v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 586 $ 507
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Noncash Item [Abstract]    
Other (income) expenses, net (39) 71
Other income, net of consolidated funds (11) 0
Share of income from equity method investments, net of cash distributions (42) 29
Depreciation and amortization 13 3
Deferred income taxes 27 (4)
Stock-based equity awards 37 35
Unrealized carried interest allocation, net (22) 71
Investments of consolidated funds (75) (151)
Disposition of investments of consolidated funds 136 0
Changes in other working capital and non-cash operating items (272) (447)
Cash provided by (used in) operating activities 338 114
Investing activities    
Investments (55) (11)
Acquisition of subsidiaries, net of cash acquired 0 6
Other assets (6) (2)
Cash assumed on consolidation of funds 104 0
Investments 117 35
Investments held for sale 0 207
Cash provided by (used in) investing activities 160 235
Financing activities    
Distributions to common stockholders (809) (707)
Purchase of treasury shares (376) (116)
Deposits from related parties 400 0
Repayment of related party loans (206) 0
Corporate borrowings issuance, net 0 235
Distributions to non-controlling and redeemable non-controlling interests (28) (3)
Capital raised from non-controlling interests 102 15
Issuances of borrowings by consolidated funds 211 154
Repayment of borrowings by consolidated funds (231) 0
Capital raised from redeemable non-controlling interest in consolidated funds 50 0
Redemption of preferred shares redeemable non-controlling interest (96) 0
Cash provided by (used in) financing activities (983) (422)
Cash and cash equivalents and cash of consolidated funds    
Net increase (decrease) (485) (73)
Effect of exchange rate changes on cash and cash equivalents (2) 1
Balance, beginning of period 1,583 404
Balance, end of period 1,096 332
Accounts receivable and other, net (55) (2)
Accounts payable and other, net (147) (256)
Due from affiliates (20) (117)
Due to affiliates (84) (63)
Other non-cash operating items 34 (9)
Total Supplemental Cash Flow Disclosures (272) (447)
Supplemental disclosure of cash flow information    
Total income taxes paid 39 96
Interest paid 34 12
Supplemental disclosure of non-cash investing and financing activities    
Non-cash investing and financing activities related to 2025 Arrangement 0 27
Non-cash exchange of DSUs 458 0
Non-cash investment receivable $ 79 $ 0