v3.25.4
Cash Equivalents and Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash Equivalents and Short and Long-Term Investments
The following is a summary of the Company’s cash equivalents and short-term and long-term investments (in thousands):
As of December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-Term Investments
Debt Securities
Level 1
Money market funds$1,010,307 $— $— $1,010,307 $1,010,307 $— $— 
U.S. Treasury securities2,550,720 7,543 (41)2,558,222 3,290 1,427,150 1,127,782 
Subtotal3,561,027 7,543 (41)3,568,529 1,013,597 1,427,150 1,127,782 
Level 2
U.S. agency securities542,151 145 (183)542,113 — — 542,113 
Commercial paper325,261 9 — 325,270 — 325,270 — 
Corporate debt securities910,836 5,508 (130)916,214 — 93,516 822,698 
Subtotal1,778,248 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 GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-Term Investments
Debt Securities
Level 1
Money market funds$615,890 $— $— $615,890 $615,890 $— $— 
U.S. Treasury securities2,159,558 1,886 (4,446)2,156,998 — 1,402,694 754,304 
Subtotal2,775,4481,886(4,446)2,772,888615,8901,402,694754,304
Level 2
U.S. agency securities293,423 82 (211)293,294 — 1 293,293 
Commercial paper280,243 — (1)280,242 19,818 260,424 — 
Corporate debt securities594,221 2,202 (1,240)595,183 — 32,565 562,618 
Subtotal1,167,887 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.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
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)