v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Prior Period Adjustments The following tables display our changes to the consolidated balance sheets and consolidated
statements of cash flows for periods prior to 2025 included in our financial statements.
Consolidated Balance Sheets
As of December 31, 2024
As Previously
Reported
Adjustment for
Change in
Accounting
Principle
As Adjusted
(Dollars in millions)
Cash
$38,853
$(25,376)
$13,477
Restricted cash
39,958
(14,899)
25,059
Securities purchased under agreements to resell
15,975
40,275
56,250
Consolidated Statements of Cash Flows
For the Year Ended December 31, 2024
As Previously
Reported
Adjustment for
Change in
Accounting
Principle
As Adjusted
(Dollars in millions)
Net change in securities purchased under agreements to resell
$14,725
$(5,550)
$9,175
Net cash provided by (used in) investing activities
157,795
(5,550)
152,245
Net increase (decrease) in cash and restricted cash
10,105
(5,550)
4,555
Cash and restricted cash at beginning of period
68,706
(34,725)
33,981
Cash and restricted cash at end of period
78,811
(40,275)
38,536
For the Year Ended December 31, 2023
As Previously
Reported
Adjustment for
Change in
Accounting
Principle
As Adjusted
(Dollars in millions)
Net change in securities purchased under agreements to resell
$(16,135)
$20,125
$3,990
Net cash provided by (used in) investing activities
99,150
20,125
119,275
Net increase (decrease) in cash and restricted cash
(19,135)
20,125
990
Cash and restricted cash at beginning of period
87,841
(54,850)
32,991
Cash and restricted cash at end of period
68,706
(34,725)
33,981
Summary of Gains (Losses) on Investments Gains (losses) are classified in the consolidated statements of operations and comprehensive income as follows.
Classification
Trading
AFS
Unrealized gains (losses)
Fair value gains (losses), net
Other comprehensive income (loss)
Realized gains (losses)
Fair value gains (losses), net
Investment gains (losses), net