v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net Income $ 4,291 $ 2,896 $ 1,704
Adjustments:      
Depreciation and amortization 1,718 1,600 1,455
Net deferred income tax expense (benefit) 18 0 (8)
(Gain) loss on derivative instruments not designated as hedges (49) 77 (19)
Share-based compensation expense 175 267 126
Equity investment income (414) (260) (200)
Amortization of debt issuance costs, discounts and premiums 97 98 109
Loss on extinguishment of debt and inducement expense 16 463 121
Changes in operating assets and liabilities:      
(Increase) decrease in trade and other receivables (3) 52 99
Increase in inventories, net 0 (17) (24)
Increase in prepaid expenses and other assets (100) (137) (184)
Increase in accounts payable 27 120 124
Increase in accrued expenses and other liabilities 216 0 13
Increase in customer deposits 243 186 1,143
Dividends received from unconsolidated affiliates 264 29 11
Other, net (34) (109) 7
Net cash provided by operating activities 6,465 5,265 4,477
Investing Activities      
Purchases of property and equipment (5,229) (3,268) (3,897)
Cash received on settlement of derivative financial instruments 200 14 35
Cash paid on settlement of derivative financial instruments (24) (130) (86)
Investments in and loans to unconsolidated affiliates (106) (67) (31)
Cash received on loans to unconsolidated affiliates 126 18 40
Other, net 21 (13) 16
Net cash used in investing activities (5,012) (3,446) (3,923)
Financing Activities      
Debt proceeds 4,671 10,318 7,641
Debt issuance costs (118) (133) (194)
Repayments of debt (3,534) (11,651) (9,566)
Premium on repayment of debt (2) (292) (80)
Repurchase of common stock (1,159) 0 0
Dividends paid (824) (107) 0
Proceeds from sale of noncontrolling interest 0 0 209
Other, net (52) (57) (3)
Net cash used in financing activities (1,018) (1,922) (1,993)
Effect of exchange rate changes on cash and cash equivalents 2 (6) 1
Net increase (decrease) in cash and cash equivalents 437 (109) (1,438)
Cash and cash equivalents at beginning of year 388 497 1,935
Cash and cash equivalents at end of year 825 388 497
Cash paid during the year for:      
Interest, net of amount capitalized 864 1,210 1,442
Non-Cash Investing Activities      
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities 72 47 50
Non-Cash Financing Activities      
Non-cash inducement on convertible notes exchange $ 7 $ 104 $ 0