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 $ 14,968 $ 12,874 $ 11,195
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of customer incentives 2,098 1,830 1,622
Depreciation and amortization 1,143 897 799
(Gains) losses on equity investments, net 88 29 61
Share-based compensation 597 526 460
Deferred income taxes 57 (527) (236)
Other 139 191 22
Changes in operating assets and liabilities:      
Accounts receivable (642) 186 (546)
Income taxes receivable (91) (165) (171)
Settlement assets 202 (593) 40
Prepaid expenses (3,388) (3,225) (2,438)
Accrued litigation and legal settlements (142) 205 (375)
Restricted security deposits held for customers 247 29 277
Accounts payable 45 75 (99)
Settlement obligations 89 922 282
Accrued expenses 1,836 1,587 571
Long-term taxes payable (185) (163) (129)
Net change in other assets and liabilities 587 102 645
Net cash provided by operating activities 17,648 14,780 11,980
Investing Activities      
Purchases of investment securities available-for-sale (501) (508) (300)
Purchases of investments held-to-maturity (28) (108) (347)
Proceeds from sales of investment securities available-for-sale 254 199 87
Proceeds from maturities of investment securities available-for-sale 232 262 191
Proceeds from maturities of investments held-to-maturity 52 378 157
Purchases of property and equipment (489) (474) (371)
Capitalized software (726) (720) (717)
Purchases of equity investments (339) (42) (89)
Proceeds from sales of equity investments 181 125 44
Acquisition of businesses, net of cash acquired 0 (2,511) 0
Other investing activities 2 (3) (6)
Net cash used in investing activities (1,362) (3,402) (1,351)
Financing Activities      
Purchases of treasury stock (11,727) (10,954) (9,032)
Dividends paid (2,756) (2,448) (2,158)
Proceeds from debt, net 1,242 3,960 1,554
Payment of debt (750) (1,336) 0
Tax withholdings related to share-based payments (291) (178) (89)
Cash proceeds from employee stock plans 203 224 237
Other financing activities (100) (104) 0
Net cash used in financing activities (14,179) (10,836) (9,488)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents 333 (199) 128
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents 2,440 343 1,269
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period 10,808 10,465 9,196
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period $ 13,248 $ 10,808 $ 10,465