v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 1,677 $ 1,422
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 784 762
Stock-based compensation 115 114
Deferred taxes (109) (116)
(Gain)/Loss on investments (2) 3
Net (income)/losses from unconsolidated investees (35) 45
Other 27 31
Changes in assets and liabilities:    
Customer accounts receivable (156) (193)
Other current and non-current assets 24 (51)
Section 31 fees payable 93 124
Deferred revenue 264 296
Other current and non-current liabilities (210) (232)
Total adjustments 795 783
Net cash provided by operating activities 2,472 2,205
Investing activities:    
Capital expenditures (145) (133)
Capitalized software development costs (211) (177)
Purchases of invested margin deposits (3,342) (858)
Proceeds from invested margin deposits 2,232 990
Cash paid for acquisitions, net of cash acquired (13) (8)
Proceeds from sale of promissory note 0 75
Purchases of equity and equity method investments (14) (18)
Purchases of restricted investments (314) (655)
Proceeds from restricted investments 722 856
Net cash provided by/(used in) investing activities (1,085) 72
Financing activities:    
Proceeds from debt issuances 0 739
Repayments of debt (1,250) (1,600)
Proceeds from commercial paper, net 72 33
Repurchases of common stock (496) 0
Dividends paid to stockholders (555) (519)
Change in cash and cash equivalent margin deposits and guaranty funds liability 5,181 1,017
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises (98) (73)
Other 1 17
Net cash provided by/(used in) financing activities 2,855 (386)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds 35 (5)
Net increase in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds 4,277 1,886
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 88,780 82,636
Supplemental cash flow disclosure:    
Cash paid for income taxes 690 516
Cash paid for interest 393 450
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 1,003 885
Short-term restricted cash and cash equivalents 1,252 1,252
Long-term restricted cash and cash equivalents 304 370
Cash and cash equivalent margin deposits and guaranty funds 86,221 80,129
Total $ 88,780 $ 82,636