v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Schedule of Unrealized Gains and Losses and Estimated Fair Value of Investments Classified as Available-for-Sale Debt Securities
The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities as of the dates indicated (in millions):
 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 securities154   —   (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 securities367 — (4)363 

$3,462 $1 $(6)$3,457 
Long-term investments:
Corporate debt securities$1,117 $4 $(2)$1,119 
Government and agency securities194   —   (4) 190 
$1,311 $4 $(6)$1,309 
Schedule of Estimated Fair Values of Short-term and Long-term Investments Classified as Available-for-Sale Debt Securities by Date of Contractual Maturity
The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities by date of contractual maturity as of the date indicated (in millions):
 June 30,
2025
One year or less$1,706 
One year through two years
529 
Two years through three years566 
Three years through four years305 
Four years through five years173 
Thereafter
35 
Total$3,314 
Schedule of Equity Method Investments
The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationJune 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 accountingLong-term investments65 65 
Equity investments under the fair value option
Long-term investments50 54 
Total equity investments$912 $1,130 
Schedule of Unrealized Gains and Losses on Equity Investments
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,
2025202420252024
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)