Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

The following table summarizes, by major investment type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):


	December 31, 2025		March 31, 2026
	Total Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Cash and time deposits	$	16,145	$	14,655	$	—	$	—	$	14,655
Level 1:
Money market funds	29,777		35,697		—		—		35,697
Equity securities (1)	3,687								2,801
Level 2:
U.S. government and agency securities	5,222		4,601		2		(18)		4,585
Corporate debt securities	69,585		86,511		13		(29)		86,495
Asset-backed securities	1,780		1,711		3		(11)		1,703
Other financial instruments	129		29		—		—		29
	$	126,325	$	143,204	$	18	$	(58)	$	145,965
Less: Restricted cash, cash equivalents, and marketable securities (2)	(3,296)								(2,876)
Total cash, cash equivalents, and marketable securities	$	123,029							$	143,089

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(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $(205) million and $(883) million in Q1 2025 and Q1 2026.

(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable debt securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, standby and trade letters of credit, and licenses of digital media content. We classify cash, cash equivalents, and marketable debt securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 4 — Commitments and Contingencies.”

Investments Classified by Contractual Maturity Date

The following table summarizes the remaining contractual maturities of our cash equivalents and marketable debt securities as of March 31, 2026 (in millions):


	Amortized Cost		Estimated Fair Value
Due within one year	$	119,054	$	119,043
Due after one year through five years	8,083		8,076
Due after five years through ten years	463		461
Due after ten years	949		929
Total	$	128,549	$	128,509

Consolidated Statements of Cash Flow Reconciliation - Cash and Cash Equivalents

The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):


	December 31, 2025		March 31, 2026
Cash and cash equivalents	$	86,810	$	101,816
Restricted cash included in “Accounts receivable, net and other”	300		330
Restricted cash included in “Other assets”	2,996		2,546
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	90,106	$	104,692

Consolidated Statements of Cash Flow Reconciliation - Restricted Cash


	December 31, 2025		March 31, 2026
Cash and cash equivalents	$	86,810	$	101,816
Restricted cash included in “Accounts receivable, net and other”	300		330
Restricted cash included in “Other assets”	2,996		2,546
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	90,106	$	104,692