v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Schedule of Fair Value of Short and Long-Term Investments Classified as Available for Sale
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 securities24   —   — 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 securities65 — (1)64 

$1,051 $2 $(1)$1,052 
Long-term investments:
Corporate bonds
$1,797 $16 $— $1,813 
Government and agency securities25   —   — 25 
$1,822 $16 $— $1,838 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
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 ValueUnrealized LossFair ValueUnrealized 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 ValueUnrealized LossFair ValueUnrealized Loss
Corporate bonds
$434 $— $7 $— $441 $— 
Government and agency securities11 — 64 (1)75 (1)
$445 $— $71 $(1)$516 $(1)
Schedule of Estimated Fair Values of Short and Long-Term Investments Classified by Date of Contractual Maturity
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 years499 
Three years through four years252 
Four years through five years196 
Thereafter
34 
Total$2,541 
Schedule of Equity Investments
The following table summarizes our equity investments as of the dates indicated (in millions):
Balance Sheet LocationJune 30,
2026		December 31,
2025
Equity investments without readily determinable fair values
Long-term investments$670 $825 
Equity investments under the equity method of accountingLong-term investments48 49 
Equity investments under the fair value option
Long-term investments55 55 
Total equity investments$773 $929 
Schedule of Unrealized Gains and Losses
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,
2026202520262025
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)