v3.26.1
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:

March 31, 2026
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
U.S. government and agency securities$250 $— $250 
Money market fund48 48 — 
Total cash and cash equivalents298 48 250 
Short-term investments(2):
U.S. government and agency securities395 — 395 
Foreign government and agency securities110 — 110 
Corporate debt securities808 — 808 
Mortgage-backed and asset-backed securities403 — 403 
Commercial paper570 — 570 
Total short-term investments2,286 — 2,286 
Funds receivable and customer accounts(3):
U.S. government and agency securities4,174 — 4,174 
Foreign government and agency securities298 — 298 
Corporate debt securities2,763 — 2,763 
Mortgage-backed and asset-backed securities4,237 — 4,237 
Municipal securities33 — 33 
Commercial paper4,509 — 4,509 
Total funds receivable and customer accounts16,014 — 16,014 
Derivatives(4)
188 — 188 
Long-term investments(2),(5):
U.S. government and agency securities480 — 480 
Corporate debt securities543 — 543 
Mortgage-backed and asset-backed securities1,290 — 1,290 
Marketable equity securities106 106 — 
Total long-term investments2,419 106 2,313 
Total financial assets$21,205 $154 $21,051 
Liabilities:
Derivatives(4)
$60 $— $60 
(1) Excludes cash and cash equivalents of $6.7 billion not measured and recorded at fair value.
(2) Excludes time deposits of $85 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.5 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.7 billion measured using the Measurement Alternative or equity method accounting.

December 31, 2025
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
Money market fund$4 $4 $— 
Short-term investments(2):
U.S. government and agency securities443 — 443 
Foreign government and agency securities60 — 60 
Corporate debt securities984 — 984 
Mortgage-backed and asset-backed securities
448 — 448 
Commercial paper350 — 350 
Total short-term investments2,285 — 2,285 
Funds receivable and customer accounts(3):
U.S. government and agency securities3,530 — 3,530 
Foreign government and agency securities371 — 371 
Corporate debt securities2,736 — 2,736 
Mortgage-backed and asset-backed securities
3,831 — 3,831 
Municipal securities98 — 98 
Commercial paper4,265 — 4,265 
Total funds receivable and customer accounts14,831 — 14,831 
Derivatives(4)
20 — 20 
Long-term investments(2), (5):
U.S. government and agency securities400 — 400 
Foreign government and agency securities50 — 50 
Corporate debt securities650 — 650 
Mortgage-backed and asset-backed securities
1,321 — 1,321 
Marketable equity securities180 180 — 
Total long-term investments2,601 180 2,421 
Total financial assets$19,741 $184 $19,557 
Liabilities:
Derivatives(4)
$158 $— $158 
(1) Excludes cash and cash equivalents of $8.0 billion not measured and recorded at fair value.
(2) Excludes time deposits of $93 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.4 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.7 billion measured using the Measurement Alternative or equity method accounting.
Schedule of Investments under the Fair Value Option The following table summarizes the estimated fair value and amortized cost of our available-for-sale debt securities under the fair value option as of March 31, 2026 and December 31, 2025:
 March 31, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
(In millions)
Funds receivable and customer accounts$600 $598 $621 $620 

The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
 20262025
(In millions)
Funds receivable and customer accounts$(15)$31 
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The following tables summarize our assets held as of March 31, 2026 and December 31, 2025 for which a non-recurring fair value measurement was recorded during the three months ended March 31, 2026 and the year ended December 31, 2025, respectively:
March 31, 2026
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale$1,287 $1,233 $54 
Non-marketable equity securities measured using the Measurement Alternative(1)
208 117 91 
Total$1,495 $1,350 $145 
(1) Excludes non-marketable equity securities of $1.3 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the three months ended March 31, 2026.

December 31, 2025
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale
$1,223 $1,182 $41 
Non-marketable equity securities measured using the Measurement Alternative(1)
690 679 11 
Total$1,913 $1,861 $52 
(1) Excludes non-marketable equity securities of $819 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2025.