expedient were provided by the funds based on the indicated market values of the underlying assets or investment portfolios. As of June 30, 2026 and March 31, 2026, the carrying value of equity method investments under the fair value option measured at NAV was $89.1 million and $91.3 million, respectively.

For the three months ended June 30, 2026 and 2025, the Company recognized losses from changes in fair value of $2.2 million and $2.0 million, respectively, for equity method investments accounted for under the NAV practical expedient. Changes in fair value are recorded through income (loss) from equity investments, net in the Condensed Consolidated Income Statements.

Acetone Limited

As of June 30, 2026 and March 31, 2026, the carrying value of the Company’s equity method investment in Acetone Limited was $51.5 million and $56.5 million, respectively. For the three months ended June 30, 2026, the Company recognized fair value losses of $5.0 million with respect to its investment in Acetone Limited in income (loss) from equity investments, net in the Condensed Consolidated Income Statements. For the three months ended June 30, 2025, the Company did not recognize fair value gains or losses with respect to its investment in Acetone Limited.

Equity investments in publicly listed companies

As of June 30, 2026 and March 31, 2026, the carrying value of the Company’s equity investments in publicly listed companies was $289.6 million and $96.1 million, respectively. During the three months ended June 30, 2026, the Company purchased an additional $67.9 million of Raspberry Pi Holdings plc’s ordinary shares. For the three months ended June 30, 2026 and 2025, the Company recognized fair value gains and (losses) with respect to its equity investments in publicly listed companies of $125.6 million and $3.8 million, respectively, in income (loss) from equity investments, net in the Condensed Consolidated Income Statements.

Non-marketable Equity Securities

Non-marketable securities are those for which the Company does not have significant influence or control. These represent either direct or indirect, through a capital fund, investments in unlisted early-stage development enterprises which are generating value for shareholders through research and development activities. The Company holds equity interests in certain funds which are accounted for under the NAV practical expedient. As of June 30, 2026 and March 31, 2026, the carrying value of assets measured at NAV was $30.3 million and $27.2 million, respectively. For the three months ended June 30, 2026 and 2025, the Company recognized gains of $1.6 million and $1.1 million, respectively, from changes in fair value for non-marketable securities accounted for under the NAV practical expedient.

As of June 30, 2026 and March 31, 2026, the carrying value of the Company’s preference shares of Kigen (UK) Limited (“Kigen”), an entity indirectly partially owned by SoftBank Vision Fund L.P., was $16.4 million. The preference shares are convertible into common shares of Kigen and are entitled to full dividends, distribution and voting rights. The Company does not have significant influence or control over Kigen and elected to apply the measurement alternative for this investment.

The Company elected to apply the measurement alternative to all other non-marketable equity securities. Under the measurement alternative, these equity securities are recorded at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes in orderly transactions.

The components of gains and (losses), which primarily include realized and unrealized gains and losses on non-marketable securities inclusive of those measured under the NAV practical expedient, are as follows:


	Three Months Ended June 30,
(in millions)	2026		2025
Observable price adjustments on non-marketable equity securities (includes NAV)	$	10	$	1


Total income (loss) from equity investments in non-marketable securities, net	$	10	$	1

All equity method investments held by the Company are considered long-term to enable ecosystem growth and are classified as non-current assets. For the three months ended June 30, 2026 and 2025, the Company recognized $2.4 million and $1.1 million, respectively, in dividends from equity investments measured using the NAV practical expedient. The total amount of financial commitments to existing investees of the Company not provided for in the condensed consolidated financial statements was $24.3 million and $25.6 million as of June 30, 2026 and March 31, 2026, respectively.