v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income $ 5,445 $ 14,340
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,553 8,003
Share-based compensation 786 703
Noncash interest expense (income), net 253 253
Net (gain) loss on investment activity and other (84) (9,390)
Deferred income taxes 1,427 2,556
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:    
Current and noncurrent receivables, net (1,338) 1,023
Film and television costs, net 873 188
Accounts payable and accrued expenses related to trade creditors 958 34
Other operating assets and liabilities (891) (1,602)
Net cash provided by operating activities 14,983 16,109
Investing Activities    
Capital expenditures (5,253) (4,930)
Cash paid for intangible assets (1,226) (1,257)
Construction of Universal Beijing Resort 0 (3)
Acquisitions, net of cash acquired 0 (1,279)
Proceeds from sales of businesses and investments 106 659
Purchases of investments (485) (1,132)
Other 367 39
Net cash provided by (used in) investing activities (6,491) (7,903)
Financing Activities    
Proceeds from borrowings 1,990 2,494
Repurchases and repayments of debt (7,344) (1,856)
Repurchases of common stock under repurchase program and employee plans (2,507) (4,066)
Dividends paid (2,432) (2,462)
Cash transferred to Versant, net (750) 0
Other (270) 9
Net cash provided by (used in) financing activities (11,313) (5,881)
Impact of foreign currency on cash, cash equivalents and restricted cash (4) 46
Increase (decrease) in cash, cash equivalents and restricted cash (2,824) 2,371
Cash, cash equivalents and restricted cash, beginning of period 10,559 7,377
Cash, cash equivalents and restricted cash, end of period $ 7,735 $ 9,748