The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities as of the dates indicated (in millions):


	June 30, 2026
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate bonds	$	763	$	1	$	—	$	764
Commercial paper	149		—		—		149
Government and agency securities	84		—		—		84
	$	996	$	1	$	—	$	997
Long-term investments:
Corporate bonds	$	1,522	$	4	$	(6)	$	1,520
Government and agency securities	24		—		—		24
	$	1,546	$	4	$	(6)	$	1,544


	December 31, 2025
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate bonds	$	743	$	2	$	—	$	745
Commercial paper	243		—		—		243
Government and agency securities	65		—		(1)		64
	$	1,051	$	2	$	(1)	$	1,052
Long-term investments:
Corporate bonds	$	1,797	$	16	$	—	$	1,813
Government and agency securities	25		—		—		25
	$	1,822	$	16	$	—	$	1,838

Our fixed-income investments predominantly consist of investment grade corporate bonds, commercial paper and government and agency securities. The corporate bonds, commercial paper and government and agency securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies to minimize exposure to credit losses. As of June 30, 2026, unrealized losses on available-for-sale debt securities were primarily related to continued market volatility. The Company does not intend and is not more likely than not required to sell the investments before the recovery of the amortized cost basis. We did not recognize any credit-related impairment through an allowance for credit losses as of June 30, 2026.

The following tables present fair values and gross unrealized losses recorded to “Accumulated other comprehensive income” (“AOCI”) as of June 30, 2026 and December 31, 2025, aggregated by the length of time that individual securities have been in a continuous loss position (in millions):


	June 30, 2026
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate bonds	$	1,240	$	(6)	$	12	$	—	$	1,252	$	(6)


	December 31, 2025
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate bonds	$	434	$	—	$	7	$	—	$	441	$	—

Government and agency securities	11		—		64		(1)		75		(1)
	$	445	$	—	$	71	$	(1)	$	516	$	(1)

The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities by date of contractual maturity as of the date indicated (in millions):


	June 30, 2026
One year or less	$	997
One year through two years	563
Two years through three years	499
Three years through four years	252
Four years through five years	196
Thereafter	34
Total	$	2,541


	Balance Sheet Location	June 30, 2026		December 31, 2025
Equity investments without readily determinable fair values	Long-term investments	$	670	$	825
Equity investments under the equity method of accounting	Long-term investments	48		49
Equity investments under the fair value option	Long-term investments	55		55
Total equity investments		$	773	$	929

Equity investments without readily determinable fair values are non-marketable equity securities, which are investments in privately-held companies for which we do not exercise significant influence and are accounted for under the measurement alternative. Under the measurement alternative, the carrying value is measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Changes in value and impairments of equity investments without readily determinable fair values are recognized in “Gain (loss) on equity investments and warrants, net” on our condensed consolidated statement of income. Equity investments without readily determinable fair values are presented within “Long-term investments” on our condensed consolidated balance sheet.

In the second quarter of 2024, we completed the sale of (1) 227 million Adevinta ASA (“Adevinta”) shares in exchange for $2.4 billion in cash and (2) 177 million Adevinta shares in exchange for 177 million shares of a new entity, Aurelia Netherlands TopCo B.V. (“Aurelia”). The newly acquired investment in Aurelia was valued at $1.9 billion and represented approximately 18.3% ownership of the outstanding equity.

Concurrently, we granted Aurelia UK Feederco Limited, the buyer of our previously owned Adevinta shares, a six-month option to purchase a portion of our Aurelia shares (the “Aurelia Option”). In the fourth quarter of 2024, the Aurelia Option was exercised, upon which we sold 97 million shares in Aurelia in exchange for $1.0 billion in cash. The remaining investment represented 8.3% of the outstanding equity of Aurelia.

The equity investment in Aurelia is accounted for under the measurement alternative as we are not able to exercise significant influence based on the governance structure of Aurelia.

In the first quarter of 2025, Aurelia implemented a recapitalization in connection with the creation of a management incentive plan. Prior to the recapitalization, we only held common shares in Aurelia. Subsequent to the recapitalization, we now hold both common and preferred shares in Aurelia.

In the second quarter of 2025 and the first quarter of 2026, we received cash distributions of $225 million and $194 million, respectively, related to our equity investment in Aurelia. These distributions represent a return of capital based on the nature of the transactions and terms of Aurelia’s shareholder agreement to which we are party. The distributions resulted in reductions of $214 million and $179 million, respectively, to the carrying value of the investment on our condensed consolidated balance sheet and foreign exchange gains of $11 million and $15 million, respectively, recognized in “Interest income and other, net” on our condensed consolidated statement of income. Cash received from the distributions was classified as investing activities on our condensed consolidated statement of cash flows.

The recapitalization and the shareholder distributions did not impact our ownership as we continued to own approximately 8.3% of the total outstanding preferred and common shares of Aurelia as of June 30, 2026.

Certain other individually immaterial equity investments aggregating to $196 million and $172 million as of June 30, 2026 and December 31, 2025, respectively, are accounted for under the measurement alternative. The change in value of our other equity investments without readily determinable fair values for each of the three and six-month periods ended June 30, 2026 and 2025 was immaterial both individually and in the aggregate.

We account for certain other individually immaterial equity investments through which we exercise significant influence but do not have control over the investee under the equity method. Our condensed consolidated statement of income includes, as a component of “Gain (loss) on equity investments and warrants, net,” our share of the net income or loss of the investee. Equity method investments are presented within “Long-term investments” on our condensed consolidated balance sheet.

Certain individually immaterial equity investments aggregating to $48 million and $49 million as of June 30, 2026 and December 31, 2025, respectively, are accounted for under the equity method of accounting. Our share of the net income or loss of our equity method investments for each of the three and six-month periods ended June 30, 2026 and 2025 was immaterial both individually and in the aggregate.

Certain individually immaterial equity investments aggregating to $55 million as of both June 30, 2026 and December 31, 2025 are measured at fair value using the net asset value per share and therefore have not been classified in the fair value hierarchy. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

The following table summarizes unrealized gains and losses on equity investments for the three and six months ended June 30, 2026 and 2025 as presented within “Gain (loss) on equity investments and warrants, net” for the periods indicated (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net gains (losses) recognized during the period on equity investments	$	—	$	(4)	$	11	$	(6)
Less: Net gains recognized on equity investments sold during the period	—		—		—		2
Total unrealized gains (losses) on equity investments held, end of period	$	—	$	(4)	$	11	$	(8)