v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities:    
Net income $ 632 $ 928
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 151 138
Deferred income taxes 37 14
Share-based compensation 27 98
Other, net (2) 8
Changes in operating assets and liabilities:    
Receivables (118) (31)
Prepaid expenses and other current assets (25) (6)
Medical claims and benefits payable (157) 65
Amounts due government agencies (467) (289)
Accounts payable, accrued liabilities and other (195) (33)
Deferred revenue (44) (53)
Income taxes (76) 29
Net cash (used in) provided by operating activities (237) 868
Investing activities:    
Purchases of investments (607) (989)
Proceeds from sales and maturities of investments 1,017 871
Net cash paid in business combinations (245) (344)
Purchases of property, equipment and capitalized software (102) (89)
Other, net 19 68
Net cash provided by (used in) investing activities 82 (483)
Financing activities:    
Proceeds from borrowings under credit facility and term loans 1,100 300
Common stock purchases (1,000) (500)
Repayment of credit facility and term loans (360) (150)
Common stock withheld to settle employee tax obligations (37) (57)
Other, net 35 (7)
Net cash used in financing activities (262) (414)
Net decrease in cash, cash equivalents, and restricted cash and cash equivalents (417) (29)
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period 4,741 4,908
Cash, cash equivalents, and restricted cash and cash equivalents at end of period $ 4,324 $ 4,879