Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table presents provision for income taxes (in millions, except for effective tax rate):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2025			2024			2025
Income before provision for income taxes	$	27,551		$	33,933		$	55,866		$	75,722
Provision for income taxes	$	3,932		$	5,737		$	8,585		$	12,986
Effective tax rate	14.3		%	16.9		%	15.4		%	17.1		%

We are subject to income taxes in the U.S. and foreign jurisdictions. Significant judgment is required in evaluating our uncertain tax positions and determining our provision for income taxes. The total amount of gross unrecognized tax benefits was $12.6 billion and $12.9 billion, of which $10.0 billion and $11.0 billion, if recognized, would affect our effective tax rate, as of December 31, 2024 and June 30, 2025, respectively.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law. This legislation includes changes to U.S. federal tax law, which may be subject to further clarification and the issuance of interpretive guidance. We are assessing the legislation and its effect on our consolidated financial statements, which we expect to begin reflecting in the three month period ended September 30, 2025.