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 $ 4,820 $ 4,167 $ 2,893
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 110 96 101
Amortization of intangibles 1,069 1,077 1,042
Provision for losses on accounts receivable 39 43 28
Deferred income taxes (242) (323) (381)
Stock-based compensation 236 247 171
(Gain) loss on dispositions, net (273) (59) 70
Restructuring, lease impairment charges and other 324 206 246
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:      
Accounts receivable (600) (79) (291)
Prepaid and other current assets 32 (79) (310)
Accounts payable and accrued expenses (55) 245 328
Unearned revenue 327 222 352
Other current liabilities (81) (418) (277)
Net change in prepaid/accrued income taxes 100 192 (175)
Net change in other assets and liabilities (155) 152 (87)
Cash provided by operating activities 5,651 5,689 3,710
Investing Activities:      
Capital expenditures (195) (124) (143)
Acquisitions, net of cash acquired (2,023) (305) (296)
Proceeds from dispositions 1,549 168 1,014
Changes in short-term investments (35) 6 (13)
Cash (used for) provided by investing activities (704) (255) 562
Financing Activities:      
Additions to / (payments on) short-term debt, net 715 0 (188)
Proceeds from issuance of senior notes, net 993 0 744
Payments on senior notes (4) (47) 0
Dividends paid to shareholders (1,170) (1,134) (1,147)
Distributions to noncontrolling interest holders (321) (287) (280)
Repurchase of treasury shares (5,001) (3,301) (3,301)
Contingent consideration payments (10) (107) (9)
Employee withholding tax on share-based payments, excise tax payments on share repurchases, contingent consideration payments and other (132) (122) (99)
Cash used for financing activities (4,930) (4,998) (4,280)
Effect of exchange rate changes on cash 62 (61) 12
Net change in cash, cash equivalents, and restricted cash 79 375 4
Cash, cash equivalents, and restricted cash at beginning of year 1,666 1,291 1,287
Cash, cash equivalents, and restricted cash at end of year 1,745 1,666 1,291
Cash paid during the year for:      
Interest 390 391 369
Income taxes $ 1,502 $ 1,159 $ 1,279