v3.25.4
Investments and Fair Value Measurement
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurement
Note 2 – Investments and Fair Value Measurement
Investments
Our investments on the consolidated balance sheets consisted of the following as of December 31, 2024 and 2025 (in millions):
As of December 31,
20242025
Classified as short-term investments:
Marketable debt securities (1):
U.S. government and agency securities$167 $149 
Commercial paper220 75 
Corporate bonds659 271 
Certificates of deposit38 33 
Short-term investments$1,084 $528 
Classified as restricted investments:
Marketable debt securities (1):
U.S. government and agency securities$5,552 $6,830 
Commercial paper179 87 
Corporate bonds1,288 1,897 
Certificates of deposit— 38 
Mortgage-backed and asset-backed securities
— 22 
Restricted investments$7,019 $8,874 
Classified as investments:
Non-marketable equity securities:
Didi$2,602 $3,011 
Other (2)
608 1,455 
Marketable equity securities:
Grab2,529 2,674 
Aurora (3)
2,054 1,252 
Other523 667 
Notes receivable from a related party (2), (4)
144 119 
Investments$8,460 $9,178 
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.
(2) These balances include certain investments recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments.
(3) In connection with our exchangeable senior notes due in 2028 (the “2028 Exchangeable Senior Notes”), approximately 48% of our Aurora Class A common stock is pledged as collateral and cannot be sold or transferred during the term of the 2028 Exchangeable Senior Notes until the obligations are fulfilled or the pledged assets are otherwise released under a collateral agreement. Refer to Note 8 – Long-Term Debt and Credit Arrangements for further information.
(4) Consists of the Lime Convertible Note. Neutron Holdings, Inc. (“Lime”) is considered a related party as a result of our investment in Lime Common Stock.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2024As of December 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,868 $— $— $1,868 $1,624 $— $— $1,624 
U.S. government and agency securities— 5,848 — 5,848 — 7,323 — 7,323 
Commercial paper— 702 — 702 — 715 — 715 
Corporate bonds— 1,974 — 1,974 — 2,194 — 2,194 
Certificates of deposit— 38 — 38 — 72 — 72 
Mortgage-backed and asset-backed securities
— — — — — 22 — 22 
Non-marketable equity securities— — 11 11 — — 69 69 
Marketable equity securities5,106 — — 5,106 4,593 — — 4,593 
Notes receivable from a related party (1)
— — 144 144 — — 190 190 
Total financial assets$6,974 $8,562 $155 $15,691 $6,217 $10,326 $259 $16,802 
Financial Liabilities
2028 Exchangeable Senior Notes (2)
$— $— $— $— $— $1,125 $— $1,125 
Derivative liabilities (3)
— — — — — 5 — 5 
Total financial liabilities$— $— $— $— $— $1,130 $— $1,130 
(1) Consists of the Lime Convertible Note. Neutron Holdings, Inc. (“Lime”) is considered a related party as a result of our investment in Lime Common Stock.
(2) Refer to Note 8 – Long-Term Debt and Credit Arrangements for further information.
(3) Refer to Note 3 – Derivative and Hedging Instruments for further information.
We did not make any transfers into or out of Level 3 of the fair value hierarchy during the years ended December 31, 2024 and 2025.
Debt Securities
The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our debt securities (in millions):
 
As of December 31, 2024
 Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government and agency securities$5,843 $7 $(2)$5,848 
Commercial paper702 — — 702 
Corporate bonds1,975 1 (2)1,974 
Certificates of deposit38 — — 38 
Total$8,558 $8 $(4)$8,562 
 As of December 31, 2025
 Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government and agency securities$7,315 $8 $— $7,323 
Commercial paper715 — — 715 
Corporate bonds2,190 4 — 2,194 
Certificates of deposit72 — — 72 
Mortgage-backed and asset-backed securities
22 — — 22 
Total$10,314 $12 $— $10,326 
For the years ended December 31, 2023, 2024, and 2025, we did not record any material realized gains or losses for our debt securities.
As of December 31, 2024 and 2025, there were no allowance for credit losses related to our debt securities. The weighted-average remaining maturity of our debt securities was less than one year as of December 31, 2025.
Fair Value Hierarchy
We measure our cash equivalents and certain investments at fair value. Level 1 instrument valuations are based on quoted market prices of the identical underlying security. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations are valued based on unobservable inputs and other estimation techniques due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such financial instruments.
As of December 31, 2024 and 2025, our Level 3 non-marketable equity securities and note receivable from a related party primarily consist of common stock investments and convertible secured notes that may be converted into common or preferred stock in privately-held companies without readily determinable fair values.
Depending on the investee’s financing activity in a reporting period, management’s estimate of fair value may be primarily derived from the investee’s financing transactions, such as the issuance of preferred stock to new investors. The price in these transactions generally provides the best indication of the enterprise value of the investee. Additionally, based on the timing, volume, and other characteristics of the transaction, we may supplement this information by using other valuation techniques, including the guideline public company approach. The guideline public company approach relies on publicly available market data of comparable companies and uses comparative valuation multiples of the investee’s revenue (actual and forecasted), and therefore, unobservable input used in this valuation technique primarily consists of short-term revenue projections.
Once the fair value of the investee is estimated, an option-pricing model (“OPM”), a common stock equivalent (“CSE”) method or a hybrid approach is employed to allocate value to various classes of securities of the investee, including the class owned by us. The model involves making assumptions around the investees’ expected time to liquidity and volatility.
An increase or decrease in any of the unobservable inputs in isolation, such as the security price in a significant financing transaction of the investee, could result in a material increase or decrease in our estimate of fair value. Other unobservable inputs, including short-term revenue projections, time to liquidity, and volatility are less sensitive to the valuation in the respective reporting periods, as a result of the primary weighting on the investee’s financing transactions. In the future, depending on the weight of evidence and valuation approaches used, these or other inputs may have a more significant impact on our estimate of fair value.
We determine realized gains or losses on the sale of equity and debt securities on a specific identification method.
Aurora Investment
As of December 31, 2024 and 2025, our Class A common stock in Aurora (“Aurora Investment”) have been classified as a marketable equity security with a readily determinable fair value (Level 1) in the table presenting our financial assets measured at fair value on a recurring basis. We recognized a net unrealized gain of $985 million, a net unrealized gain of $629 million, and a net unrealized loss of $802 million on this investment in other income (expense), net in our consolidated statements of operations for the years ended December 31, 2023, 2024, and 2025, respectively, for the fair value change of the equity security.
Grab Investment
As of December 31, 2024 and 2025, our Class A ordinary shares in Grab have been classified as a marketable equity security with a readily determinable fair value (Level 1) in the table presenting our financial assets measured at fair value on a recurring basis. We recognized a net unrealized gain of $80 million, a net unrealized gain of $723 million, and a net unrealized gain of $145 million on the investment in other income (expense), net in our consolidated statements of operations for the years ended December 31, 2023, 2024, and 2025, respectively, for the fair value change of the equity security.
Delivery Hero Investment
In May 2024, we paid $300 million to purchase approximately 8.4 million newly issued ordinary shares of Delivery Hero. In connection with the Delivery Hero investment, we entered into a definitive agreement to acquire Foodpanda Taiwan. Refer to Note 1 – Description of Business and Summary of Significant Accounting Policies for further details.
As of December 31, 2025, our investment in Delivery Hero was classified as a marketable equity security with a readily determinable fair value (Level 1) measured at fair value on a recurring basis. We recognized an immaterial net unrealized gain, and an immaterial net unrealized loss on this investment in other income (expense), net in our consolidated statement of operations during the years ended December 31, 2024 and 2025, respectively, for the fair value change of the equity security.
Financial Assets and Liabilities Measured at Fair Value Using Level 3 Inputs
The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2024 and 2025, using significant unobservable inputs (Level 3) (in millions):
Non-marketable
Equity Securities		Notes Receivable
Balance as of December 31, 2023$— $126 
Change in fair value
Included in earnings11 18 
Balance as of December 31, 202411 144 
Change in fair value
Included in earnings58 46 
Balance as of December 31, 2025$69 $190 
Assets Measured at Fair Value on a Non-Recurring Basis
Non-Financial Assets
Our non-financial assets, such as goodwill, intangible assets and property and equipment are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominately on Level 3 inputs.
Non-Marketable Equity Securities
Our non-marketable equity securities are investments in privately-held companies without readily determinable fair values. The carrying value of our non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the consolidated statements of operations. Non-marketable equity securities are classified within Level 3 in the fair value hierarchy because we estimate the fair value of these securities based on valuation methods, including the CSE and OPM methods, using the transaction price of similar securities issued by the investee adjusted for contractual rights and obligations of the securities we hold.
The following is a summary of unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded in other income (expense), net in the consolidated statements of operations, and included as adjustments to the carrying value of non-marketable equity securities held during the years ended December 31, 2023, 2024, and 2025 based on the observable price in an orderly transaction for the same or similar security of the same issuers (in millions):
Year Ended December 31,
202320242025
Upward adjustments$908 $657 $1,129 
Downward adjustments (including impairment)(472)(328)(588)
Total unrealized gain (loss) for non-marketable equity securities$436 $329 $541 
The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):
As of December 31,
20242025
Initial cost basis$2,030 $2,673 
Upward adjustments2,611 3,726 
Downward adjustments (including impairment)(1,442)(2,002)
Total carrying value at the end of the period$3,199 $4,397 
We did not record any realized gains or losses for our non-marketable equity securities measured at fair value on a non-recurring basis during the years ended December 31, 2023, 2024, and 2025.
Didi Investment
In the second quarter of 2022, Didi completed their delisting from the New York Stock Exchange (“NYSE Delisting”). We concluded the ordinary shares held by us did not have a readily determinable fair value and should be accounted for under the measurement alternative method. As of December 31, 2024 and 2025, Didi American Depositary Shares (“ADS”) continue to be traded in the over-the-counter (“OTC”) market. We determined that the Didi ADS were similar to the ordinary shares held prior to the NYSE Delisting. We then measured the investment to fair value based on the closing share price of the Didi ADS on the OTC market on December 31, 2024 and 2025 as an observable transaction for similar securities. As of December 31, 2024 and 2025, our Didi investment is classified as a non-marketable equity security and is measured at fair value on a non-recurring basis with a readily
available price based on significant other observable inputs (Level 2). We recognized a net unrealized gain of $443 million, a net unrealized gain of $357 million, and a net unrealized gain of $409 million on this investment in other income (expense), net in our consolidated statements of operations for the years ended December 31, 2023, 2024, and 2025, respectively.