v3.25.4
Investments and Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of 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.
Schedule of Assets and Liabilities Measured on 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.
Schedule of Amortized Cost, Unrealized Gains and Losses and Fair Value of 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 $— $10,326 
Schedule of Reconciliation Using Significant Unobservable Inputs, Assets
The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2024 and 2025, using significant unobservable inputs (Level 3) (in millions):
Non-marketable
Equity Securities		Notes Receivable
Balance as of December 31, 2023$— $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 $190 
Schedule of Reconciliation Using Significant Unobservable Inputs, Liabilities
The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2024 and 2025, using significant unobservable inputs (Level 3) (in millions):
Non-marketable
Equity Securities		Notes Receivable
Balance as of December 31, 2023$— $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 
Schedule of Securities without Readily Determinable Fair Value
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