Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash and Available-for-Sale Securities by Significant Investment Category

The following tables summarize our cash, cash equivalents, and available-for-sale securities by significant investment category as of June 30, 2026 and December 31, 2025 (in millions):


	June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Current Marketable Securities		Non- Current Marketable Securities
Cash and cash equivalents	$	1,723	$	—	$	—	$	1,723	$	1,723	$	—	$	—
Available-for-sale:
Certificates of deposit	53		—		—		53		—		53		—
U.S. treasury bills	591		—		(1)		590		—		590		—
U.S. treasury notes	2,132		—		(9)		2,123		—		1,399		724
Corporate debt securities	2,371		1		(6)		2,366		—		1,371		995
Government debt securities	55		—		—		55		—		2		53
Total	$	6,925	$	1	$	(16)	$	6,910	$	1,723	$	3,415	$	1,772

	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Current Marketable Securities		Non- Current Marketable Securities
Cash and cash equivalents	$	2,595	$	—	$	—	$	2,595	$	2,595	$	—	$	—
Available-for-sale:
Certificates of deposit	91		—		—		91		—		86		5
U.S. treasury bills	653		—		—		653		—		653		—
U.S. treasury notes	2,188		5		(3)		2,190		—		1,185		1,005
Corporate debt securities	2,535		6		(1)		2,540		—		1,250		1,290
Government debt securities	66		—		—		66		—		30		36
Total	$	8,128	$	11	$	(4)	$	8,135	$	2,595	$	3,204	$	2,336

Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity

The amortized cost and estimated fair value of available-for-sale securities by contractual maturity as of June 30, 2026 and December 31, 2025 were as follows (in millions):


	June 30, 2026
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	3,420	$	3,415
Due after one year through five years	1,782		1,772
Total	$	5,202	$	5,187


	December 31, 2025
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	3,199	$	3,204
Due after one year through five years	2,334		2,336
Total	$	5,533	$	5,540

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by the length of time the securities have been in an unrealized loss position as of June 30, 2026 and December 31, 2025 (in millions):


	Less than 12 Months				12 Months or More				Total
	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
As of June 30, 2026:

U.S. treasury bills	$	(1)	$	669	$	—	$	—	$	(1)	$	669
U.S. treasury notes	(6)		1,519		(3)		236		(9)		1,755
Corporate debt securities	(6)		1,510		—		28		(6)		1,538
Government debt securities	—		55		—		—		—		55
Total	$	(13)	$	3,753	$	(3)	$	264	$	(16)	$	4,017

As of December 31, 2025:

U.S. treasury bills	$	—	$	111	$	—	$	—	$	—	$	111
U.S. treasury notes	(1)		176		(2)		235		(3)		411
Corporate debt securities	—		608		(1)		40		(1)		648
Government debt securities	—		36		—		8		—		44
Total	$	(1)	$	931	$	(3)	$	283	$	(4)	$	1,214

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in millions):


	Fair value at June 30, 2026		Fair Value Measurement Using
			Level 1		Level 2
Assets:
Money market funds	$	1,447	$	1,447	$	—
Certificates of deposit	53		—		53
U.S. treasury bills	716		—		716
U.S. treasury notes	2,123		—		2,123
Corporate debt securities	2,440		—		2,440
Government debt securities	55		—		55
Equity investments(1)	2		2		—
Derivative instruments	2		—		2
Total	$	6,838	$	1,449	$	5,389


	Fair value at December 31, 2025		Fair Value Measurement Using
			Level 1		Level 2
Assets:
Money market funds	$	963	$	963	$	—
Certificates of deposit	91		—		91
U.S. treasury bills	1,445		—		1,445
U.S. treasury notes	2,190		—		2,190
Corporate debt securities	3,163		—		3,163
Government debt securities	66		—		66

Equity Investments(1)	6		6		—
Derivative instruments	1		—		1
Total	$	7,925	$	969	$	6,956
Liabilities:
Derivative instruments	$	4	$	—	$	4

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(1)Investments in publicly traded equity securities with readily determinable fair values are recorded at quoted market prices for identical securities, with changes in fair value recorded in other expense, net, in our condensed consolidated statements of operations.