v3.25.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Marketable Securities Measured at Fair Value on a Recurring Basis
The following tables summarize our cash, cash equivalents, and marketable securities measured at fair value on a recurring basis (in millions):

As of December 31, 2024
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Total
Cash
$12,407 
Cash equivalents:
Money market funds
$8,154 $0 $8,154 
Time deposits
0 2,081 2,081 
Government bonds0 746 746 
Corporate debt securities0 78 78 
Total cash and cash equivalents
8,154 2,905 23,466 
Marketable securities:
Marketable equity securities(1)
4,7081054,813
Time deposits
0 136 136 
Government bonds028,70928,709
Corporate debt securities021,11621,116
Mortgage-backed and asset-backed securities017,41717,417
Total marketable securities
4,708 67,483 72,191 
Total$12,862 $70,388 $95,657 
(1)The long-term portion of marketable equity securities (subject to long-term lock-up restrictions) of $266 million as of December 31, 2024 is included within other non-current assets.
As of December 31, 2025
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Total
Cash
$15,305 
Cash equivalents:
Money market funds$11,349 $0 $11,349 
Time deposits0 3,353 3,353 
Government bonds0 602 602 
Corporate debt securities0 99 99 
Total cash and cash equivalents
11,349 4,054 30,708 
Marketable securities:
Marketable equity securities
4,4021,9116,313
Time deposits0 0 0 
Government bonds050,54950,549
Corporate debt securities021,56521,565
Mortgage-backed and asset-backed securities017,70817,708
Total marketable securities
4,402 91,733 96,135 
Total$15,751 $95,787 $126,843 
Schedule of Investments by Maturity Date
The following table summarizes the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in millions):
As of
December 31, 2025
Due in 1 year or less$26,735 
Due in 1 year through 5 years37,001 
Due in 5 years through 10 years12,769 
Due after 10 years13,317 
Total$89,822 
Schedule of Available-for-Sale Debt Securities
The following tables present fair values and gross unrealized gains and losses recorded to AOCI, less any expected credit losses, aggregated by investment category (in millions):
As of December 31, 2024
Adjusted CostGross Unrealized GainsGross Unrealized LossesFair Value
Time deposits$2,217 $0 $0 $2,217 
Government bonds27,55183 (214)27,420 
Corporate debt securities18,300 79 (222)18,157 
Mortgage-backed and asset-backed securities14,437 63 (385)14,115 
Total investments with fair value change reflected in other comprehensive income
$62,505 $225 $(821)$61,909 
As of December 31, 2025
Adjusted CostGross Unrealized GainsGross Unrealized LossesFair Value
Time deposits$3,353 $0 $0 $3,353 
Government bonds49,087443 (26)49,504 
Corporate debt securities18,346 242 (32)18,556 
Mortgage-backed and asset-backed securities14,337 174 (128)14,383 
Total investments with fair value change reflected in other comprehensive income
$85,123 $859 $(186)$85,796 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present fair values and gross unrealized losses recorded to AOCI, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):
 As of December 31, 2024
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
Government bonds$11,119 $(126)$2,576 $(88)$13,695 $(214)
Corporate debt securities4,228 (17)6,838 (168)11,066 (185)
Mortgage-backed and asset-backed securities5,222 (106)3,813 (279)9,035 (385)
Total$20,569 $(249)$13,227 $(535)$33,796 $(784)
 As of December 31, 2025
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
Government bonds$4,230 $(9)$1,174 $(17)$5,404 $(26)
Corporate debt securities915 0 2,429 (24)3,344 (24)
Mortgage-backed and asset-backed securities1,377 (4)3,035 (124)4,412 (128)
Total$6,522 $(13)$6,638 $(165)$13,160 $(178)
Schedule of Gains and Losses on Investments
The following table summarizes gains and losses for debt securities, reflected as a component of OI&E (in millions):    
Year Ended December 31,
 202320242025
Unrealized gain (loss) on fair value option debt securities
$386 $30 $254 
Gross realized gain on debt securities182 482 572 
Gross realized loss on debt securities(1,833)(1,553)(316)
(Increase) decrease in allowance for credit losses
50 (2)30 
Total gain (loss) on debt securities recognized in other income (expense), net$(1,215)$(1,043)$540 
Gains and losses (including impairments), net, for equity securities included in OI&E are summarized below (in millions):
Year Ended December 31,
 202320242025
Gross unrealized gain on non-marketable equity securities accounted for under the measurement alternative
$1,806 $5,582 $22,666 
Gross unrealized loss (including impairments) on non-marketable equity securities accounted for under the measurement alternative
(2,894)(2,210)(1,271)
Unrealized net gain (loss) on non-marketable equity securities accounted for under the measurement alternative
(1,088)3,372 21,395 
Unrealized net gain (loss) on marketable and other equity securities
790 156 1,907 
Realized net gain (loss) on marketable and non-marketable equity securities sold during the period
  
690 186 778 
Total gain (loss) on equity securities in other income (expense), net (1)
$392 $3,714 $24,080 
(1) Excludes income (loss) and impairment from equity method investments. Refer to Note 7 for further details.
Summary of Non-Marketable Securities
The carrying values for non-marketable securities are summarized below (in millions):

As of December 31,
20242025
Non-marketable securities:
Total initial cost of non-marketable equity securities accounted for under the measurement alternative
$20,940 $28,429 
Cumulative upward adjustments
22,709 44,485 
Cumulative downward adjustments (including impairments)
(8,431)(8,820)
Carrying value of non-marketable equity securities accounted for under the measurement alternative
35,218 64,094 
Equity method investments and other
2,764 4,593 
Total non-marketable securities
$37,982 $68,687 
Schedule of Gross Notional Amounts of Derivative Instruments
The gross notional amounts of outstanding derivative instruments were as follows (in millions):
As of December 31,
20242025
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges$20,315 $23,852 
Fair value hedges$1,562 $0 
Net investment hedges$6,986 $14,203 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$44,227 $56,085 
Credit derivatives(1)
$0 $16,940 
Other contracts$15,082 $15,900 
(1)    Notional amounts for credit derivatives are the backstop obligations related to certain third-party data center leases and represent the maximum potential amount of future payments that could be required in the event of certain default scenarios over remaining agreement periods of up to 15 years. In the event we are required to make payments under certain backstop obligations, we may receive equity in or cash payments from certain counterparties, the amounts for which are not reflected in the notional amounts for credit derivatives. See Note 5 for further details.
Schedule of Derivative Instruments
The fair values of outstanding derivative instruments were as follows (in millions):
 As of December 31, 2024As of December 31, 2025
 
Assets(1)
Liabilities(2)
Assets(1)
Liabilities(2)
Derivatives designated as hedging instruments:
Foreign exchange contracts$1,054 $0 $316 $197 
Derivatives not designated as hedging instruments:
Foreign exchange contracts200 593 92 84 
Other contracts474 19 324 98 
Total derivatives not designated as hedging instruments
674 612 416 182 
Total
$1,728 $612 $732 $379 
(1)    Derivative assets are recorded as other current and non-current assets.
(2)    Derivative liabilities are recorded as accrued expenses and other liabilities, current and non-current.
Schedule of Gain (Loss) on Derivative Instruments
The gains (losses) on derivatives and non-derivative financial instruments in cash flow hedging and net investment hedging relationships recognized in other comprehensive income are summarized below (in millions):
 Year Ended December 31,
202320242025
Cash flow hedging relationship:
Foreign exchange and other contracts
Amount included in the assessment of effectiveness$90 $857 $(978)
Amount excluded from the assessment of effectiveness84 77 (45)
Net investment hedging relationship:
Amounts included in the assessment of effectiveness
Foreign exchange contracts
(287)223 (765)
Foreign currency-denominated debt
0 0 (393)
Amounts excluded from the assessment of effectiveness
Foreign exchange contracts0 0 11 
Total$(113)$1,157 $(2,170)

The table below presents the gains (losses) of derivatives included on the Consolidated Statements of Income: (in millions):
Year Ended December 31,
202320242025
RevenuesOther income (expense), netRevenuesOther income (expense), netRevenuesOther income (expense), net
Total amounts included on the Consolidated Statements of Income
$307,394 $1,424 $350,018 $7,425 $402,836 $29,787 
Effect of cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness213 0 174 0 (233)0 
Amount excluded from the assessment of effectiveness
24 0 37 0 107 0 
Effect of fair value hedges:
Foreign exchange contracts
Hedged items0 59 0 (59)0 (9)
Amount included in the assessment of effectiveness
0 (59)0 58 0 9 
Amount excluded from the assessment of effectiveness0 15 0 13 0 1 
Effect of net investment hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness0 187 0 137 0 189 
Effect of non-designated hedges:
Foreign exchange contracts0 7 0335 0 445 
Other contracts0 53 0 174 0 (148)
Total gains (losses)$237 $262 $211 $658 $(126)$487 
Schedule of Offsetting Assets
The gross amounts of derivative instruments subject to master netting arrangements with various counterparties, and cash and non-cash collateral received and pledged under such agreements were as follows (in millions):
As of December 31, 2024
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets$1,776 $(48)$1,728 $(516)$(721)$491 
Derivatives liabilities$660 $(48)$612 $(516)$(9)$87 
As of December 31, 2025
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts
Recognized		Gross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets$842 $(110)$732 $(140)$(231)$361 
Derivatives liabilities$489 $(110)$379 $(140)$(15)$224 
(1)    The balances as of December 31, 2024 and 2025 were related to derivatives allowed to be net settled in accordance with our master netting agreements.
Schedule of Offsetting Liabilities
The gross amounts of derivative instruments subject to master netting arrangements with various counterparties, and cash and non-cash collateral received and pledged under such agreements were as follows (in millions):
As of December 31, 2024
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets$1,776 $(48)$1,728 $(516)$(721)$491 
Derivatives liabilities$660 $(48)$612 $(516)$(9)$87 
As of December 31, 2025
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts
Recognized		Gross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets$842 $(110)$732 $(140)$(231)$361 
Derivatives liabilities$489 $(110)$379 $(140)$(15)$224 
(1)    The balances as of December 31, 2024 and 2025 were related to derivatives allowed to be net settled in accordance with our master netting agreements.