v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income $ 14,340 $ 7,616
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,003 7,091
Share-based compensation 703 689
Noncash interest expense (income), net 253 218
Net (gain) loss on investment activity and other (9,390) 391
Deferred income taxes 2,556 240
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:    
Current and noncurrent receivables, net 1,023 750
Film and television costs, net 188 23
Accounts payable and accrued expenses related to trade creditors 34 (648)
Other operating assets and liabilities (1,602) (3,798)
Net cash provided by operating activities 16,109 12,572
Investing Activities    
Capital expenditures (4,930) (5,354)
Cash paid for intangible assets (1,257) (1,341)
Construction of Universal Beijing Resort (3) (109)
Acquisitions, net of cash acquired (1,279) 0
Proceeds from sales of businesses and investments 659 557
Purchases of investments (1,132) (706)
Other 39 73
Net cash provided by (used in) investing activities (7,903) (6,879)
Financing Activities    
Proceeds from borrowings 2,494 3,266
Repurchases and repayments of debt (1,856) (1,911)
Repurchases of common stock under repurchase program and employee plans (4,066) (4,930)
Dividends paid (2,462) (2,418)
Other 9 175
Net cash provided by (used in) financing activities (5,881) (5,817)
Impact of foreign currency on cash, cash equivalents and restricted cash 46 (17)
Increase (decrease) in cash, cash equivalents and restricted cash 2,371 (141)
Cash, cash equivalents and restricted cash, beginning of period 7,377 6,282
Cash, cash equivalents and restricted cash, end of period $ 9,748 $ 6,141