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 (loss) $ 23 $ (112) $ (158)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 264 240 187
Share-based compensation 390 448 451
Amortization of right of use assets 8 10 35
Amortization of contract cost assets 21 19 21
Impairment costs 2 6 16
Accretion of bond discount (9) (27) (35)
Other adjustments to reconcile net income (loss) to net cash provided by operating activities 6 19 2
Changes in operating assets and liabilities:      
Accounts receivable (45) (8) (24)
Mortgage loans held for sale (227) (59) (59)
Prepaid expenses and other assets (82) (74) (17)
Contract cost assets (23) (21) (21)
Lease liabilities (11) (35) (30)
Accounts payable 6 2 6
Accrued expenses and other current liabilities 31 0 (18)
Accrued compensation and benefits 5 10 (1)
Deferred revenue 7 8 1
Other long-term liabilities 2 2 (2)
Net cash provided by operating activities 368 428 354
Investing activities      
Proceeds from maturities of investments 411 1,042 1,287
Proceeds from sales of investments 61 237 0
Purchases of investments (211) (706) (664)
Purchases of property and equipment (133) (143) (135)
Purchases of intangible assets (134) (28) (30)
Cash paid for acquisitions, net 0 (7) (433)
Net cash provided by (used in) investing activities (6) 395 25
Financing activities      
Net borrowings on warehouse line of credit and repurchase agreements 219 52 56
Repurchases of Class A common stock and Class C capital stock (670) (301) (424)
Settlement of convertible senior notes (419) (1,196) (56)
Settlement of capped call transactions 38 0 0
Proceeds from exercise of stock options 188 212 72
Payment for Contingent Consideration Liability, Financing Activities (30) 0 0
Net cash used in financing activities (674) (1,233) (352)
Net increase (decrease) in cash, cash equivalents and restricted cash during period (312) (410) 27
Cash, cash equivalents and restricted cash at beginning of period 1,085 1,495 1,468
Cash, cash equivalents and restricted cash at end of period 773 1,085 1,495
Supplemental disclosures of cash flow information      
Cash paid for interest 18 35 28
Cash paid for taxes 3 6 6
Noncash transactions:      
Write-off of fully depreciated property and equipment 145 85 63
Write-off of fully amortized intangible assets 64 24 5
Capitalized share-based compensation 62 72 73
Initial fair value of contingent consideration recognized in connection with an acquisition 0 0 81
Value of Class C capital stock issued in connection with an acquisition $ 0 $ 0 $ 20