Annual report [Section 13 and 15(d), not S-K Item 405]

Investments (Tables)

v3.25.4
Investments (Tables)
12 Months Ended
Dec. 27, 2025
Investments [Abstract]  
Schedule of Investments Classified by Contractual Maturity Date
The fair value of marketable debt investments, by contractual maturity, as of December 27, 2025, was as follows:
(In Millions) Fair Value
Due in 1 year or less $ 9,543 
Due in 1–2 years 8,531 
Due in 2–5 years 6,554 
Due after 5 years 291 
Instruments not due at a single maturity date1
7,474 
Total $ 32,393 
1 Instruments not due at a single maturity date is composed of money market fund deposits, which are classified as either short-term investments or cash and cash equivalents.
Schedule of Equity Investments Equity Investments
(In Millions)
Dec 27, 2025 Dec 28, 2024
Marketable equity investments1
$ 484  $ 848 
Non-marketable equity investments
8,028  4,535 
Total $ 8,512  $ 5,383 
1    Most of our marketable equity investments are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. Certain of the trading-volume restrictions generally apply for as long as we own more than 1% of the outstanding shares. Market-based restrictions result from the rules of the respective exchange.
Schedule of Gain (Loss) on Equity Investments
The components of gains (losses) on equity investments, net for each period were as follows:
Years Ended (in Millions) Dec 27, 2025 Dec 28, 2024 Dec 30, 2023
Unrealized gains (losses) on marketable equity investments, net
$ (311) $ (218) $ (99)
Unrealized gains (losses) on non-marketable equity investments, net1
490  92  17 
Impairment charges on non-marketable equity investments
(300) (347) (214)
Unrealized gains (losses) on equity investments, net
(121) (473) (296)
Realized gains (losses) on sales of equity investments, net
$ 635  $ 715  $ 336 
Gains (losses) on equity investments, net  $ 514  $ 242  $ 40 
1    Unrealized gains (losses) on non-marketable investments includes observable price adjustments and our share of equity method investee gains (losses) and certain distributions.