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We have foreign exchange risk related to foreign-denominated cash, cash equivalents, and marketable securities (“foreign funds”).
−Removed: Based on the balance of foreign funds as of June 30, 2025, of $19.9 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in declines of $995 million, $2.0 billion, and $4.0 billion.
+Added: Based on the balance of foreign funds as of September 30, 2025, of $20.4 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in declines of $1.0 billion, $2.0 billion, and $4.1 billion.
We also have foreign exchange risk related to our intercompany balances denominated in various currencies.
−Removed: Based on the intercompany balances as of June 30, 2025, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $335 million, $670 million, and $1.3 billion, recorded to “Other income (expense), net.”
+Added: Based on the intercompany balances as of September 30, 2025, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $350 million, $700 million, and $1.4 billion, recorded to “Other income (expense), net.”
See Item 2 of Part I, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Effect of Foreign Exchange Rates” for additional information on the effect on reported results of changes in foreign exchange rates.
Equity Investment Risk
−Removed: As of June 30, 2025, our recorded value in equity, equity warrant, and convertible debt investments in public and private companies was $23.2 billion.
−Removed: Our equity and equity warrant investments in publicly traded companies, which include our equity investment in Rivian, represent $4.6 billion of our investments as of June 30, 2025, and are recorded at fair value, which is subject to market price volatility.
+Added: As of September 30, 2025, our recorded value in equity, equity warrant, and convertible debt investments in public and private companies was $46.9 billion.
+Added: Our equity and equity warrant investments in publicly traded companies, which include our equity investment in Rivian, represent $4.8 billion of our investments as of September 30, 2025, and are recorded at fair value, which is subject to market price volatility.
We record our equity warrant investments in private companies at fair value and adjust our equity investments in private companies, which primarily include our equity investment in Anthropic, for observable price changes or impairments.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.