NOTE 1 \u2014 ACCOUNTING POLICIES
Accounting Principles
Our unaudited interim consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with information included in the Microsoft Corporation fiscal year 2025 Form 10-K filed with the U.S. Securities and Exchange Commission on July 30, 2025.
Principles of Consolidation
The consolidated financial statements include the accounts of Microsoft Corporation and its subsidiaries. Intercompany transactions and balances have been eliminated.
Estimates and Assumptions
Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Examples of estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, and determining the standalone selling price of performance obligations, variable consideration, and other obligations such as product returns and refunds; loss contingencies; the fair value of and/or potential impairment of goodwill and intangible assets for our reporting units; product life cycles; useful lives of our tangible and intangible assets; allowances for doubtful accounts; stock-based compensation forfeiture rates; when technological feasibility is achieved for our products; the potential outcome of uncertain tax positions that have been recognized in our consolidated financial statements or tax returns; and determining the timing and amount of impairments for investments. Actual results and outcomes may differ from management\u2019s estimates and assumptions due to risks and uncertainties.
Financial Instruments
Investments
We consider all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. The fair values of these investments approximate their carrying values. In general, investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations.
Debt investments are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. Changes in fair value, excluding credit losses and impairments, are recorded in other comprehensive income. Fair value is calculated based on publicly available market information or other estimates determined by management. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. To determine credit losses, we employ a systematic methodology that considers available quantitative and qualitative evidence. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. If we have plans to sell the security or it is more likely than not that we will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in other income (expense), net and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, we may incur future impairments.
Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are recorded in other income (expense), net.
Investments that are considered variable interest entities (\u201cVIEs\u201d) are evaluated to determine whether we are the primary beneficiary of the VIE, in which case we would be required to consolidate the entity. We evaluate whether we have (1) the power to direct the activities that most significantly impact the VIE\u2019s economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. We have determined we are not the primary beneficiary of any of our VIE investments. Therefore, our VIE investments are not consolidated and the majority are accounted for under the equity method of accounting.
We have an investment in OpenAI Global, LLC (\u201cOpenAI\u201d) and have made total funding commitments of $13 billion, of which $11.6 billion has been funded as of September 30, 2025. The investment is accounted for under the equity method of accounting, with our share of OpenAI\u2019s income or loss recognized in other income (expense), net.
Derivatives
Derivative instruments are recognized as either assets or liabilities and measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation.
For derivative instruments designated as fair value hedges, gains and losses are recognized in other income (expense), net with offsetting gains and losses on the hedged items. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in other income (expense), net.
For derivative instruments designated as cash flow hedges, gains and losses are initially reported as a component of other comprehensive income and subsequently recognized in other income (expense), net with the corresponding hedged item. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in other income (expense), net.
For derivative instruments that are not designated as hedges, gains and losses from changes in fair values are primarily recognized in other income (expense), net.
Fair Value Measurements
We account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:
We measure equity investments without readily determinable fair values on a nonrecurring basis. The fair values of these investments are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections.
Our other current financial assets and current financial liabilities have fair values that approximate their carrying values.
Contract Balances and Other Receivables
As of September 30, 2025 and June 30, 2025, long-term accounts receivable, net of allowance for doubtful accounts, was $5.0 billion and $5.2 billion, respectively, and is included in other long-term assets in our consolidated balance sheets.
As of September 30, 2025 and June 30, 2025, other receivables related to activities to facilitate the purchase of server components were $14.4 billion and $8.2 billion, respectively, and are included in other current assets in our consolidated balance sheets.
We record financing receivables when we offer certain customers the option to acquire our software products and services offerings through a financing program in a limited number of countries. As of September 30, 2025 and June 30, 2025, our financing receivables, net were $3.9 billion and $4.3 billion, respectively, for short-term and long-term financing receivables, which are included in other current assets and other long-term assets in our consolidated balance sheets. We record an allowance for doubtful accounts which reflects our best estimate of credit losses inherent in the accounts receivable and financing receivable balances. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence.
Recent Accounting Guidance
Income Taxes \u2013 Improvements to Income Tax Disclosures
In December 2023, the Financial Accounting Standards Board (\u201cFASB\u201d) issued a new standard to improve income tax disclosures. The guidance requires additional disclosure of disaggregated income taxes paid and prescribes standardized categories for the components of the effective tax rate reconciliation. We will adopt the standard on the effective date in our annual reporting for fiscal year 2026. The standard can be applied either prospectively or retrospectively.
Income Statement \u2013 Disaggregation of Income Statement Expenses
In November 2024, the FASB issued a new standard to expand disclosures about income statement expenses. The guidance requires disaggregation of certain costs and expenses included in each relevant expense caption on our consolidated income statements in a separate note to the financial statements at each interim and annual reporting period, including amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The standard will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter, with early adoption permitted. We are currently evaluating the impact of this standard on our disclosures.
Accounting Principles
Our unaudited interim consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with information included in the Microsoft Corporation fiscal year 2025 Form 10-K filed with the U.S. Securities and Exchange Commission on July 30, 2025.
"}]},{"name":"rpt:f-282","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"Principles of Consolidation
The consolidated financial statements include the accounts of Microsoft Corporation and its subsidiaries. Intercompany transactions and balances have been eliminated."}]},{"name":"rpt:f-283","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"Estimates and Assumptions
Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Examples of estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, and determining the standalone selling price of performance obligations, variable consideration, and other obligations such as product returns and refunds; loss contingencies; the fair value of and/or potential impairment of goodwill and intangible assets for our reporting units; product life cycles; useful lives of our tangible and intangible assets; allowances for doubtful accounts; stock-based compensation forfeiture rates; when technological feasibility is achieved for our products; the potential outcome of uncertain tax positions that have been recognized in our consolidated financial statements or tax returns; and determining the timing and amount of impairments for investments. Actual results and outcomes may differ from management\u2019s estimates and assumptions due to risks and uncertainties.
"}]},{"name":"rpt:f-284","factDimensions":{"xbrl:concept":"us-gaap:InvestmentPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"Investments
We consider all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. The fair values of these investments approximate their carrying values. In general, investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations.
Debt investments are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. Changes in fair value, excluding credit losses and impairments, are recorded in other comprehensive income. Fair value is calculated based on publicly available market information or other estimates determined by management. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. To determine credit losses, we employ a systematic methodology that considers available quantitative and qualitative evidence. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. If we have plans to sell the security or it is more likely than not that we will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in other income (expense), net and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, we may incur future impairments.
Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are recorded in other income (expense), net.
Investments that are considered variable interest entities (\u201cVIEs\u201d) are evaluated to determine whether we are the primary beneficiary of the VIE, in which case we would be required to consolidate the entity. We evaluate whether we have (1) the power to direct the activities that most significantly impact the VIE\u2019s economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. We have determined we are not the primary beneficiary of any of our VIE investments. Therefore, our VIE investments are not consolidated and the majority are accounted for under the equity method of accounting.
We have an investment in OpenAI Global, LLC (\u201cOpenAI\u201d) and have made total funding commitments of $13 billion, of which $11.6 billion has been funded as of September 30, 2025. The investment is accounted for under the equity method of accounting, with our share of OpenAI\u2019s income or loss recognized in other income (expense), net.
"}]},{"name":"rpt:f-285","factDimensions":{"xbrl:concept":"msft:EquityMethodInvestmentsTotalFundingCommitments","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"msft:OpenAIGlobalLlcMember"},"factValues":[{"value":"13000000000","decimals":-9}]},{"name":"rpt:f-286","factDimensions":{"xbrl:concept":"msft:EquityMethodInvestmentsFunded","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"msft:OpenAIGlobalLlcMember"},"factValues":[{"value":"11600000000","decimals":-8}]},{"name":"rpt:f-287","factDimensions":{"xbrl:concept":"us-gaap:DerivativesPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"Derivatives
Derivative instruments are recognized as either assets or liabilities and measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation.
For derivative instruments designated as fair value hedges, gains and losses are recognized in other income (expense), net with offsetting gains and losses on the hedged items. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in other income (expense), net.
For derivative instruments designated as cash flow hedges, gains and losses are initially reported as a component of other comprehensive income and subsequently recognized in other income (expense), net with the corresponding hedged item. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in other income (expense), net.
For derivative instruments that are not designated as hedges, gains and losses from changes in fair values are primarily recognized in other income (expense), net.
"}]},{"name":"rpt:f-288","factDimensions":{"xbrl:concept":"us-gaap:FairValueOfFinancialInstrumentsPolicy","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"Fair Value Measurements
We account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:
We measure equity investments without readily determinable fair values on a nonrecurring basis. The fair values of these investments are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections.
Our other current financial assets and current financial liabilities have fair values that approximate their carrying values.
"}]},{"name":"rpt:f-289","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"Contract Balances and Other Receivables
As of September 30, 2025 and June 30, 2025, long-term accounts receivable, net of allowance for doubtful accounts, was $5.0 billion and $5.2 billion, respectively, and is included in other long-term assets in our consolidated balance sheets.
As of September 30, 2025 and June 30, 2025, other receivables related to activities to facilitate the purchase of server components were $14.4 billion and $8.2 billion, respectively, and are included in other current assets in our consolidated balance sheets.
We record financing receivables when we offer certain customers the option to acquire our software products and services offerings through a financing program in a limited number of countries. As of September 30, 2025 and June 30, 2025, our financing receivables, net were $3.9 billion and $4.3 billion, respectively, for short-term and long-term financing receivables, which are included in other current assets and other long-term assets in our consolidated balance sheets. We record an allowance for doubtful accounts which reflects our best estimate of credit losses inherent in the accounts receivable and financing receivable balances. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence.
"}]},{"name":"rpt:f-290","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableNetNoncurrent","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5000000000","decimals":-8}]},{"name":"rpt:f-291","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableNetNoncurrent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5200000000","decimals":-8}]},{"name":"rpt:f-292","factDimensions":{"xbrl:concept":"msft:OtherReceivablesRelatedToPurchaseOfComponents","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"14400000000","decimals":-8}]},{"name":"rpt:f-293","factDimensions":{"xbrl:concept":"msft:OtherReceivablesRelatedToPurchaseOfComponents","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8200000000","decimals":-8}]},{"name":"rpt:f-294","factDimensions":{"xbrl:concept":"msft:FinanceReceivablesNet","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3900000000","decimals":-8}]},{"name":"rpt:f-295","factDimensions":{"xbrl:concept":"msft:FinanceReceivablesNet","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4300000000","decimals":-8}]},{"name":"rpt:f-296","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"Recent Accounting Guidance
Income Taxes \u2013 Improvements to Income Tax Disclosures
In December 2023, the Financial Accounting Standards Board (\u201cFASB\u201d) issued a new standard to improve income tax disclosures. The guidance requires additional disclosure of disaggregated income taxes paid and prescribes standardized categories for the components of the effective tax rate reconciliation. We will adopt the standard on the effective date in our annual reporting for fiscal year 2026. The standard can be applied either prospectively or retrospectively.
Income Statement \u2013 Disaggregation of Income Statement Expenses
In November 2024, the FASB issued a new standard to expand disclosures about income statement expenses. The guidance requires disaggregation of certain costs and expenses included in each relevant expense caption on our consolidated income statements in a separate note to the financial statements at each interim and annual reporting period, including amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The standard will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter, with early adoption permitted. We are currently evaluating the impact of this standard on our disclosures.
"}]},{"name":"rpt:f-297","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerShareTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"NOTE 2 \u2014 EARNINGS PER SHARE
Basic earnings per share (\u201cEPS\u201d) is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.
The components of basic and diluted EPS were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions, except per share amounts) | \n
| \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Three Months Ended September 30, | \n
| \n 2025 | \n
| \n
| \n 2024 | \n
| \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Net income available for common shareholders (A) | \n
| \n $ | \n 27,747 | \n
| \n
| \n $ | \n 24,667 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Weighted average outstanding shares of common stock (B) | \n
| \n
| \n 7,433 | \n
| \n
| \n
| \n 7,433 | \n
| \n
Dilutive effect of stock-based awards | \n
| \n
| \n 33 | \n
| \n
| \n
| \n 37 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Common stock and common stock equivalents (C) | \n
| \n
| \n 7,466 | \n
| \n
| \n
| \n 7,470 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Earnings Per Share | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Basic (A/B) | \n
| \n $ | \n 3.73 | \n
| \n
| \n $ | \n 3.32 | \n
| \n
Diluted (A/C) | \n
| \n $ | \n 3.72 | \n
| \n
| \n $ | \n 3.30 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
Anti-dilutive stock-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented.
"}]},{"name":"rpt:f-298","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"Basic earnings per share (\u201cEPS\u201d) is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.
"}]},{"name":"rpt:f-299","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"The components of basic and diluted EPS were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions, except per share amounts) | \n
| \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Three Months Ended September 30, | \n
| \n 2025 | \n
| \n
| \n 2024 | \n
| \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Net income available for common shareholders (A) | \n
| \n $ | \n 27,747 | \n
| \n
| \n $ | \n 24,667 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Weighted average outstanding shares of common stock (B) | \n
| \n
| \n 7,433 | \n
| \n
| \n
| \n 7,433 | \n
| \n
Dilutive effect of stock-based awards | \n
| \n
| \n 33 | \n
| \n
| \n
| \n 37 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Common stock and common stock equivalents (C) | \n
| \n
| \n 7,466 | \n
| \n
| \n
| \n 7,470 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Earnings Per Share | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Basic (A/B) | \n
| \n $ | \n 3.73 | \n
| \n
| \n $ | \n 3.32 | \n
| \n
Diluted (A/C) | \n
| \n $ | \n 3.72 | \n
| \n
| \n $ | \n 3.30 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
NOTE 3 \u2014 OTHER INCOME (EXPENSE), NET
The components of other income (expense), net were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Three Months Ended September 30, | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Interest and dividends income | \n
| \n $ | \n 976 | \n
| \n
| \n $ | \n 681 | \n \u00a0 | \n
Interest expense | \n
| \n
| \n (698 | \n ) | \n
| \n
| \n (582 | \n ) | \n
Net recognized gains (losses) on investments | \n
| \n
| \n (572 | \n ) | \n
| \n
| \n 463 | \n \u00a0 | \n
Net gains (losses) on derivatives | \n
| \n
| \n 1,579 | \n \u00a0 | \n
| \n
| \n (338 | \n ) | \n
Net gains (losses) on foreign currency remeasurements | \n
| \n
| \n (22 | \n ) | \n
| \n
| \n 176 | \n \u00a0 | \n
Other, net | \n
| \n
| \n (4,923 | \n ) | \n
| \n
| \n (683 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n (3,660 | \n ) | \n
| \n $ | \n (283 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
For the three months ended September 30, 2025 and 2024, other income (expense), net included $4.1 billion and $688 million, respectively, of net losses from investments in OpenAI, primarily net recognized losses on our equity method investment reflected in other, net.
Net Recognized Gains (Losses) on Investments
Net recognized gains (losses) on debt investments were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Three Months Ended September 30, | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Realized gains from sales of available-for-sale securities | \n
| \n $ | \n 16 | \n \u00a0 | \n
| \n $ | \n 8 | \n \u00a0 | \n
Realized losses from sales of available-for-sale securities | \n
| \n
| \n (10 | \n ) | \n
| \n
| \n (15 | \n ) | \n
Impairments and allowance for credit losses | \n
| \n
| \n 4 | \n \u00a0 | \n
| \n
| \n 12 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n |||
Total | \n
| \n $ | \n 10 | \n \u00a0 | \n
| \n $ | \n 5 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
\u00a0
Net recognized gains (losses) on equity investments were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Three Months Ended September 30, | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Net realized gains on investments sold | \n
| \n $ | \n 71 | \n \u00a0 | \n
| \n $ | \n 65 | \n \u00a0 | \n
Net unrealized gains (losses) on investments still held | \n
| \n
| \n (635 | \n ) | \n
| \n
| \n 412 | \n \u00a0 | \n
Impairments of investments | \n
| \n
| \n (18 | \n ) | \n
| \n
| \n (19 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n |||
Total | \n
| \n $ | \n (582 | \n ) | \n
| \n $ | \n 458 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
The components of other income (expense), net were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Three Months Ended September 30, | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Interest and dividends income | \n
| \n $ | \n 976 | \n
| \n
| \n $ | \n 681 | \n \u00a0 | \n
Interest expense | \n
| \n
| \n (698 | \n ) | \n
| \n
| \n (582 | \n ) | \n
Net recognized gains (losses) on investments | \n
| \n
| \n (572 | \n ) | \n
| \n
| \n 463 | \n \u00a0 | \n
Net gains (losses) on derivatives | \n
| \n
| \n 1,579 | \n \u00a0 | \n
| \n
| \n (338 | \n ) | \n
Net gains (losses) on foreign currency remeasurements | \n
| \n
| \n (22 | \n ) | \n
| \n
| \n 176 | \n \u00a0 | \n
Other, net | \n
| \n
| \n (4,923 | \n ) | \n
| \n
| \n (683 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n (3,660 | \n ) | \n
| \n $ | \n (283 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Net recognized gains (losses) on debt investments were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Three Months Ended September 30, | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Realized gains from sales of available-for-sale securities | \n
| \n $ | \n 16 | \n \u00a0 | \n
| \n $ | \n 8 | \n \u00a0 | \n
Realized losses from sales of available-for-sale securities | \n
| \n
| \n (10 | \n ) | \n
| \n
| \n (15 | \n ) | \n
Impairments and allowance for credit losses | \n
| \n
| \n 4 | \n \u00a0 | \n
| \n
| \n 12 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n |||
Total | \n
| \n $ | \n 10 | \n \u00a0 | \n
| \n $ | \n 5 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
Net recognized gains (losses) on equity investments were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Three Months Ended September 30, | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Net realized gains on investments sold | \n
| \n $ | \n 71 | \n \u00a0 | \n
| \n $ | \n 65 | \n \u00a0 | \n
Net unrealized gains (losses) on investments still held | \n
| \n
| \n (635 | \n ) | \n
| \n
| \n 412 | \n \u00a0 | \n
Impairments of investments | \n
| \n
| \n (18 | \n ) | \n
| \n
| \n (19 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n |||
Total | \n
| \n $ | \n (582 | \n ) | \n
| \n $ | \n 458 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
NOTE 4 \u2014 INVESTMENTS
Investment Components
The components of investments were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n Fair Value Level | \n \u00a0 | \n Adjusted Cost Basis | \n \u00a0 | \n \u00a0 | \n Unrealized Gains | \n \u00a0 | \n \u00a0 | \n Unrealized Losses | \n \u00a0 | \n \u00a0 | \n Recorded Basis | \n \u00a0 | \n \u00a0 | \n Cash \u00a0and Cash Equivalents | \n \u00a0 | \n \u00a0 | \n Short-term Investments | \n \u00a0 | \n \u00a0 | \n Equity and Other Investments | \n
| \n |||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
September 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Changes in Fair Value Recorded in Other Comprehensive Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Commercial paper | \n \u00a0 | \n Level 2 | \n \u00a0 | \n $ | \n 9,044 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,044 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,597 | \n \u00a0 | \n \u00a0 | \n $ | \n 447 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n
| \n
Certificates of deposit | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 4,478 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,478 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,434 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n
| \n
U.S. government securities | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n 54,749 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,238 | \n ) | \n \u00a0 | \n \u00a0 | \n 53,630 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,143 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 52,487 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n
| \n
U.S. agency securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 5,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,100 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,484 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n
| \n
Foreign government bonds | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 392 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6 | \n ) | \n \u00a0 | \n \u00a0 | \n 399 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 399 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Mortgage- and asset-backed securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 3,587 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (23 | \n ) | \n \u00a0 | \n \u00a0 | \n 3,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Corporate notes and bonds | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 12,246 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 174 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (70 | \n ) | \n \u00a0 | \n \u00a0 | \n 12,350 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,350 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Corporate notes and bonds | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n 2,055 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 568 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,623 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 113 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,510 | \n \u00a0 | \n
Municipal securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 162 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (5 | \n ) | \n \u00a0 | \n \u00a0 | \n 158 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 158 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Municipal securities | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n 104 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (14 | \n ) | \n \u00a0 | \n \u00a0 | \n 90 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total debt investments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 92,401 | \n \u00a0 | \n \u00a0 | \n $ | \n 895 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,356 | \n ) | \n \u00a0 | \n $ | \n 91,940 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,274 | \n \u00a0 | \n \u00a0 | \n $ | \n 73,156 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,510 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Changes in Fair Value Recorded in Net Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Equity investments | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,111 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,209 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,902 | \n \u00a0 | \n
Equity investments | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,871 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,871 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||||
Total equity investments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,982 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,209 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,773 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Cash | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,366 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,366 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n
Derivatives, net\u00a0(a) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,189 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,182 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||||
Total | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 113,477 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,849 | \n \u00a0 | \n \u00a0 | \n $ | \n 73,163 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,465 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n Fair Value Level | \n \u00a0 | \n Adjusted Cost Basis | \n \u00a0 | \n \u00a0 | \n Unrealized Gains | \n \u00a0 | \n \u00a0 | \n Unrealized Losses | \n \u00a0 | \n \u00a0 | \n Recorded Basis | \n \u00a0 | \n \u00a0 | \n Cash and Cash Equivalents | \n \u00a0 | \n \u00a0 | \n Short-term Investments | \n \u00a0 | \n \u00a0 | \n Equity and Other Investments | \n \u00a0 | \n |||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Changes in Fair Value Recorded in Other Comprehensive Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Commercial paper | \n \u00a0 | \n Level 2 | \n \u00a0 | \n $ | \n 10,880 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,880 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,939 | \n \u00a0 | \n \u00a0 | \n $ | \n 941 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n
Certificates of deposit | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 2,653 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,653 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,309 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 344 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
U.S. government securities | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n 52,878 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 71 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,462 | \n ) | \n \u00a0 | \n \u00a0 | \n 51,487 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,742 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,745 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
U.S. agency securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 2,686 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,686 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 496 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,190 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Foreign government bonds | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 349 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (9 | \n ) | \n \u00a0 | \n \u00a0 | \n 364 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 364 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Mortgage- and asset-backed securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 2,558 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (27 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,541 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,541 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Corporate notes and bonds | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 10,763 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 124 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (101 | \n ) | \n \u00a0 | \n \u00a0 | \n 10,786 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,786 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Corporate notes and bonds | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n 2,511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (5 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,571 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,460 | \n \u00a0 | \n
Municipal securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 207 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (7 | \n ) | \n \u00a0 | \n \u00a0 | \n 201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Municipal securities | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n 104 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (14 | \n ) | \n \u00a0 | \n \u00a0 | \n 90 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total debt investments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 85,589 | \n \u00a0 | \n \u00a0 | \n $ | \n 295 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,625 | \n ) | \n \u00a0 | \n $ | \n 84,259 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,486 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,313 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,460 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Changes in Fair Value Recorded in Net Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Equity investments | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,577 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,532 | \n \u00a0 | \n
Equity investments | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,141 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,141 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total equity investments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,718 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,673 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Cash | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,711 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,711 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n
Derivatives, net\u00a0(a) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 272 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 109,970 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,242 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,323 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,405 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
Equity investments presented as \u201cOther\u201d in the tables above include investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments, measured using the equity method, or measured at fair value using net asset value as a practical expedient which are not categorized in the fair value hierarchy. As of both September 30, 2025 and June 30, 2025, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $2.9 billion. As of September 30, 2025 and June 30, 2025, equity investments measured using the equity method were $1.8 billion and $6.0 billion, respectively.
Unrealized Losses on Debt Investments
Debt investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Less than 12 Months | \n \u00a0 | \n \u00a0 | \n 12 Months or Greater | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \n \u00a0 | \n |||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
(In millions) | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
September 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
U.S. government and agency securities | \n
| \n $ | \n 312 | \n
| \n
| \n $ | \n (52 | \n ) | \n
| \n $ | \n 32,625 | \n
| \n
| \n $ | \n (1,186 | \n ) | \n
| \n $ | \n 32,937 | \n
| \n
| \n $ | \n (1,238 | \n ) | \n
Foreign government bonds | \n
| \n
| \n 45 | \n
| \n
| \n
| \n (2 | \n ) | \n
| \n
| \n 105 | \n
| \n
| \n
| \n (4 | \n ) | \n
| \n
| \n 150 | \n
| \n
| \n
| \n (6 | \n ) | \n
Mortgage- and asset-backed securities | \n
| \n
| \n 0 | \n
| \n
| \n
| \n 0 | \n \u00a0 | \n
| \n
| \n 264 | \n
| \n
| \n
| \n (23 | \n ) | \n
| \n
| \n 264 | \n
| \n
| \n
| \n (23 | \n ) | \n
Corporate notes and bonds | \n
| \n
| \n 285 | \n
| \n
| \n
| \n (1 | \n ) | \n
| \n
| \n 2,718 | \n
| \n
| \n
| \n (69 | \n ) | \n
| \n
| \n 3,003 | \n
| \n
| \n
| \n (70 | \n ) | \n
Municipal securities | \n
| \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n 167 | \n \u00a0 | \n
| \n \u00a0 | \n (19 | \n ) | \n
| \n \u00a0 | \n 167 | \n \u00a0 | \n
| \n \u00a0 | \n (19 | \n ) | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 642 | \n
| \n
| \n $ | \n (55 | \n ) | \n
| \n $ | \n 35,879 | \n
| \n
| \n $ | \n (1,301 | \n ) | \n
| \n $ | \n 36,521 | \n
| \n
| \n $ | \n (1,356 | \n ) | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Less than 12 Months | \n \u00a0 | \n \u00a0 | \n 12 Months or Greater | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \n \u00a0 | \n |||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
(In millions) | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
U.S. government and agency securities | \n
| \n $ | \n 2,569 | \n
| \n
| \n $ | \n (51 | \n ) | \n
| \n $ | \n 34,608 | \n
| \n
| \n $ | \n (1,411 | \n ) | \n
| \n $ | \n 37,177 | \n
| \n
| \n $ | \n (1,462 | \n ) | \n
Foreign government bonds | \n
| \n
| \n 43 | \n
| \n
| \n
| \n (2 | \n ) | \n
| \n
| \n 106 | \n
| \n
| \n
| \n (7 | \n ) | \n
| \n
| \n 149 | \n
| \n
| \n
| \n (9 | \n ) | \n
Mortgage- and asset-backed securities | \n
| \n
| \n 841 | \n
| \n
| \n
| \n (4 | \n ) | \n
| \n
| \n 189 | \n
| \n
| \n
| \n (23 | \n ) | \n
| \n
| \n 1,030 | \n
| \n
| \n
| \n (27 | \n ) | \n
Corporate notes and bonds | \n
| \n
| \n 1,107 | \n
| \n
| \n
| \n (8 | \n ) | \n
| \n
| \n 3,105 | \n \u00a0 | \n
| \n
| \n (98 | \n ) | \n
| \n
| \n 4,212 | \n
| \n
| \n
| \n (106 | \n ) | \n
Municipal securities | \n
| \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n 168 | \n \u00a0 | \n
| \n \u00a0 | \n (21 | \n ) | \n
| \n \u00a0 | \n 168 | \n \u00a0 | \n
| \n \u00a0 | \n (21 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 4,560 | \n
| \n
| \n $ | \n (65 | \n ) | \n
| \n $ | \n 38,176 | \n
| \n
| \n $ | \n (1,560 | \n ) | \n
| \n $ | \n 42,736 | \n
| \n
| \n $ | \n (1,625 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent impairments based on our evaluation of available evidence.
Debt Investment Maturities
The following table outlines maturities of our debt investments as of September 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n Adjusted Cost Basis | \n
| \n
| \n Estimated Fair Value | \n
| \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
September 30, 2025 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n ||||||
Due in one year or less | \n
| \n $ | \n 37,304 | \n
| \n
| \n $ | \n 37,200 | \n
| \n
Due after one year through five years | \n
| \n
| \n 48,228 | \n
| \n
| \n
| \n 47,466 | \n
| \n
Due after five years through 10 years | \n
| \n
| \n 5,397 | \n
| \n
| \n
| \n 5,877 | \n \u00a0 | \n
Due after 10 years | \n
| \n
| \n 1,472 | \n
| \n
| \n
| \n 1,397 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 92,401 | \n
| \n
| \n $ | \n 91,940 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
The components of investments were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n Fair Value Level | \n \u00a0 | \n Adjusted Cost Basis | \n \u00a0 | \n \u00a0 | \n Unrealized Gains | \n \u00a0 | \n \u00a0 | \n Unrealized Losses | \n \u00a0 | \n \u00a0 | \n Recorded Basis | \n \u00a0 | \n \u00a0 | \n Cash \u00a0and Cash Equivalents | \n \u00a0 | \n \u00a0 | \n Short-term Investments | \n \u00a0 | \n \u00a0 | \n Equity and Other Investments | \n
| \n |||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
September 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Changes in Fair Value Recorded in Other Comprehensive Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Commercial paper | \n \u00a0 | \n Level 2 | \n \u00a0 | \n $ | \n 9,044 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,044 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,597 | \n \u00a0 | \n \u00a0 | \n $ | \n 447 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n
| \n
Certificates of deposit | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 4,478 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,478 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,434 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n
| \n
U.S. government securities | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n 54,749 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,238 | \n ) | \n \u00a0 | \n \u00a0 | \n 53,630 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,143 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 52,487 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n
| \n
U.S. agency securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 5,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,100 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,484 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n
| \n
Foreign government bonds | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 392 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6 | \n ) | \n \u00a0 | \n \u00a0 | \n 399 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 399 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Mortgage- and asset-backed securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 3,587 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (23 | \n ) | \n \u00a0 | \n \u00a0 | \n 3,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Corporate notes and bonds | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 12,246 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 174 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (70 | \n ) | \n \u00a0 | \n \u00a0 | \n 12,350 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,350 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Corporate notes and bonds | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n 2,055 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 568 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,623 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 113 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,510 | \n \u00a0 | \n
Municipal securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 162 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (5 | \n ) | \n \u00a0 | \n \u00a0 | \n 158 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 158 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Municipal securities | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n 104 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (14 | \n ) | \n \u00a0 | \n \u00a0 | \n 90 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total debt investments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 92,401 | \n \u00a0 | \n \u00a0 | \n $ | \n 895 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,356 | \n ) | \n \u00a0 | \n $ | \n 91,940 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,274 | \n \u00a0 | \n \u00a0 | \n $ | \n 73,156 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,510 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Changes in Fair Value Recorded in Net Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Equity investments | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,111 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,209 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,902 | \n \u00a0 | \n
Equity investments | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,871 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,871 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||||
Total equity investments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,982 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,209 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,773 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Cash | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,366 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,366 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n
Derivatives, net\u00a0(a) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,189 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,182 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||||
Total | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 113,477 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,849 | \n \u00a0 | \n \u00a0 | \n $ | \n 73,163 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,465 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n Fair Value Level | \n \u00a0 | \n Adjusted Cost Basis | \n \u00a0 | \n \u00a0 | \n Unrealized Gains | \n \u00a0 | \n \u00a0 | \n Unrealized Losses | \n \u00a0 | \n \u00a0 | \n Recorded Basis | \n \u00a0 | \n \u00a0 | \n Cash and Cash Equivalents | \n \u00a0 | \n \u00a0 | \n Short-term Investments | \n \u00a0 | \n \u00a0 | \n Equity and Other Investments | \n \u00a0 | \n |||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Changes in Fair Value Recorded in Other Comprehensive Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Commercial paper | \n \u00a0 | \n Level 2 | \n \u00a0 | \n $ | \n 10,880 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,880 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,939 | \n \u00a0 | \n \u00a0 | \n $ | \n 941 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n
Certificates of deposit | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 2,653 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,653 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,309 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 344 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
U.S. government securities | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n 52,878 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 71 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,462 | \n ) | \n \u00a0 | \n \u00a0 | \n 51,487 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,742 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,745 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
U.S. agency securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 2,686 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,686 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 496 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,190 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Foreign government bonds | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 349 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (9 | \n ) | \n \u00a0 | \n \u00a0 | \n 364 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 364 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Mortgage- and asset-backed securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 2,558 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (27 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,541 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,541 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Corporate notes and bonds | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 10,763 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 124 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (101 | \n ) | \n \u00a0 | \n \u00a0 | \n 10,786 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,786 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Corporate notes and bonds | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n 2,511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (5 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,571 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,460 | \n \u00a0 | \n
Municipal securities | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n 207 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (7 | \n ) | \n \u00a0 | \n \u00a0 | \n 201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Municipal securities | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n 104 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (14 | \n ) | \n \u00a0 | \n \u00a0 | \n 90 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total debt investments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 85,589 | \n \u00a0 | \n \u00a0 | \n $ | \n 295 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,625 | \n ) | \n \u00a0 | \n $ | \n 84,259 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,486 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,313 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,460 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Changes in Fair Value Recorded in Net Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Equity investments | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,577 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,532 | \n \u00a0 | \n
Equity investments | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,141 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,141 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total equity investments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,718 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,673 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Cash | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,711 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,711 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n
Derivatives, net\u00a0(a) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 272 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 109,970 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,242 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,323 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,405 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
Debt investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Less than 12 Months | \n \u00a0 | \n \u00a0 | \n 12 Months or Greater | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \n \u00a0 | \n |||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
(In millions) | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
September 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
U.S. government and agency securities | \n
| \n $ | \n 312 | \n
| \n
| \n $ | \n (52 | \n ) | \n
| \n $ | \n 32,625 | \n
| \n
| \n $ | \n (1,186 | \n ) | \n
| \n $ | \n 32,937 | \n
| \n
| \n $ | \n (1,238 | \n ) | \n
Foreign government bonds | \n
| \n
| \n 45 | \n
| \n
| \n
| \n (2 | \n ) | \n
| \n
| \n 105 | \n
| \n
| \n
| \n (4 | \n ) | \n
| \n
| \n 150 | \n
| \n
| \n
| \n (6 | \n ) | \n
Mortgage- and asset-backed securities | \n
| \n
| \n 0 | \n
| \n
| \n
| \n 0 | \n \u00a0 | \n
| \n
| \n 264 | \n
| \n
| \n
| \n (23 | \n ) | \n
| \n
| \n 264 | \n
| \n
| \n
| \n (23 | \n ) | \n
Corporate notes and bonds | \n
| \n
| \n 285 | \n
| \n
| \n
| \n (1 | \n ) | \n
| \n
| \n 2,718 | \n
| \n
| \n
| \n (69 | \n ) | \n
| \n
| \n 3,003 | \n
| \n
| \n
| \n (70 | \n ) | \n
Municipal securities | \n
| \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n 167 | \n \u00a0 | \n
| \n \u00a0 | \n (19 | \n ) | \n
| \n \u00a0 | \n 167 | \n \u00a0 | \n
| \n \u00a0 | \n (19 | \n ) | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 642 | \n
| \n
| \n $ | \n (55 | \n ) | \n
| \n $ | \n 35,879 | \n
| \n
| \n $ | \n (1,301 | \n ) | \n
| \n $ | \n 36,521 | \n
| \n
| \n $ | \n (1,356 | \n ) | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Less than 12 Months | \n \u00a0 | \n \u00a0 | \n 12 Months or Greater | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \n \u00a0 | \n |||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
(In millions) | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
U.S. government and agency securities | \n
| \n $ | \n 2,569 | \n
| \n
| \n $ | \n (51 | \n ) | \n
| \n $ | \n 34,608 | \n
| \n
| \n $ | \n (1,411 | \n ) | \n
| \n $ | \n 37,177 | \n
| \n
| \n $ | \n (1,462 | \n ) | \n
Foreign government bonds | \n
| \n
| \n 43 | \n
| \n
| \n
| \n (2 | \n ) | \n
| \n
| \n 106 | \n
| \n
| \n
| \n (7 | \n ) | \n
| \n
| \n 149 | \n
| \n
| \n
| \n (9 | \n ) | \n
Mortgage- and asset-backed securities | \n
| \n
| \n 841 | \n
| \n
| \n
| \n (4 | \n ) | \n
| \n
| \n 189 | \n
| \n
| \n
| \n (23 | \n ) | \n
| \n
| \n 1,030 | \n
| \n
| \n
| \n (27 | \n ) | \n
Corporate notes and bonds | \n
| \n
| \n 1,107 | \n
| \n
| \n
| \n (8 | \n ) | \n
| \n
| \n 3,105 | \n \u00a0 | \n
| \n
| \n (98 | \n ) | \n
| \n
| \n 4,212 | \n
| \n
| \n
| \n (106 | \n ) | \n
Municipal securities | \n
| \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n 168 | \n \u00a0 | \n
| \n \u00a0 | \n (21 | \n ) | \n
| \n \u00a0 | \n 168 | \n \u00a0 | \n
| \n \u00a0 | \n (21 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 4,560 | \n
| \n
| \n $ | \n (65 | \n ) | \n
| \n $ | \n 38,176 | \n
| \n
| \n $ | \n (1,560 | \n ) | \n
| \n $ | \n 42,736 | \n
| \n
| \n $ | \n (1,625 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Debt Investment Maturities
The following table outlines maturities of our debt investments as of September 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n Adjusted Cost Basis | \n
| \n
| \n Estimated Fair Value | \n
| \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
September 30, 2025 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n ||||||
Due in one year or less | \n
| \n $ | \n 37,304 | \n
| \n
| \n $ | \n 37,200 | \n
| \n
Due after one year through five years | \n
| \n
| \n 48,228 | \n
| \n
| \n
| \n 47,466 | \n
| \n
Due after five years through 10 years | \n
| \n
| \n 5,397 | \n
| \n
| \n
| \n 5,877 | \n \u00a0 | \n
Due after 10 years | \n
| \n
| \n 1,472 | \n
| \n
| \n
| \n 1,397 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 92,401 | \n
| \n
| \n $ | \n 91,940 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
NOTE 5 \u2014 DERIVATIVES
We use derivative instruments to manage risks related to foreign currencies, interest rates, equity prices, and credit; to enhance investment returns; and to facilitate portfolio diversification. Our objectives for holding derivatives include reducing, eliminating, and efficiently managing the economic impact of these exposures as effectively as possible. Our derivative programs include strategies that both qualify and do not qualify for hedge accounting treatment.
Foreign Currencies
Certain forecasted transactions, assets, and liabilities are exposed to foreign currency risk. We monitor our foreign currency exposures daily to maximize the economic effectiveness of our foreign currency hedge positions.
Foreign currency risks related to certain Euro-denominated debt are hedged using foreign exchange forward contracts that are designated as cash flow hedging instruments.
Certain options and forwards not designated as hedging instruments are also used to manage the variability in foreign exchange rates on certain balance sheet amounts and to manage other foreign currency exposures.
Interest Rate
Interest rate risks related to certain fixed-rate debt are hedged using interest rate swaps that are designated as fair value hedging instruments to effectively convert the fixed interest rates to floating interest rates.
Securities held in our fixed-income portfolio are subject to different interest rate risks based on their maturities. We manage the average maturity of our fixed-income portfolio to achieve economic returns that correlate to certain broad-based fixed-income indices using option, futures, and swap contracts. These contracts are not designated as hedging instruments and are included in \u201cOther contracts\u201d in the tables below.
Equity
Securities held in our equity investments portfolio are subject to market price risk. At times, we may hold options, futures, and swap contracts. These contracts are not designated as hedging instruments.
Credit
Our fixed-income portfolio is diversified and consists primarily of investment-grade securities. We use credit default swap contracts to manage credit exposures relative to broad-based indices and to facilitate portfolio diversification. These contracts are not designated as hedging instruments and are included in \u201cOther contracts\u201d in the tables below.
Credit-Risk-Related Contingent Features
Certain counterparty agreements for derivative instruments contain provisions that require our issued and outstanding long-term unsecured debt to maintain an investment grade credit rating and require us to maintain minimum liquidity of $1.0 billion. To the extent we fail to meet these requirements, we will be required to post collateral, similar to the standard convention related to over-the-counter derivatives. As of September 30, 2025, our long-term unsecured debt rating was AAA, and cash investments were in excess of $1.0 billion. As a result, no collateral was required to be posted.
The following table presents the notional amounts of our outstanding derivative instruments measured in U.S. dollar equivalents:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Designated as Hedging Instruments | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts purchased | \n \u00a0 | \n $ | \n 1,492 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,492 | \n \u00a0 | \n
Interest rate contracts purchased | \n \u00a0 | \n \u00a0 | \n 1,167 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,150 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Not Designated as Hedging Instruments | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts purchased | \n \u00a0 | \n \u00a0 | \n 11,810 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,214 | \n \u00a0 | \n
Foreign exchange contracts sold | \n \u00a0 | \n \u00a0 | \n 33,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,307 | \n \u00a0 | \n
Equity contracts purchased | \n \u00a0 | \n \u00a0 | \n 5,766 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,434 | \n \u00a0 | \n
Equity contracts sold | \n \u00a0 | \n \u00a0 | \n 2,189 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,189 | \n \u00a0 | \n
Other contracts purchased | \n
| \n
| \n 2,668 | \n
| \n
| \n
| \n 2,769 | \n
| \n
Other contracts sold | \n
| \n
| \n 836 | \n
| \n
| \n
| \n 1,242 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
Fair Values of Derivative Instruments
The following table presents our derivative instruments:
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n Derivative Assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Derivative Liabilities | \n \u00a0 | \n \u00a0 | \n Derivative Assets | \n \u00a0 | \n \u00a0 | \n Derivative Liabilities | \n \u00a0 | \n |||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
Designated as Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts | \n \u00a0 | \n $ | \n 83 | \n \u00a0 | \n \u00a0 | \n $ | \n (48 | \n ) | \n \u00a0 | \n $ | \n 89 | \n \u00a0 | \n \u00a0 | \n $ | \n (44 | \n ) | \n
Interest rate contracts | \n \u00a0 | \n \u00a0 | \n 6 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Not Designated as Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts | \n
| \n \u00a0 | \n 202 | \n
| \n \u00a0 | \n \u00a0 | \n (397 | \n ) | \n
| \n \u00a0 | \n 248 | \n
| \n \u00a0 | \n \u00a0 | \n (809 | \n ) | \n
Equity contracts | \n \u00a0 | \n \u00a0 | \n 1,274 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (353 | \n ) | \n \u00a0 | \n \u00a0 | \n 385 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (983 | \n ) | \n
Other contracts | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6 | \n ) | \n \u00a0 | \n \u00a0 | \n 21 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Gross amounts of derivatives | \n \u00a0 | \n \u00a0 | \n 1,575 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (804 | \n ) | \n \u00a0 | \n \u00a0 | \n 758 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,837 | \n ) | \n
Gross amounts of derivatives offset in the balance sheets | \n
| \n \u00a0 | \n (247 | \n ) | \n \u00a0 | \n \u00a0 | \n 248 | \n \u00a0 | \n
| \n \u00a0 | \n (258 | \n ) | \n \u00a0 | \n \u00a0 | \n 260 | \n \u00a0 | \n
Cash collateral received | \n
| \n
| \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (67 | \n ) | \n
| \n
| \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (99 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n $ | \n 1,328 | \n \u00a0 | \n \u00a0 | \n $ | \n (623 | \n ) | \n
| \n $ | \n 500 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,676 | \n ) | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Reported as | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n $ | \n 7 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 10 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 132 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 1,182 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 272 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 7 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (570 | \n ) | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,639 | \n ) | \n |
\u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (53 | \n ) | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (37 | \n ) | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 1,328 | \n
| \n \u00a0 | \n $ | \n (623 | \n ) | \n
| \n $ | \n 500 | \n
| \n \u00a0 | \n $ | \n (1,676 | \n ) | \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
\u00a0
Gross derivative assets and liabilities subject to legally enforceable master netting agreements for which we have elected to offset were $376 million and $802 million, respectively, as of September 30, 2025, and $452 million and $1.8 billion, respectively, as of June 30, 2025.
The following table presents the fair value of our derivatives instruments on a gross basis:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
September 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Derivative assets | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 388 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,187 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,575 | \n \u00a0 | \n
Derivative liabilities | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (804 | \n ) | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (804 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Derivative assets | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 474 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 283 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 758 | \n \u00a0 | \n
Derivative liabilities | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,832 | \n ) | \n \u00a0 | \n \u00a0 | \n (5 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,837 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
Gains (losses) on derivative instruments recognized in other income (expense), net were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Three Months Ended September 30, | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Designated as Fair Value Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Interest rate contracts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Derivatives | \n \u00a0 | \n $ | \n (1 | \n ) | \n \u00a0 | \n $ | \n 20 | \n \u00a0 | \n
Hedged items | \n \u00a0 | \n \u00a0 | \n (8 | \n ) | \n \u00a0 | \n \u00a0 | \n (32 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Designated as Cash Flow Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Amount reclassified from accumulated other comprehensive loss | \n \u00a0 | \n \u00a0 | \n (5 | \n ) | \n \u00a0 | \n \u00a0 | \n 49 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Not Designated as Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts | \n \u00a0 | \n \u00a0 | \n 381 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (383 | \n ) | \n
Equity contracts | \n \u00a0 | \n \u00a0 | \n 1,579 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (348 | \n ) | \n
Other contracts | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
Gains (losses), net of tax, on derivative instruments recognized in our consolidated comprehensive income statements were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Three Months Ended September 30, | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Designated as Cash Flow Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Included in effectiveness assessment | \n \u00a0 | \n $ | \n (7 | \n ) | \n \u00a0 | \n $ | \n 29 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
The following table presents the notional amounts of our outstanding derivative instruments measured in U.S. dollar equivalents:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Designated as Hedging Instruments | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts purchased | \n \u00a0 | \n $ | \n 1,492 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,492 | \n \u00a0 | \n
Interest rate contracts purchased | \n \u00a0 | \n \u00a0 | \n 1,167 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,150 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Not Designated as Hedging Instruments | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts purchased | \n \u00a0 | \n \u00a0 | \n 11,810 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,214 | \n \u00a0 | \n
Foreign exchange contracts sold | \n \u00a0 | \n \u00a0 | \n 33,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,307 | \n \u00a0 | \n
Equity contracts purchased | \n \u00a0 | \n \u00a0 | \n 5,766 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,434 | \n \u00a0 | \n
Equity contracts sold | \n \u00a0 | \n \u00a0 | \n 2,189 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,189 | \n \u00a0 | \n
Other contracts purchased | \n
| \n
| \n 2,668 | \n
| \n
| \n
| \n 2,769 | \n
| \n
Other contracts sold | \n
| \n
| \n 836 | \n
| \n
| \n
| \n 1,242 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
The following table presents our derivative instruments:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n Derivative Assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Derivative Liabilities | \n \u00a0 | \n \u00a0 | \n Derivative Assets | \n \u00a0 | \n \u00a0 | \n Derivative Liabilities | \n \u00a0 | \n |||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
Designated as Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts | \n \u00a0 | \n $ | \n 83 | \n \u00a0 | \n \u00a0 | \n $ | \n (48 | \n ) | \n \u00a0 | \n $ | \n 89 | \n \u00a0 | \n \u00a0 | \n $ | \n (44 | \n ) | \n
Interest rate contracts | \n \u00a0 | \n \u00a0 | \n 6 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Not Designated as Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts | \n
| \n \u00a0 | \n 202 | \n
| \n \u00a0 | \n \u00a0 | \n (397 | \n ) | \n
| \n \u00a0 | \n 248 | \n
| \n \u00a0 | \n \u00a0 | \n (809 | \n ) | \n
Equity contracts | \n \u00a0 | \n \u00a0 | \n 1,274 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (353 | \n ) | \n \u00a0 | \n \u00a0 | \n 385 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (983 | \n ) | \n
Other contracts | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6 | \n ) | \n \u00a0 | \n \u00a0 | \n 21 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Gross amounts of derivatives | \n \u00a0 | \n \u00a0 | \n 1,575 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (804 | \n ) | \n \u00a0 | \n \u00a0 | \n 758 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,837 | \n ) | \n
Gross amounts of derivatives offset in the balance sheets | \n
| \n \u00a0 | \n (247 | \n ) | \n \u00a0 | \n \u00a0 | \n 248 | \n \u00a0 | \n
| \n \u00a0 | \n (258 | \n ) | \n \u00a0 | \n \u00a0 | \n 260 | \n \u00a0 | \n
Cash collateral received | \n
| \n
| \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (67 | \n ) | \n
| \n
| \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (99 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n $ | \n 1,328 | \n \u00a0 | \n \u00a0 | \n $ | \n (623 | \n ) | \n
| \n $ | \n 500 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,676 | \n ) | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Reported as | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n $ | \n 7 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 10 | \n \u00a0 | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 132 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 1,182 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 272 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 7 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (570 | \n ) | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,639 | \n ) | \n |
\u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (53 | \n ) | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (37 | \n ) | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 1,328 | \n
| \n \u00a0 | \n $ | \n (623 | \n ) | \n
| \n $ | \n 500 | \n
| \n \u00a0 | \n $ | \n (1,676 | \n ) | \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
The following table presents the fair value of our derivatives instruments on a gross basis:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
September 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Derivative assets | \n \u00a0 | \n $ | \n 0 | \n \u00a0 | \n \u00a0 | \n $ | \n 388 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,187 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,575 | \n \u00a0 | \n
Derivative liabilities | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (804 | \n ) | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (804 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
June 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Derivative assets | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 474 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 283 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 758 | \n \u00a0 | \n
Derivative liabilities | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,832 | \n ) | \n \u00a0 | \n \u00a0 | \n (5 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,837 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Gains (losses) on derivative instruments recognized in other income (expense), net were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Three Months Ended September 30, | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Designated as Fair Value Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Interest rate contracts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Derivatives | \n \u00a0 | \n $ | \n (1 | \n ) | \n \u00a0 | \n $ | \n 20 | \n \u00a0 | \n
Hedged items | \n \u00a0 | \n \u00a0 | \n (8 | \n ) | \n \u00a0 | \n \u00a0 | \n (32 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Designated as Cash Flow Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Amount reclassified from accumulated other comprehensive loss | \n \u00a0 | \n \u00a0 | \n (5 | \n ) | \n \u00a0 | \n \u00a0 | \n 49 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Not Designated as Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts | \n \u00a0 | \n \u00a0 | \n 381 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (383 | \n ) | \n
Equity contracts | \n \u00a0 | \n \u00a0 | \n 1,579 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (348 | \n ) | \n
Other contracts | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Gains (losses), net of tax, on derivative instruments recognized in our consolidated comprehensive income statements were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Three Months Ended September 30, | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Designated as Cash Flow Hedging Instruments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Foreign exchange contracts | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Included in effectiveness assessment | \n \u00a0 | \n $ | \n (7 | \n ) | \n \u00a0 | \n $ | \n 29 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
NOTE 6 \u2014 PROPERTY AND EQUIPMENT
The components of property and equipment were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n
| \n September 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n ||||||
Land | \n \u00a0 | \n $ | \n 9,450 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,338 | \n \u00a0 | \n
Buildings and improvements | \n \u00a0 | \n \u00a0 | \n 152,433 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 137,921 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 13,610 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,117 | \n \u00a0 | \n
Servers, network equipment, and software | \n \u00a0 | \n \u00a0 | \n 147,701 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 132,836 | \n \u00a0 | \n
Furniture and equipment | \n \u00a0 | \n \u00a0 | \n 6,547 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,407 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total, at cost | \n \u00a0 | \n \u00a0 | \n 329,741 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 298,619 | \n \u00a0 | \n
Accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (98,880 | \n ) | \n \u00a0 | \n \u00a0 | \n (93,653 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total, net | \n \u00a0 | \n $ | \n 230,861 | \n \u00a0 | \n \u00a0 | \n $ | \n 204,966 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n
\u00a0
Depreciation expense was $7.1 billion and $4.7 billion for the three months ended September 30, 2025 and 2024, respectively.
As of September 30, 2025 and June 30, 2025, purchases of property and equipment remaining in accounts payable were $18.6 billion and $6.9 billion, respectively."}]},{"name":"rpt:f-751","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"The components of property and equipment were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n
| \n September 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n ||||||
Land | \n \u00a0 | \n $ | \n 9,450 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,338 | \n \u00a0 | \n
Buildings and improvements | \n \u00a0 | \n \u00a0 | \n 152,433 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 137,921 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 13,610 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,117 | \n \u00a0 | \n
Servers, network equipment, and software | \n \u00a0 | \n \u00a0 | \n 147,701 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 132,836 | \n \u00a0 | \n
Furniture and equipment | \n \u00a0 | \n \u00a0 | \n 6,547 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,407 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total, at cost | \n \u00a0 | \n \u00a0 | \n 329,741 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 298,619 | \n \u00a0 | \n
Accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (98,880 | \n ) | \n \u00a0 | \n \u00a0 | \n (93,653 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total, net | \n \u00a0 | \n $ | \n 230,861 | \n \u00a0 | \n \u00a0 | \n $ | \n 204,966 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n
NOTE 7 \u2014 GOODWILL
Changes in the carrying amount of goodwill were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n Acquisitions | \n \u00a0 | \n \u00a0 | \n Other | \n
| \n
| \n September 30, 2025 | \n \u00a0 | \n ||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Productivity and Business Processes | \n
| \n $ | \n 31,457 | \n
| \n
| \n $ | \n 0 | \n \u00a0 | \n
| \n $ | \n 1 | \n \u00a0 | \n
| \n $ | \n 31,458 | \n
| \n
Intelligent Cloud | \n
| \n
| \n 25,689 | \n \u00a0 | \n
| \n
| \n 0 | \n \u00a0 | \n
| \n
| \n (7 | \n ) | \n \u00a0 | \n
| \n 25,682 | \n
| \n
More Personal Computing | \n
| \n
| \n 62,363 | \n
| \n
| \n
| \n 0 | \n
| \n
| \n
| \n (6 | \n ) | \n
| \n
| \n 62,357 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 119,509 | \n
| \n
| \n $ | \n 0 | \n
| \n
| \n $ | \n (12 | \n ) | \n
| \n $ | \n 119,497 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
The measurement periods for the valuation of assets acquired and liabilities assumed end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available, but do not exceed 12 months. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined.
Any change in the goodwill amounts resulting from foreign currency translations and purchase accounting adjustments are presented as \u201cOther\u201d in the table above. Also included in \u201cOther\u201d are business dispositions and transfers between segments due to reorganizations, as applicable.
"}]},{"name":"rpt:f-773","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"Changes in the carrying amount of goodwill were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n \u00a0 | \n Acquisitions | \n \u00a0 | \n \u00a0 | \n Other | \n
| \n
| \n September 30, 2025 | \n \u00a0 | \n ||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Productivity and Business Processes | \n
| \n $ | \n 31,457 | \n
| \n
| \n $ | \n 0 | \n \u00a0 | \n
| \n $ | \n 1 | \n \u00a0 | \n
| \n $ | \n 31,458 | \n
| \n
Intelligent Cloud | \n
| \n
| \n 25,689 | \n \u00a0 | \n
| \n
| \n 0 | \n \u00a0 | \n
| \n
| \n (7 | \n ) | \n \u00a0 | \n
| \n 25,682 | \n
| \n
More Personal Computing | \n
| \n
| \n 62,363 | \n
| \n
| \n
| \n 0 | \n
| \n
| \n
| \n (6 | \n ) | \n
| \n
| \n 62,357 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 119,509 | \n
| \n
| \n $ | \n 0 | \n
| \n
| \n $ | \n (12 | \n ) | \n
| \n $ | \n 119,497 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
NOTE 8 \u2014 INTANGIBLE ASSETS
The components of intangible assets, all of which are finite-lived, were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n Gross | \n
| \n
| \n Accumulated | \n
| \n
| \n Net | \n
| \n
| \n Gross | \n
| \n \u00a0 | \n Accumulated | \n
| \n
| \n Net Carrying Amount | \n
| \n ||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n
| \n ||||||||||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||||||||||
Marketing-related | \n
| \n $ | \n 16,502 | \n
| \n
| \n $ | \n (4,101 | \n ) | \n
| \n $ | \n 12,401 | \n
| \n
| \n $ | \n 16,502 | \n
| \n
| \n $ | \n (3,901 | \n ) | \n
| \n $ | \n 12,601 | \n
| \n
Technology-based | \n
| \n
| \n 22,642 | \n
| \n
| \n
| \n (16,056 | \n ) | \n
| \n
| \n 6,586 | \n
| \n
| \n
| \n 22,560 | \n
| \n
| \n
| \n (14,959 | \n ) | \n
| \n
| \n 7,601 | \n
| \n
Customer-related | \n
| \n
| \n 4,278 | \n
| \n
| \n
| \n (2,204 | \n ) | \n
| \n
| \n 2,074 | \n
| \n
| \n
| \n 4,278 | \n
| \n
| \n
| \n (2,050 | \n ) | \n
| \n
| \n 2,228 | \n
| \n
Contract-based | \n
| \n
| \n 230 | \n
| \n
| \n
| \n (55 | \n ) | \n
| \n
| \n 175 | \n
| \n
| \n
| \n 217 | \n
| \n
| \n
| \n (43 | \n ) | \n
| \n
| \n 174 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 43,652 | \n \u00a0 | \n
| \n $ | \n (22,416 | \n ) | \n
| \n $ | \n 21,236 | \n
| \n
| \n $ | \n 43,557 | \n \u00a0 | \n
| \n $ | \n (20,953 | \n ) | \n
| \n $ | \n 22,604 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
Intangible assets amortization expense was $1.5 billion and $1.4 billion for the three months ended September 30, 2025 and 2024, respectively.
The following table outlines the estimated future amortization expense related to intangible assets held as of September 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n |
(In millions) | \n
| \n
| \n
| \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Year Ending June 30, | \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n |||
2026 (excluding the three months ended September 30, 2025) | \n
| \n $ | \n 3,186 | \n \u00a0 | \n
2027 | \n
| \n
| \n 2,932 | \n
| \n
2028 | \n
| \n
| \n 2,038 | \n
| \n
2029 | \n
| \n
| \n 1,853 | \n
| \n
2030 | \n
| \n
| \n 1,385 | \n
| \n
Thereafter | \n
| \n
| \n 9,842 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 21,236 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
The components of intangible assets, all of which are finite-lived, were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n Gross | \n
| \n
| \n Accumulated | \n
| \n
| \n Net | \n
| \n
| \n Gross | \n
| \n \u00a0 | \n Accumulated | \n
| \n
| \n Net Carrying Amount | \n
| \n ||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n
| \n ||||||||||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||||||||||
Marketing-related | \n
| \n $ | \n 16,502 | \n
| \n
| \n $ | \n (4,101 | \n ) | \n
| \n $ | \n 12,401 | \n
| \n
| \n $ | \n 16,502 | \n
| \n
| \n $ | \n (3,901 | \n ) | \n
| \n $ | \n 12,601 | \n
| \n
Technology-based | \n
| \n
| \n 22,642 | \n
| \n
| \n
| \n (16,056 | \n ) | \n
| \n
| \n 6,586 | \n
| \n
| \n
| \n 22,560 | \n
| \n
| \n
| \n (14,959 | \n ) | \n
| \n
| \n 7,601 | \n
| \n
Customer-related | \n
| \n
| \n 4,278 | \n
| \n
| \n
| \n (2,204 | \n ) | \n
| \n
| \n 2,074 | \n
| \n
| \n
| \n 4,278 | \n
| \n
| \n
| \n (2,050 | \n ) | \n
| \n
| \n 2,228 | \n
| \n
Contract-based | \n
| \n
| \n 230 | \n
| \n
| \n
| \n (55 | \n ) | \n
| \n
| \n 175 | \n
| \n
| \n
| \n 217 | \n
| \n
| \n
| \n (43 | \n ) | \n
| \n
| \n 174 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 43,652 | \n \u00a0 | \n
| \n $ | \n (22,416 | \n ) | \n
| \n $ | \n 21,236 | \n
| \n
| \n $ | \n 43,557 | \n \u00a0 | \n
| \n $ | \n (20,953 | \n ) | \n
| \n $ | \n 22,604 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
The following table outlines the estimated future amortization expense related to intangible assets held as of September 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n |
(In millions) | \n
| \n
| \n
| \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Year Ending June 30, | \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n |||
2026 (excluding the three months ended September 30, 2025) | \n
| \n $ | \n 3,186 | \n \u00a0 | \n
2027 | \n
| \n
| \n 2,932 | \n
| \n
2028 | \n
| \n
| \n 2,038 | \n
| \n
2029 | \n
| \n
| \n 1,853 | \n
| \n
2030 | \n
| \n
| \n 1,385 | \n
| \n
Thereafter | \n
| \n
| \n 9,842 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n
| \n $ | \n 21,236 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
NOTE 9 \u2014 DEBT
The components of long-term debt were as follows:
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions, issuance by calendar year) | \n
| \n Maturities (calendar year) | \n
| \n Stated Interest Rate | \n \u00a0 | \n
| \n Effective Interest Rate | \n \u00a0 | \n \u00a0 | \n September 30, 2025 | \n
| \n
| \n June 30, 2025 | \n
| \n ||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
2009\u00a0issuance of $3.8\u00a0billion | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2039 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 5.20% | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 5.24% | \n \u00a0 | \n \u00a0 | \n $ | \n 520 | \n
| \n
| \n $ | \n 520 | \n
| \n
2010\u00a0issuance of $4.8\u00a0billion | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 2040 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 4.50% | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 4.57% | \n \u00a0 | \n \u00a0 | \n
| \n 486 | \n
| \n
| \n
| \n 486 | \n
| \n
2011\u00a0issuance of $2.3\u00a0billion | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 2041 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 5.30% | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 5.36% | \n \u00a0 | \n \u00a0 | \n
| \n 718 | \n
| \n
| \n
| \n 718 | \n
| \n
2012\u00a0issuance of $2.3\u00a0billion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2042 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.50% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.57% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 454 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 454 | \n \u00a0 | \n
2013\u00a0issuance of $5.2\u00a0billion | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 2043 | \n
| \n
| \n 3.75% | \n \u2013 | \n 4.88% | \n \u00a0 | \n
| \n 3.83% | \n \u2013 | \n 4.92% | \n \u00a0 | \n \u00a0 | \n
| \n 314 | \n
| \n
| \n
| \n 314 | \n
| \n
2013\u00a0issuance of \u20ac4.1\u00a0billion | \n \u00a0 | \n \u00a0 | \n 2028 | \n \u2013 | \n 2033 | \n \u00a0 | \n \u00a0 | \n 2.63% | \n \u2013 | \n 3.13% | \n \u00a0 | \n \u00a0 | \n 2.69% | \n \u2013 | \n 3.22% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,702 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,700 | \n \u00a0 | \n
2015\u00a0issuance of $23.8\u00a0billion | \n
| \n
| \n 2025 | \n \u2013 | \n 2055 | \n
| \n
| \n 3.13% | \n \u2013 | \n 4.75% | \n \u00a0 | \n
| \n 3.18% | \n \u2013 | \n 4.78% | \n \u00a0 | \n \u00a0 | \n
| \n 7,555 | \n
| \n
| \n
| \n 7,555 | \n
| \n
2016\u00a0issuance of $19.8\u00a0billion | \n
| \n
| \n 2026 | \n \u2013 | \n 2056 | \n
| \n
| \n 2.40% | \n \u2013 | \n 3.95% | \n \u00a0 | \n
| \n 2.46% | \n \u2013 | \n 4.03% | \n \u00a0 | \n \u00a0 | \n
| \n 7,930 | \n
| \n
| \n
| \n 7,930 | \n
| \n
2017\u00a0issuance of $17.1\u00a0billion | \n
| \n
| \n 2026 | \n \u2013 | \n 2057 | \n
| \n
| \n 3.30% | \n \u2013 | \n 4.50% | \n \u00a0 | \n
| \n 3.38% | \n \u2013 | \n 5.49% | \n \u00a0 | \n \u00a0 | \n
| \n 6,833 | \n
| \n
| \n
| \n 6,833 | \n
| \n
2020\u00a0issuance of $10.1\u00a0billion | \n
| \n
| \n 2030 | \n \u2013 | \n 2060 | \n
| \n
| \n 1.35% | \n \u2013 | \n 2.68% | \n \u00a0 | \n
| \n 2.53% | \n \u2013 | \n 5.43% | \n \u00a0 | \n \u00a0 | \n
| \n 10,111 | \n
| \n
| \n
| \n 10,111 | \n
| \n
2021\u00a0issuance of $8.2\u00a0billion | \n \u00a0 | \n \u00a0 | \n 2052 | \n \u2013 | \n 2062 | \n \u00a0 | \n \u00a0 | \n 2.92% | \n \u2013 | \n 3.04% | \n \u00a0 | \n \u00a0 | \n 2.92% | \n \u2013 | \n 3.04% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,185 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,185 | \n \u00a0 | \n
2023 issuance of $0.1\u00a0billion | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u2013 | \n 2050 | \n \u00a0 | \n \u00a0 | \n 1.35% | \n \u2013 | \n 4.50% | \n \u00a0 | \n \u00a0 | \n 5.16% | \n \u2013 | \n 5.49% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56 | \n \u00a0 | \n
2024 issuance of $3.3\u00a0billion | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u2013 | \n 2050 | \n \u00a0 | \n \u00a0 | \n 1.35% | \n \u2013 | \n 4.50% | \n \u00a0 | \n \u00a0 | \n 5.16% | \n \u2013 | \n 5.49% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,344 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,344 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
Total face value | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,208 | \n
| \n
| \n
| \n 49,206 | \n
| \n
Unamortized discount and issuance costs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,136 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,155 | \n ) | \n
Hedge fair value adjustments (a) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (28 | \n ) | \n \u00a0 | \n \u00a0 | \n (36 | \n ) | \n
Premium on debt exchange | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4,836 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,864 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
Total debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,208 | \n
| \n
| \n
| \n 43,151 | \n
| \n
Current portion of long-term debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (7,832 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,999 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
Long-term debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 35,376 | \n \u00a0 | \n \u00a0 | \n $ | \n 40,152 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
\u00a0
As of September 30, 2025 and June 30, 2025, the estimated fair value of long-term debt, including the current portion, was $40.9 billion and $40.4 billion, respectively. The estimated fair values are based on Level 2 inputs.
Debt in the table above is comprised of senior unsecured obligations and ranks equally with our other outstanding obligations. Interest is paid semi-annually, except for the Euro-denominated debt, which is paid annually.
The following table outlines maturities of our long-term debt, including the current portion, as of September 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n
Year Ending June 30, | \n \u00a0 | \n
| \n
| \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
2026 (excluding the three months ended September 30, 2025) | \n \u00a0 | \n $ | \n 3,000 | \n \u00a0 | \n
2027 | \n \u00a0 | \n
| \n 9,250 | \n \u00a0 | \n
2028 | \n \u00a0 | \n
| \n 0 | \n \u00a0 | \n
2029 | \n \u00a0 | \n
| \n 2,056 | \n \u00a0 | \n
2030 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n
| \n 34,902 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 49,208 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
The components of long-term debt were as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions, issuance by calendar year) | \n
| \n Maturities (calendar year) | \n
| \n Stated Interest Rate | \n \u00a0 | \n
| \n Effective Interest Rate | \n \u00a0 | \n \u00a0 | \n September 30, 2025 | \n
| \n
| \n June 30, 2025 | \n
| \n ||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
2009\u00a0issuance of $3.8\u00a0billion | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2039 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 5.20% | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 5.24% | \n \u00a0 | \n \u00a0 | \n $ | \n 520 | \n
| \n
| \n $ | \n 520 | \n
| \n
2010\u00a0issuance of $4.8\u00a0billion | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 2040 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 4.50% | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 4.57% | \n \u00a0 | \n \u00a0 | \n
| \n 486 | \n
| \n
| \n
| \n 486 | \n
| \n
2011\u00a0issuance of $2.3\u00a0billion | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 2041 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 5.30% | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 5.36% | \n \u00a0 | \n \u00a0 | \n
| \n 718 | \n
| \n
| \n
| \n 718 | \n
| \n
2012\u00a0issuance of $2.3\u00a0billion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2042 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.50% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.57% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 454 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 454 | \n \u00a0 | \n
2013\u00a0issuance of $5.2\u00a0billion | \n
| \n
| \n \u00a0 | \n \u00a0 | \n 2043 | \n
| \n
| \n 3.75% | \n \u2013 | \n 4.88% | \n \u00a0 | \n
| \n 3.83% | \n \u2013 | \n 4.92% | \n \u00a0 | \n \u00a0 | \n
| \n 314 | \n
| \n
| \n
| \n 314 | \n
| \n
2013\u00a0issuance of \u20ac4.1\u00a0billion | \n \u00a0 | \n \u00a0 | \n 2028 | \n \u2013 | \n 2033 | \n \u00a0 | \n \u00a0 | \n 2.63% | \n \u2013 | \n 3.13% | \n \u00a0 | \n \u00a0 | \n 2.69% | \n \u2013 | \n 3.22% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,702 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,700 | \n \u00a0 | \n
2015\u00a0issuance of $23.8\u00a0billion | \n
| \n
| \n 2025 | \n \u2013 | \n 2055 | \n
| \n
| \n 3.13% | \n \u2013 | \n 4.75% | \n \u00a0 | \n
| \n 3.18% | \n \u2013 | \n 4.78% | \n \u00a0 | \n \u00a0 | \n
| \n 7,555 | \n
| \n
| \n
| \n 7,555 | \n
| \n
2016\u00a0issuance of $19.8\u00a0billion | \n
| \n
| \n 2026 | \n \u2013 | \n 2056 | \n
| \n
| \n 2.40% | \n \u2013 | \n 3.95% | \n \u00a0 | \n
| \n 2.46% | \n \u2013 | \n 4.03% | \n \u00a0 | \n \u00a0 | \n
| \n 7,930 | \n
| \n
| \n
| \n 7,930 | \n
| \n
2017\u00a0issuance of $17.1\u00a0billion | \n
| \n
| \n 2026 | \n \u2013 | \n 2057 | \n
| \n
| \n 3.30% | \n \u2013 | \n 4.50% | \n \u00a0 | \n
| \n 3.38% | \n \u2013 | \n 5.49% | \n \u00a0 | \n \u00a0 | \n
| \n 6,833 | \n
| \n
| \n
| \n 6,833 | \n
| \n
2020\u00a0issuance of $10.1\u00a0billion | \n
| \n
| \n 2030 | \n \u2013 | \n 2060 | \n
| \n
| \n 1.35% | \n \u2013 | \n 2.68% | \n \u00a0 | \n
| \n 2.53% | \n \u2013 | \n 5.43% | \n \u00a0 | \n \u00a0 | \n
| \n 10,111 | \n
| \n
| \n
| \n 10,111 | \n
| \n
2021\u00a0issuance of $8.2\u00a0billion | \n \u00a0 | \n \u00a0 | \n 2052 | \n \u2013 | \n 2062 | \n \u00a0 | \n \u00a0 | \n 2.92% | \n \u2013 | \n 3.04% | \n \u00a0 | \n \u00a0 | \n 2.92% | \n \u2013 | \n 3.04% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,185 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,185 | \n \u00a0 | \n
2023 issuance of $0.1\u00a0billion | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u2013 | \n 2050 | \n \u00a0 | \n \u00a0 | \n 1.35% | \n \u2013 | \n 4.50% | \n \u00a0 | \n \u00a0 | \n 5.16% | \n \u2013 | \n 5.49% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56 | \n \u00a0 | \n
2024 issuance of $3.3\u00a0billion | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u2013 | \n 2050 | \n \u00a0 | \n \u00a0 | \n 1.35% | \n \u2013 | \n 4.50% | \n \u00a0 | \n \u00a0 | \n 5.16% | \n \u2013 | \n 5.49% | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,344 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,344 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
Total face value | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,208 | \n
| \n
| \n
| \n 49,206 | \n
| \n
Unamortized discount and issuance costs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,136 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,155 | \n ) | \n
Hedge fair value adjustments (a) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (28 | \n ) | \n \u00a0 | \n \u00a0 | \n (36 | \n ) | \n
Premium on debt exchange | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4,836 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,864 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
Total debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,208 | \n
| \n
| \n
| \n 43,151 | \n
| \n
Current portion of long-term debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (7,832 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,999 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||||
Long-term debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 35,376 | \n \u00a0 | \n \u00a0 | \n $ | \n 40,152 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
\u00a0
The following table outlines maturities of our long-term debt, including the current portion, as of September 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n
Year Ending June 30, | \n \u00a0 | \n
| \n
| \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
2026 (excluding the three months ended September 30, 2025) | \n \u00a0 | \n $ | \n 3,000 | \n \u00a0 | \n
2027 | \n \u00a0 | \n
| \n 9,250 | \n \u00a0 | \n
2028 | \n \u00a0 | \n
| \n 0 | \n \u00a0 | \n
2029 | \n \u00a0 | \n
| \n 2,056 | \n \u00a0 | \n
2030 | \n \u00a0 | \n \u00a0 | \n 0 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n
| \n 34,902 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 49,208 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
NOTE 10 \u2014 INCOME TAXES
Effective Tax Rate
Our effective tax rate was 19% for both the three months ended September 30, 2025 and 2024. Our effective tax rate for the three months ended September 30, 2025 was relatively unchanged compared to prior year as U.S. tax law changes from the One Big Beautiful Bill Act enacted on July 4, 2025 were offset by changes in the mix of our earnings and tax expenses between the U.S. and foreign countries.
Our effective tax rate was lower than the U.S. federal statutory rate for the three months ended September 30, 2025, primarily due to earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations center in Ireland.
Uncertain Tax Positions
As of September 30, 2025 and June 30, 2025, unrecognized tax benefits and other income tax liabilities were $28.0 billion and $27.4 billion, respectively, and are included in long-term income taxes in our consolidated balance sheets.
We remain under audit by the IRS for tax years . With respect to the audit for tax years , on September 26, 2023, we received Notices of Proposed Adjustment (\u201cNOPAs\u201d) from the IRS. The primary issues in the NOPAs relate to intercompany transfer pricing. In the NOPAs, the IRS is seeking an additional tax payment of $28.9 billion plus penalties and interest. As of September 30, 2025, we believe our allowances for income tax contingencies are adequate. We disagree with the proposed adjustments and will vigorously contest the NOPAs through the IRS\u2019s administrative appeals office and, if necessary, judicial proceedings. We do not expect a final resolution of these issues in the next 12 months. Based on the information currently available, we do not anticipate a significant increase or decrease to our income tax contingencies for these issues within the next 12 months.
We are subject to income tax in many jurisdictions outside the U.S., some of which are currently under audit by local tax authorities. The resolution of these audits is not expected to be material to our consolidated financial statements. Our operations in Ireland remain subject to examination for tax years .
"}]},{"name":"rpt:f-976","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"0.19","decimals":2}]},{"name":"rpt:f-977","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"0.19","decimals":2}]},{"name":"rpt:f-978","factDimensions":{"xbrl:concept":"us-gaap:AccruedIncomeTaxesNoncurrent","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","us-gaap:IncomeTaxAuthorityAxis":"msft:UnrecognizedTaxBenefitsAndOtherIncomeTaxLiabilitiesMember"},"factValues":[{"value":"28000000000","decimals":-8}]},{"name":"rpt:f-979","factDimensions":{"xbrl:concept":"us-gaap:AccruedIncomeTaxesNoncurrent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","us-gaap:IncomeTaxAuthorityAxis":"msft:UnrecognizedTaxBenefitsAndOtherIncomeTaxLiabilitiesMember"},"factValues":[{"value":"27400000000","decimals":-8}]},{"name":"rpt:f-980","factDimensions":{"xbrl:concept":"msft:IRSAuditNoticesOfProposedAdjustmentAmount","xbrl:period":"2023-09-26T00:00:00/2023-09-27T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","us-gaap:IncomeTaxAuthorityNameAxis":"us-gaap:InternalRevenueServiceIRSMember"},"factValues":[{"value":"28900000000","decimals":-8}]},{"name":"rpt:f-981","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"NOTE 11 \u2014 UNEARNED REVENUE
Unearned revenue by segment was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n ||||||
Productivity and Business Processes | \n \u00a0 | \n $ | \n 46,357 | \n \u00a0 | \n \u00a0 | \n $ | \n 50,567 | \n \u00a0 | \n
Intelligent Cloud | \n \u00a0 | \n \u00a0 | \n 12,659 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,022 | \n \u00a0 | \n
More Personal Computing | \n \u00a0 | \n \u00a0 | \n 2,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,676 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 61,533 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,265 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
Changes in unearned revenue were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
(In millions) | \n
| \n
| \n
| \n |
| \n \u00a0 | \n |||
| \n \u00a0 | \n |||
Three Months Ended September 30, 2025 | \n \u00a0 | \n |||
| \n \u00a0 | \n |||
Balance, beginning of period | \n
| \n $ | \n 67,265 | \n \u00a0 | \n
Deferral of revenue | \n
| \n
| \n 44,297 | \n \u00a0 | \n
Recognition of unearned revenue | \n
| \n
| \n (50,029 | \n ) | \n
\u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, end of period | \n
| \n $ | \n 61,533 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
\u00a0
Revenue allocated to remaining performance obligations, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods, was $398 billion as of September 30, 2025, of which $392 billion is related to the commercial portion of revenue. We expect to recognize approximately 40% of our total company remaining performance obligation revenue over the next 12 months and the remainder thereafter.
"}]},{"name":"rpt:f-982","factDimensions":{"xbrl:concept":"msft:ContractWithCustomerLiabilityBySegmentTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"Unearned revenue by segment was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n September 30, 2025 | \n \u00a0 | \n \u00a0 | \n June 30, 2025 | \n \u00a0 | \n ||
| \n \u00a0 | \n \u00a0 | \n ||||||
Productivity and Business Processes | \n \u00a0 | \n $ | \n 46,357 | \n \u00a0 | \n \u00a0 | \n $ | \n 50,567 | \n \u00a0 | \n
Intelligent Cloud | \n \u00a0 | \n \u00a0 | \n 12,659 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,022 | \n \u00a0 | \n
More Personal Computing | \n \u00a0 | \n \u00a0 | \n 2,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,676 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 61,533 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,265 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Changes in unearned revenue were as follows:
\u00a0
\n| \n | \n | \n | \n | \n |
(In millions) | \n
| \n
| \n
| \n |
| \n \u00a0 | \n |||
| \n \u00a0 | \n |||
Three Months Ended September 30, 2025 | \n \u00a0 | \n |||
| \n \u00a0 | \n |||
Balance, beginning of period | \n
| \n $ | \n 67,265 | \n \u00a0 | \n
Deferral of revenue | \n
| \n
| \n 44,297 | \n \u00a0 | \n
Recognition of unearned revenue | \n
| \n
| \n (50,029 | \n ) | \n
\u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, end of period | \n
| \n $ | \n 61,533 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
NOTE 12 \u2014 LEASES
We have operating and finance leases for datacenters, corporate offices, research and development facilities, Microsoft Experience Centers, and certain equipment. Our leases have remaining lease terms of less than 1 year to 20 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year.
The components of lease expense were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n ||||||
Three Months Ended September 30, | \n
| \n 2025 | \n
| \n
| \n 2024 | \n
| \n ||
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating lease cost | \n
| \n $ | \n 1,656 | \n
| \n
| \n $ | \n 1,161 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Finance lease cost: | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Amortization of right-of-use assets | \n
| \n $ | \n 1,173 | \n
| \n
| \n $ | \n 696 | \n
| \n
Interest on lease liabilities | \n \u00a0 | \n \u00a0 | \n 546 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 275 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Total finance lease cost | \n \u00a0 | \n $ | \n 1,719 | \n \u00a0 | \n \u00a0 | \n $ | \n 971 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
\u00a0
Supplemental cash flow information related to leases was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
Three Months Ended September 30, | \n
| \n
| \n 2025 | \n
| \n
| \n
| \n 2024 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Cash paid for amounts included in the measurement of lease liabilities: | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating cash flows from operating leases | \n
| \n $ | \n 1,656 | \n
| \n
| \n $ | \n 1,207 | \n
| \n
Operating cash flows from finance leases | \n
| \n
| \n 546 | \n
| \n
| \n
| \n 275 | \n
| \n
Financing cash flows from finance leases | \n \u00a0 | \n \u00a0 | \n 639 | \n
| \n
| \n
| \n 802 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Right-of-use assets obtained in exchange for lease obligations: | \n
| \n \u00a0 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating leases | \n
| \n
| \n 1,417 | \n
| \n
| \n
| \n 1,892 | \n
| \n
Finance leases | \n
| \n
| \n 9,147 | \n
| \n
| \n
| \n 4,332 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
\u00a0
Supplemental balance sheet information related to leases was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions, except lease term and discount rate) | \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n ||||||
| \n
| \n September 30, 2025 | \n
| \n
| \n June 30, 2025 | \n
| \n ||
| \n
| \n
| \n ||||||
Operating Leases | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating lease right-of-use assets | \n
| \n $ | \n 24,791 | \n
| \n
| \n $ | \n 24,823 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Other current liabilities | \n
| \n $ | \n 5,385 | \n
| \n
| \n $ | \n 5,424 | \n
| \n
Operating lease liabilities | \n
| \n
| \n 17,348 | \n
| \n
| \n
| \n 17,437 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Total operating lease liabilities | \n \u00a0 | \n $ | \n 22,733 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,861 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Finance Leases | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Property and equipment, at cost | \n
| \n $ | \n 66,435 | \n \u00a0 | \n \u00a0 | \n $ | \n 53,876 | \n \u00a0 | \n
Accumulated depreciation | \n
| \n
| \n (11,330 | \n ) | \n \u00a0 | \n \u00a0 | \n (9,861 | \n ) | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Property and equipment, net | \n
| \n $ | \n 55,105 | \n
| \n
| \n $ | \n 44,015 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Other current liabilities | \n \u00a0 | \n $ | \n 3,435 | \n
| \n
| \n $ | \n 3,172 | \n
| \n
Other long-term liabilities | \n
| \n
| \n 50,999 | \n
| \n
| \n
| \n 43,000 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Total finance lease liabilities | \n
| \n $ | \n 54,434 | \n
| \n
| \n $ | \n 46,172 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Weighted Average Remaining Lease Term | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating leases | \n
| \n
| \n 6\u00a0years | \n
| \n
| \n
| \n 6\u00a0years | \n
| \n
Finance leases | \n
| \n
| \n 13\u00a0years | \n
| \n
| \n
| \n 13\u00a0years | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Weighted Average Discount Rate | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating leases | \n
| \n
| \n 3.6% | \n
| \n
| \n
| \n 3.5% | \n
| \n
Finance leases | \n
| \n
| \n 4.3% | \n
| \n
| \n
| \n 4.2% | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
\u00a0
The following table outlines maturities of our lease liabilities as of September 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n
| \n
| \n
| \n
| \n ||
Year Ending June 30, | \n
| \n Operating Leases | \n
| \n
| \n Finance Leases | \n
| \n ||
| \n
| \n
| \n ||||||
2026 (excluding the three months ended September 30, 2025) | \n
| \n $ | \n 4,627 | \n
| \n
| \n $ | \n 4,218 | \n
| \n
2027 | \n
| \n \u00a0 | \n 5,506 | \n \u00a0 | \n
| \n \u00a0 | \n 5,862 | \n
| \n
2028 | \n
| \n
| \n 3,770 | \n
| \n
| \n
| \n 5,909 | \n
| \n
2029 | \n \u00a0 | \n
| \n 2,641 | \n
| \n \u00a0 | \n
| \n 5,259 | \n
| \n
2030 | \n \u00a0 | \n \u00a0 | \n 2,162 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,136 | \n \u00a0 | \n
Thereafter | \n
| \n
| \n 6,586 | \n
| \n
| \n
| \n 46,450 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Total lease payments | \n
| \n
| \n 25,292 | \n
| \n
| \n \u00a0 | \n 72,834 | \n
| \n
Less imputed interest | \n
| \n
| \n (2,559 | \n ) | \n
| \n
| \n (18,400 | \n ) | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Total | \n
| \n $ | \n 22,733 | \n
| \n
| \n $ | \n 54,434 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
\u00a0
As of September 30, 2025, we had additional leases, primarily for datacenters, that had not yet commenced of $106.2 billion. These leases will commence between fiscal year 2026 and fiscal year 2031 with lease terms of 1 year to 20 years.
"}]},{"name":"rpt:f-1001","factDimensions":{"xbrl:concept":"msft:LesseeOperatingAndFinanceLeasesRemainingLeaseTerm","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P1Y"}]},{"name":"rpt:f-1002","factDimensions":{"xbrl:concept":"msft:LesseeOperatingAndFinanceLeasesRemainingLeaseTerm","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P20Y"}]},{"name":"rpt:f-1003","factDimensions":{"xbrl:concept":"us-gaap:LesseeFinanceLeaseRenewalTerm1","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-1004","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRenewalTerm","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-1005","factDimensions":{"xbrl:concept":"msft:LesseeOperatingAndFinanceLeasesOptionsToTerminateLeasesTerm","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P1Y"}]},{"name":"rpt:f-1006","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"The components of lease expense were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n ||||||
Three Months Ended September 30, | \n
| \n 2025 | \n
| \n
| \n 2024 | \n
| \n ||
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating lease cost | \n
| \n $ | \n 1,656 | \n
| \n
| \n $ | \n 1,161 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Finance lease cost: | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Amortization of right-of-use assets | \n
| \n $ | \n 1,173 | \n
| \n
| \n $ | \n 696 | \n
| \n
Interest on lease liabilities | \n \u00a0 | \n \u00a0 | \n 546 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 275 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Total finance lease cost | \n \u00a0 | \n $ | \n 1,719 | \n \u00a0 | \n \u00a0 | \n $ | \n 971 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Supplemental cash flow information related to leases was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
Three Months Ended September 30, | \n
| \n
| \n 2025 | \n
| \n
| \n
| \n 2024 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Cash paid for amounts included in the measurement of lease liabilities: | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating cash flows from operating leases | \n
| \n $ | \n 1,656 | \n
| \n
| \n $ | \n 1,207 | \n
| \n
Operating cash flows from finance leases | \n
| \n
| \n 546 | \n
| \n
| \n
| \n 275 | \n
| \n
Financing cash flows from finance leases | \n \u00a0 | \n \u00a0 | \n 639 | \n
| \n
| \n
| \n 802 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Right-of-use assets obtained in exchange for lease obligations: | \n
| \n \u00a0 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating leases | \n
| \n
| \n 1,417 | \n
| \n
| \n
| \n 1,892 | \n
| \n
Finance leases | \n
| \n
| \n 9,147 | \n
| \n
| \n
| \n 4,332 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
Supplemental balance sheet information related to leases was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions, except lease term and discount rate) | \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n ||||||
| \n
| \n September 30, 2025 | \n
| \n
| \n June 30, 2025 | \n
| \n ||
| \n
| \n
| \n ||||||
Operating Leases | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating lease right-of-use assets | \n
| \n $ | \n 24,791 | \n
| \n
| \n $ | \n 24,823 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Other current liabilities | \n
| \n $ | \n 5,385 | \n
| \n
| \n $ | \n 5,424 | \n
| \n
Operating lease liabilities | \n
| \n
| \n 17,348 | \n
| \n
| \n
| \n 17,437 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Total operating lease liabilities | \n \u00a0 | \n $ | \n 22,733 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,861 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Finance Leases | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Property and equipment, at cost | \n
| \n $ | \n 66,435 | \n \u00a0 | \n \u00a0 | \n $ | \n 53,876 | \n \u00a0 | \n
Accumulated depreciation | \n
| \n
| \n (11,330 | \n ) | \n \u00a0 | \n \u00a0 | \n (9,861 | \n ) | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Property and equipment, net | \n
| \n $ | \n 55,105 | \n
| \n
| \n $ | \n 44,015 | \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Other current liabilities | \n \u00a0 | \n $ | \n 3,435 | \n
| \n
| \n $ | \n 3,172 | \n
| \n
Other long-term liabilities | \n
| \n
| \n 50,999 | \n
| \n
| \n
| \n 43,000 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Total finance lease liabilities | \n
| \n $ | \n 54,434 | \n
| \n
| \n $ | \n 46,172 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Weighted Average Remaining Lease Term | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating leases | \n
| \n
| \n 6\u00a0years | \n
| \n
| \n
| \n 6\u00a0years | \n
| \n
Finance leases | \n
| \n
| \n 13\u00a0years | \n
| \n
| \n
| \n 13\u00a0years | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Weighted Average Discount Rate | \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Operating leases | \n
| \n
| \n 3.6% | \n
| \n
| \n
| \n 3.5% | \n
| \n
Finance leases | \n
| \n
| \n 4.3% | \n
| \n
| \n
| \n 4.2% | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
The following table outlines maturities of our lease liabilities as of September 30, 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n
| \n
| \n
| \n
| \n ||
| \n
| \n
| \n
| \n
| \n
| \n
| \n ||
Year Ending June 30, | \n
| \n Operating Leases | \n
| \n
| \n Finance Leases | \n
| \n ||
| \n
| \n
| \n ||||||
2026 (excluding the three months ended September 30, 2025) | \n
| \n $ | \n 4,627 | \n
| \n
| \n $ | \n 4,218 | \n
| \n
2027 | \n
| \n \u00a0 | \n 5,506 | \n \u00a0 | \n
| \n \u00a0 | \n 5,862 | \n
| \n
2028 | \n
| \n
| \n 3,770 | \n
| \n
| \n
| \n 5,909 | \n
| \n
2029 | \n \u00a0 | \n
| \n 2,641 | \n
| \n \u00a0 | \n
| \n 5,259 | \n
| \n
2030 | \n \u00a0 | \n \u00a0 | \n 2,162 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,136 | \n \u00a0 | \n
Thereafter | \n
| \n
| \n 6,586 | \n
| \n
| \n
| \n 46,450 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Total lease payments | \n
| \n
| \n 25,292 | \n
| \n
| \n \u00a0 | \n 72,834 | \n
| \n
Less imputed interest | \n
| \n
| \n (2,559 | \n ) | \n
| \n
| \n (18,400 | \n ) | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
Total | \n
| \n $ | \n 22,733 | \n
| \n
| \n $ | \n 54,434 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
| \n
NOTE 13 \u2014 CONTINGENCIES
Irish Data Protection Commission Matter
In 2018, the Irish Data Protection Commission (\u201cIDPC\u201d) began investigating a complaint against LinkedIn as to whether LinkedIn\u2019s targeted advertising practices violated the recently implemented European Union General Data Protection Regulation (\u201cGDPR\u201d). Microsoft cooperated throughout the period of inquiry. In October 2024, the IDPC provided LinkedIn with a final decision alleging GDPR violations and assessing a fine. In November 2024, LinkedIn appealed the final decision to the Irish courts, and the next hearing is scheduled for December 2025.
Other Contingencies
We also are subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact in our consolidated financial statements, these matters are subject to inherent uncertainties and management\u2019s view of these matters may change in the future.
As of September 30, 2025, we accrued aggregate legal liabilities of $530 million. While we intend to defend these matters vigorously, adverse outcomes that we estimate could reach approximately $300 million in aggregate beyond recorded amounts are reasonably possible. Were unfavorable final outcomes to occur, there exists the possibility of a material adverse impact in our consolidated financial statements for the period in which the effects become reasonably estimable.
"}]},{"name":"rpt:f-1081","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyAccrualAtCarryingValue","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"530000000","decimals":-6}]},{"name":"rpt:f-1082","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyRangeOfPossibleLossPortionNotAccrued","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"300000000","decimals":-6}]},{"name":"rpt:f-1083","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityNoteDisclosureTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"NOTE 14 \u2014 STOCKHOLDERS\u2019 EQUITY
Share Repurchases
On September 14, 2021, our Board of Directors approved a share repurchase program authorizing up to $60.0 billion in share repurchases. This share repurchase program commenced in November 2021 and was completed in April 2025.
On September 16, 2024, our Board of Directors approved a share repurchase program authorizing up to $60.0 billion in share repurchases. This share repurchase program commenced in April 2025, following completion of the program approved on September 14, 2021, has no expiration date, and may be terminated at any time. As of September 30, 2025, $53.4 billion remained of this $60.0 billion share repurchase program.
We repurchased the following shares of common stock under the share repurchase programs:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n Shares | \n \u00a0 | \n Amount | \n
| \n
| \n Shares | \n \u00a0 | \n Amount | \n
| \n ||||||
| \n
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n
| \n ||||||||||
| \n
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n
| \n ||||||||||
Fiscal Year | \n
| \n \u00a0 | \n
| \n
| \n 2026 | \n
| \n
| \n \u00a0 | \n
| \n
| \n 2025 | \n
| \n ||||
| \n
| \n
| \n
| \n
| \n ||||||||||||
First Quarter | \n
| \n
| \n 8 | \n
| \n
| \n $ | \n 3,955 | \n
| \n
| \n
| \n 7 | \n
| \n
| \n $ | \n 2,800 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
\u00a0
All repurchases were made using cash resources. Shares repurchased during the first quarter of fiscal year 2026 were under the share repurchase program approved on September 16, 2024. Shares repurchased during the first quarter of fiscal year 2025 were under the share repurchase program approved on September 14, 2021. The above table excludes shares repurchased to settle employee tax withholding related to the vesting of stock awards of $1.7 billion and $1.3 billion for the three months ended September 30, 2025 and 2024, respectively.
Dividends
Our Board of Directors declared the following dividends:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Declaration Date | \n
| \n
| \n Record Date | \n
| \n
| \n
| \n Payment Date | \n
| \n
| \n
| \n Dividend Per Share | \n
| \n
| \n
| \n Amount | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
Fiscal Year 2026 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n (In millions) | \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
September 15, 2025 | \n \u00a0 | \n \u00a0 | \n November 20, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 11, 2025 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.91 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,765 | \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
Fiscal Year 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
September 16, 2024 | \n \u00a0 | \n \u00a0 | \n November 21, 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 12, 2024 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.83 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,170 | \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
\u00a0
The dividend declared on September 15, 2025 was included in other current liabilities as of September 30, 2025.
"}]},{"name":"rpt:f-1084","factDimensions":{"xbrl:concept":"srt:StockRepurchaseProgramAuthorizedAmount1","xbrl:period":"2021-09-15T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ShareRepurchaseProgramAxis":"msft:ShareRepurchaseProgramTwentyTwentyOneMember"},"factValues":[{"value":"60000000000"}]},{"name":"rpt:f-1085","factDimensions":{"xbrl:concept":"srt:StockRepurchaseProgramAuthorizedAmount1","xbrl:period":"2024-09-17T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ShareRepurchaseProgramAxis":"msft:ShareRepurchaseProgramTwentyTwentyFourMember"},"factValues":[{"value":"60000000000"}]},{"name":"rpt:f-1086","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ShareRepurchaseProgramAxis":"msft:ShareRepurchaseProgramTwentyTwentyFourMember"},"factValues":[{"value":"53400000000","decimals":-8}]},{"name":"rpt:f-1087","factDimensions":{"xbrl:concept":"srt:StockRepurchaseProgramAuthorizedAmount1","xbrl:period":"2024-09-17T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ShareRepurchaseProgramAxis":"msft:ShareRepurchaseProgramTwentyTwentyFourMember"},"factValues":[{"value":"60000000000"}]},{"name":"rpt:f-1088","factDimensions":{"xbrl:concept":"msft:ShareRepurchaseProgramDisclosureTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"We repurchased the following shares of common stock under the share repurchase programs:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n Shares | \n \u00a0 | \n Amount | \n
| \n
| \n Shares | \n \u00a0 | \n Amount | \n
| \n ||||||
| \n
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n
| \n ||||||||||
| \n
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n
| \n ||||||||||
Fiscal Year | \n
| \n \u00a0 | \n
| \n
| \n 2026 | \n
| \n
| \n \u00a0 | \n
| \n
| \n 2025 | \n
| \n ||||
| \n
| \n
| \n
| \n
| \n ||||||||||||
First Quarter | \n
| \n
| \n 8 | \n
| \n
| \n $ | \n 3,955 | \n
| \n
| \n
| \n 7 | \n
| \n
| \n $ | \n 2,800 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
Our Board of Directors declared the following dividends:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Declaration Date | \n
| \n
| \n Record Date | \n
| \n
| \n
| \n Payment Date | \n
| \n
| \n
| \n Dividend Per Share | \n
| \n
| \n
| \n Amount | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
Fiscal Year 2026 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n (In millions) | \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
September 15, 2025 | \n \u00a0 | \n \u00a0 | \n November 20, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 11, 2025 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.91 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,765 | \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
Fiscal Year 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
September 16, 2024 | \n \u00a0 | \n \u00a0 | \n November 21, 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 12, 2024 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.83 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,170 | \n \u00a0 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
NOTE 15 \u2014 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the changes in accumulated other comprehensive income (loss) by component:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Three Months Ended September 30, | \n
| \n \u00a0 | \n 2025 | \n
| \n \u00a0 | \n
| \n 2024 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Derivatives | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, beginning of period | \n
| \n $ | \n (8 | \n ) | \n
| \n $ | \n (3 | \n ) | \n
Unrealized gains (losses), net of tax of $(2) and $7 | \n
| \n
| \n (7 | \n ) | \n
| \n
| \n 29 | \n \u00a0 | \n
Reclassification adjustments for (gains) losses included in other income (expense), net | \n
| \n
| \n 5 | \n \u00a0 | \n
| \n
| \n (49 | \n ) | \n
Tax expense (benefit) included in provision for income taxes | \n
| \n
| \n (1 | \n ) | \n
| \n
| \n 10 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Amounts reclassified from accumulated other comprehensive loss | \n
| \n
| \n 4 | \n \u00a0 | \n
| \n
| \n (39 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Net change related to derivatives, net of tax of $(1)\u00a0and $(3) | \n
| \n
| \n (3 | \n ) | \n
| \n
| \n (10 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, end of period | \n
| \n $ | \n (11 | \n ) | \n
| \n $ | \n (13 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Investments | \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, beginning of period | \n
| \n $ | \n (1,051 | \n ) | \n
| \n $ | \n (2,625 | \n ) | \n
Unrealized gains, net of tax of\u00a0$185\u00a0and $297 | \n \u00a0 | \n
| \n 695 | \n \u00a0 | \n
| \n \u00a0 | \n 1,118 | \n \u00a0 | \n
Reclassification adjustments for gains included in other income (expense), net | \n
| \n
| \n (10 | \n ) | \n
| \n
| \n (5 | \n ) | \n
Tax expense included in provision for income taxes | \n
| \n
| \n 2 | \n \u00a0 | \n
| \n
| \n 1 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Amounts reclassified from accumulated other comprehensive loss | \n
| \n
| \n (8 | \n ) | \n
| \n
| \n (4 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Net change related to investments, net of tax of $183\u00a0and $296 | \n
| \n
| \n 687 | \n \u00a0 | \n
| \n
| \n 1,114 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, end of period | \n
| \n $ | \n (364 | \n ) | \n
| \n $ | \n (1,511 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Translation Adjustments and Other | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, beginning of period | \n
| \n $ | \n (2,288 | \n ) | \n
| \n $ | \n (2,962 | \n ) | \n
Translation adjustments and other, net of tax of $0\u00a0and $0 | \n
| \n
| \n (98 | \n ) | \n
| \n
| \n 304 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, end of period | \n
| \n $ | \n (2,386 | \n ) | \n
| \n $ | \n (2,658 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Accumulated other comprehensive loss, end of period | \n
| \n $ | \n (2,761 | \n ) | \n
| \n $ | \n (4,182 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
The following table summarizes the changes in accumulated other comprehensive income (loss) by component:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Three Months Ended September 30, | \n
| \n \u00a0 | \n 2025 | \n
| \n \u00a0 | \n
| \n 2024 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Derivatives | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, beginning of period | \n
| \n $ | \n (8 | \n ) | \n
| \n $ | \n (3 | \n ) | \n
Unrealized gains (losses), net of tax of $(2) and $7 | \n
| \n
| \n (7 | \n ) | \n
| \n
| \n 29 | \n \u00a0 | \n
Reclassification adjustments for (gains) losses included in other income (expense), net | \n
| \n
| \n 5 | \n \u00a0 | \n
| \n
| \n (49 | \n ) | \n
Tax expense (benefit) included in provision for income taxes | \n
| \n
| \n (1 | \n ) | \n
| \n
| \n 10 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Amounts reclassified from accumulated other comprehensive loss | \n
| \n
| \n 4 | \n \u00a0 | \n
| \n
| \n (39 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Net change related to derivatives, net of tax of $(1)\u00a0and $(3) | \n
| \n
| \n (3 | \n ) | \n
| \n
| \n (10 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, end of period | \n
| \n $ | \n (11 | \n ) | \n
| \n $ | \n (13 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Investments | \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, beginning of period | \n
| \n $ | \n (1,051 | \n ) | \n
| \n $ | \n (2,625 | \n ) | \n
Unrealized gains, net of tax of\u00a0$185\u00a0and $297 | \n \u00a0 | \n
| \n 695 | \n \u00a0 | \n
| \n \u00a0 | \n 1,118 | \n \u00a0 | \n
Reclassification adjustments for gains included in other income (expense), net | \n
| \n
| \n (10 | \n ) | \n
| \n
| \n (5 | \n ) | \n
Tax expense included in provision for income taxes | \n
| \n
| \n 2 | \n \u00a0 | \n
| \n
| \n 1 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Amounts reclassified from accumulated other comprehensive loss | \n
| \n
| \n (8 | \n ) | \n
| \n
| \n (4 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Net change related to investments, net of tax of $183\u00a0and $296 | \n
| \n
| \n 687 | \n \u00a0 | \n
| \n
| \n 1,114 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, end of period | \n
| \n $ | \n (364 | \n ) | \n
| \n $ | \n (1,511 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Translation Adjustments and Other | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, beginning of period | \n
| \n $ | \n (2,288 | \n ) | \n
| \n $ | \n (2,962 | \n ) | \n
Translation adjustments and other, net of tax of $0\u00a0and $0 | \n
| \n
| \n (98 | \n ) | \n
| \n
| \n 304 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Balance, end of period | \n
| \n $ | \n (2,386 | \n ) | \n
| \n $ | \n (2,658 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Accumulated other comprehensive loss, end of period | \n
| \n $ | \n (2,761 | \n ) | \n
| \n $ | \n (4,182 | \n ) | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
NOTE 16 \u2014 SEGMENT INFORMATION AND GEOGRAPHIC DATA
In its operation of the business, management, including our chief operating decision maker (\u201cCODM\u201d), who is also our , reviews certain financial information, including segmented internal profit and loss statements. The primary profitability measure used by the CODM to review segment operating results is operating income. The CODM uses operating income to allocate resources during our annual planning process and throughout the year, as well as to assess the performance of our segments, primarily by monitoring actual results compared to prior periods and expected results. During the periods presented, we reported our financial performance based on the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing.
Our reportable segments are described below.
Productivity and Business Processes
Our Productivity and Business Processes segment consists of products and services in our portfolio of productivity, communication, and information services, spanning a variety of devices and platforms. This segment primarily comprises:
Intelligent Cloud
Our Intelligent Cloud segment consists of our public, private, and hybrid server products and cloud services that power modern business and developers. This segment primarily comprises:
More Personal Computing
Our More Personal Computing segment consists of products and services that put customers at the center of the experience with our technology. This segment primarily comprises:
Revenue and costs are generally directly attributed to our segments. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. Cost of revenue is allocated in certain cases based on a relative revenue methodology. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin.
In addition, certain costs are incurred at a corporate level and allocated to our segments. These allocated costs generally include legal, including settlements and fines, information technology, human resources, finance, excise taxes, field selling, shared facilities services, customer service and support, and severance incurred as part of a corporate program. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated and is generally based on relative gross margin or relative headcount.
Segment revenue, cost of revenue, operating expenses, and operating income were as follows during the periods presented:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n \u00a0 | \n \u00a0 | \n |||||
| \n
| \n \u00a0 | \n
| \n |||||
| \n
| \n \u00a0 | \n
| \n |||||
Three Months Ended September 30, | \n
| \n 2025 | \n
| \n
| \n 2024 | \n
| \n ||
| \n
| \n
| \n
| \n
| \n
| \n
| \n ||
Productivity and Business Processes | \n
| \n |||||||
| \n \u00a0 | \n \u00a0 | \n ||||||
Revenue | \n
| \n $ | \n 33,020 | \n
| \n
| \n $ | \n 28,317 | \n
| \n
Cost of revenue | \n
| \n
| \n 5,721 | \n
| \n
| \n
| \n 5,294 | \n
| \n
Operating expenses | \n
| \n
| \n 6,892 | \n
| \n
| \n
| \n 6,507 | \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n |||
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Operating income | \n
| \n $ | \n 20,407 | \n
| \n
| \n $ | \n 16,516 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n |||||||
Intelligent Cloud | \n
| \n |||||||
| \n \u00a0 | \n \u00a0 | \n ||||||
Revenue | \n
| \n $ | \n 30,897 | \n
| \n
| \n $ | \n 24,092 | \n
| \n
Cost of revenue | \n
| \n
| \n 12,314 | \n
| \n
| \n
| \n 8,614 | \n
| \n
Operating expenses | \n
| \n
| \n 5,192 | \n
| \n
| \n
| \n 4,975 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n |||
| \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n |||
Operating income | \n
| \n $ | \n 13,391 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,503 | \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
More Personal Computing | \n \u00a0 | \n |||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Revenue | \n \u00a0 | \n $ | \n 13,756 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,176 | \n \u00a0 | \n
Cost of revenue | \n \u00a0 | \n \u00a0 | \n 6,008 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,191 | \n \u00a0 | \n
Operating expenses | \n \u00a0 | \n \u00a0 | \n 3,585 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,452 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Operating income | \n \u00a0 | \n $ | \n 4,163 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,533 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Total | \n \u00a0 | \n |||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Revenue | \n \u00a0 | \n $ | \n 77,673 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,585 | \n \u00a0 | \n
Cost of revenue | \n \u00a0 | \n \u00a0 | \n 24,043 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,099 | \n \u00a0 | \n
Operating expenses | \n \u00a0 | \n \u00a0 | \n 15,669 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,934 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Operating income | \n \u00a0 | \n $ | \n 37,961 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,552 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
No sales to an individual customer or country other than the United States accounted for more than 10% of revenue for the three months ended September 30, 2025 or 2024. Revenue, classified by the major geographic areas in which our customers were located, was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n ||||||
Three Months Ended September 30, | \n
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n
| \n ||
| \n \u00a0 | \n \u00a0 | \n ||||||
United States (a) | \n
| \n $ | \n 40,077 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,913 | \n \u00a0 | \n
Other countries | \n
| \n
| \n 37,596 | \n \u00a0 | \n \u00a0 | \n
| \n 31,672 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n |||
| \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n |||
Total | \n
| \n $ | \n 77,673 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,585 | \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n
\u00a0
Revenue, classified by significant product and service offerings, was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Three Months Ended September 30, | \n
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n
| \n ||
| \n \u00a0 | \n \u00a0 | \n ||||||
Server products and cloud services | \n
| \n $ | \n 28,872 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,155 | \n
| \n
Microsoft 365 Commercial products and cloud services | \n
| \n
| \n 23,966 | \n \u00a0 | \n \u00a0 | \n
| \n 20,449 | \n \u00a0 | \n
Gaming | \n
| \n
| \n 5,508 | \n \u00a0 | \n \u00a0 | \n
| \n 5,621 | \n
| \n
| \n
| \n 4,714 | \n \u00a0 | \n \u00a0 | \n
| \n 4,292 | \n \u00a0 | \n |
Windows and Devices | \n
| \n
| \n 4,551 | \n \u00a0 | \n \u00a0 | \n
| \n 4,329 | \n \u00a0 | \n
Search and news advertising | \n \u00a0 | \n \u00a0 | \n 3,697 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,225 | \n \u00a0 | \n
Microsoft 365 Consumer products and cloud services | \n \u00a0 | \n \u00a0 | \n 2,204 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,727 | \n \u00a0 | \n
Dynamics products and cloud services | \n \u00a0 | \n \u00a0 | \n 2,136 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,849 | \n \u00a0 | \n
Enterprise and partner services | \n
| \n
| \n 2,022 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,928 | \n \u00a0 | \n
Other | \n
| \n
| \n 3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n |||
Total | \n
| \n $ | \n 77,673 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,585 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
\u00a0
Our Microsoft Cloud revenue, which includes Microsoft 365 Commercial cloud, Azure and other cloud services, the commercial portion of LinkedIn, and Dynamics 365, was $49.1 billion and $38.9 billion for the three months ended September 30, 2025 and 2024, respectively. These amounts are included in Server products and cloud services, Microsoft 365 Commercial products and cloud services, LinkedIn, and Dynamics products and cloud services in the table above.
Assets are not allocated to segments for internal reporting presentations. A portion of amortization and depreciation is included with various other costs in an overhead allocation to each segment. It is impracticable for us to separately identify the amount of amortization and depreciation by segment that is included in the measure of segment profit or loss.
Revenue and costs are generally directly attributed to our segments. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. Cost of revenue is allocated in certain cases based on a relative revenue methodology. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin.
In addition, certain costs are incurred at a corporate level and allocated to our segments. These allocated costs generally include legal, including settlements and fines, information technology, human resources, finance, excise taxes, field selling, shared facilities services, customer service and support, and severance incurred as part of a corporate program. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated and is generally based on relative gross margin or relative headcount.
Assets are not allocated to segments for internal reporting presentations. A portion of amortization and depreciation is included with various other costs in an overhead allocation to each segment. It is impracticable for us to separately identify the amount of amortization and depreciation by segment that is included in the measure of segment profit or loss.
"}]},{"name":"rpt:f-1157","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"Segment revenue, cost of revenue, operating expenses, and operating income were as follows during the periods presented:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n \u00a0 | \n \u00a0 | \n |||||
| \n
| \n \u00a0 | \n
| \n |||||
| \n
| \n \u00a0 | \n
| \n |||||
Three Months Ended September 30, | \n
| \n 2025 | \n
| \n
| \n 2024 | \n
| \n ||
| \n
| \n
| \n
| \n
| \n
| \n
| \n ||
Productivity and Business Processes | \n
| \n |||||||
| \n \u00a0 | \n \u00a0 | \n ||||||
Revenue | \n
| \n $ | \n 33,020 | \n
| \n
| \n $ | \n 28,317 | \n
| \n
Cost of revenue | \n
| \n
| \n 5,721 | \n
| \n
| \n
| \n 5,294 | \n
| \n
Operating expenses | \n
| \n
| \n 6,892 | \n
| \n
| \n
| \n 6,507 | \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n |||
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Operating income | \n
| \n $ | \n 20,407 | \n
| \n
| \n $ | \n 16,516 | \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n |||||||
Intelligent Cloud | \n
| \n |||||||
| \n \u00a0 | \n \u00a0 | \n ||||||
Revenue | \n
| \n $ | \n 30,897 | \n
| \n
| \n $ | \n 24,092 | \n
| \n
Cost of revenue | \n
| \n
| \n 12,314 | \n
| \n
| \n
| \n 8,614 | \n
| \n
Operating expenses | \n
| \n
| \n 5,192 | \n
| \n
| \n
| \n 4,975 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n |||
| \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n |||
Operating income | \n
| \n $ | \n 13,391 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,503 | \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
More Personal Computing | \n \u00a0 | \n |||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Revenue | \n \u00a0 | \n $ | \n 13,756 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,176 | \n \u00a0 | \n
Cost of revenue | \n \u00a0 | \n \u00a0 | \n 6,008 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,191 | \n \u00a0 | \n
Operating expenses | \n \u00a0 | \n \u00a0 | \n 3,585 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,452 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Operating income | \n \u00a0 | \n $ | \n 4,163 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,533 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Total | \n \u00a0 | \n |||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Revenue | \n \u00a0 | \n $ | \n 77,673 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,585 | \n \u00a0 | \n
Cost of revenue | \n \u00a0 | \n \u00a0 | \n 24,043 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,099 | \n \u00a0 | \n
Operating expenses | \n \u00a0 | \n \u00a0 | \n 15,669 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,934 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Operating income | \n \u00a0 | \n $ | \n 37,961 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,552 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n ||||||
Three Months Ended September 30, | \n
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n
| \n ||
| \n \u00a0 | \n \u00a0 | \n ||||||
United States (a) | \n
| \n $ | \n 40,077 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,913 | \n \u00a0 | \n
Other countries | \n
| \n
| \n 37,596 | \n \u00a0 | \n \u00a0 | \n
| \n 31,672 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n |||
| \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n |||
Total | \n
| \n $ | \n 77,673 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,585 | \n
| \n
| \n
| \n
| \n
| \n \u00a0 | \n \u00a0 | \n
| \n
| \n \u00a0 | \n
\u00a0
Revenue, classified by significant product and service offerings, was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In millions) | \n
| \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Three Months Ended September 30, | \n
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n
| \n ||
| \n \u00a0 | \n \u00a0 | \n ||||||
Server products and cloud services | \n
| \n $ | \n 28,872 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,155 | \n
| \n
Microsoft 365 Commercial products and cloud services | \n
| \n
| \n 23,966 | \n \u00a0 | \n \u00a0 | \n
| \n 20,449 | \n \u00a0 | \n
Gaming | \n
| \n
| \n 5,508 | \n \u00a0 | \n \u00a0 | \n
| \n 5,621 | \n
| \n
| \n
| \n 4,714 | \n \u00a0 | \n \u00a0 | \n
| \n 4,292 | \n \u00a0 | \n |
Windows and Devices | \n
| \n
| \n 4,551 | \n \u00a0 | \n \u00a0 | \n
| \n 4,329 | \n \u00a0 | \n
Search and news advertising | \n \u00a0 | \n \u00a0 | \n 3,697 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,225 | \n \u00a0 | \n
Microsoft 365 Consumer products and cloud services | \n \u00a0 | \n \u00a0 | \n 2,204 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,727 | \n \u00a0 | \n
Dynamics products and cloud services | \n \u00a0 | \n \u00a0 | \n 2,136 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,849 | \n \u00a0 | \n
Enterprise and partner services | \n
| \n
| \n 2,022 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,928 | \n \u00a0 | \n
Other | \n
| \n
| \n 3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
| \n \u00a0 | \n
| \n
| \n \u00a0 | \n \u00a0 | \n |||
Total | \n
| \n $ | \n 77,673 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,585 | \n \u00a0 | \n
| \n
| \n
| \n
| \n \u00a0 | \n
| \n
| \n
| \n \u00a0 | \n
\u00a0
Our Microsoft Cloud revenue, which includes Microsoft 365 Commercial cloud, Azure and other cloud services, the commercial portion of LinkedIn, and Dynamics 365, was $49.1 billion and $38.9 billion for the three months ended September 30, 2025 and 2024, respectively. These amounts are included in Server products and cloud services, Microsoft 365 Commercial products and cloud services, LinkedIn, and Dynamics products and cloud services in the table above.
"}]},{"name":"rpt:f-1199","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:ServerProductsAndCloudServicesMember"},"factValues":[{"value":"28872000000","decimals":-6}]},{"name":"rpt:f-1200","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:ServerProductsAndCloudServicesMember"},"factValues":[{"value":"22155000000","decimals":-6}]},{"name":"rpt:f-1201","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:MicrosoftThreeSixFiveCommercialProductsAndCloudServicesMember"},"factValues":[{"value":"23966000000","decimals":-6}]},{"name":"rpt:f-1202","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:MicrosoftThreeSixFiveCommercialProductsAndCloudServicesMember"},"factValues":[{"value":"20449000000","decimals":-6}]},{"name":"rpt:f-1203","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:GamingMember"},"factValues":[{"value":"5508000000","decimals":-6}]},{"name":"rpt:f-1204","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:GamingMember"},"factValues":[{"value":"5621000000","decimals":-6}]},{"name":"rpt:f-1205","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:LinkedInCorporationMember"},"factValues":[{"value":"4714000000","decimals":-6}]},{"name":"rpt:f-1206","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:LinkedInCorporationMember"},"factValues":[{"value":"4292000000","decimals":-6}]},{"name":"rpt:f-1207","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:WindowsAndDevicesMember"},"factValues":[{"value":"4551000000","decimals":-6}]},{"name":"rpt:f-1208","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:WindowsAndDevicesMember"},"factValues":[{"value":"4329000000","decimals":-6}]},{"name":"rpt:f-1209","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:SearchAndNewsAdvertisingMember"},"factValues":[{"value":"3697000000","decimals":-6}]},{"name":"rpt:f-1210","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:SearchAndNewsAdvertisingMember"},"factValues":[{"value":"3225000000","decimals":-6}]},{"name":"rpt:f-1211","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:MicrosoftThreeSixFiveConsumerProductsAndCloudServicesMember"},"factValues":[{"value":"2204000000","decimals":-6}]},{"name":"rpt:f-1212","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:MicrosoftThreeSixFiveConsumerProductsAndCloudServicesMember"},"factValues":[{"value":"1727000000","decimals":-6}]},{"name":"rpt:f-1213","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:DynamicsProductsAndCloudServicesMember"},"factValues":[{"value":"2136000000","decimals":-6}]},{"name":"rpt:f-1214","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:DynamicsProductsAndCloudServicesMember"},"factValues":[{"value":"1849000000","decimals":-6}]},{"name":"rpt:f-1215","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:EnterpriseAndPartnerServicesMember"},"factValues":[{"value":"2022000000","decimals":-6}]},{"name":"rpt:f-1216","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:EnterpriseAndPartnerServicesMember"},"factValues":[{"value":"1928000000","decimals":-6}]},{"name":"rpt:f-1217","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:OtherProductsAndServicesMember"},"factValues":[{"value":"3000000","decimals":-6}]},{"name":"rpt:f-1218","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ProductOrServiceAxis":"msft:OtherProductsAndServicesMember"},"factValues":[{"value":"10000000","decimals":-6}]},{"name":"rpt:f-1219","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"77673000000","decimals":-6}]},{"name":"rpt:f-1220","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"65585000000","decimals":-6}]},{"name":"rpt:f-1221","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","msft:ProductsOrServicesSecondaryCategorizationAxis":"msft:MicrosoftCloudMember"},"factValues":[{"value":"49100000000","decimals":-8}]},{"name":"rpt:f-1222","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","msft:ProductsOrServicesSecondaryCategorizationAxis":"msft:MicrosoftCloudMember"},"factValues":[{"value":"38900000000","decimals":-8}]},{"name":"rpt:f-1223","factDimensions":{"xbrl:concept":"us-gaap:SubsequentEventsTextBlock","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"NOTE 17 \u2014 SUBSEQUENT EVENT
\u00a0
On October 28, 2025, we signed a new definitive agreement with OpenAI that extends our partnership and continues to build on our shared vision to advance artificial intelligence responsibly and make its benefits broadly accessible. Additionally, OpenAI has formed a public benefit corporation (\u201cPBC\u201d) and completed a recapitalization. As a result of the recapitalization, Microsoft holds approximately 27 percent in the PBC on an as-converted diluted basis. Under the new agreement, OpenAI has contracted to purchase an incremental $250 billion of Azure services, and Microsoft will no longer have a right of first refusal to be OpenAI's compute provider.
We will continue to account for our $13 billion of total funding commitments to OpenAI as an investment under the equity method of accounting. Under the equity method of accounting, the impact of changes in our proportionate ownership will be recognized as a gain or loss in other income (expense), net. See Note 1 \u2013 Accounting Policies, Note 3 \u2013 Other Income (Expense), Net, and Note 4 \u2013 Investments for further details on our equity method investments and other income (expense), net.
"}]},{"name":"rpt:f-1224","factDimensions":{"xbrl:concept":"msft:InvestmentOwnershipPercentage","xbrl:period":"2025-10-29T00:00:00","xbrl:entity":"cik:0000789019","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"msft:OpenAIGlobalLlcMember","us-gaap:SubsequentEventTypeAxis":"us-gaap:SubsequentEventMember"},"factValues":[{"value":"0.27","decimals":2}]},{"name":"rpt:f-1225","factDimensions":{"xbrl:concept":"msft:PurchaseCommitmentIncrementalAmountCommitted","xbrl:period":"2025-10-28T00:00:00/2025-10-29T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","dei:LegalEntityAxis":"msft:OpenAIGlobalLimitedLiabilityCompanyMember","us-gaap:SubsequentEventTypeAxis":"us-gaap:SubsequentEventMember"},"factValues":[{"value":"250000000000","decimals":-9}]},{"name":"rpt:f-1226","factDimensions":{"xbrl:concept":"msft:EquityMethodInvestmentsTotalFundingCommitments","xbrl:period":"2025-10-01T00:00:00","xbrl:entity":"cik:0000789019","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"msft:OpenAIGlobalLlcMember"},"factValues":[{"value":"13000000000","decimals":-9}]},{"name":"rpt:f-1227","factDimensions":{"xbrl:concept":"msft:Rule10B51ArrModifiedFlag","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"false"}]},{"name":"rpt:f-1228","factDimensions":{"xbrl:concept":"msft:NonRule10B51ArrModifiedFlag","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"false"}]},{"name":"rpt:f-1229","factDimensions":{"xbrl:concept":"ecd:NonRule10b51ArrTrmntdFlag","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"false"}]},{"name":"rpt:f-1230","factDimensions":{"xbrl:concept":"ecd:Rule10b51ArrTrmntdFlag","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"false"}]},{"name":"rpt:f-1231","factDimensions":{"xbrl:concept":"ecd:Rule10b51ArrAdoptedFlag","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"false"}]},{"name":"rpt:f-1232","factDimensions":{"xbrl:concept":"ecd:NonRule10b51ArrAdoptedFlag","xbrl:period":"2025-07-01T00:00:00/2025-10-01T00:00:00","xbrl:entity":"cik:0000789019"},"factValues":[{"value":"false"}]}]}}