v3.26.1
Fair Value Measurement of Assets and Liabilities
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement of Assets and Liabilities Fair Value Measurement of Assets and Liabilities
The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated (in millions):
June 30, 2026
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:
Cash, cash equivalents and restricted cash:
Cash and cash equivalents$2,310 $2,310 $— $— 
Customer accounts
1,231 1,231 — — 
Restricted cash included in other current assets156 156 — — 
Restricted cash included in other assets1 1 — — 
Total cash, cash equivalents and restricted cash3,698 3,698 — — 
Derivatives67 — 64 3 
Short-term investments:
Corporate bonds
764 — 764 — 
Commercial paper149 — 149 — 
Government and agency securities
84 — 84 — 
Total short-term investments997 — 997 — 
Long-term investments:
Corporate bonds
1,520 — 1,520 — 
Government and agency securities24 — 24 — 
Total long-term investments1,544 — 1,544 — 
Total financial assets$6,306 $3,698 $2,605 $3 
Liabilities:
Derivatives$31 $— $31 $— 
December 31, 2025
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:
Cash, cash equivalents and restricted cash:
Cash and cash equivalents$1,867 $1,867 $— $— 
Customer accounts1,017 1,017 — — 
Restricted cash included in other current assets170 170 — — 
Restricted cash included in other assets1 1 — — 
Total cash, cash equivalents and restricted cash3,055 3,055 — — 
Derivatives39 — 29 10 
Short-term investments:
Corporate bonds
745 — 745 — 
Commercial paper
243 — 243 — 
Government and agency securities64 — 64 — 
Total short-term investments1,052 — 1,052 — 
Long-term investments:
Corporate bonds
1,813 — 1,813 — 
Government and agency securities25 — 25 — 
Total long-term investments1,838 — 1,838 — 
Total financial assets$5,984 $3,055 $2,919 $10 
Liabilities:
Derivatives$12 $— $12 $— 

Our financial assets and liabilities are valued using market prices on both active markets (Level 1), less active markets (Level 2) and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. We did not have any transfers of financial instruments between valuation levels for the six months ended June 30, 2026.

Other financial instruments, including accounts receivable, funds receivable, accounts payable and funds payable, are carried at cost, which approximates their fair value due to the short-term nature of these instruments.
Fair value measurement of derivative instruments

The majority of our derivative instruments are valued using pricing models that take into account the contract terms as well as multiple inputs where applicable, such as equity prices, interest rate yield curves, option volatility and currency rates. Refer to “Note 6 — Derivative Instruments” for further details on our derivative instruments.

Fair value measurement of equity investments

Certain immaterial equity investments under the fair value option 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 5 — Investments” for further details about our equity investments.