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Financial Instruments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments and Fair Value Measurements
6. Financial Instruments and Fair Value Measurements
Cash and Cash Equivalents and Investments

The following tables summarize our cash, cash equivalents, and available-for-sale securities by significant investment category at December 31, 2025 and 2024 (in millions):
December 31, 2025
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-
Current
Marketable
Securities
Cash and cash equivalents$2,595 $— $— $2,595 $2,595 $— $— 
Available-for-sale:
Certificates of deposit91 — — 91 — 86 5 
U.S. treasury bills653 — — 653 — 653 — 
U.S. treasury notes2,188 5 (3)2,190 — 1,185 1,005 
Corporate debt securities2,535 6 (1)2,540 — 1,250 1,290 
Government debt securities66 — — 66 — 30 36 
Total$8,128 $11 $(4)$8,135 $2,595 $3,204 $2,336 
December 31, 2024
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-
Current
Marketable
Securities
Cash and cash equivalents$1,927 $— $— $1,927 $1,927 $— $— 
Available-for-sale:
Certificates of deposit52 — — 52 — 52 — 
U.S. treasury bills786 — — 786 — 786 — 
U.S. treasury notes3,048 3 (15)3,036 — 1,958 1,078 
Corporate debt securities3,590 3 (13)3,580 — 2,172 1,408 
Government debt securities138 — — 138 — 130 8 
Total$9,541 $6 $(28)$9,519 $1,927 $5,098 $2,494 
The amortized cost and estimated fair value of available-for-sale securities, by contractual maturity at December 31, 2025 and 2024 were as follows (in millions):
December 31, 2025
Amortized
Cost
Estimated
Fair Value
Due in one year or less
$3,199 $3,204 
Due after one year through five years
2,334 2,336 
Total$5,533 $5,540 
December 31, 2024
Amortized
Cost
Estimated
Fair Value
Due in one year or less$5,106 $5,098 
Due after one year through five years2,508 2,494 
Total$7,614 $7,592 

In accordance with our investment policy, we place investments in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. We evaluate securities for impairment at the end of each reporting period. We did not record any impairment charges related to our available-for-sale securities during the years ended December 31, 2025, 2024, and 2023. We did not recognize any credit-related allowance to available-for-sale securities as of December 31, 2025 and 2024.

The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by length of time the securities have been in an unrealized loss position at December 31, 2025 and 2024 (in millions):
Less than 12 Months12 Months or MoreTotal
Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
As of December 31, 2025:
U.S. treasury bills$— $111 $— $— $— $111 
U.S. treasury notes(1)176 (2)235 (3)411 
Corporate debt securities— 608 (1)40 (1)648 
Government debt securities— 36 — 8 — 44 
Total$(1)$931 $(3)$283 $(4)$1,214 
As of December 31, 2024:
U.S. treasury bills$— $101 $— $— $— $101 
U.S. treasury notes(2)729 (13)960 (15)1,689 
Corporate debt securities(4)843 (9)1,646 (13)2,489 
Government debt securities— — — 37 — 37 
Total$(6)$1,673 $(22)$2,643 $(28)$4,316 

At December 31, 2025 and 2024, we held 108 and 252 available-for-sale securities, respectively, out of our total investment portfolio that were in a continuous unrealized loss position. We neither intend to sell these investments nor conclude that we are more-likely-than-not that we will have to sell them before recovery of their carrying values. We also believe that we will be able to collect both principal and interest amounts due to us at maturity.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in millions):
Fair value at December 31, 2025Fair Value Measurement Using
Level 1Level 2
Assets:
Money market funds$963 $963 $— 
Certificates of deposit91 — 91 
U.S. treasury bills1,445 — 1,445 
U.S. treasury notes2,190 — 2,190 
Corporate debt securities3,163 — 3,163 
Government debt securities66 — 66 
Equity investments(1)
6 6 — 
Derivative instruments1 — 1 
Total$7,925 $969 $6,956 
Liabilities:
Derivative instruments
$4 $— $4 

Fair value at December 31, 2024Fair Value Measurement Using
Level 1Level 2
Assets:
Money market funds$1,195 $1,195 $— 
Certificates of deposit52 — 52 
U.S. treasury bills1,016 — 1,016 
U.S. treasury notes3,036 — 3,036 
Corporate debt securities3,763 — 3,763 
Government debt securities138 — 138 
Equity investments(1)
14 14 — 
Derivative instruments
10 — 10 
Total$9,224 $1,209 $8,015 
Liabilities:
Derivative instruments
$2 $— $2 
_______
(1)Investments in publicly traded equity securities with readily determinable fair values are recorded at quoted market prices for identical securities, with changes in fair value recorded in other expense net, in our consolidated statements of operations.

As of December 31, 2025 and 2024, we did not have non-financial assets or liabilities measured at fair value on a recurring basis.

For the years ended December 31, 2025, 2024 and 2023, we recognized net losses of $8 million, $52 million and $35 million, respectively, on equity investments from changes in fair value of the securities.

Fair Value of Other Financial Instruments

We estimate the fair value of our term loan using Level 2 inputs. The fair value of the term loan approximates its carrying value as of December 31, 2025, because the instrument bears interest at a variable rate that reflects current market rates. See Note 11 for additional information.