v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities:    
Net income (loss) $ 8,315,245 $ (510,125)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:    
Depreciation and amortization 337,144 981,388
Impairments and other (68,445)  
Deconsolidation gain (Note 3) (9,728,958)  
Realized and unrealized losses (gains) and impairments on investments and other (8,472) (64,831)
Non-cash, stock-based compensation 23,363 16,123
Interest expense paid in kind on long-term debt   114,756
Deferred tax expense (benefit) 1,289,307 (174,719)
Changes in allowance for credit losses (5,352) 15,603
Change in long-term deferred revenue and other long-term liabilities (82,222) 420
Other, net 100,005 609
Changes in operating assets and operating liabilities, net 56,709 (164,957)
Net cash flows from operating activities 228,324 214,267
Cash Flows From Investing Activities:    
Purchases of marketable investment securities (577,120) (2,247,724)
Sales and maturities of marketable investment securities 1,571,636 1,526,245
Purchases of property and equipment (Note 8) (225,734) (551,600)
Capitalized interest related to regulatory authorizations (Note 2)   (573,785)
SpaceX Reimbursement of Cash Interim Debt Service Payments (Note 1) 413,663  
Cash divested from the Deconsolidated Entities (362,968)  
Sale of Fiber business   47,207
Other, net (7,743) (64)
Net cash flows from investing activities 811,734 (1,799,721)
Cash Flows From Financing Activities:    
Repayment of debt, finance lease and other obligations (16,221) (46,272)
Redemption and repurchases of debt (Note 10) (1,787,082) (456,049)
Proceeds from issuance of debt (Note 10)   150,000
Debt issuance costs and debt (discount) premium   (946)
Early debt redemption gains (losses)   11,465
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan 21,689 6,994
Other, net 2,700 (31,189)
Net cash flows from financing activities (1,778,914) (365,997)
Effect of exchange rates on cash and cash equivalents 19 2,965
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents (738,837) (1,948,486)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 6) 2,182,155 4,593,804
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 6) $ 1,443,318 $ 2,645,318