v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
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, 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 deposits
0 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 deposits
0 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 
As of March 31, 2026
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Total
Cash
$15,408 
Cash equivalents:
Money market funds$16,686 $0 $16,686 
Time deposits0 2,966 2,966 
Government bonds0 2,946 2,946 
Corporate debt securities0 57 57 
Total cash and cash equivalents
16,686 5,969 38,063 
Marketable securities:
Marketable equity securities
5,5415036,044
Time deposits0 0 0 
Government bonds043,20443,204
Corporate debt securities021,76321,763
Mortgage-backed and asset-backed securities017,76617,766
Total marketable securities
5,541 83,236 88,777 
Total$22,227 $89,205 $126,840 
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
March 31, 2026
Due in 1 year or less$14,323 
Due in 1 year through 5 years42,670 
Due in 5 years through 10 years12,471 
Due after 10 years13,269 
Total$82,733 
Schedule of Available-for-Sale Debt Securities
The following tables present fair values and gross unrealized gains and losses recorded to accumulated other comprehensive income (AOCI), less any expected credit losses, aggregated by investment category (in millions):
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 
As of March 31, 2026
Adjusted CostGross Unrealized GainsGross Unrealized LossesFair Value
Time deposits$2,966 $0 $0 $2,966 
Government bonds44,465272 (101)44,636 
Corporate debt securities18,737 124 (63)18,798 
Mortgage-backed and asset-backed securities14,627 109 (160)14,576 
Total investments with fair value change reflected in other comprehensive income
$80,795 $505 $(324)$80,976 
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, 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)
 As of March 31, 2026
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
Government bonds$14,349 $(85)$890 $(16)$15,239 $(101)
Corporate debt securities5,506 (17)1,826 (19)7,332 (36)
Mortgage-backed and asset-backed securities5,228 (40)1,972 (120)7,200 (160)
Total$25,083 $(142)$4,688 $(155)$29,771 $(297)
Schedule of Gains and Losses on Equity Securities
The following table summarizes gains and losses for debt securities, reflected as a component of OI&E (in millions):    
Three Months Ended
March 31,
 20252026
Unrealized gain (loss) on fair value option debt securities$97 $(142)
Gross realized gain on debt securities266 83 
Gross realized loss on debt securities(175)(33)
(Increase) decrease in allowance for credit losses14 (19)
Total gain (loss) on debt securities recognized in other income (expense), net$202 $(111)
Gains and losses (including impairments), net, for equity securities included in OI&E are summarized below (in millions):
Three Months Ended
March 31,
20252026
Gross unrealized gain on non-marketable equity securities accounted for under the measurement alternative
$9,715 $36,660 
Gross unrealized loss (including impairments) on non-marketable equity securities accounted for under the measurement alternative
(399)(346)
Unrealized net gain (loss) on non-marketable equity securities accounted for under the measurement alternative
9,316 36,314 
Unrealized net gain (loss) on marketable and other equity securities
227 105 
Realized net gain (loss) on marketable and non-marketable equity securities sold during the period
215 496 
Total gain (loss) on equity securities in other income (expense), net (1)
$9,758 $36,915 
(1)Excludes income (loss) and impairment from equity method investments. Refer to Note 7 for further details.
Schedule of Non-Marketable Securities
The carrying values for non-marketable securities are summarized below (in millions):
As of
December 31, 2025		As of
March 31, 2026
Non-marketable securities:
Total initial cost of non-marketable equity securities accounted for under the measurement alternative
$28,429 $29,489 
Cumulative upward adjustments
44,485 80,792 
Cumulative downward adjustments (including impairments)
(8,820)(8,935)
Carrying value of non-marketable equity securities accounted for under the measurement alternative
64,094 101,346 
Equity method investments and other
4,593 5,600 
Total non-marketable securities
$68,687 $106,946 
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, 2025		As of
March 31, 2026
Derivatives designated as hedging instruments:
Foreign exchange derivatives
Cash flow hedges$23,852 $23,448 
Net investment hedges$14,203 $14,020 
Derivatives not designated as hedging instruments:
Foreign exchange derivatives
$56,085 $51,976 
Equity derivatives
$0 $30,000 
Credit derivatives
$16,940 $28,436 
Other derivatives$15,900 $15,862 
Schedule of Derivative Instruments
The fair values of outstanding derivative instruments were as follows (in millions):
 As of December 31, 2025As of March 31, 2026
  
Assets(1)
Liabilities(2)
Assets(1)
Liabilities(2)
Derivatives designated as hedging instruments:
Foreign exchange derivatives
$316 $197 $991 $39 
Derivatives not designated as hedging instruments:
Foreign exchange derivatives
9215244472
Credit derivatives
0690339
Other derivatives
3249837540
Total derivatives not designated as hedging instruments416 182 619 851 
Total$732 $379 $1,610 $890 
(1)    Derivative assets are recorded as other current and non-current assets.
(2)    Derivative liabilities are recorded as accrued expenses and other liabilities, current and non-current.
Schedule of Gain (Loss) on Derivative Instruments
The gains (losses) on derivatives and non-derivative financial instruments in cash flow hedging and net investment hedging relationships recognized in other comprehensive income are summarized below (in millions):
Three Months Ended
 March 31,
20252026
Cash flow hedging relationship:
Foreign exchange and other derivatives
Amount included in the assessment of effectiveness$(339)$259 
Amount excluded from the assessment of effectiveness(61)83 
Net investment hedging relationship:
Amount included in the assessment of effectiveness
Foreign exchange derivatives(206)320 
Foreign currency-denominated debt0 440 
Amounts excluded from the assessment of effectiveness
Foreign exchange derivatives0 1 
Total$(606)$1,103 
The table below presents the gains (losses) of derivatives included in the Consolidated Statements of Income: (in millions):
Three Months Ended March 31,
20252026
RevenuesOther income (expense), netRevenuesOther income (expense), net
Total amounts included in the Consolidated Statements of Income$90,234 $11,183 $109,896 $37,716 
Effect of cash flow hedges:
Foreign exchange derivatives
Amount included in the assessment of effectiveness
$242 $0 $(211)$0 
Amount excluded from the assessment of effectiveness
18 0 31 0 
Effect of fair value hedges:
Foreign exchange derivatives
Hedged items0 (9)0 0 
Amount included in the assessment of effectiveness
0 9 0 0 
Amount excluded from the assessment of effectiveness0 1 0 0 
Effect of net investment hedges:
Foreign exchange derivatives
Amount excluded from the assessment of effectiveness0 31 0 62 
Effect of non-designated hedges:
Foreign exchange derivatives0 65 0 (179)
Credit derivatives0 0 0 (148)
Other derivatives0 (71)0 14 
Total gains (losses)$260 $26 $(180)$(251)
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, 2025
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$842 $(110)$732 $(140)$(231)$361 
Derivatives liabilities$489 $(110)$379 $(140)$(15)$224 
As of March 31, 2026
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)
$1,725 $(115)$1,610 $(470)$(696)$444 
Derivatives liabilities$1,005 $(115)$890 $(470)$(18)$402 
(1)The balances as of December 31, 2025 and March 31, 2026 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, 2025
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$842 $(110)$732 $(140)$(231)$361 
Derivatives liabilities$489 $(110)$379 $(140)$(15)$224 
As of March 31, 2026
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)
$1,725 $(115)$1,610 $(470)$(696)$444 
Derivatives liabilities$1,005 $(115)$890 $(470)$(18)$402 
(1)The balances as of December 31, 2025 and March 31, 2026 were related to derivatives allowed to be net settled in accordance with our master netting agreements.