v3.26.1
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Assets Underlying Cash and Cash Equivalents, Funds Receivable and Customer Accounts, Short-term Investments, and Long-term Investments
The following table summarizes the assets underlying our cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments as of June 30, 2026 and December 31, 2025:
 June 30,
2026		December 31,
2025
(In millions)
Cash and cash equivalents$8,306 $8,049 
Funds receivable and customer accounts:
Cash and cash equivalents(1)
$13,667 $15,969 
Time deposits110 94 
Available-for-sale debt securities17,353 14,457 
Funds receivable8,613 7,678 
Total funds receivable and customer accounts$39,743 $38,198 
Short-term investments:
Time deposits$87 $88 
Available-for-sale debt securities2,863 2,285 
Total short-term investments$2,950 $2,373 
Long-term investments:
Time deposits$5 $5 
Available-for-sale debt securities2,269 2,421 
Strategic investments1,735 1,904 
Total long-term investments$4,009 $4,330 
(1) Includes $12 million and $374 million of available-for-sale debt securities with original maturities of three months or less as of June 30, 2026 and December 31, 2025, respectively.
Schedule of Estimated Fair Value of Investments Classified as Available for Sale
As of June 30, 2026 and December 31, 2025, the estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments was as follows:
 
June 30, 2026(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$4,786 $1 $— $4,787 
Foreign government and agency securities87 — — 87 
Corporate debt securities2,626 4 (1)2,629 
Mortgage-backed and asset-backed securities4,486 6 (3)4,489 
Municipal securities81 — — 81 
Commercial paper4,607 1 — 4,608 
Short-term investments:
U.S. government and agency securities50 — — 50 
Foreign government and agency securities100 — — 100 
Corporate debt securities788 1 (1)788 
Mortgage-backed and asset-backed securities289 — — 289 
Commercial paper1,636 — — 1,636 
Long-term investments:
U.S. government and agency securities521 — — 521 
Corporate debt securities632 1 — 633 
Mortgage-backed and asset-backed securities1,114 1 — 1,115 
Total available-for-sale debt securities(2)
$21,803 $15 $(5)$21,813 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
 
December 31, 2025(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$3,529 $1 $— $3,530 
Foreign government and agency securities81 — — 81 
Corporate debt securities2,438 4 (1)2,441 
Mortgage-backed and asset-backed securities
3,825 7 (1)3,831 
Municipal securities98 — — 98 
Commercial paper4,229 1 — 4,230 
Short-term investments:
U.S. government and agency securities443 — — 443 
Foreign government and agency securities60 — — 60 
Corporate debt securities985 1 (2)984 
Mortgage-backed and asset-backed securities
448 — — 448 
Commercial paper350 — — 350 
Long-term investments:
U.S. government and agency securities400 — — 400 
Foreign government and agency securities50 — — 50 
Corporate debt securities648 2 — 650 
Mortgage-backed and asset-backed securities
1,320 2 (1)1,321 
Total available-for-sale debt securities(2)
$18,904 $18 $(5)$18,917 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
As of June 30, 2026 and December 31, 2025, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary in the current period, aggregated by the length of time those individual securities have been in a continuous loss position, was as follows:
 
June 30, 2026(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$2,672 $— $— $— $2,672 $— 
Foreign government and agency securities50 — — — 50 — 
Corporate debt securities587 (1)75 — 662 (1)
Mortgage-backed and asset-backed securities1,723 (3)47 — 1,770 (3)
Commercial paper1,145 — — — 1,145 — 
Short-term investments:
U.S. government and agency securities50 — — — 50 — 
Foreign government and agency securities25 — — — 25 — 
Corporate debt securities195 — 49 (1)244 (1)
Mortgage-backed and asset-backed securities210 — 35 — 245 — 
Commercial paper996 — — — 996 — 
Long-term investments:
U.S. government and agency securities310 — — — 310 — 
Corporate debt securities222 — — — 222 — 
Mortgage-backed and asset-backed securities331 — 5 — 336 — 
Total available-for-sale debt securities$8,516 $(4)$211 $(1)$8,727 $(5)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.

 
December 31, 2025(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$1,261 $— $50 $— $1,311 $— 
Foreign government and agency securities56 — — — 56 — 
Corporate debt securities309 (1)— — 309 (1)
Mortgage-backed and asset-backed securities
1,000 (1)206 — 1,206 (1)
Commercial paper1,375 — — — 1,375 — 
Short-term investments:
U.S. government and agency securities443 — — — 443 — 
Foreign government and agency securities— — 20 — 20 — 
Corporate debt securities94 (1)109 (1)203 (2)
Mortgage-backed and asset-backed securities
354 — 6 — 360 — 
Commercial paper200 — — — 200 — 
Long-term investments:
Foreign government and agency securities25 — — — 25 — 
Corporate debt securities20 — — — 20 — 
Mortgage-backed and asset-backed securities
368 (1)35 — 403 (1)
Total available-for-sale debt securities$5,505 $(4)$426 $(1)$5,931 $(5)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
Schedule of Cash Inflows Related to Available-for-Sale Debt Securities
The table below presents cash inflows related to available-for-sale debt securities:
 Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions)
Proceeds from sales and maturities of available-for-sale debt securities
$5,458 $7,069 $10,737 $12,541 
Schedule of Estimated Fair Values of Investments Classified as Available for Sale by Contractual Maturity
Our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows:
 June 30, 2026
Amortized CostFair Value
(In millions)
One year or less $10,528 $10,530 
After one year through five years5,630 5,634 
After five years through ten years2,606 2,604 
After ten years3,039 3,045 
Total$21,803 $21,813 
Schedule of Strategic Investments
The following table summarizes our strategic investments as of June 30, 2026 and December 31, 2025:
June 30,
2026		December 31,
2025
(In millions)
Marketable equity securities$106 $180 
Non-marketable equity securities:
Equity Method205 215 
Measurement Alternative1,424 1,509 
Total non-marketable equity securities1,629 1,724 
Total strategic investments$1,735 $1,904 
Schedule of Carrying Value of our Non-Marketable Equity Securities
The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
(In millions)
Carrying amount, beginning of period$1,485 $1,413 $1,509 $1,336 
Adjustments related to non-marketable equity securities:
Net additions (reductions)(1)
2 (76)1 (54)
Gross unrealized gains— 28 45 83 
Gross unrealized losses and impairments(63)(6)(131)(6)
Carrying amount, end of period$1,424 $1,359 $1,424 $1,359 
(1) Net additions (reductions) include purchases, reductions due to sales of securities, and reclassifications when the Measurement Alternative is subsequently elected or no longer applies.

The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative held at June 30, 2026 and December 31, 2025, respectively:
June 30,
2026		December 31,
2025
(In millions)
Cumulative gross unrealized gains $917 $872 
Cumulative gross unrealized losses and impairments$(479)$(353)
Schedule of Unrealized Gains (Losses) on Strategic Investments, Excluding Equity Method Investments
The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at June 30, 2026 and 2025, respectively:
 Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
(In millions)
Net unrealized gains (losses)$(63)$20 $(160)$68