v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 1,348 $ 814 $ 969
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and accretion 2,066 2,011 1,844
Stock-based compensation 498 462 407
Impairment charges 68 233 0
(Gain) loss on asset sales (1) (18) (5)
Other operating activities 33 87 79
Changes in operating assets and liabilities:      
Accounts receivable (40) 27 (150)
Income taxes, net (78) (9) 4
Operating lease right-of-use assets 161 150 139
Operating lease liabilities (156) (153) (128)
Accounts payable and accrued expenses 25 95 161
Other assets and liabilities (13) (450) (103)
Net cash provided by operating activities 3,911 3,249 3,217
Cash flows from investing activities:      
Purchases of equity investments (60) (98) (136)
Distributions from equity investments 59 11 0
Purchases of short-term investments (1,967) (520) 0
Maturity of short-term investments 1,005 0 0
Business acquisitions, net of cash and restricted cash acquired (251) 0 0
Real estate acquisitions (994) (337) (384)
Purchases of other property, plant and equipment (4,311) (3,066) (2,781)
Proceeds from sale of assets, net of cash transferred 0 247 77
Settlement of foreign currency hedges 104 83 0
Investment in loan receivable (69) (261) 0
Loan receivable upfront fee 0 4 0
Net cash used in investing activities (6,484) (3,937) (3,224)
Cash flows from financing activities:      
Proceeds from employee equity awards 95 91 87
Payment of dividends (1,856) (1,643) (1,375)
Proceeds from public offering of common stock, net of issuance costs 99 1,673 734
Proceeds from senior notes, net of debt discounts 4,311 2,768 902
Repayments of finance lease liabilities (155) (140) (149)
Contribution from non-controlling interest 4 4 25
Repayment of senior notes (1,200) (1,000) 0
Other financing activities (26) (30) (13)
Net cash provided by financing activities 1,272 1,723 211
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash 43 (49) (16)
Net increase (decrease) in cash, cash equivalents and restricted cash (1,258) 986 188
Cash, cash equivalents and restricted cash at beginning of period 3,082 2,096 1,908
Cash, cash equivalents and restricted cash at end of period 1,824 3,082 2,096
Supplemental cash flow information      
Cash paid for taxes, net 207 185 153
Cash paid for interest, net of amounts capitalized 448 486 445
Cash and cash equivalents 1,727 3,081 2,096
Current portion of restricted cash included in other current assets 60 1 0
Non-current portion of restricted cash included in other assets 37 0 0
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 1,824 $ 3,082 $ 2,096