v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured on Recurring Basis
The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2025As of June 30, 2026
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,624 $— $— $1,624 $252 $— $— $252 
U.S. government and agency securities— 7,323 — 7,323 — 7,386 — 7,386 
Commercial paper— 715 — 715 — 324 — 324 
Corporate bonds— 2,194 — 2,194 — 2,267 — 2,267 
Certificates of deposit— 72 — 72 — 81 — 81 
Mortgage-backed and asset-backed securities— 22 — 22 — 62 — 62 
Non-marketable equity securities(1)
— — 69 69 — 351 — 351 
Marketable equity securities4,593 — — 4,593 4,596 — — 4,596 
Note receivable from a related party(1)
— — 190 190 — — — — 
Total Return Swaps— — — — — 1,504 — 1,504 
Derivative assets
— — — — — 11 136 147 
Total financial assets$6,217 $10,326 $259 $16,802 $4,848 $11,986 $136 $16,970 
Financial Liabilities
2028 Exchangeable Senior Notes (2)
$— $1,125 $— $1,125 $— $1,324 $— $1,324 
Derivative liabilities
— 5 — 5 — 2 — 2 
Total financial liabilities$— $1,130 $— $1,130 $— $1,326 $— $1,326 
(1) Consists of our investments in Neutron Holdings, Inc. (“Lime”) in preferred stock, common stock and convertible note receivable. We elected the fair value option for Lime related investments. Lime completed their initial public offering (“IPO”) on June 30, 2026 and started trading on July 1, 2026. Following Lime’s IPO on June 30, 2026, the preferred stock and convertible note receivable have been converted to common stock of Lime and Lime-related investments were transferred out of Level 3 to Level 2.
(2) Refer to Note 5 – Debt and Credit Arrangements for further information.
Schedule of Reconciliation Using Significant Unobservable Inputs, Assets
The following table presents a reconciliation of our financial assets measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions):
Non-marketable equity securitiesNote receivableEmbedded derivatives
Balance as of December 31, 2025$69 $190 $13 
Change in fair value included in other income (expense), net112(20)13 
Purchases— — 110 
Conversion170(170)— 
Transfer out of level 3(351)— — 
Balance as of June 30, 2026$— $— $136 
Schedule of Amortized Cost, Unrealized Gains and Losses and Fair Value of Debt Securities
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities (in millions):
As of December 31, 2025
Reported As
Amortized CostUnrealized GainsUnrealized LossesFair ValueCash and cash equivalent
Short-term investments
Restricted cash and cash equivalent
Restricted investments
U.S. government and agency securities$7,315 $8 $— $7,323 $40 $149 $304 $6,830 
Commercial paper715 — — 715 553 75 — 87 
Corporate bonds2,190 4 — 2,194 — 271 26 1,897 
Certificates of deposit71 — — 71 — 33 — 38 
Mortgage-backed and asset-backed securities22 — — 22 — — — 22 
Total$10,313 $12 $— $10,325 $593 $528 $330 $8,874 
As of June 30, 2026
Reported As
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalent
Short-term investments
Other Current Assets
Restricted cash and cash equivalent
Restricted investments
U.S. government and agency securities$7,395 $— $(9)$7,386 $8 $129 $— $6 $7,243 
Commercial paper324 — — 324 26 77 — 10 211 
Corporate bonds2,269 1 (3)2,267 — 253 55 8 1,951 
Certificates of deposit81 — — 81 — 32 — — 49 
Mortgage-backed and asset-backed securities62 — — 62 — 30 — — 32 
Total$10,131 $1 $(12)$10,120 $34 $521 $55 $24 $9,486 
Schedule of Investments
Our investments on the condensed consolidated balance sheets consisted of the following (in millions):
As of
December 31, 2025June 30, 2026
Non-marketable equity securities:
Didi$3,011 $1,900 
Other1,455 2,263 
Marketable equity securities:
Grab2,674 2,020 
Aurora(1)
1,252 1,763 
Other667 813 
Note receivable119 — 
Investments$9,178 $8,759 
(1) In connection with our exchangeable senior notes due in 2028 (the “2028 Exchangeable Senior Notes”), as of December 31, 2025 and June 30, 2026, approximately 48% and 61%, respectively, of our Aurora Innovation, Inc. (“Aurora”) Class A common stock is pledged as collateral and cannot be sold or transferred during the term of the 2028 Exchangeable Senior Notes until the obligations are fulfilled or the pledged assets are otherwise released under a collateral agreement. Refer to Note 5 – Debt and Credit Arrangements for further information.
Schedule of Non-Marketable Equity Securities
The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):
As of
December 31, 2025June 30, 2026
Initial cost basis$2,673 $3,124 
Upward adjustments3,726 3,757 
Downward adjustments (including impairment)(2,002)(3,069)
Total carrying value at the end of the period$4,397 $3,812 
Schedule of Gains and Losses on Equity Securities
Gains and losses (including impairments), net, for equity securities included in other income (expense), net, are summarized below (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2025202620252026
Realized net gains (losses) on equity securities sold during the period$10 $203 $13 $203 
Unrealized net gains (losses) on non-marketable equity securities38 (312)189 (972)
Unrealized net gains (losses) on marketable equity securities(67)1,727 (170)928 
Total gains (losses) on equity securities in other income (expense), net(19)1,618 32 159 
Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date$(29)$1,415 $19 $(44)
Non-marketable equity securities accounted for under the measurement alternative
Upward adjustments35 — 190 32 
Downward adjustments (including impairment)— (444)— (1,117)