v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income $ 8,270 $ 6,981
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of customer incentives 1,310 993
Depreciation and amortization 608 556
(Gains) losses on equity investments, net 68 25
Share-based compensation 326 308
Deferred income taxes 110 81
Other 84 60
Changes in operating assets and liabilities:    
Accounts receivable (448) (217)
Settlement assets (745) (590)
Prepaid expenses (3,835) (2,238)
Accrued litigation and legal settlements (504) 81
Restricted security deposits held for customers 90 125
Accounts payable 124 (168)
Settlement obligations 750 356
Accrued expenses 788 (203)
Net change in other assets and liabilities (224) 833
Net cash provided by operating activities 6,772 6,983
Investing Activities    
Purchases of investment securities available-for-sale (134) (247)
Purchases of investments held-to-maturity 0 (22)
Proceeds from sales of investment securities available-for-sale 32 126
Proceeds from maturities of investment securities available-for-sale 89 125
Proceeds from maturities of investments held-to-maturity 13 27
Purchases of property and equipment (445) (199)
Capitalized software (368) (367)
Other investing activities (66) (10)
Net cash used in investing activities (879) (567)
Financing Activities    
Purchases of treasury stock (8,933) (4,838)
Dividends paid (1,548) (1,385)
Proceeds from debt, net of discounts 5,596 1,242
Payment of debt 0 (750)
Proceeds from (payment of) debt, maturities of 90 days or less, net 84 0
Tax withholdings related to share-based payments (204) (279)
Cash proceeds from employee stock plans 73 117
Other financing activities (108) (100)
Net cash used in financing activities (5,040) (5,993)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (126) 341
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 727 764
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period 13,248 10,808
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period $ 13,975 $ 11,572