We consider highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. In all periods presented, cash equivalents consist primarily of money market funds. Investments consist primarily of investment-grade available-for-sale debt securities. Funds receivable and amounts held for customers represent funds receivable from third-party payment processors for customer transactions, funds in transit to our customers, and funds held on behalf of our customers that are invested in cash and cash equivalents and investment-grade available-for-sale debt securities, restricted for use solely for the purpose of satisfying amounts we owe on behalf of our customers. Our obligations with respect to funds we transmit on behalf of our customers are satisfied when the funds are settled in the customers' accounts. These obligations, including funds in transit to our customers, are reflected in funds payable and amounts due to customers in the accompanying condensed consolidated balance sheets.


	April 30, 2026				July 31, 2025
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Classification on condensed consolidated balance sheets:
Cash and cash equivalents	$	4,681	$	4,681	$	2,884	$	2,884
Investments	2,099		2,099		1,667		1,668
Funds receivable and amounts held for customers	7,760		7,760		7,076		7,076

Total cash and cash equivalents, investments, and funds receivable and amounts held for customers	$	14,540	$	14,540	$	11,627	$	11,628

The following table summarizes our cash and cash equivalents, investments, and relevant portion of funds receivable and amounts held for customers by investment category at the dates indicated. As of April 30, 2026 and July 31, 2025, this excludes $377 million and $329 million, respectively, of funds receivable from third-party payment processors on our condensed consolidated balance sheets included in funds receivable and amounts held for customers that were not measured and recorded at fair value.


	April 30, 2026				July 31, 2025
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Type of issue:
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	11,914	$	11,914	$	9,481	$	9,481

Available-for-sale debt securities:

Corporate notes	607		607		502		502
U.S. agency securities	1,642		1,642		1,315		1,316

Total available-for-sale debt securities	2,249		2,249		1,817		1,818

Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments	$	14,163	$	14,163	$	11,298	$	11,299

We use the specific identification method to compute gains and losses on investments. We include realized gains and losses on our available-for-sale debt securities in interest and other income, net in our condensed consolidated statements of operations. Gross realized gains and losses on our available-for-sale debt securities for the nine months ended April 30, 2026 and April 30, 2025 were not material.

We accumulate unrealized gains and losses on our available-for-sale debt securities, net of tax, in accumulated other comprehensive income or loss in the stockholders’ equity section of our condensed consolidated balance sheets, except for certain unrealized losses described below. Gross unrealized gains and losses on our available-for-sale debt securities as of April 30, 2026 and July 31, 2025 were not material.

For available-for-sale debt securities in an unrealized loss position, we determine whether a credit loss exists. The estimate of the credit loss is determined by considering available information relevant to the collectibility of the security and information about past events, current conditions, and reasonable and supportable forecasts. The allowance for credit loss is recorded to interest and other income, net in our condensed consolidated statements of operations, not to exceed the amount of the unrealized loss. Any excess unrealized loss greater than the allowance for credit loss at a security level is recognized in accumulated other comprehensive income or loss in the stockholders' equity section of our condensed consolidated balance sheets. We determined there were no credit losses related to available-for-sale debt securities as of April 30, 2026. Unrealized losses on available-for-sale debt securities as of April 30, 2026 were not material and were primarily due to changes in market interest rates. We do not intend to sell these investments. In addition, it is more likely than not that we will not be required to sell them before recovery of the amortized cost basis, which may be at maturity.

The following table summarizes our available-for-sale debt securities, included in investments and relevant portion of funds receivable and amounts held for customers, classified by the stated maturity date of the security at the dates indicated.


	April 30, 2026				July 31, 2025
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	2,127	$	2,127	$	1,694	$	1,694
Due within two years	62		62		62		63
Due within three years	60		60		61		61

Total available-for-sale debt securities	$	2,249	$	2,249	$	1,817	$	1,818


(In millions)	April 30, 2026		July 31, 2025
Restricted cash and restricted cash equivalents	$	7,233	$	6,597
Restricted available-for-sale debt securities	150		150
Funds receivable	377		329
Total funds receivable and amounts held for customers	$	7,760	$	7,076


(In millions)	April 30, 2025		July 31, 2024
Restricted cash and restricted cash equivalents	$	4,741	$	3,490
Restricted available-for-sale debt securities	150		150
Funds receivable	330		281
Total funds receivable and amounts held for customers	$	5,221	$	3,921