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Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash and Available-for-Sale Securities by Significant Investment Category

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 deposit						91						—						—						91						—						86						5
U.S. treasury bills						653						—						—						653						—						653						—
U.S. treasury notes						2,188						5						(3)						2,190						—						1,185						1,005
Corporate debt securities						2,535						6						(1)						2,540						—						1,250						1,290
Government debt securities						66						—						—						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 deposit						52						—						—						52						—						52						—
U.S. treasury bills						786						—						—						786						—						786						—
U.S. treasury notes						3,048						3						(15)						3,036						—						1,958						1,078
Corporate debt securities						3,590						3						(13)						3,580						—						2,172						1,408
Government debt securities						138						—						—						138						—						130						8
Total						$	9,541					$	6					$	(28)					$	9,519					$	1,927					$	5,098					$	2,494

Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity

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 years						2,508						2,494
Total						$	7,614					$	7,592

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

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 Months												12 Months or More												Total
						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated 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

Schedule of Financial Assets and Liabilities Measured at Fair Value on 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, 2025						Fair Value Measurement Using
												Level 1						Level 2
Assets:
Money market funds						$	963					$	963					$	—
Certificates of deposit						91						—						91
U.S. treasury bills						1,445						—						1,445
U.S. treasury notes						2,190						—						2,190
Corporate debt securities						3,163						—						3,163
Government debt securities						66						—						66
Equity investments(1)						6						6						—
Derivative instruments						1						—						1
Total						$	7,925					$	969					$	6,956
Liabilities:
Derivative instruments						$	4					$	—					$	4

						Fair value at December 31, 2024						Fair Value Measurement Using
												Level 1						Level 2
Assets:
Money market funds						$	1,195					$	1,195					$	—
Certificates of deposit						52						—						52
U.S. treasury bills						1,016						—						1,016
U.S. treasury notes						3,036						—						3,036
Corporate debt securities						3,763						—						3,763
Government debt securities						138						—						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.

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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