Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

The following table summarizes, by major security 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, 2024		June 30, 2025
	Total Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Cash	$	17,055	$	16,083	$	—	$	—	$	16,083
Level 1 securities:
Money market funds	28,282		18,058		—		—		18,058
Equity securities (1)	3,318								3,149
Level 2 securities:
Foreign government and agency securities	177		84		—		—		84
U.S. government and agency securities	3,401		5,057		5		(32)		5,030
Corporate debt securities	50,912		52,634		26		(19)		52,641
Asset-backed securities	1,523		1,813		6		(12)		1,807
Other debt securities	67		40		—		—		40

	$	104,735	$	93,769	$	37	$	(63)	$	96,892
Less: Restricted cash, cash equivalents, and marketable securities (2)	(3,533)								(3,712)
Total cash, cash equivalents, and marketable securities	$	101,202							$	93,180

___________________

(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $443 million and $393 million in Q2 2024 and Q2 2025, and $(1.7) billion and $188 million for the six months ended June 30, 2024 and 2025.

(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 June 30, 2025 (in millions):


	Amortized Cost		Estimated Fair Value
Due within one year	$	68,262	$	68,246
Due after one year through five years	7,911		7,928
Due after five years through ten years	610		607
Due after ten years	903		879
Total	$	77,686	$	77,660

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, 2024		June 30, 2025
Cash and cash equivalents	$	78,779	$	57,741
Restricted cash included in accounts receivable, net and other	247		356
Restricted cash included in other assets	3,286		3,356
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	82,312	$	61,453

Consolidated Statements of Cash Flow Reconciliation - Restricted Cash


	December 31, 2024		June 30, 2025
Cash and cash equivalents	$	78,779	$	57,741
Restricted cash included in accounts receivable, net and other	247		356
Restricted cash included in other assets	3,286		3,356
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	82,312	$	61,453