v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net Income $ 2,196.1 $ 1,981.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 46.6 41.9
Amortization of purchased intangibles 112.1 111.3
Depreciation and amortization 55.4 54.6
Net realized and unrealized (gains) losses on investments 19.1 (2.6)
Deferred income taxes (8.2) (20.7)
Change in:    
Accounts receivable (112.9) (95.4)
Other current assets 37.8 (24.6)
Other assets (141.9) 29.8
Accounts payable (3.8) 12.5
Income taxes payable (40.4) 28.3
Other current liabilities (49.4) 67.9
Other liabilities 113.4 (9.2)
Other (16.9) 0.0
Net Cash Provided by Operating Activities 2,207.0 2,175.1
Cash Flows from Investing Activities    
Proceeds from maturities of available-for-sale marketable securities 2.0 4.8
Purchases of available-for-sale marketable securities (2.2) (3.8)
Purchases of property, net (45.4) (32.6)
Investments in privately-held equity investments (6.8) (2.4)
Net Cash Used in Investing Activities (52.4) (34.0)
Cash Flows from Financing Activities    
Proceeds from debt, net of issuance costs 0.0 742.3
Repayment of debt 0.0 (750.0)
Cash dividends (3,165.7) (3,022.7)
Repurchase of Class A common stock, including costs (1,236.9) (8.2)
Change in performance bond and guaranty fund contributions (1,545.4) 43,262.5
Employee taxes paid on restricted stock vesting (22.2) (8.8)
Other (4.6) (4.5)
Net Cash (Used in) Provided by Financing Activities (5,974.8) 40,210.6
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents (3,820.2) 42,351.7
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 164,079.5 101,794.1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period 160,259.3 144,145.8
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents:    
Cash and cash equivalents 2,144.2 1,981.3
Short-term restricted cash 4.4 6.5
Restricted cash and restricted cash equivalents (performance bonds and guaranty fund contributions) 158,110.7 142,158.0
Total 160,259.3 144,145.8
Supplemental Disclosure of Cash Flow Information    
Income taxes paid, net of refunds 689.7 579.6
Interest paid $ 70.2 $ 65.0