v3.25.4
Cash Equivalents and Investments
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Investments Cash Equivalents and Investments
The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss and fair value of the Company’s cash equivalents and investments as of the dates indicated (in thousands):
December 31, 2025
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$276,077 $— $— $276,077 
Money market deposit accounts360,127 — — 360,127 
Certificates of deposit143,325 146 — 143,471 
Commercial paper216,420 105 — 216,525 
Corporate bonds266,199 1,300 (8)267,491 
U.S. government and agency securities134,210 70 — 134,280 
Total unrestricted cash equivalents and short-term investments1,396,358 1,621 (8)1,397,971 
Restricted Balances(2)
Money market funds47,264 — — 47,264 
Certificates of deposit104,310 60 — 104,370 
Commercial paper921,902 462 — 922,364 
Corporate bonds15,022 15 — 15,037 
U.S. government and agency securities843,661 402 — 844,063 
Total restricted cash equivalents and investments1,932,159 939 — 1,933,098 
Total unrestricted and restricted cash equivalents and investments$3,328,517 $2,560 $(8)$3,331,069 
_______________
(1)Excludes $439.2 million of cash, which is included within the $1.8 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)Excludes $3.0 million of restricted cash, which is included within the $1.9 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
December 31, 2024
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$189,839 $— $— $189,839 
Money market deposit accounts304,716 — — 304,716 
Certificates of deposit171,352 150 (144)171,358 
Commercial paper762,405 529 (388)762,546 
Corporate bonds70,207 29 (5)70,231 
U.S. government and agency securities
352,984 295 (5)353,274 
Total unrestricted cash equivalents and short-term investments1,851,503 1,003 (542)1,851,964 
Restricted Balances
Money market funds42,699 — — 42,699 
Term deposits2,194 — — 2,194 
Certificates of deposit189,694 144 (242)189,596 
Commercial paper782,491 433 (368)782,556 
Corporate bonds59,254 19 (7)59,266 
U.S. government and agency securities465,516 349 (8)465,857 
Total restricted cash equivalents and investments1,541,848 945 (625)1,542,168 
Total unrestricted and restricted cash equivalents and investments$3,393,351 $1,948 $(1,167)$3,394,132 
_______________
(1)Excludes $132.5 million of cash, which is included within the $2.0 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
The Company’s investments consist of available-for-sale debt securities and term deposits. The term deposits are at cost, which approximates fair value. The Company considers debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the consolidated balance sheets. No individual security incurred continuous unrealized losses for greater than 12 months.
Interest income earned by the Company included in other income, net in the consolidated statements of operations was $147.2 million, $166.3 million and $145.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The Company is not aware of any specific event or circumstance that would require the Company to change its quarterly assessment of credit losses for any marketable available-for-sale debt security as of December 31, 2025. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the consolidated financial statements as soon as they become known. No credit losses were recognized as of December 31, 2025 for the Company’s marketable and non-marketable debt securities.
The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type and maturity (in thousands):
December 31, 2025
Less than 12 months12 months or greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$9,720 $— $2,000 $— $11,720 $— 
Corporate bonds 9,084 (2)8,368 (6)17,452 (8)
Commercial paper2,612 — — — 2,612 — 
Total available-for-sale debt securities in an unrealized loss position
$21,416 $(2)$10,368 $(6)$31,784 $(8)
December 31, 2024
Less than 12 months12 months or greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$99,144 $(386)$— $— $99,144 $(386)
Corporate bonds 49,516 (12)— — 49,516 (12)
Commercial paper241,805 (756)— — 241,805 (756)
U.S. government and agency securities62,787 (13)— — 62,787 (13)
Total available-for-sale debt securities in an unrealized loss position$453,252 $(1,167)$— $— $453,252 $(1,167)
The following table classifies the Company’s available-for-sale debt securities by contractual maturities (in thousands):
December 31,
20252024
Due within one year$1,745,834 $2,578,381 
Due within one year to three years190,096 — 
Total$1,935,930 $2,578,381