v3.26.1
Fair Value Measurements and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):

December 31, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$901 $— $— $901 
Commercial paper— 98 — 98 
Government bonds— 57 — 57 
Corporate debt securities— 7 — 7 
Total cash and cash equivalents901 162 — 1,063 
Short-term investments:
Corporate debt securities— 2,288 — 2,288 
Mortgage-backed and asset-backed securities— 441 — 441 
Government bonds— 262 — 262 
Commercial paper— 182 — 182 
Certificates of deposit— 149 — 149 
Total short-term investments— 3,322 — 3,322 
Funds receivable and amounts held on behalf of customers:
Money market funds2,164 — — 2,164 
Prepaids and other current assets:
Foreign exchange derivative assets— 20 — 20 
Total assets at fair value$3,065 $3,504 $— $6,569 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $68 $— $68 

June 30, 2026
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$1,188 $— $— $1,188 
Corporate debt securities— 12 — 12 
Commercial paper— 9 — 9 
Government bonds— 3 — 3 
Total cash and cash equivalents1,188 24 — 1,212 
Short-term investments:
Corporate debt securities— 3,085 — 3,085 
Mortgage-backed and asset-backed securities— 567 — 567 
Government bonds— 369 — 369 
Certificates of deposit— 56 — 56 
Commercial paper— 39 — 39 
Total short-term investments— 4,116 — 4,116 
Funds receivable and amounts held on behalf of customers:
Money market funds693 — — 693 
Prepaids and other current assets:
Foreign exchange derivative assets— 84 — 84 
Total assets at fair value$1,881 $4,224 $— $6,105 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $42 $— $42