Cash equivalents and marketable equity securities are measured at fair value and classified within Level 1 and Level 2 in the fair value hierarchy, because we use quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets.

Debt securities are measured at fair value and classified within Level 2 in the fair value hierarchy, because we use quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value. The following tables summarize our cash, cash equivalents, and marketable securities measured at fair value on a recurring basis (in millions):


	As of December 31, 2025
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Cash					$	15,305
Cash equivalents:
Money market funds	$	11,349	$	0	$	11,349
Time deposits	0		3,353		3,353
Government bonds	0		602		602
Corporate debt securities	0		99		99
Total cash and cash equivalents	11,349		4,054		30,708
Marketable securities:
Marketable equity securities	4,402		1,911		6,313
Government bonds	0		50,549		50,549
Corporate debt securities	0		21,565		21,565
Mortgage-backed and asset-backed securities	0		17,708		17,708
Total marketable securities	4,402		91,733		96,135
Total	$	15,751	$	95,787	$	126,843


	As of September 30, 2026
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Cash					$	15,695
Cash equivalents:
Money market funds	$	13,810	$	0	$	13,810
Time deposits	0		5,080		5,080
Government bonds	0		21,718		21,718
Corporate debt securities	0		31		31
Total cash and cash equivalents	13,810		26,829		56,334
Marketable securities:
Marketable equity securities(1)	89,919		465		90,384
Government bonds	0		68,629		68,629
Corporate debt securities	0		27,054		27,054
Mortgage-backed and asset-backed securities	0		22,697		22,697
Total marketable securities	89,919		118,845		208,764
Total	$	103,729	$	145,674	$	265,098

Non-marketable equity securities accounted for under the measurement alternative are investments in privately held companies without readily determinable market values. The carrying value of these non-marketable equity securities is adjusted upward or downward to fair value upon observable transactions for identical or similar investments of the same issuer or impairment. Non-marketable equity securities that have been remeasured during the period based on observable transactions are classified within Level 2 or Level 3 in the fair value hierarchy, and remeasurements due to impairment are classified within Level 3. Our valuation methods include option pricing models, market comparable approach, and common stock equivalent method, which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, expected time to exit, risk-free rate, and the rights and obligations of the securities we hold. These inputs vary significantly based on investment type.

As of September 30, 2026, the carrying value of our non-marketable equity securities accounted for under the measurement alternative was $128.2 billion, of which $8.8 billion was remeasured at fair value during the three months ended September 30, 2026 and was primarily classified within Level 3 of the fair value hierarchy at the time of measurement.


	As of December 31, 2025
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Time deposits	$	3,353	$	0	$	0	$	3,353
Government bonds	49,087		443		(26)		49,504
Corporate debt securities	18,346		242		(32)		18,556
Mortgage-backed and asset-backed securities	14,337		174		(128)		14,383
Total investments with fair value change reflected in other comprehensive income	$	85,123	$	859	$	(186)	$	85,796


	As of September 30, 2026
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Time deposits	$	5,080	$	0	$	0	$	5,080
Government bonds	89,823		2		(1,371)		88,454
Corporate debt securities	24,308		15		(425)		23,898
Mortgage-backed and asset-backed securities	20,647		17		(780)		19,884
Total investments with fair value change reflected in other comprehensive income	$	139,858	$	34	$	(2,576)	$	137,316


	As of December 31, 2025
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Government bonds	$	4,230	$	(9)	$	1,174	$	(17)	$	5,404	$	(26)
Corporate debt securities	915		0		2,429		(24)		3,344		(24)
Mortgage-backed and asset-backed securities	1,377		(4)		3,035		(124)		4,412		(128)
Total	$	6,522	$	(13)	$	6,638	$	(165)	$	13,160	$	(178)


	As of September 30, 2026
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Government bonds	$	62,455	$	(1,336)	$	720	$	(35)	$	63,175	$	(1,371)
Corporate debt securities	20,095		(290)		778		(6)		20,873		(296)
Mortgage-backed and asset-backed securities	17,464		(625)		1,486		(155)		18,950		(780)
Total	$	100,014	$	(2,251)	$	2,984	$	(196)	$	102,998	$	(2,447)

We determine realized gains or losses on the sale or extinguishment of debt securities on a specific identification method. For certain debt securities, we have elected the fair value option for which changes in fair value are recorded in other income (expense), net (OI&E). The fair value option was elected for these securities to align with the unrealized gains and losses from related derivative contracts.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2026		2025		2026
Unrealized gain (loss) on fair value option debt securities	$	15	$	(243)	$	242	$	(357)
Gross realized gain on debt securities	135		24		485		172
Gross realized loss on debt securities	(30)		(81)		(268)		(219)
(Increase) decrease in allowance for credit losses	2		(83)		30		(122)
Total gain (loss) on debt securities recognized in other income (expense), net	$	122	$	(383)	$	489	$	(526)

Our non-marketable securities primarily consist of non-marketable equity securities accounted for under the measurement alternative. The carrying value is measured at the total initial cost plus the cumulative net upward and downward adjustments (including impairments). We also have non-marketable equity securities through which we exercise significant influence, but do not have control over the investee, accounted for under the equity method. Certain of our non-marketable securities include our investments in variable interest entities (VIEs) where we are not the primary beneficiary. See Note 5 for further details on VIEs.

Realized net gain (loss) on equity securities sold during the period reflects the difference between the sale proceeds and the carrying value of the equity securities at the beginning of the period or the purchase date, if later. All gains and losses, including impairments, are included as components of OI&E.

In May 2026, we entered into an agreement with Blackstone Inc. ("Blackstone") to form a US-based joint venture entity to provide data center capacity, operations, networking, hardware, and software as a single compute-as-a-service offering. Under the agreement, Blackstone is committed to provide future capital contributions of up to $5.0 billion, and we are committed to provide future data center and energy infrastructure backstops in support of agreements the venture may enter into of up to $10.0 billion, subject to certain conditions. In the third quarter of 2026, the venture was formally announced as Crux AI, and we entered into a multi-year commercial agreement with the venture which constitutes a related party transaction. We hold a minority interest in the joint venture which is considered a variable interest entity for which we are not the primary beneficiary, and we account for our investment in the venture under the equity method. As of September 30, 2026, the carrying value of our investment in the joint venture was not material. See Note 2 for further details on our revenue backlog associated with the commercial agreement with Crux AI.


	As of December 31, 2025		As of September 30, 2026
Non-marketable securities:
Total initial cost of non-marketable equity securities accounted for under the measurement alternative	$	28,429	$	48,595
Cumulative upward adjustments	44,485		88,784
Cumulative downward adjustments (including impairments)	(8,820)		(9,210)
Carrying value of non-marketable equity securities accounted for under the measurement alternative(1)	64,094		128,169
Equity method investments and other	4,593		7,061
Total non-marketable securities	$	68,687	$	135,230


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2026		2025		2026
Gross unrealized gain on non-marketable equity securities accounted for under the measurement alternative	$	10,583	$	3,386	$	20,924	$	117,203
Gross unrealized loss (including impairments) on non-marketable equity securities accounted for under the measurement alternative	(346)		(359)		(1,188)		(887)
Unrealized net gain (loss) on non-marketable equity securities accounted for under the measurement alternative	10,237		3,027		19,736		116,316
Unrealized net gain (loss) on marketable and other equity securities	447		(12,436)		1,447		9,377
Realized net gain (loss) on marketable and non-marketable equity securities sold during the period	50		745		595		1,589
Total gain (loss) on equity securities in other income (expense), net (1)	$	10,734	$	(8,664)	$	21,778	$	127,282

Cumulative net gains (losses), calculated as the difference between the sales price and purchase price, represent the total net gains (losses) recognized after the initial purchase date. This represents the total economic impact of the investment, regardless of when the gains or losses were previously recognized. Cumulative net gains on equity securities sold were $102 million and $980 million during the three months ended September 30, 2025 and 2026, respectively, and $306 million and $2.0 billion during the nine months ended September 30, 2025 and 2026, respectively.

We utilize derivative instruments to manage risks relating to our ongoing business operations, including foreign currencies, interest rates, commodity prices, credit risk, and market prices of certain marketable equity securities. These derivatives are primarily classified within Level 2 of the fair value hierarchy.

We also enter into derivatives as a result of agreements with certain third parties to backstop specified payment obligations related to data centers, including data center lease payments and the associated energy costs for certain agreements. We account for these as credit derivatives. Additionally, a certain strategic investment includes forward funding commitments that are accounted for as equity derivatives, as they include rights to participate in future capital funding, the exercise of which is contingent upon the achievement of specified operational and financial milestones. These credit and equity derivatives are classified within Level 3 of the fair value hierarchy. Our valuation methods include probability-weighted expected return models, which may include a combination of observable and unobservable inputs, including counterparty risk, credit default rates, risk-free rates, and our contractual rights and obligations under the agreements.

We recognize derivative instruments in the Consolidated Balance Sheets at fair value. We present our foreign currency collars (an option strategy comprised of a combination of purchased and written options) at net fair values and present all other derivatives at gross fair values. The accounting treatment for derivatives is based on the intended use and hedge designation.

We designate foreign currency forwards and options (including collars) as cash flow hedges to hedge certain forecasted revenue transactions denominated in currencies other than the US dollar. These contracts have maturities of 24 months or less.

Cash flow hedge amounts included in the assessment of hedge effectiveness are deferred in AOCI and reclassified to revenue when the hedged item is recognized in earnings. Hedge components excluded from our assessment of hedge effectiveness are amortized on a straight-line basis over the life of the hedging instrument in revenues. The difference between fair value changes of the excluded component and the amount amortized to revenues is recorded in AOCI.

Additionally, we designate interest rate derivatives as cash flow hedges to manage our exposure to certain interest rate risks. Changes in the fair value of these derivatives are deferred in AOCI and reclassified to OI&E when the hedged item is recognized in earnings.

We enter into interest rate swaps to manage interest rate risk associated with certain fixed-rate debt, effectively converting a portion of our fixed-rate debt to floating-rate debt. We designate these swaps as fair value hedges to hedge against changes in the fair value of the fixed-rate debt attributable to changes in the benchmark interest rate. Fair value hedge amounts included in the assessment of hedge effectiveness are recognized in OI&E, along with the offsetting gains and losses of the related hedged items.

We designate foreign currency forwards, options (including collars), cross-currency swaps, and foreign currency-denominated debt as net investment hedges to hedge the foreign currency risks related to our investments in foreign subsidiaries. Net investment hedge amounts included in the assessment of hedge effectiveness are recognized in AOCI.

Changes in the fair value of hedge components of forward and option contracts that are excluded from the assessment of hedge effectiveness are recognized in OI&E. Hedge components of cross-currency swaps that are excluded from the assessment of hedge effectiveness are amortized over the life of the hedging instrument and recognized in OI&E. The difference between fair value changes of the excluded component and the amount amortized to OI&E is recorded in AOCI.

We enter into derivatives not designated as hedging instruments to manage risks related to our ongoing business operations. The primary risk managed is foreign exchange risk related to the remeasurement of monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary. Gains and losses on these foreign exchange derivatives are recorded within the "foreign currency exchange gain (loss), net" component of OI&E. We also enter into derivatives to manage other risks, including interest rates, commodity prices, credit risk, and market prices of certain marketable equity securities, the gains and losses from which are recorded within the "other" component of OI&E.

We have entered into agreements with certain third parties to backstop specified payment obligations relating to data centers, including data center lease payments and the associated energy costs for certain agreements. We account for these as credit derivatives. The notional amounts for these credit derivatives represent the maximum potential exposure regarding future payments in the event of specified default scenarios by underlying parties. These agreements carry remaining terms of up to 15 years and the total potential exposure reduces over time as the underlying parties fulfill their payment obligations. Upon a default under these credit backstops, we retain the right to assume the underlying leases for internal use or to sublease to third parties. Under specific conditions or following a predetermined period, we may elect to extinguish the backstop obligation by making a termination payment. If we elect such payment, our obligations may be partially offset by equity or cash receipts from counterparties. These potential inflows are not reflected in the notional amounts for credit derivatives.

The notional amounts for equity derivatives primarily represent an agreement for future capital funding in the form of notes receivable or equity to be funded in multiple tranches contingent upon the achievement of specified operational and financial milestones through 2030.


	As of December 31, 2025		As of September 30, 2026
Derivatives designated as hedging instruments:
Foreign exchange derivatives
Cash flow hedges	$	23,852	$	25,141
Net investment hedges	$	14,203	$	6,987
Interest rate derivatives
Fair value hedges	$	0	$	7,000
Derivatives not designated as hedging instruments:
Foreign exchange derivatives	$	56,085	$	54,084
Equity derivatives	$	0	$	21,091
Credit derivatives	$	16,940	$	48,012
Other derivatives	$	15,900	$	11,420


	As of December 31, 2025				As of September 30, 2026
	Assets(1)		Liabilities(2)		Assets(1)		Liabilities(2)
Derivatives designated as hedging instruments:
Foreign exchange derivatives	$	316	$	197	$	501	$	64

Interest rate derivatives	0		0		1		257
Total derivatives designated as hedging instruments	$	316	$	197	$	502	$	321
Derivatives not designated as hedging instruments:
Foreign exchange derivatives	92		15		117		240
Equity derivatives	0		0		579		445
Credit derivatives	0		69		0		606
Other derivatives	324		98		107		24
Total derivatives not designated as hedging instruments	416		182		803		1,315
Total	$	732	$	379	$	1,305	$	1,636


	As of December 31, 2025		As of September 30, 2026
Balance Sheets Line Item of the Hedged Item
Long-term debt
Carrying amount of the hedged item assets/(liabilities)	$	0	$	(6,688)
Cumulative amount of fair value hedging adjustment included in the carrying amount assets/(liabilities)	$	0	$	257


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2026		2025		2026
Cash flow hedging relationship:
Foreign exchange derivatives
Amount included in the assessment of effectiveness	$	278	$	(60)	$	(1,111)	$	496
Amount excluded from the assessment of effectiveness	128		6		(41)		74

Interest rate derivatives
Amount included in the assessment of effectiveness	0		105		$	0	105
Net investment hedging relationship:
Amount included in the assessment of effectiveness
Foreign exchange derivatives	55		(103)		(794)		404
Foreign currency-denominated debt	11		4		(208)		808
Amounts excluded from the assessment of effectiveness
Foreign exchange derivatives	0		0		0		(15)
Total	$	472	$	(48)	$	(2,154)	$	1,872


	Three Months Ended September 30,
	2025				2026
	Revenues		Other income (expense), net		Revenues		Other income (expense), net
Total amounts included in the Consolidated Statements of Income	$	102,346	$	12,759	$	127,577	$	(8,221)

Effect of cash flow hedges:
Foreign exchange derivatives
Amount included in the assessment of effectiveness	$	(237)	$	0	$	196	$	0
Amount excluded from the assessment of effectiveness	30		0		(2)		0





Effect of fair value hedges:
Interest rate derivatives
Hedged items	0		0		0		257
Derivatives designated as hedging instruments	0		0		0		(257)
Effect of net investment hedges:
Foreign exchange derivatives
Amount excluded from the assessment of effectiveness	0		87		0		31
Effect of non-designated hedges:
Foreign exchange derivatives	0		76		0		(286)
Equity derivatives	0		0		0		83
Credit derivatives	0		0		0		277
Other derivatives	0		11		0		27
Total gains (losses)	$	(207)	$	174	$	194	$	132


	Nine Months Ended September 30,
	2025				2026
	Revenues		Other income (expense), net		Revenues		Other income (expense), net
Total amounts included in the Consolidated Statements of Income	$	289,007	$	26,604	$	357,269	$	127,478

Effect of cash flow hedges:
Foreign exchange derivatives
Amount included in the assessment of effectiveness	$	(133)	$	0	$	82	$	0
Amount excluded from the assessment of effectiveness (amortized)	73		0		38		0
Effect of fair value hedges:
Foreign exchange derivatives
Hedged items	0		(9)		0		0
Amount included in the assessment of effectiveness	0		9		0		0
Amount excluded from the assessment of effectiveness	0		1		0		0
Interest rate derivatives
Hedged items	0		0		0		257
Derivatives designated as hedging instruments	0		0		0		(257)
Effect of net investment hedges:
Foreign exchange derivatives
Amount excluded from the assessment of effectiveness	0		146		0		156
Effect of non-designated hedges:
Foreign exchange derivatives	0		321		0		(1,067)
Equity derivatives	0		0		0		(296)
Credit derivatives	0		0		0		200
Other derivatives	0		(84)		0		11
Total gains (losses)	(60)		384		120		(996)

We enter into master netting arrangements and collateral security arrangements to reduce credit risk. Cash collateral received related to derivative instruments under our collateral security arrangements is included in other current assets with a corresponding liability. Cash and non-cash collateral pledged related to derivative instruments under our collateral security arrangements are primarily included in other current assets.


	As of December 31, 2025
							Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments(1)		Cash and Non-Cash Collateral Received or Pledged		Net Amounts
Derivatives assets	$	842	$	(110)	$	732	$	(140)	$	(231)	$	361
Derivatives liabilities	$	489	$	(110)	$	379	$	(140)	$	(15)	$	224


	As of September 30, 2026
							Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments(1)		Cash and Non-Cash Collateral Received or Pledged		Net Amounts
Derivatives assets(1)	$	1,416	$	(111)	$	1,305	$	(322)	$	(261)	$	722
Derivatives liabilities	$	1,747	$	(111)	$	1,636	$	(322)	$	(14)	$	1,300