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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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 as of March 31, 2026 and December 31, 2025 (in millions):

						March 31, 2026
						Amortized Cost						Unrealized Gains						Unrealized Losses						Estimated Fair Value						Cash and Cash Equivalents						Current Marketable Securities						Non- Current Marketable Securities
Cash and cash equivalents						$	1,908					$	—					$	—					$	1,908					$	1,908					$	—					$	—
Available-for-sale:
Certificates of deposit						61						—						—						61						—						61						—
U.S. treasury bills						610						—						—						610						—						610						—
U.S. treasury notes						2,230						1						(5)						2,226						—						1,233						993
Corporate debt securities						2,599						2						(6)						2,595						—						1,391						1,204
Government debt securities						56						—						—						56						—						2						54
Total						$	7,464					$	3					$	(11)					$	7,456					$	1,908					$	3,297					$	2,251
						December 31, 2025
						Amortized Cost						Unrealized Gains						Unrealized Losses						Estimated 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

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 as of March 31, 2026 and December 31, 2025 were as follows (in millions):

						March 31, 2026
						Amortized Cost						Estimated Fair Value
Due in one year or less						$	3,297					$	3,297
Due after one year through five years						2,259						2,251
Total						$	5,556					$	5,548

						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

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 the length of time the securities have been in an unrealized loss position as of March 31, 2026 and December 31, 2025 (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 March 31, 2026:
U.S. treasury bills						$	—					$	1,023					$	—					$	—					$	—					$	1,023
U.S. treasury notes						(3)						960						(2)						236						(5)						1,196
Corporate debt securities						(6)						1,562						—						35						(6)						1,597
Government debt securities						—						56						—						—						—						56
Total						$	(9)					$	3,601					$	(2)					$	271					$	(11)					$	3,872
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

Schedule of Financial Assets 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 March 31, 2026 and December 31, 2025 (in millions):

						Fair value at March 31, 2026						Fair Value Measurement Using
												Level 1						Level 2
Assets:
Money market funds						$	595					$	595					$	—
Certificates of deposit						61						—						61
U.S. treasury bills						1,141						—						1,141
U.S. treasury notes						2,226						—						2,226
Corporate debt securities						2,978						—						2,978
Government debt securities						56						—						56
Equity investments(1)						2						2						—
Derivative instruments						8						—						8
Total						$	7,067					$	597					$	6,470

						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

_______

(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 condensed 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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