v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 1,287 $ 888
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Transaction and credit losses 371 321
Depreciation and amortization 245 265
Stock-based compensation 249 365
Deferred income taxes (6) 52
Net (gains) losses on strategic investments (48) 49
Accretion of discounts on investments, net of amortization of premiums (30) (75)
Adjustments to loans and interest receivable, held for sale 25 37
Other (73) 13
Originations of loans receivable, held for sale (6,629) (5,345)
Proceeds from repayments and sales of loans receivable, originally classified as held for sale 6,445 5,232
Changes in assets and liabilities:    
Accounts receivable (98) (39)
Accounts payable (52) (22)
Other assets and liabilities (526) 176
Net cash provided by operating activities 1,160 1,917
Cash flows from investing activities:    
Purchases of reverse repurchase agreements (200) 0
Maturities of reverse repurchase agreements 87 0
Purchases of property and equipment (196) (154)
Proceeds from sales of property and equipment 2 0
Purchases and originations of loans receivable (5,508) (4,779)
Proceeds from repayments and sales of loans receivable, originally classified as held for investment 5,477 4,827
Purchases of investments (5,970) (7,081)
Maturities and sales of investments 5,465 9,242
Funds receivable (2,741) (1,169)
Collateral posted related to derivative instruments, net (53) 74
Other (20) 20
Net cash (used in) provided by investing activities (3,657) 980
Cash flows from financing activities:    
Borrowings from repurchase agreements 0 190
Repayments of repurchase agreements 0 (190)
Purchases of treasury stock (1,500) (1,501)
Tax withholdings related to net share settlements of equity awards (277) (167)
Borrowings under financing arrangements 1,491 115
Repayments under financing arrangements 0 (359)
Funds payable and amounts due to customers 1,417 (483)
Collateral received related to derivative instruments and reverse repurchase agreements, net (135) 33
Other (2) 0
Net cash provided by (used in) financing activities 994 (2,362)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 94 (94)
Net change in cash, cash equivalents, and restricted cash (1,409) 441
Cash, cash equivalents, and restricted cash at beginning of period 22,390 21,834
Cash, cash equivalents, and restricted cash at end of period 20,981 22,275
Supplemental cash flow disclosures:    
Cash paid for interest 2 2
Cash paid for income taxes, net 95 83
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Cash and cash equivalents 7,449 9,693
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows 20,981 22,275
Short-term investments    
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Restricted cash and cash equivalents 0 3
Funds receivable and customer accounts    
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Restricted cash and cash equivalents $ 13,532 $ 12,579