4 unchanged sentences
Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and our debt.
−Removed: Our long-term debt is carried at amortized cost and fluctuations in interest rates do not impact our consolidated financial statements.
−Removed: However, the fair value of our long-term debt, which pays interest at a fixed rate, will generally fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest.
+Added: Our long-term debt primarily bears interest at fixed rates and is carried at amortized cost and fluctuations in interest rates do not impact our consolidated financial statements.
+Added: However, the fair value of our long-term debt will generally fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest.
We generally invest our excess cash in investment grade short- to intermediate-term marketable debt securities and AAA-rated money market funds.
7 unchanged sentences
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 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.
+Added: Based on the balance of foreign funds as of March 31, 2026, of $22.1 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in declines of $1.1 billion, $2.2 billion, and $4.4 billion.
We also have foreign exchange risk related to our intercompany balances denominated in various currencies.
−Removed: 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.”
+Added: Based on the intercompany balances as of March 31, 2026, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $525 million, $1.0 billion, and $2.1 billion, recorded to “Other income (expense), net.”
+Added: Our March 2026 Euro-denominated Notes issuance of €14.5 billion creates an exposure to changes in foreign exchange rates.
+Added: We designated these notes as net investment hedges to mitigate foreign currency exposures related to the translation of our investments in foreign operations to U.S.
+Added: Foreign currency unrealized gains and losses on these notes are included in “Accumulated other comprehensive income (loss)” until the foreign operations are sold or substantially liquidated, at which point these amounts and any translation adjustment of the foreign operations are reclassified to our consolidated statements of operations.
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 September 30, 2025, our recorded value in equity, equity warrant, and convertible debt investments in public and private companies was $46.9 billion.
−Removed: 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.
−Removed: 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.
+Added: As of March 31, 2026, our recorded value in equity, equity warrant, and convertible debt investments in public and private companies was $96.5 billion.
+Added: Our equity and equity warrant investments in publicly traded companies represent $3.8 billion of our investments as of March 31, 2026, and are recorded at fair value, which is subject to market price volatility.
+Added: We record our equity warrant investments in private companies at fair value and adjust our equity investments in private companies, which primarily relate to our equity investments in Anthropic and OpenAI, for observable price changes or impairments.
We record our available-for-sale convertible debt investments in private companies at fair value, which primarily relate to Anthropic.
3 unchanged sentences
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.