Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

The following table summarizes, by major investment type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):


	December 31, 2025		June 30, 2026
	Total Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Cash and time deposits	$	16,145	$	14,497	$	—	$	—	$	14,497
Level 1:
Money market funds	29,777		40,845		—		—		40,845
Equity securities (1)	3,687								3,498
Level 2:
U.S. government and agency securities	5,222		4,558		—		(24)		4,534
Corporate debt securities	69,585		59,458		6		(33)		59,431
Asset-backed securities	1,780		1,690		1		(10)		1,681
Other financial instruments	129		27		—		—		27
Equity securities (1)	$	—							$	1,189
	$	126,325	$	121,075	$	7	$	(67)	$	125,702
Less: Restricted cash, cash equivalents, and marketable securities (2)	(3,296)								(2,714)
Total cash, cash equivalents, and marketable securities	$	123,029							$	122,988

___________________

(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $393 million and $1.3 billion in Q2 2025 and Q2 2026, and $188 million and $454 million for the six months ended June 30, 2025 and 2026.

(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable debt securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, standby and trade letters of credit, and licenses of digital media content. We classify cash, cash equivalents, and marketable debt securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 4 — Commitments and Contingencies.”

Investments Classified by Contractual Maturity Date

The following table summarizes the remaining contractual maturities of our cash equivalents and marketable debt securities as of June 30, 2026 (in millions):


	Amortized Cost		Estimated Fair Value
Due within one year	$	96,479	$	96,471
Due after one year through five years	8,733		8,702
Due after five years through ten years	440		439
Due after ten years	926		906
Total	$	106,578	$	106,518

Consolidated Statements of Cash Flow Reconciliation - Cash and Cash Equivalents

The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):


	December 31, 2025		June 30, 2026
Cash and cash equivalents	$	86,810	$	78,213
Restricted cash included in “Accounts receivable, net and other”	300		283
Restricted cash included in “Other assets”	2,996		2,431
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	90,106	$	80,927

Consolidated Statements of Cash Flow Reconciliation - Restricted Cash


	December 31, 2025		June 30, 2026
Cash and cash equivalents	$	86,810	$	78,213
Restricted cash included in “Accounts receivable, net and other”	300		283
Restricted cash included in “Other assets”	2,996		2,431
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	90,106	$	80,927