v3.25.4
Consolidated Statement of Cash Flow - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
OPERATING ACTIVITIES    
Earnings from continuing operations $ 1,483 $ 2,192
Adjustments for:    
Depreciation 111 113
Amortization of software 721 618
Amortization of other identifiable intangible assets 98 91
Share of post-tax losses (earnings) in equity method investments 28 (40)
Net gains on disposals of businesses and investments (165) (192)
Deferred tax 60 (640)
Other 272 151
Changes in working capital and other items 43 176
Operating cash flows from continuing operations 2,651 2,469
Operating cash flows from discontinued operations 0 (12)
Net cash provided by operating activities 2,651 2,457
INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (843) (622)
Proceeds related to disposals of businesses and investments 254 326
Proceeds from sales of LSEG shares 0 1,854
Capital expenditures (634) (607)
Other investing activities 1 46
Taxes paid on sales of LSEG shares and disposals (62) (317)
Net cash (used in) provided by investing activities (1,284) 680
FINANCING ACTIVITIES    
Repayments of debt (999) (290)
Net borrowings (repayments) under short-term loan facilities 290 (139)
Payments of lease principal (64) (63)
Repurchases of common shares (1,000) (639)
Purchase of non-controlling interests 0 (384)
Other financing activities (16) 5
Net cash used in financing activities (2,828) (2,459)
Translation adjustments 4 (8)
(Decrease) increase in cash and cash equivalents (1,457) 670
Cash and cash equivalents at beginning of period 1,968 1,298
Cash and cash equivalents at end of period 511 1,968
Supplemental cash flow information is provided in note 29.    
Interest paid, net of debt-related hedges (138) (149)
Interest received 46 74
Income taxes paid (337) (551)
Preference shares [member]    
FINANCING ACTIVITIES    
Dividends paid (4) (5)
Common shares [member]    
FINANCING ACTIVITIES    
Dividends paid $ (1,035) $ (944)