v3.26.1
Marketable Securities and Other Investments (Tables)
6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash Equivalents and Marketable Debt and Equity Securities A summary of our cash equivalents and marketable debt and equity securities, which are recorded at fair value, is shown
below:
As of June 30, 2026
As of December 31, 2025
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(in millions)
Cash equivalents
$2,656.9
$
$
$2,656.9
$2,779.1
$
$
$2,779.1
Marketable securities:
U.S. Treasury securities
1,668.0
0.4
(8.0)
1,660.4
1,852.9
12.1
(0.1)
1,864.9
U.S. government agency securities
191.0
0.2
(0.4)
190.8
261.2
1.2
262.4
Asset-backed securities
1,236.1
1.2
(3.8)
1,233.5
1,351.1
6.0
(0.1)
1,357.0
Certificates of deposit
18.9
18.9
26.2
26.2
Corporate debt securities
4,326.1
5.7
(14.0)
4,317.8
3,669.3
25.0
(0.4)
3,693.9
Commercial paper
64.7
64.7
14.6
14.6
Total marketable available-for-
sale debt securities
7,504.8
7.5
(26.2)
7,486.1
7,175.3
44.3
(0.6)
7,219.0
Corporate equity securities
25.0
(13.1)
11.9
25.0
(8.4)
16.6
Total marketable securities
7,529.8
7.5
(39.3)
7,498.0
7,200.3
44.3
(9.0)
7,235.6
Total cash equivalents and
marketable securities
$10,186.7
$7.5
$(39.3)
$10,154.9
$9,979.4
$44.3
$(9.0)
$10,014.7
Amounts in the table above at fair value were classified on our condensed consolidated balance sheets as follows:
As of June 30, 2026
As of December 31, 2025
(in millions)
Cash and cash equivalents
$2,656.9
$2,779.1
Marketable securities
1,708.9
1,523.3
Long-term marketable securities
5,789.1
5,712.3
Total
$10,154.9
$10,014.7
Marketable available-for-sale debt securities by contractual maturity were as follows:
As of June 30, 2026
As of December 31, 2025
(in millions)
Matures within one year
$1,697.0
$1,506.7
Matures after one year through five years
5,689.5
5,595.8
Matures after five years
99.6
116.5
Total
$7,486.1
$7,219.0
Schedule of Company's Net Unrealized Gains (Losses) on Corporate Equity Securities During the three and six months ended June 30, 2026 and 2025, our net
unrealized (losses) gains on corporate equity securities with readily determinable fair values held at the conclusion of each
period were as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(in millions)
Net unrealized (losses) gains
$(8.5)
$6.4
$(4.7)
$(8.6)