
	June 30, 2025
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate debt securities	$	1,497	$	—	$	—	$	1,497
Government and agency securities (1)	210		—		(1)		209
	$	1,707	$	—	$	(1)	$	1,706
Long-term investments:
Corporate debt securities	$	1,442	$	14	$	—	$	1,456
Government and agency securities	154		—		(2)		152
	$	1,596	$	14	$	(2)	$	1,608

(1)As of June 30, 2025, “Customer accounts and funds receivable” in our condensed consolidated balance sheet includes $26 million of fixed-income investments with original maturities greater than three months when purchased, which are disclosed as “Short-term investments” in these notes to the condensed consolidated financial statements.


	December 31, 2024
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate debt securities	$	3,095	$	1	$	(2)	$	3,094
Government and agency securities	367		—		(4)		363
	$	3,462	$	1	$	(6)	$	3,457
Long-term investments:
Corporate debt securities	$	1,117	$	4	$	(2)	$	1,119
Government and agency securities	194		—		(4)		190
	$	1,311	$	4	$	(6)	$	1,309

Our fixed-income investments consist of predominantly investment grade corporate debt securities and government and agency securities. The corporate debt and government and agency securities that we invest in are generally deemed to be low risk based on their credit ratings from major rating agencies.

The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss. The unrealized losses are due primarily to changes in credit spreads and interest rates. We regularly review investment securities for other-than-temporary impairment using both qualitative and quantitative criteria. Investments classified as available-for-sale debt securities are carried at fair value with changes reflected in our condensed consolidated statement of comprehensive income. Where there is an intention or a requirement to sell an impaired available-for-sale debt security, the entire impairment is recognized in earnings with a corresponding adjustment to the amortized cost basis of the security. From time to time, we sell available-for-sale debt securities in an unrealized loss position and recognize an immaterial loss.

We regularly review investment securities for credit impairment using both qualitative and quantitative criteria. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recognized through “Interest income and other, net” for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recognized through an allowance for credit losses is recognized in our condensed consolidated statement of comprehensive income. We did not recognize any credit-related impairment through an allowance for credit losses as of June 30, 2025 or December 31, 2024.

Investment securities in a continuous loss position for less than 12 months had an estimated fair value of $1,506 million and unrealized losses of $1 million as of June 30, 2025 compared to an estimated fair value of $1,665 million and unrealized losses of $4 million as of December 31, 2024. Investment securities in a continuous loss position for greater than 12 months had an estimated fair value of $238 million and unrealized losses of $2 million as of June 30, 2025 compared to an estimated fair value of $361 million and unrealized losses of $8 million as of December 31, 2024. Refer to “Note 14 — Accumulated Other Comprehensive Income” for amounts reclassified to earnings from unrealized gains and losses.


	Balance Sheet Location	June 30, 2025		December 31, 2024
Equity investments without readily determinable fair values	Long-term investments	$	797	$	1,011
Equity investments under the equity method of accounting	Long-term investments	65		65
Equity investments under the fair value option	Long-term investments	50		54
Total equity investments		$	912	$	1,130

Equity investments without readily determinable fair values are non-marketable equity securities, which are investments in privately-held companies for which we do not exercise significant influence and are accounted for under the measurement alternative. Under the measurement alternative, the carrying value is measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Changes in value and impairments of equity investments without readily determinable fair values are recognized in “Loss on equity investments and warrant, net” in our condensed consolidated statement of income. Equity investments without readily determinable fair values are presented within “Long-term investments” in our condensed consolidated balance sheet.

In the second quarter of 2024, we completed the sale of (1) 227 million Adevinta ASA (“Adevinta”) shares in exchange for $2.4 billion in cash and (2) 177 million Adevinta shares in exchange for 177 million shares of a new entity, Aurelia Netherlands TopCo B.V. (“Aurelia”). The newly acquired investment in Aurelia was valued at $1.9 billion and represented approximately 18.3% ownership of the outstanding equity.

Concurrently, we granted Aurelia UK Feederco Limited, the buyer of our previously owned Adevinta shares, a six-month option to purchase a portion of our Aurelia shares (the “Aurelia Option”) valued at $109 million as of June 30, 2024. In the fourth quarter of 2024, the Aurelia Option was exercised, upon which we sold 97 million shares in Aurelia in exchange for $1.0 billion in cash. The remaining investment represented 8.3% of the outstanding equity of Aurelia.

In the first quarter of 2025, Aurelia implemented a recapitalization in connection with the creation of a management incentive plan. Prior to the recapitalization, we only held common shares in Aurelia. Subsequent to the recapitalization, we now hold both common and preferred shares in Aurelia.

In the second quarter of 2025, we received a $225 million cash distribution related to our equity investment in Aurelia. The distribution represents a return of capital based on the nature of the transaction and terms of Aurelia’s shareholder agreement to which we are party. The distribution resulted in a $214 million reduction to the carrying value of the investment in our condensed consolidated balance sheet and a foreign exchange gain of $11 million recognized in “Interest income and other, net” in our condensed consolidated statement of income. Cash received from the distribution was classified as an investing activity in our condensed consolidated statement of cash flows.

Prior to the sale of Adevinta shares discussed above, we held a 33% equity interest in Adevinta. At the initial recognition of this equity investment in Adevinta, we elected the fair value option where subsequent changes in fair value were recognized in “Loss on equity investments and warrant, net” in the condensed consolidated statement of income. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

For the three months ended June 30, 2024, a realized gain of $84 million was recognized in “Loss on equity investments and warrant, net” in our condensed consolidated statement of income related to the sale of Adevinta shares. For the six months ended June 30, 2024, unrealized losses of $234 million and a realized gain of $78 million were recognized in “Loss on equity investments and warrant, net” in our condensed consolidated statement of income related to the change in fair value and sale of Adevinta shares, respectively.

Certain other individually immaterial equity investments aggregating to $144 million as of both June 30, 2025 and December 31, 2024 are accounted for under the measurement alternative. The change in value of our other equity investments without readily determinable fair values for each of the three and six-month periods ended June 30, 2025 and 2024 was immaterial both individually and in the aggregate.

We account for certain other individually immaterial equity investments through which we exercise significant influence but do not have control over the investee under the equity method. Our condensed consolidated statement of income includes, as a component of “Interest income and other, net,” our share of the net income or loss of the investee. Equity method investments are presented within “Long-term investments” in our condensed consolidated balance sheet. Our share of the net income or loss of equity method investments for the three and six-month periods ended June 30, 2025 and 2024 was immaterial both individually and in the aggregate.

In the fourth quarter of 2024, we sold our remaining stake in Gmarket Global LLC (“Gmarket”) valued at $323 million in exchange for $322 million in cash, net of transaction costs. Prior to the sale of shares, we held 19.99% of the equity interest in Gmarket, over which we were able to exercise significant influence based on the terms of the securities purchase agreement, and through our board representation. At the initial recognition of this equity investment in Gmarket, we elected the fair value option where subsequent changes in fair value were recognized in “Loss on equity investments and warrant, net” in the condensed consolidated statement of income. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

For the three and six months ended June 30, 2024, unrealized losses of $22 million and $28 million, respectively, were recognized in “Loss on equity investments and warrant, net” in our condensed consolidated statement of income related to the change in fair value of the investment in Gmarket.

Certain other individually immaterial equity investments aggregating to $50 million as of June 30, 2025 and $54 million as of December 31, 2024 are measured at fair value using the net asset value per share and therefore, have not been classified in the fair value hierarchy. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

The following table summarizes unrealized gains and losses on equity investments for the three and six months ended June 30, 2025 and 2024 as presented within “Loss on equity investments and warrant, net” for the periods indicated (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net gains (losses) recognized during the period on equity investments	$	(4)	$	61	$	(6)	$	(185)
Less: Net gains recognized on equity investments sold during the period	—		84		2		78
Total unrealized losses on equity investments held, end of period	$	(4)	$	(23)	$	(8)	$	(263)