
	Total		Level 1		Level 2
	(In millions)
Assets
Cash equivalents:
Money market funds	$	166	$	166	$	—

Term deposits and certificates of deposit	196		—		196



Commercial paper	57		—		57
Derivatives:
Foreign currency forward contracts	11		—		11

Investments:
Equity investments	702		702		—
Corporate debt securities	810		—		810
U.S. treasury securities	15		—		15
Asset-backed securities	131		—		131
Term deposits and certificates of deposit	50		—		50
U.S. agency securities	16		—		16

Total assets measured at fair value on a recurring basis	$	2,154	$	868	$	1,286

Liabilities
Derivatives:

Cross-currency interest rate swaps	$	5	$	—	$	5

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 are classified using the fair value hierarchy in the table below:


	Total		Level 1		Level 2
	(In millions)
Assets
Cash equivalents:
Money market funds	$	181	$	181	$	—
Term deposits and certificates of deposit	160		—		160
Corporate debt securities	2		—		2
Commercial paper	44		—		44



Investments:
Equity investments	577		577		—
Corporate debt securities	404		—		404
U.S. treasury securities	20		—		20
Asset-backed securities	121		—		121
Term deposits and certificates of deposit	17		—		17
U.S. agency securities	36		—		36

Commercial paper	2		—		2
Total assets measured at fair value on a recurring basis	$	1,564	$	758	$	806

Liabilities
Derivatives:
Foreign currency forward contracts	$	13	$	—	$	13
Cross-currency interest rate swaps	11		—		11
Embedded derivative liability	126		—		126
Total liabilities measured at fair value on a recurring basis	$	150	$	—	$	150

We classify our cash equivalents and investments within Level 1 and Level 2 as we value our cash equivalents and investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Valuation of the foreign currency forward contracts is based on foreign currency exchange rates in active markets, a Level 2 input. Valuation of the cross-currency interest rate swaps is based on foreign currency exchange rates and the current interest rate curve, Level 2 inputs.

We hold term deposit investments with financial institutions. Term deposits with original maturities of less than three months are classified as cash equivalents. Those with remaining maturities of less than one year are classified within short-term investments and those with remaining maturities of greater than one year are classified within long-term investments and other assets.

We primarily invest in investment grade corporate debt securities, U.S. treasury securities, and asset-backed securities, most of which are classified as available-for-sale. As of June 30, 2026, we had $445 million of short-term and $577 million of long-term investments primarily classified as available-for-sale, which generally mature within five years. As of December 31, 2025, we had $320 million in short-term and $280 million of long-term available-for-sale investments. The amortized cost basis of the investments approximated their fair value with gross unrealized gains and gross unrealized losses of approximately $2 million during the six months ended June 30, 2026 and less than $1 million for the six months ended June 30, 2025. We review our available-for-sale securities on a regular basis for impairment. During both the six months ended June 30, 2026 and 2025, we did not recognize an allowance for credit-related losses on any of our investments.

As of June 30, 2026 and December 31, 2025, our equity investment represents our investment in Global Business Travel Group, Inc. (“GBTG”), a publicly traded company. We include this investment in long-term investments and other assets in our consolidated balance sheets. In May 2026, GBTG agreed to be acquired by Long Lake Management for $9.50 per share in a take-private transaction, which is expected to close in the second half of 2026 subject to the satisfaction of certain closing conditions. During the six months ended June 30, 2026 and 2025, we recognized gains (losses) of approximately $125 million and $(223) million within other, net in our consolidated statements of operations related to the fair value changes of this

We use foreign currency forward contracts to economically hedge certain merchant revenue exposures once booked, foreign denominated liabilities related to certain of our loyalty programs and our other foreign denominated balance sheet exposures, which are not designated as cash flow hedges. In the first quarter of 2026, we initiated a foreign exchange cash flow hedging program to minimize the effects of foreign currency fluctuations on future revenue. As of June 30, 2026, forward contracts hedging our balance sheet, certain booked revenue and future revenue had a total net notional value of $8.5 billion, of which $960 million was designated as cash flow hedges. We had a net forward asset of $11 million ($66 million gross forward asset) as of June 30, 2026 recorded in prepaid and other current assets and $13 million ($31 million gross forward liability) as of December 31, 2025 recorded in accrued expenses and other current liabilities for these derivatives. The carrying value of the derivatives reflect the impact of a master netting agreement, which allows us to net settle assets and liabilities arising from different transactions with the same counterparty. For derivatives not designated as cash flow hedges, we recorded $(70) million and $151 million in net gains (losses) from foreign currency forward contracts in other, net during the three months ended June 30, 2026 and 2025, as well as $(195) million and $200 million during the six months ended June 30, 2026 and 2025. As of June 30, 2026, the net accumulated gain on our foreign currency cash flow hedges before tax effect was $39 million, which is expected to be reclassified from AOCI into revenue within the next 12 months. During the three and six months ended June 30, 2026, $3 million was reclassified from AOCI to revenue for our cash flow hedges.

From March 2022 to August 2025, we maintained two fixed-to-fixed cross-currency interest rate swaps with an aggregate notional amount of €300 million and maturity dates of February 2026 (the “2022 swaps”), which were designated as net investment hedges of Euro assets. In August 2025, the 2022 swaps were effectively closed out by entering into a swap with offsetting terms, and we de-designated the 2022 swaps and discontinued hedge accounting. Simultaneously Expedia Group entered into a new fixed-to-fixed cross-currency interest rate swap with a notional amount of €220 million and maturity date of February 2028 (the “2025 swap”). The 2025 swap was designated as a net investment hedge of Euro assets with the objective to protect the U.S. dollar value of our net investments in the Euro foreign operations due to movements in foreign currency. There was no exchange of cash at the inception of the 2025 swap. In February 2026, when the 2022 swaps matured, we settled the final exchange of the notional amounts with the contracted counterparties for both the 2022 swaps and the 2025 swap, which offset resulting in no impact to our consolidated cash balance. The fair value of the 2025 swap was a $5 million liability as of June 30, 2026 and a liability of $11 million as of December 31, 2025, recorded in other long-term liabilities. The gain related to these swaps recognized in interest expense was approximately $1 million and $3 million during the six months ended June 30, 2026 and 2025.

See Note 4 – Debt for information on the embedded derivative liability as of December 31, 2025 related to the convertible notes due in February 2026 measured at fair value using a lattice model based on factors such as our stock price, the principal outstanding, coupon rate, volatility, credit spread, risk-free rate and other market data considered Level 2 inputs.

Our non-financial assets, such as goodwill, intangible assets and property and equipment, are adjusted to fair value when an impairment charge is recognized or the underlying investment is sold. Such fair value measurements are based predominately on Level 3 inputs. We measure our minority investments that do not have readily determinable fair values at cost less impairment, adjusted by observable price changes with changes recorded within other, net on our consolidated statements of operations.

Minority Investments without Readily Determinable Fair Values. As of both June 30, 2026 and December 31, 2025, the carrying values of our minority investments without readily determinable fair values totaled $256 million. During the six months ended June 30, 2026, we had no material gains or losses related to these recorded minority investments. During the six months ended June 30, 2025, we recorded $37 million of losses related to a minority investment, resulting from a valuation using an option pricing model that utilized judgmental inputs such as discounts for lack of marketability and