v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating activities:        
Net income $ 975 $ 865 $ 2,407 $ 1,677
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 389 395 773 784
Stock-based compensation 67 58 145 115
Deferred taxes     129 (109)
Gain on investments     (452) (2)
Net income from unconsolidated investees     (43) (35)
Other     24 27
Changes in assets and liabilities:        
Customer accounts receivable     (322) (156)
Other current and non-current assets     (111) 24
Section 31 fees payable     286 93
Deferred revenue     362 264
Other current and non-current liabilities     126 (210)
Total adjustments     917 795
Net cash provided by operating activities     3,324 2,472
Investing activities:        
Capital expenditures     (208) (145)
Capitalized software development costs     (230) (211)
Purchases of invested margin deposits     (2,386) (3,342)
Proceeds from invested margin deposits     3,608 2,232
Cash paid for acquisitions, net of cash acquired     0 (13)
Purchases of equity and equity method investments     (843) (14)
Purchases of restricted investments     (1,386) (314)
Proceeds from restricted investments     1,142 722
Other investing activities     24 0
Net cash used in investing activities     (279) (1,085)
Financing activities:        
Repayments of debt     0 (1,250)
Proceeds from commercial paper, net     183 72
Repurchases of common stock     (1,202) (496)
Dividends paid to stockholders (294) (277) (591) (555)
Change in cash and cash equivalent margin deposits and guaranty fund liability     36,588 5,181
Shares withheld for taxes on employee equity awards     (96) (98)
Other financing activities     24 1
Net cash provided by financing activities     34,906 2,855
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds     (12) 35
Net increase in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds     37,939 4,277
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period     78,614 84,503
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period 116,553 88,780 116,553 88,780
Supplemental cash flow disclosures:        
Cash paid for interest     384 393
Cash paid for income taxes     456 690
Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the consolidated balance sheets:        
Cash and cash equivalents 1,067 1,003 1,067 1,003
Short-term restricted cash and cash equivalents 627 1,252 627 1,252
Long-term restricted cash and cash equivalents 260 304 260 304
Cash and cash equivalent margin deposits and guaranty funds 114,599 86,221 114,599 86,221
Total $ 116,553 $ 88,780 $ 116,553 $ 88,780