As of December 31, 2024 and 2025, our cash, cash equivalents, restricted cash, and marketable securities primarily consisted of cash, AAA-rated money market funds, U.S. government and agency securities, other investment grade securities, and marketable equity securities. Cash equivalents and marketable securities are recorded at fair value. The following table summarizes, by major investment type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):


	December 31, 2024
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Cash and time deposits	$	17,055	$	—	$	—	$	17,055
Level 1:
Money market funds	28,282		—		—		28,282
Equity securities (1)							3,318
Level 2:

U.S. government and agency securities	3,452		1		(52)		3,401
Corporate debt securities	50,959		3		(50)		50,912
Asset-backed securities	1,539		2		(18)		1,523
Other financial instruments	245		—		(1)		244

	$	101,532	$	6	$	(121)	$	104,735
Less: Restricted cash, cash equivalents, and marketable securities (2)							(3,533)
Total cash, cash equivalents, and marketable securities							$	101,202


	December 31, 2025
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Cash and time deposits	$	16,145	$	—	$	—	$	16,145
Level 1:
Money market funds	29,777		—		—		29,777
Equity securities (1)							3,687
Level 2:

U.S. government and agency securities	5,231		8		(17)		5,222
Corporate debt securities	69,542		50		(7)		69,585
Asset-backed securities	1,781		8		(9)		1,780
Other financial instruments	129		—		—		129

	$	122,605	$	66	$	(33)	$	126,325
Less: Restricted cash, cash equivalents, and marketable securities (2)							(3,296)
Total cash, cash equivalents, and marketable securities							$	123,029

(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $1.0 billion, $(1.3) billion, and $1.2 billion for the years ended December 31, 2023, 2024, and 2025.

(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable debt securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, standby and trade letters of credit, and licenses of digital media content. We classify cash, cash equivalents, and marketable debt securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 7 — Commitments and Contingencies.”

The following table summarizes the remaining contractual maturities of our cash equivalents and marketable debt securities as of December 31, 2025 (in millions):


	Amortized Cost		Estimated Fair Value
Due within one year	$	96,776	$	96,778
Due after one year through five years	8,217		8,264
Due after five years through ten years	501		501
Due after ten years	966		950
Total	$	106,460	$	106,493

The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):


	December 31, 2024		December 31, 2025
Cash and cash equivalents	$	78,779	$	86,810
Restricted cash included in accounts receivable, net and other	247		300
Restricted cash included in other assets	3,286		2,996
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	82,312	$	90,106