v3.25.4
Fair Value Measurements and Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):

December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$1,635 $— $— $1,635 
Commercial paper— 152 — 152 
Government bonds— 33 — 33 
Corporate debt securities— 2 — 2 
Total cash and cash equivalents at fair value1,635 187 — 1,822 
Short-term investments:
Corporate debt securities— 2,177 — 2,177 
Mortgage-backed and asset-backed securities— 378 — 378 
Government bonds— 224 — 224 
Commercial paper— 214 — 214 
Certificates of deposit— 52 — 52 
Total short-term investments at fair value— 3,045 — 3,045 
Funds receivable and amounts held on behalf of customers:
Money market funds1,340 — — 1,340 
Prepaids and other current assets:
Foreign exchange derivative assets— 114 — 114 
Other assets, noncurrent:
Foreign exchange derivative assets
— 6 — 6 
Total assets at fair value$2,975 $3,352 $— $6,327 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $20 $— $20 

December 31, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$901 $— $— $901 
Commercial paper— 98 — 98 
Government bonds— 57 — 57 
Corporate debt securities— 7 — 7 
Total cash and cash equivalents at fair value901 162 — 1,063 
Short-term investments:
Corporate debt securities— 2,288 — 2,288 
Mortgage-backed and asset-backed securities— 441 — 441 
Government bonds— 262 — 262 
Commercial paper— 182 — 182 
Certificates of deposit— 149 — 149 
Total short-term investments at fair value— 3,322 — 3,322 
Funds receivable and amounts held on behalf of customers:
Money market funds2,164 — — 2,164 
Prepaids and other current assets:
Foreign exchange derivative assets— 20 — 20 
Total assets at fair value$3,065 $3,504 $— $6,569 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $68 $— $68 

Long-term investments were immaterial as of December 31, 2024 and 2025.

There were no transfers of financial instruments into or out of Level 3 in 2024 and 2025.
There were no material changes in unrealized losses included in other comprehensive income (loss) relating to investments measured at fair value for which the Company has utilized Level 3 inputs to determine fair value in 2023, 2024, and 2025.