v3.25.1
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Assets Underlying Cash and Cash Equivalents, Funds Receivable and Customer Accounts, Short-term Investments, and Long-term Investments
The following table summarizes the assets underlying our cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments as of March 31, 2025 and December 31, 2024:
 March 31,
2025		December 31,
2024
(In millions)
Cash and cash equivalents(1)
$7,449 $6,561 
Funds receivable and customer accounts:
Cash and cash equivalents(2)
$13,532 $15,828 
Time deposits102 15 
Available-for-sale debt securities15,514 14,551 
Funds receivable10,057 7,277 
Total funds receivable and customer accounts$39,205 $37,671 
Short-term investments:
Time deposits$114 $107 
Available-for-sale debt securities3,550 4,154 
Restricted cash— 1 
Strategic investments98 — 
Total short-term investments$3,762 $4,262 
Long-term investments:
Time deposits$17 $22 
Available-for-sale debt securities3,062 3,002 
Strategic investments1,534 1,559 
Total long-term investments$4,613 $4,583 
(1) Includes $971 million and nil of available-for-sale debt securities with original maturities of three months or less as of March 31, 2025 and December 31, 2024, respectively.
(2) Includes nil and $149 million of available-for-sale debt securities with original maturities of three months or less as of March 31, 2025 and December 31, 2024, respectively.
Schedule of Estimated Fair Value of Investments Classified as Available for Sale
As of March 31, 2025 and December 31, 2024, the estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments was as follows:
 
March 31, 2025(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$599 $— $— $599 
Commercial paper372 — — 372 
Funds receivable and customer accounts:
U.S. government and agency securities5,238 5 (1)5,242 
Foreign government and agency securities107 — — 107 
Corporate debt securities1,093 1 — 1,094 
Mortgage-backed and asset-backed securities4,490 9 (8)4,491 
Municipal securities426 1 — 427 
Commercial paper3,469 1 — 3,470 
Short-term investments:
U.S. government and agency securities52 — — 52 
Foreign government and agency securities78 — — 78 
Corporate debt securities1,887 1 (1)1,887 
Mortgage-backed and asset-backed securities970 1 (1)970 
Commercial paper563 — — 563 
Long-term investments:
U.S. government and agency securities271 — — 271 
Foreign government and agency securities124 — — 124 
Corporate debt securities1,416 2 (2)1,416 
Mortgage-backed and asset-backed securities1,254 — (3)1,251 
Total available-for-sale debt securities(2)
$22,409 $21 $(16)$22,414 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
 
December 31, 2024(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$5,709 $4 $(2)$5,711 
Foreign government and agency securities77 — — 77 
Corporate debt securities405 — — 405 
Mortgage-backed and asset-backed securities
4,039 13 (5)4,047 
Municipal securities503 1 — 504 
Commercial paper3,391 1 — 3,392 
Short-term investments:
U.S. government and agency securities188 — (2)186 
Foreign government and agency securities84 — — 84 
Corporate debt securities1,751 — (2)1,749 
Mortgage-backed and asset-backed securities
848 5 — 853 
Commercial paper1,281 1 — 1,282 
Long-term investments:
U.S. government and agency securities235 — — 235 
Foreign government and agency securities124 — (1)123 
Corporate debt securities1,601 3 (2)1,602 
Mortgage-backed and asset-backed securities
1,042 1 (1)1,042 
Total available-for-sale debt securities(2)
$21,278 $29 $(15)$21,292 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
As of March 31, 2025 and December 31, 2024, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary in the current period, aggregated by the length of time those individual securities have been in a continuous loss position, was as follows:
 
March 31, 2025(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$599 $— $— $— $599 $— 
Commercial paper372 — — — 372 — 
Funds receivable and customer accounts:
U.S. government and agency securities1,328 (1)338 — 1,666 (1)
Foreign government and agency securities87 — — — 87 — 
Corporate debt securities381 — 50 — 431 — 
Mortgage-backed and asset-backed securities3,370 (8)1 — 3,371 (8)
Municipal securities43 — 23 — 66 — 
Commercial paper425 — — — 425 — 
Short-term investments:
U.S. government and agency securities— — 51 — 51 — 
Corporate debt securities186 (1)30 — 216 (1)
Mortgage-backed and asset-backed securities702 (1)10 — 712 (1)
Commercial paper150 — — — 150 — 
Long-term investments:
Foreign government and agency securities— — 34 — 34 — 
Corporate debt securities447 (1)9 (1)456 (2)
Mortgage-backed and asset-backed securities1,061 (3)— — 1,061 (3)
Total available-for-sale debt securities$9,151 $(15)$546 $(1)$9,697 $(16)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
 
December 31, 2024(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$1,314 $(1)$517 $(1)$1,831 $(2)
Foreign government and agency securities57 — — — 57 — 
Corporate debt securities105 — 50 — 155 — 
Mortgage-backed and asset-backed securities
1,673 (5)2 — 1,675 (5)
Municipal securities29 — 36 — 65 — 
Commercial paper275 — — — 275 — 
Short-term investments:
U.S. government and agency securities— — 186 (2)186 (2)
Corporate debt securities618 (2)90 — 708 (2)
Mortgage-backed and asset-backed securities
250 — 18 — 268 — 
Commercial paper218 — — — 218 — 
Long-term investments:
U.S. government and agency securities50 — — — 50 — 
Foreign government and agency securities90 — 34 (1)124 (1)
Corporate debt securities347 (1)9 (1)356 (2)
Mortgage-backed and asset-backed securities
610 (1)— — 610 (1)
Total available-for-sale debt securities$5,636 $(10)$942 $(5)$6,578 $(15)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
Schedule of Cash Inflows Related to Available-for-Sale Debt Securities
The table below presents cash inflows related to available-for-sale debt securities:
 Three Months Ended March 31,
2025
2024
(In millions)
Proceeds from sales and maturities of available-for-sale debt securities
$5,472 $11,252 
Schedule of Estimated Fair Values of Investments Classified as Available for Sale by Contractual Maturity
Our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows:
 March 31, 2025
Amortized CostFair Value
(In millions)
One year or less $12,094 $12,097 
After one year through five years4,486 4,494 
After five years through ten years2,979 2,980 
After ten years2,850 2,843 
Total$22,409 $22,414 
Schedule of Carrying Value of our Non-Marketable Equity Securities
The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended March 31,
 20252024
(In millions)
Carrying amount, beginning of period$1,336 $1,631 
Adjustments related to non-marketable equity securities:
Net additions(1)
22 40 
Gross unrealized gains55 — 
Gross unrealized losses and impairments— (47)
Carrying amount, end of period$1,413 $1,624 
(1) Net additions include purchases, reductions due to sales of securities, and reclassifications when the Measurement Alternative is subsequently elected or no longer applies.

The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative held at March 31, 2025 and December 31, 2024, respectively:
March 31,
2025		December 31,
2024
(In millions)
Cumulative gross unrealized gains $1,242 $1,187 
Cumulative gross unrealized losses and impairments$(562)$(562)
Schedule of Unrealized Gains (Losses) on Strategic Investments
The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at March 31, 2025 and 2024, respectively:
 Three Months Ended March 31,
 20252024
(In millions)
Net unrealized gains (losses)$48 $(51)