A summary of debt securities by major security type is as follows:


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2025
Debt securities - available-for-sale:
U.S. government and agency obligations	$	4,086	$	2	$	(156)	$	3,932
State and municipal obligations	6,533		24		(232)		6,325
Corporate obligations	25,927		159		(540)		25,546
U.S. agency mortgage-backed securities	10,284		33		(598)		9,719
Non-U.S. agency mortgage-backed securities	2,748		11		(99)		2,660
Total debt securities - available-for-sale	49,578		229		(1,625)		48,182
Debt securities - held-to-maturity:
U.S. government and agency obligations	461		2		(1)		462
State and municipal obligations	26		—		(2)		24
Corporate obligations	3		—		—		3
Total debt securities - held-to-maturity	490		2		(3)		489
Total debt securities	$	50,068	$	231	$	(1,628)	$	48,671
December 31, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	4,600	$	1	$	(274)	$	4,327
State and municipal obligations	7,357		2		(375)		6,984
Corporate obligations	24,391		56		(1,140)		23,307
U.S. agency mortgage-backed securities	10,577		1		(994)		9,584
Non-U.S. agency mortgage-backed securities	2,890		2		(175)		2,717
Total debt securities - available-for-sale	49,815		62		(2,958)		46,919
Debt securities - held-to-maturity:
U.S. government and agency obligations	444		—		(2)		442
State and municipal obligations	28		—		(2)		26
Corporate obligations	40		—		—		40
Total debt securities - held-to-maturity	512		—		(4)		508
Total debt securities	$	50,327	$	62	$	(2,962)	$	47,427

The Company held $5.5 billion and $4.9 billion of equity securities as of December 31, 2025 and 2024, respectively. The Company’s investments in equity securities primarily consist of venture investments and employee savings plan related investments. The carrying values of equity securities held at fair value on non-recurring basis were $3.3 billion and $3.0 billion, including cumulative net unrealized gains of $0.8 billion and $1.3 billion, as of December 31, 2025 and 2024, respectively. For the years ended December 31, 2025, 2024 and 2023, the Company recognized $(360) million, $710 million and $276 million, respectively, of unrealized (losses) or gains related to fair value adjustments on equity securities primarily in the Company’s venture portfolio and recorded $(54) million, $121 million and $44 million, respectively, of investment expenses related to the fair value adjustments. Unrealized gains and losses on equity securities are recorded within investment and other income with associated expenses recorded within operating costs within the Consolidated Statements of Operations.

The amortized cost and fair value of debt securities as of December 31, 2025, by contractual maturity, were as follows:


	Available-for-Sale				Held-to-Maturity
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	3,859	$	3,843	$	266	$	266
Due after one year through five years	13,775		13,547		202		203
Due after five years through ten years	11,962		11,670		5		5
Due after ten years	6,950		6,743		17		15
U.S. agency mortgage-backed securities	10,284		9,719		—		—
Non-U.S. agency mortgage-backed securities	2,748		2,660		—		—
Total debt securities	$	49,578	$	48,182	$	490	$	489

The fair value of available-for-sale debt securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows:


	Less Than 12 Months				12 Months or Greater				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2025
U.S. government and agency obligations	$	500	$	(4)	$	2,339	$	(152)	$	2,839	$	(156)
State and municipal obligations	523		(8)		4,342		(224)		4,865		(232)
Corporate obligations	2,661		(16)		10,399		(524)		13,060		(540)
U.S. agency mortgage-backed securities	346		(1)		6,665		(597)		7,011		(598)
Non-U.S. agency mortgage-backed securities	184		(1)		1,355		(98)		1,539		(99)
Total debt securities - available-for-sale	$	4,214	$	(30)	$	25,100	$	(1,595)	$	29,314	$	(1,625)
December 31, 2024
U.S. government and agency obligations	$	1,475	$	(51)	$	2,152	$	(223)	$	3,627	$	(274)
State and municipal obligations	2,593		(58)		4,085		(317)		6,678		(375)
Corporate obligations	7,402		(213)		11,449		(927)		18,851		(1,140)
U.S. agency mortgage-backed securities	4,791		(191)		4,674		(803)		9,465		(994)
Non-U.S. agency mortgage-backed securities	416		(5)		1,863		(170)		2,279		(175)
Total debt securities - available-for-sale	$	16,677	$	(518)	$	24,223	$	(2,440)	$	40,900	$	(2,958)

The Company’s unrealized losses from all securities as of December 31, 2025 were generated from approximately 24,000 positions out of a total of 41,000 positions. The Company believes it will timely collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities which impacted the Company’s assessment on collectibility of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers, noting no significant credit deterioration since purchase. As of December 31, 2025, the Company did not have the intent to sell any of the securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities as of December 31, 2025 and 2024 was not material.