3 unchanged sentences
We have foreign currency risks related to our revenue and operating expenses denominated in currencies other than the U.S.
−Removed: dollar, primarily the Euro.
+Added: dollar, the majority of which is in Euro.
Accordingly, changes in exchange rates, and in particular a strengthening of the U.S.
2 unchanged sentences
We have experienced and will continue to experience fluctuations in our net income as a result of transaction gains or losses related to remeasuring monetary asset and liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded.
−Removed: At this time, we have not entered into, but in the future we may enter into, derivatives or other financial instruments in an attempt to hedge our foreign currency exchange risk.
−Removed: It is difficult to predict the effect hedging activities would have on our results of operations.
−Removed: Foreign currency exchange net losses of $690 million, $366 million, and $81 million were recognized in 2024, 2023, and 2022, respectively.
+Added: Foreign currency transaction gains, net were $352 million for the year ended December 31, 2025 and foreign currency transaction losses, net were $690 million, and $366 million for the years ended December 31, 2024 and 2023, respectively.
+Added: Beginning in 2025, we use short-term foreign currency forward contracts for cash management to reduce, but not entirely eliminate, exchange rate impacts on foreign currency cash conversions.
+Added: These contracts are not designated as hedging instruments.
+Added: As of December 31, 2025, no such contracts were outstanding.
+Added: Realized gains, losses, and forward points for 2025 were not material and recorded within interest and other income, net in the consolidated statements of income.
Interest Rate Sensitivity
1 unchanged sentence
Our cash, cash equivalents, and marketable debt securities consist of cash, time deposits, money market funds, U.S.
−Removed: government securities, U.S.
−Removed: government agency securities, and investment grade corporate debt securities.
+Added: government and agency securities, and investment grade corporate debt securities.
Our investment policy and strategy are focused on preservation of capital and supporting our liquidity requirements.
7 unchanged sentences
Equity Price Risk
−Removed: Our equity investments include marketable and non-marketable equity securities subject to equity price risks that could have a material impact on the fair value or carrying value of our holdings.
−Removed: Our marketable equity securities are publicly traded stocks and our non-marketable equity securities are investments in privately-held companies without readily determinable fair values.
−Removed: We record marketable equity securities not accounted for under the equity method at fair value based on readily determinable market values, of which publicly traded stocks are subject to market price volatility and represent $1.23 billion of our investments as of December 31, 2024.
+Added: Our equity investments include marketable and non-marketable equity investments subject to equity price risks that could have a material impact on the fair value or carrying value of our holdings.
+Added: Our marketable equity securities are publicly traded stocks and our non-marketable equity investments are investments in privately-held companies without readily determinable fair values.
+Added: We record marketable equity securities at fair value based on readily determinable market values, of which publicly traded stocks are subject to market price volatility and represent $5.99 billion and $1.23 billion of our investments as of December 31, 2025 and 2024, respectively.
A hypothetical adverse price change of 10% on our December 31, 2025 balance would decrease the fair value of marketable equity securities by $599 million.
−Removed: We did not hold any marketable equity securities as of December 31, 2023.
−Removed: We elected to account for substantially all of our non-marketable equity securities using the measurement alternative, which is cost, less any impairment, adjusted for changes in fair value resulting from observable transactions for identical or similar securities of the same issuer.
−Removed: We perform a qualitative assessment at each reporting date to determine whether there are triggering events for impairment.
−Removed: The qualitative assessment considers factors such as, but not limited to, the investee's financial condition and business outlook;
−Removed: industry and sector performance;
−Removed: economic or technological environment;
−Removed: and other relevant events and factors affecting the investee.
−Removed: Valuations of our non-marketable equity securities are complex due to the lack of readily available market data and observable transactions.
−Removed: Uncertainties in the global economic climate and financial markets could adversely impact the valuation of the companies we invest in and, therefore, result in a material impairment or downward adjustment in our investments.
−Removed: Our total non-marketable equity securities, which mostly consists of our investment in Jio Platforms Limited, had a carrying value of $6.07 billion and $6.14 billion as of December 31, 2024 and 2023, respectively.
−Removed: For additional information, see Note 1 — Summary of Significant Accounting Policies, Note 5 — Financial Instruments, Note 6 — Non-marketable Equity Securities, and Note 10 — Long-term Debt in the notes to the consolidated financial statements included in Part II, Item 8, "Financial Statements and Supplementary Data" and Part II, Item 7, "Management’s Discussion and Analysis of Financial Conditions and Results of Operations — Critical Accounting Estimates" contained in this Annual Report on Form 10-K.
+Added: Our non-marketable equity investments accounted for under the measurement alternative are adjusted for changes in fair value resulting from observable transactions for identical or similar securities of the same issuer.
+Added: Valuations of our non-marketable equity investments are complex due to the lack of readily available market data and observable transactions.
+Added: Uncertainties in the global economic climate and financial markets could adversely impact the valuation of the companies we invest in and, therefore, result in a material impairment or downward adjustment in these investments.
+Added: The carrying value of the non-marketable equity investments accounted for under the measurement alternative was $20.08 billion and $6.02 billion as of December 31, 2025 and 2024, respectively.
+Added: The carrying value of our non-marketable equity method investments was $7.45 billion and $52 million as of December 31, 2025 and 2024, respectively.
+Added: These investments could be impaired if the carrying value exceeds the fair value and is not expected to recover.
+Added: For additional information, see Note 1 — Summary of Significant Accounting Policies, Note 4 — Financial Instruments, Note 5 — Non-Marketable Equity Investments, and Note 10 — Long-term Debt in the notes to the consolidated financial statements included in Part II, Item 8, "Financial Statements and Supplementary Data" and Part II, Item 7, "Management’s Discussion and Analysis of Financial Conditions and Results of Operations — Critical Accounting Estimates" contained in this Annual Report on Form 10-K.
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.