
	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Debt Securities
Level 1
Money market funds	$	1,010,307	$	—	$	—	$	1,010,307	$	1,010,307	$	—	$	—
U.S. Treasury securities	2,550,720		7,543		(41)		2,558,222		3,290		1,427,150		1,127,782
Subtotal	3,561,027		7,543		(41)		3,568,529		1,013,597		1,427,150		1,127,782
Level 2
U.S. agency securities	542,151		145		(183)		542,113		—		—		542,113
Commercial paper	325,261		9		—		325,270		—		325,270		—
Corporate debt securities	910,836		5,508		(130)		916,214		—		93,516		822,698
Subtotal	1,778,248		5,662		(313)		1,783,597		—		418,786		1,364,811
Total Debt Securities	$	5,339,275	$	13,205	$	(354)	$	5,352,126	$	1,013,597	$	1,845,936	$	2,492,593
Equity Securities
Level 1
Mutual funds (1)							$	3,887	$	—	$	3,887	$	—
Total Equity Securities							$	3,887	$	—	$	3,887	$	—
Total Cash Equivalents and Investments	$	5,339,275	$	13,205	$	(354)	$	5,356,013	$	1,013,597	$	1,849,823	$	2,492,593


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Debt Securities
Level 1
Money market funds	$	615,890	$	—	$	—	$	615,890	$	615,890	$	—	$	—
U.S. Treasury securities	2,159,558		1,886		(4,446)		2,156,998		—		1,402,694		754,304
Subtotal	2,775,448		1,886		(4,446)		2,772,888		615,890		1,402,694		754,304
Level 2
U.S. agency securities	293,423		82		(211)		293,294		—		1		293,293
Commercial paper	280,243		—		(1)		280,242		19,818		260,424		—
Corporate debt securities	594,221		2,202		(1,240)		595,183		—		32,565		562,618
Subtotal	1,167,887		2,284		(1,452)		1,168,719		19,818		292,990		855,911
Total Debt Securities	$	3,943,335	$	4,170	$	(5,898)	$	3,941,607	$	635,708	$	1,695,684	$	1,610,215
Equity Securities
Level 1
Mutual funds (1)							$	2,178	$	—	$	2,178	$	—
Total Equity Securities							$	2,178	$	—	$	2,178	$	—
Total Cash Equivalents and Investments	$	3,943,335	$	4,170	$	(5,898)	$	3,943,785	$	635,708	$	1,697,862	$	1,610,215

(1)The equity securities relate to the Company’s nonqualified deferred compensation plan and are held in a rabbi trust. Refer to Note 1, “Overview and Summary of Significant Accounting Policies”, section titled “Deferred Compensation Plan” to the notes to the consolidated financial statements for more information.

As of December 31, 2025, all of the Company’s short-term debt investments have contractual maturities of one year or less and all of the Company’s long-term debt investments have contractual maturities between one and five years.

Changes in market interest rates, credit risk of borrowers, and overall market liquidity, amongst other factors, may cause the Company’s short-term and long-term debt investments to fall below their amortized cost basis, resulting in unrealized losses. For those debt securities in an unrealized loss position as of December 31, 2025, the unrealized losses were primarily driven by increases in market interest rates following the date of purchase and the Company does not intend to sell, nor is it more likely than not it will be required to sell, such securities before recovering the amortized cost basis.

The following table presents fair values and gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):


	As of December 31, 2025
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	120,509	$	(41)	$	—	$	—	$	120,509	$	(41)
U.S. agency securities	218,506		(183)		—		—		218,506		(183)

Corporate debt securities	115,243		(130)		—		—		115,243		(130)
Total	$	454,258	$	(354)	$	—	$	—	$	454,258	$	(354)


	As of December 31, 2024
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	638,363	$	(4,434)	$	25,891	$	(12)	$	664,254	$	(4,446)
U.S. agency securities	102,229		(211)		—		—		102,229		(211)
Commercial paper	10,937		(1)		—		—		10,937		(1)
Corporate debt securities	256,629		(1,233)		3,041		(7)		259,670		(1,240)
Total	$	1,008,158	$	(5,879)	$	28,932	$	(19)	$	1,037,090	$	(5,898)