v3.25.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND 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 June 30, 2025 and December 31, 2024:
 June 30,
2025		December 31,
2024
(In millions)
Cash and cash equivalents
$6,688 $6,662 
Funds receivable and customer accounts:
Cash and cash equivalents(1)
$12,292 $15,828 
Time deposits123 15 
Available-for-sale debt securities16,370 14,551 
Funds receivable10,138 7,277 
Total funds receivable and customer accounts$38,923 $37,671 
Short-term investments:
Time deposits$110 $107 
Available-for-sale debt securities3,210 4,154 
Restricted cash— 1 
Total short-term investments$3,320 $4,262 
Long-term investments:
Time deposits$17 $22 
Available-for-sale debt securities2,052 3,002 
Strategic investments1,576 1,559 
Total long-term investments$3,645 $4,583 
(1) Includes $265 million and $149 million of available-for-sale debt securities with original maturities of three months or less as of June 30, 2025 and December 31, 2024, respectively.
As of June 30, 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:
 
June 30, 2025(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$4,438 $2 $— $4,440 
Foreign government and agency securities76 — — 76 
Corporate debt securities2,352 3 (1)2,354 
Mortgage-backed and asset-backed securities4,558 5 (13)4,550 
Municipal securities344 — — 344 
Commercial paper3,694 1 (1)3,694 
Short-term investments:
U.S. government and agency securities390 — — 390 
Foreign government and agency securities143 — — 143 
Corporate debt securities1,632 1 (1)1,632 
Mortgage-backed and asset-backed securities832 1 (1)832 
Commercial paper213 — — 213 
Long-term investments:
U.S. government and agency securities230 — — 230 
Foreign government and agency securities60 — — 60 
Corporate debt securities736 1 (1)736 
Mortgage-backed and asset-backed securities1,028 — (2)1,026 
Total available-for-sale debt securities(2)
$20,726 $14 $(20)$20,720 
(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.”

Gross amortized cost and estimated fair value balances exclude accrued interest receivable on available-for-sale debt securities, which totaled $117 million and $140 million at June 30, 2025 and December 31, 2024, respectively, and were included in other current assets on our condensed consolidated balance sheets.
As of June 30, 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:
 
June 30, 2025(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$966 $— $— $— $966 $— 
Foreign government and agency securities76 — — — 76 — 
Corporate debt securities710 (1)75 — 785 (1)
Mortgage-backed and asset-backed securities3,132 (13)124 — 3,256 (13)
Municipal securities14 — — — 14 — 
Commercial paper974 (1)— — 974 (1)
Short-term investments:
Foreign government and agency securities— — 34 — 34 — 
Corporate debt securities246 (1)10 — 256 (1)
Mortgage-backed and asset-backed securities483 (1)15 — 498 (1)
Commercial paper195 — — — 195 — 
Long-term investments:
U.S. government and agency securities45 — — — 45 — 
Corporate debt securities281 (1)10 — 291 (1)
Mortgage-backed and asset-backed securities801 (2)— — 801 (2)
Total available-for-sale debt securities$7,923 $(20)$268 $— $8,191 $(20)
(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.
Unrealized losses have not been recognized into income as we neither intend to sell, nor anticipate that it is more likely than not that we will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value was due primarily to changes in market interest rates, rather than credit losses. We will continue to monitor the performance of the investment portfolio and assess whether impairment due to expected credit losses has occurred.

The table below presents cash inflows related to available-for-sale debt securities:
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Proceeds from sales and maturities of available-for-sale debt securities
$7,069 $8,985 $12,541 $20,237 

During the three and six months ended June 30, 2025 and the three months ended June 30, 2024, we incurred gross realized losses and gains which were de minimis. During the six months ended June 30, 2024, we incurred gross realized losses of $42 million. Gross realized gains and losses were determined using the specific identification method.

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:
 June 30, 2025
Amortized CostFair Value
(In millions)
One year or less $10,994 $10,995 
After one year through five years3,988 3,993 
After five years through ten years2,681 2,680 
After ten years3,063 3,052 
Total$20,726 $20,720 

Actual maturities may differ from contractual maturities as certain securities may be prepaid.

Supplemental cash flow information related to investments

Non-cash investing transactions that were not reflected in the condensed consolidated statement of cash flows for the six months ended June 30, 2025 and 2024 include the purchase of investments, net of sales, of $29 million and $126 million, respectively, that have not yet settled.

STRATEGIC INVESTMENTS

Our strategic investments include marketable equity securities, which are publicly traded, and non-marketable equity securities, which are primarily investments in privately held companies. Our marketable equity securities have readily determinable fair values and are recorded as long-term investments on our condensed consolidated balance sheets at fair value with changes in fair value recorded in other income (expense), net on our condensed consolidated statements of income (loss). Marketable equity securities totaled $14 million and $23 million as of June 30, 2025 and December 31, 2024, respectively.

Our non-marketable equity securities are recorded as long-term investments on our condensed consolidated balance sheets. The carrying value of our non-marketable equity securities totaled $1.6 billion and $1.5 billion as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, we had non-marketable equity securities of $203 million and $200 million, respectively, for which we have the ability to exercise significant influence, but not control, over the investee. We account for these equity securities using the equity method of accounting. The remaining non-marketable equity securities do not have a readily determinable fair value and we measure these equity investments at cost minus impairment, if any, and adjust for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “Measurement Alternative”). All gains and losses on these investments, realized and unrealized, and our share of earnings or losses from investments accounted for using the equity method are recognized in other income (expense), net on our condensed consolidated statements of income (loss).
Measurement Alternative adjustments

The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Carrying amount, beginning of period$1,413 $1,624 $1,336 $1,631 
Adjustments related to non-marketable equity securities:
Net (reductions) additions(1)
(76)25 (54)65 
Gross unrealized gains28 3 83 3 
Gross unrealized losses and impairments(6)(17)(6)(64)
Carrying amount, end of period$1,359 $1,635 $1,359 $1,635 
(1) Net (reductions) 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 June 30, 2025 and December 31, 2024, respectively:
June 30,
2025		December 31,
2024
(In millions)
Cumulative gross unrealized gains $975 $1,187 
Cumulative gross unrealized losses and impairments$(445)$(562)

Unrealized gains (losses) on strategic investments, excluding those accounted for using the equity method

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 June 30, 2025 and 2024, respectively:
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Net unrealized gains (losses)$20 $(19)$68 $(70)