v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 1,269 $ 760
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 471 460
Share-based compensation 122 105
Deferred income taxes 30 (62)
Net gain on divestitures (37) 0
Non-cash restructuring charges 0 33
Net income from unconsolidated investees (73) (7)
Adenza purchase accounting adjustment 0 32
Other reconciling items included in net income (1) 39
Net change in operating assets and liabilities, excluding the effects of divestitures:    
Receivables, net 172 (99)
Other assets 67 (43)
Accounts payable and accrued expenses (22) (43)
Section 31 fees payable to SEC (319) (10)
Accrued personnel costs (25) 11
Deferred revenue (10) 8
Other liabilities (14) 50
Net cash provided by operating activities 1,630 1,234
Cash flows from investing activities:    
Purchases of securities (234) (152)
Proceeds from sales and redemptions of securities 392 141
Proceeds from divestitures, net of cash divested 52 0
Purchases of property and equipment (177) (147)
Investments related to default funds and margin deposits, net [1] (419) 237
Other investing activities (76) (24)
Net cash provided by (used in) investing activities (462) 55
Cash flows from financing activities:    
Repayments of commercial paper, net 0 (291)
Repayments of debt and credit commitment (726) (340)
Repurchases of common stock (330) (145)
Dividends paid (448) (403)
Proceeds received from employee stock activity and other issuances 28 21
Payments related to employee shares withheld for taxes (63) (56)
Default funds and margin deposits (847) (1,320)
Other financing activities 0 (3)
Net cash used in financing activities (2,386) (2,537)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents 653 (75)
Net decrease in cash and cash equivalents and restricted cash and cash equivalents (565) (1,323)
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period 5,006 7,118
Cash and cash equivalents, restricted cash and cash equivalents at end of period 4,441 5,795
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents    
Cash and cash equivalents 470 266
Restricted cash and cash equivalents 227 42
Restricted cash and cash equivalents (default funds and margin deposits) 3,744 5,487
Total 4,441 5,795
Supplemental Disclosure Cash Flow Information    
Interest paid 283 315
Income taxes paid, net of refund $ 220 $ 236
[1] Includes purchases and proceeds from sales and redemptions related to the default funds and margin deposits of our clearing operations. For further information, see "Default Fund Contributions and Margin Deposits," of Note 14, "Clearing Operations."