v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 589 $ 431
Reconciliation of net income to net cash used in operating activities:    
Depreciation and amortization 372 287
Amortization of other assets 101 103
Net non-cash mortgage servicing rights and premiums on loan sales 15 (2)
Deferred income taxes 7 (3)
Stock-based compensation expense 107 63
Equity loss from investments 5 2
Gain on sale of real estate assets (306) (19)
Other non-cash adjustments 30 23
Sale of mortgage loans 7,422 5,776
Origination of mortgage loans (6,506) (6,646)
Changes in:    
Warehouse lines of credit (898) 880
Receivables, prepaid expenses and other assets (783) (167)
Accounts payable, accrued liabilities and other liabilities 88 (176)
Accrued compensation expenses (706) (787)
Income taxes, net (224) (254)
Net cash used in operating activities (687) (489)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (195) (138)
Payments for business acquired, net of cash acquired (6) (311)
Capital contributions related to investments (45) (85)
Acquisition and development of real estate assets (337) (134)
Proceeds from disposition of real estate assets 352 89
Other investing activities, net 22 112
Net cash used in investing activities (209) (467)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of revolving credit facility 0 (132)
Proceeds from commercial paper, net 723 1,182
Proceeds from long-term debt 742 1,674
Repayment of long-term debt (36) (636)
Repurchase of common stock (940) (680)
Other financing activities, net 38 (248)
Net cash provided by financing activities 527 1,160
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash (6) 107
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (375) 311
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD 2,014 1,221
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD 1,639 1,532
Cash paid during the period for:    
Interest 221 226
Income tax payments, net 388 351
Non-cash investing and financing activities:    
Deferred and/or contingent consideration $ (2) $ 27