v3.26.1
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 $ 1,056.9 $ 845.7 $ 840.3
Adjustments required to reconcile net income to net cash provided by operating activities:      
Depreciation of property and equipment 24.8 24.0 23.1
Amortization of premium and accretion of discount on marketable securities, net (12.0) (6.4) 3.1
Realized loss on sale of marketable securities, net [1] 6.7
Amortization of intangible assets 68.1 59.6 24.3
Stock-based compensation 205.6 149.7 145.3
Amortization of debt discount 0.4 0.0 0.0
Net gain from financing expenses (22.8) 0.0 0.0
Deferred taxes (24.1) (12.1) (9.5)
Increase in trade receivables, net (38.0) (65.9) (9.9)
Increase in prepaid expenses and other assets (45.3) (13.0) (51.1)
Increase (decrease) in trade payables (27.1) 5.4 17.9
Increase (decrease) in employees and payroll accruals (14.7) (2.4) 26.7
Decrease in income tax accrual and accrued expenses and other liabilities (149.2) (12.0) (0.9)
Increase in deferred revenues 176.2 79.5 21.8
Other 0.6 0.3 0.1
Net cash provided by operating activities 1,199.4 1,052.4 1,037.9
Cash flows from investing activities:      
Proceeds from short-term bank deposits 285.5 157.0 510.6
Proceeds from maturity of marketable securities 931.9 1,084.4 1,022.9
Proceeds from sale of marketable securities 6.9 22.3 491.9
Investment in marketable securities (767.9) (839.2) (947.3)
Investment in short-term bank deposits (677.2) (238.5) (132.0)
Cash paid in conjunction with acquisitions, net of acquired cash (273.1) (185.8) (458.8)
Lease prepayment (159.9) 0.0 0.0
Purchase of property and equipment (26.6) (24.2) (18.6)
Net cash provided by (used in) investing activities (680.4) (24.0) 468.7
Cash flows from financing activities:      
Proceeds from issuance of treasury shares upon exercise of options 393.2 258.6 133.7
Proceeds from issuance of convertible senior notes, net 1,971.7 0.0 0.0
Purchase of capped calls (192.0) 0.0 0.0
Purchase of treasury shares at cost (1,400.0) (1,299.9) (1,287.6)
Payments related to shares withheld for taxes (20.9) (18.6) (11.0)
Net cash provided by (used in) financing activities 752.0 (1,059.9) (1,164.9)
Effect of exchange rate changes on cash and cash equivalents 22.8 0.0 0.0
Increase (decrease) in cash and cash equivalents 1,293.8 (31.5) 341.7
Cash and cash equivalents at the beginning of the year 506.2 537.7 196.0
Cash and cash equivalents at the end of the year 1,800.0 506.2 537.7
Supplemental disclosure of cash flow information:      
Cash paid during the year for taxes on income 156.7 122.5 118.7
Non-cash investing activity      
Fair value of awards attributable to pre-acquisition services 4.8 3.1 1.3
Operating lease liabilities arising from obtaining right of use assets $ 10.7 $ 12.3 $ 2.3
[1] Represents an amount lower than $0.1