Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s intent is that all marketable investments are available for use in its current operations, including marketable investments with maturity dates greater than one year from December 31, 2025. The Company’s marketable investments as of December 31, 2025 and 2024 were as follows (in thousands):



	December 31, 2025
Short-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	1,066	$	1	$	—	$	1,067
U.S. treasury securities	266,671		459		—		267,130
U.S. agency and government-sponsored securities	166,170		81		(14)		166,237
Commercial paper	7,867		6		—		7,873

Corporate bonds	22,511		17		—		22,528
Total	$	464,285	$	564	$	(14)	$	464,835

	December 31, 2024
Short-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	802	$	—	$	—	$	802
U.S. treasury securities	442,353		442		(223)		442,572
U.S. agency and government-sponsored securities	146,762		16		(18)		146,760
Commercial paper	9,600		8		—		9,608

Corporate bonds	43,550		124		(6)		43,668
Total	$	643,067	$	590	$	(247)	$	643,410

Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments

The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025				December 31, 2024
	Less than 12 months				Less than 12 months
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value

U.S. treasury securities	$	—	$	—	$	(223)	$	104,716
U.S. agency and government-sponsored securities	(14)		33,935		(18)		76,484

Corporate bonds	—		—		(6)		4,219
Total	$	(14)	$	33,935	$	(247)	$	185,419

Schedule of Assets Carried at Fair Value

The amortized cost and fair value of the Company’s marketable investments by contractual maturity as of December 31, 2025 were as follows (in thousands):


	Cost		Fair Value
Due within one year	$	271,187	$	271,619
Due after one year through two years	193,098		193,216
Total	$	464,285	$	464,835

The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	103,637	$	—	$	—	$	103,637
Certificates of deposit	—		747		—		747



Total cash equivalents	$	103,637	$	747	$	—	$	104,384
Marketable investments
Certificates of deposit	$	—	$	1,067	$	—	$	1,067
U.S. treasury securities	267,130		—		—		267,130
U.S. agency and government-sponsored securities	—		166,237		—		166,237
Commercial paper	—		7,873		—		7,873

Corporate bonds	—		22,528		—		22,528
Total marketable investments	$	267,130	$	197,705	$	—	$	464,835




	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	114,370	$	—	$	—	$	114,370
Certificates of deposit	—		496		—		496
U.S. treasury securities	42,946		—		—		42,946
U.S. agency and government-sponsored securities	—		41,832		—		41,832
Commercial paper	—		—		—		—
Total cash equivalents	$	157,316	$	42,328	$	—	$	199,644
Marketable investments
Certificates of deposit	$	—	$	802	$	—	$	802
U.S. treasury securities	442,572		—		—		442,572
U.S. agency and government-sponsored securities	—		146,760		—		146,760
Commercial paper	—		9,608		—		9,608

Corporate bonds	—		43,668		—		43,668
Total marketable investments	$	442,572	$	200,838	$	—	$	643,410

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Five9, Inc. 10-K