v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 812 $ 783
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 389 381
Stock-based compensation 57 57
Deferred taxes (60) (50)
Loss on investments 0 3
Net (income)/losses from unconsolidated investees (29) 42
Other 14 14
Changes in assets and liabilities:    
Customer accounts receivable (387) (285)
Other current and non-current assets (38) (76)
Section 31 fees payable (56) (13)
Deferred revenue 370 393
Other current and non-current liabilities (106) (240)
Total adjustments 154 226
Net cash provided by operating activities 966 1,009
Investing activities:    
Capital expenditures (85) (58)
Capitalized software development costs (104) (87)
Purchases of invested margin deposits (2,344) (536)
Proceeds from sales of invested margin deposits 481 230
Cash paid for acquisitions, net of cash acquired (11) 0
Proceeds from sale of Promissory Note 0 75
Purchases of restricted investments (183) (64)
Proceeds from sales of restricted investments 100 702
Other (7) (3)
Net cash provided by/(used in) investing activities (2,153) 259
Financing activities:    
Repayments of debt 0 (600)
Redemption of commercial paper, net (96) (38)
Repurchases of common stock (241) 0
Dividends paid to stockholders (278) (258)
Change in cash and cash equivalent margin deposits and guaranty funds liability 2,999 (4,551)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises (95) (71)
Other (6) (4)
Net cash provided by/(used in) financing activities 2,283 (5,522)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds 10 (5)
Net increase/(decrease) in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds 1,106 (4,259)
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period 84,503 80,750
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period 85,609 76,491
Supplemental cash flow disclosure:    
Cash paid for income taxes 166 142
Cash paid for interest 194 240
Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the consolidated balance sheets:    
Cash and cash equivalents 783 863
Short-term restricted cash and cash equivalents 1,235 1,227
Long-term restricted cash and cash equivalents 305 278
Cash and cash equivalent margin deposits and guaranty funds 83,286 74,123
Total $ 85,609 $ 76,491