v3.26.1
Marketable Securities and Equity Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash Equivalents and Marketable Debt and Equity Securities A summary of our cash equivalents and marketable debt and equity securities, which are recorded at fair value, is shown
below:
As of March 31, 2026
As of December 31, 2025
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(in millions)
Cash equivalents
$2,569.8
$—
$—
$2,569.8
$2,779.1
$—
$—
$2,779.1
Marketable securities:
U.S. Treasury securities
1,744.9
2.8
(2.9)
1,744.8
1,852.9
12.1
(0.1)
1,864.9
U.S. government agency securities
207.8
0.6
(0.2)
208.2
261.2
1.2
—
262.4
Asset-backed securities
1,293.2
2.6
(2.2)
1,293.6
1,351.1
6.0
(0.1)
1,357.0
Certificates of deposit
36.6
—
—
36.6
26.2
—
—
26.2
Corporate debt securities
4,167.5
10.9
(7.9)
4,170.5
3,669.3
25.0
(0.4)
3,693.9
Commercial paper
29.6
—
—
29.6
14.6
—
—
14.6
Total marketable available-for-
sale debt securities
7,479.6
16.9
(13.2)
7,483.3
7,175.3
44.3
(0.6)
7,219.0
Corporate equity securities
25.0
—
(4.6)
20.4
25.0
—
(8.4)
16.6
Total marketable securities
7,504.6
16.9
(17.8)
7,503.7
7,200.3
44.3
(9.0)
7,235.6
Total cash equivalents and
marketable securities
$10,074.4
$16.9
$(17.8)
$10,073.5
$9,979.4
$44.3
$(9.0)
$10,014.7
Amounts in the table above at fair value were classified on our condensed consolidated balance sheets as follows:
As of March 31, 2026
As of December 31, 2025
(in millions)
Cash and cash equivalents
$2,569.8
$2,779.1
Marketable securities
1,753.8
1,523.3
Long-term marketable securities
5,749.9
5,712.3
Total
$10,073.5
$10,014.7
Marketable available-for-sale debt securities by contractual maturity were as follows:
As of March 31, 2026
As of December 31, 2025
(in millions)
Matures within one year
$1,733.4
$1,506.7
Matures after one year through five years
5,669.5
5,595.8
Matures after five years
80.4
116.5
Total
$7,483.3
$7,219.0
Schedule of Company's Net Unrealized Gains (Losses) on Corporate Equity Securities During the three months ended March 31, 2026 and 2025, our net unrealized
gains (losses) on corporate equity securities with readily determinable fair values held at the conclusion of each period were
as follows:
Three Months Ended March 31,
2026
2025
(in millions)
Net unrealized gains (losses)
$3.8
$(15.0)