Marketable Securities and Equity Investments (Tables)

12 Months Ended

Dec. 31, 2025

A summary of our cash equivalents and marketable debt and equity securities, which are recorded at fair value, is shown

below:


	As of December 31, 2025				As of December 31, 2024
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value

	(in millions)
Cash equivalents	$2,779.1	$—	$—	$2,779.1	$1,687.1	$—	$—	$1,687.1
Marketable securities:
U.S. Treasury securities	$1,852.9	$12.1	$(0.1)	$1,864.9	$1,603.9	$3.6	$(5.5)	$1,602.0
U.S. government agency securities	261.2	1.2	—	262.4	240.5	0.5	(0.5)	240.5
Asset-backed securities	1,351.1	6.0	(0.1)	1,357.0	1,239.6	5.1	(0.5)	1,244.2
Certificates of deposit	26.2	—	—	26.2	—	—	—	—
Corporate debt securities	3,669.3	25.0	(0.4)	3,693.9	3,519.4	10.6	(4.1)	3,525.9
Commercial paper	14.6	—	—	14.6	5.0	—	—	5.0
Total marketable available-for- sale debt securities	7,175.3	44.3	(0.6)	7,219.0	6,608.4	19.8	(10.6)	6,617.6
Corporate equity securities	25.0	—	(8.4)	16.6	72.1	3.0	(38.5)	36.6
Total marketable securities	7,200.3	44.3	(9.0)	7,235.6	6,680.5	22.8	(49.1)	6,654.2
Total cash equivalents and marketable securities	$9,979.4	$44.3	$(9.0)	$10,014.7	$8,367.6	$22.8	$(49.1)	$8,341.3

Amounts in the table above at fair value were classified on our consolidated balance sheets as follows:


	December 31,
	2025	2024
	(in millions)
Cash and cash equivalents	$2,779.1	$1,687.1
Marketable securities	1,523.3	1,546.3
Long-term marketable securities	5,712.3	5,107.9
Total	$10,014.7	$8,341.3

Marketable available-for-sale debt securities by contractual maturity were as follows:


	December 31,
	2025	2024
	(in millions)
Matures within one year	$1,506.7	$1,509.7
Matures after one year through five years	5,595.8	5,034.4
Matures after five years	116.5	73.5
Total	$7,219.0	$6,617.6

During the three years ended December 31, 2025, our net unrealized losses on

corporate equity securities with readily determinable fair values held at the conclusion of each period were as follows: