v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net income $ 3,280 $ 3,011
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of customer incentives 476 411
Depreciation and amortization 275 216
(Gains) losses on equity investments, net 29 (6)
Share-based compensation 129 108
Deferred income taxes 37 3
Other 38 32
Changes in operating assets and liabilities:    
Accounts receivable (118) (219)
Settlement assets (296) (417)
Prepaid expenses (1,458) (1,490)
Accrued litigation and legal settlements 119 (127)
Restricted security deposits held for customers 26 16
Accounts payable 80 (21)
Settlement obligations 124 430
Accrued expenses (784) (446)
Net change in other assets and liabilities 423 171
Net cash provided by operating activities 2,380 1,672
Investing Activities    
Purchases of investment securities available-for-sale (119) (95)
Purchases of investments held-to-maturity (8) (66)
Proceeds from sales of investment securities available-for-sale 49 22
Proceeds from maturities of investment securities available-for-sale 76 67
Proceeds from maturities of investments held-to-maturity 16 284
Purchases of property and equipment (159) (157)
Capitalized software (198) (221)
Other investing activities 3 (8)
Net cash used in investing activities (340) (174)
Financing Activities    
Purchases of treasury stock (2,549) (1,992)
Dividends paid (694) (616)
Proceeds from debt, net 1,242 0
Payment of debt (750) 0
Tax withholdings related to share-based payments (277) (170)
Cash proceeds from employee stock plans 41 97
Net cash used in financing activities (2,987) (2,681)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents 121 (95)
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (826) (1,278)
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period 10,808 10,465
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period $ 9,982 $ 9,187