v3.26.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Marketable Securities Measured at Fair Value on a Recurring Basis 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 bonds0 602 602 
Corporate debt securities0 99 99 
Total cash and cash equivalents
11,349 4,054 30,708 
Marketable securities:
Marketable equity securities
4,4021,9116,313
Government bonds050,54950,549
Corporate debt securities021,56521,565
Mortgage-backed and asset-backed securities017,70817,708
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 bonds0 21,718 21,718 
Corporate debt securities0 31 31 
Total cash and cash equivalents
13,810 26,829 56,334 
Marketable securities:
Marketable equity securities(1)
89,91946590,384
Government bonds068,62968,629
Corporate debt securities027,05427,054
Mortgage-backed and asset-backed securities022,69722,697
Total marketable securities
89,919 118,845 208,764 
Total$103,729 $145,674 $265,098 
(1)    Includes $75.2 billion of Space Exploration Technologies Corp. ("SpaceX") shares subject to short-term restrictions on the ability to sell.
Schedule of Investments by Maturity Date
The following table summarizes the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in millions):
As of
September 30, 2026
Due in 1 year or less$16,997 
Due in 1 year through 5 years66,478 
Due in 5 years through 10 years17,508 
Due after 10 years17,397 
Total$118,380 
Schedule of Available-for-Sale Debt Securities
The following tables present fair values and gross unrealized gains and losses recorded to accumulated other comprehensive income (AOCI), less any expected credit losses, aggregated by investment category (in millions):
As of December 31, 2025
Adjusted CostGross Unrealized GainsGross Unrealized LossesFair Value
Time deposits$3,353 $0 $0 $3,353 
Government bonds49,087443 (26)49,504 
Corporate debt securities18,346 242 (32)18,556 
Mortgage-backed and asset-backed securities14,337 174 (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 CostGross Unrealized GainsGross Unrealized LossesFair Value
Time deposits$5,080 $0 $0 $5,080 
Government bonds89,8232 (1,371)88,454 
Corporate debt securities24,308 15 (425)23,898 
Mortgage-backed and asset-backed securities20,647 17 (780)19,884 
Total investments with fair value change reflected in other comprehensive income
$139,858 $34 $(2,576)$137,316 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present fair values and gross unrealized losses recorded to AOCI, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):
As of December 31, 2025
Less than 12 Months12 Months or GreaterTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
Government bonds$4,230 $(9)$1,174 $(17)$5,404 $(26)
Corporate debt securities915 0 2,429 (24)3,344 (24)
Mortgage-backed and asset-backed securities1,377 (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 Months12 Months or GreaterTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
Government bonds$62,455 $(1,336)$720 $(35)$63,175 $(1,371)
Corporate debt securities20,095 (290)778 (6)20,873 (296)
Mortgage-backed and asset-backed securities17,464 (625)1,486 (155)18,950 (780)
Total$100,014 $(2,251)$2,984 $(196)$102,998 $(2,447)
Schedule of Gains and Losses on Equity Securities
The following table summarizes gains and losses for debt securities, reflected as a component of OI&E (in millions):    
Three Months EndedNine Months Ended
September 30,September 30,
2025202620252026
Unrealized gain (loss) on fair value option debt securities$15 $(243)$242 $(357)
Gross realized gain on debt securities135 24 485 172 
Gross realized loss on debt securities(30)(81)(268)(219)
(Increase) decrease in allowance for credit losses2 (83)30 (122)
Total gain (loss) on debt securities recognized in other income (expense), net$122 $(383)$489 $(526)
Gains and losses (including impairments), net, for equity securities included in OI&E are summarized below (in millions):
Three Months EndedNine Months Ended
September 30,September 30,
2025202620252026
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 
(1)Excludes income (loss) and impairment from equity method investments. See Note 7 for further details.
Schedule of Non-Marketable Securities
The carrying values for non-marketable securities are summarized below (in millions):
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 
(1)    As of September 30, 2026, our investments in non-marketable securities accounted for under the measurement alternative primarily consist of our investment in one private company.
Schedule of Gross Notional Amounts of Derivative Instruments
The gross notional amounts of outstanding derivative instruments were as follows (in millions):
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 
Schedule of Derivative Instruments
The fair values of outstanding derivative instruments were as follows (in millions):
As of December 31, 2025As 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 derivatives001257
Total derivatives designated as hedging instruments$316 $197 $502 $321 
Derivatives not designated as hedging instruments:
Foreign exchange derivatives
9215117240
Equity derivatives 00579445
Credit derivatives
0690606
Other derivatives
3249810724
Total derivatives not designated as hedging instruments416 182 803 1,315 
Total$732 $379 $1,305 $1,636 
(1)    Derivative assets are recorded as other current and non-current assets.
(2)    Derivative liabilities are recorded as accrued expenses and other liabilities, current and non-current.
Schedule of Fair Value Hedging Instruments
The amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges were as follows (in millions):
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 
Schedule of Gain (Loss) on Derivative Instruments
The gains (losses) on derivatives and non-derivative financial instruments in cash flow hedging and net investment hedging relationships recognized in other comprehensive income are summarized below (in millions):
Three Months EndedNine Months Ended
September 30,September 30,
2025202620252026
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 effectiveness128 6 (41)74 
Interest rate derivatives
Amount included in the assessment of effectiveness0 105 $0 105 
Net investment hedging relationship:
Amount included in the assessment of effectiveness
Foreign exchange derivatives55 (103)(794)404 
Foreign currency-denominated debt11 4 (208)808 
Amounts excluded from the assessment of effectiveness
Foreign exchange derivatives0 0 0 (15)
Total$472 $(48)$(2,154)$1,872 
The table below presents the gains (losses) of derivatives included in the Consolidated Statements of Income: (in millions):
Three Months Ended September 30,
20252026
RevenuesOther income (expense), netRevenuesOther 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 $0 
Amount excluded from the assessment of effectiveness
30 0 (2)0 
Effect of fair value hedges:
Interest rate derivatives
Hedged items0 0 0 257 
Derivatives designated as hedging instruments0 0 0 (257)
Effect of net investment hedges:
Foreign exchange derivatives
Amount excluded from the assessment of effectiveness0 87 0 31 
Effect of non-designated hedges:
Foreign exchange derivatives0 76 0 (286)
Equity derivatives0 0 0 83 
Credit derivatives0 0 0 277 
Other derivatives0 11 0 27 
Total gains (losses)$(207)$174 $194 $132 
Nine Months Ended September 30,
20252026
RevenuesOther income (expense), netRevenuesOther 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 items0 (9)0 0 
Amount included in the assessment of effectiveness0 9 0 0 
Amount excluded from the assessment of effectiveness0 1 0 0 
Interest rate derivatives
   Hedged items000257
   Derivatives designated as hedging instruments000(257)
Effect of net investment hedges:
Foreign exchange derivatives
Amount excluded from the assessment of effectiveness0 146 0 156 
Effect of non-designated hedges:
Foreign exchange derivatives0 321 0 (1,067)
Equity derivatives0 0 0 (296)
Credit derivatives0 0 0 200 
Other derivatives0 (84)0 11 
Total gains (losses)(60)384 120 (996)
Schedule of Offsetting Assets
The gross amounts of derivative instruments subject to master netting arrangements with various counterparties, and cash and non-cash collateral received and pledged under such agreements were as follows (in millions):
As of December 31, 2025
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet 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 RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets(1)
$1,416 $(111)$1,305 $(322)$(261)$722 
Derivatives liabilities$1,747 $(111)$1,636 $(322)$(14)$1,300 
(1)The balances as of December 31, 2025 and September 30, 2026 were related to derivatives allowed to be net settled in accordance with our master netting agreements.
Schedule of Offsetting Liabilities
The gross amounts of derivative instruments subject to master netting arrangements with various counterparties, and cash and non-cash collateral received and pledged under such agreements were as follows (in millions):
As of December 31, 2025
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet 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 RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets(1)
$1,416 $(111)$1,305 $(322)$(261)$722 
Derivatives liabilities$1,747 $(111)$1,636 $(322)$(14)$1,300 
(1)The balances as of December 31, 2025 and September 30, 2026 were related to derivatives allowed to be net settled in accordance with our master netting agreements.