v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 2,326 $ 1,515
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Depreciation and amortization 380 194
Noncash lease expense 43 34
Stock-based compensation 319 241
Deferred income tax expense (benefit) 60 15
Change in fair value of contingent consideration (549) 96
Other investment gains (22) (36)
Net (gains) losses within CIPs (23) (13)
Net (purchases) proceeds within CIPs (1,669) (1,098)
(Earnings) losses from equity method investees (46) (51)
Distributions of earnings from equity method investees 9 14
Changes in operating assets and liabilities:    
Accounts receivable (111) 123
Investments, trading 198 12
Other assets (3,453) (3,454)
Accrued compensation and benefits (2,256) (1,794)
Accounts payable and accrued liabilities 340 84
Other liabilities 3,474 2,990
Net cash provided by/(used in) operating activities (980) (1,128)
Investing activities    
Purchases of investments (313) (298)
Proceeds from sales and maturities of investments 69 151
Distributions of capital from equity method investees 90 13
Net consolidations (deconsolidations) of sponsored investment funds (5) (1)
Acquisitions, net of cash acquired (15) (3,123)
Purchases of property and equipment (106) (78)
Net cash provided by/(used in) investing activities (280) (3,336)
Financing activities    
Dividends/Subco distributions paid (973) (838)
Proceeds from stock options exercised 74 51
Shares/Subco Units repurchased (810) (657)
Net proceeds from (repayments of) borrowings by CIPs 193 (24)
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders 1,218 811
Other financing activities (6) (4)
Net cash provided by/(used in) financing activities (304) (661)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (63) 110
Net increase/(decrease) in cash, cash equivalents and restricted cash (1,627) (5,015)
Cash, cash equivalents and restricted cash, beginning of period 11,490 12,779
Cash, cash equivalents and restricted cash, end of period 9,863 7,764
Supplemental schedule of noncash investing and financing transactions:    
Issuance of common shares related to employee stock transactions 818 0
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds $ (248) $ (522)