v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (87) $ 372
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 815 663
Non-cash interest expense, net 9 14
Non-cash operating lease expense 81 71
Unrealized foreign currency exchange loss (gain), net 8 (33)
Loss on disposals 6 0
Share-based compensation – equity classified 120 126
Share-based compensation – liability classified (3) 3
Other (income) expense, net (333) (124)
Deferred tax (benefit) expense (90) (16)
Loss on extinguishment 0 14
Change in operating assets and liabilities:    
Player deposits - investments 13 113
Accounts receivable 56 28
Prepaid expenses and other current assets (49) 57
Accounts payable (20) (6)
Other liabilities 188 (289)
Player deposit liability 51 (382)
Operating leases liabilities (72) (64)
Net cash provided by operating activities 693 547
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (39) (56)
Purchases of intangible assets (57) (42)
Capitalized software (255) (205)
Acquisitions, net of cash acquired 0 (2,688)
Proceeds from disposal of intangible assets 0 5
Cash settlement of derivatives designated in net investment hedge 9 21
Net cash used in investing activities (342) (2,965)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issue of ordinary share upon exercise of options 6 6
Proceeds from issuance of long-term debt (net of transactions costs with lenders) 856 6,004
Transaction costs with third parties from issuance of long-term debt (6) 0
Repayment of long-term debt (1,055) (3,140)
Distributions to non-controlling interests (20) (9)
Payment of contingent consideration 0 (16)
Purchases of intangible assets with extended payment terms (30) 0
Repurchase of ordinary shares and taxes withheld and paid on employee share awards (264) (583)
Net cash (used in) provided by financing activities (513) 2,262
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (162) (156)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 3,832 3,509
Effect of foreign exchange on cash, cash equivalents and restricted cash (49) 162
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period: 3,621 3,515
CASH, CASH EQUIVALENTS AND RESTRICTED CASH comprise of:    
Cash and cash equivalents 1,563 1,691
Cash and cash equivalents - restricted 72 79
Player deposits - cash & cash equivalents 1,986 1,745
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period: 3,621 3,515
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest paid 325 217
Income tax paid (net of refunds) 159 252
Operating cash flows from operating leases 91 82
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Purchase of long lived assets with accrued expense - investing 58 93
Purchase of long lived assets with accrued expense - financing 42 0
Right of use assets obtained in exchange for new operating lease liabilities 44 24
Adjustments to lease balances as a result of remeasurement 18 26
Business acquisitions (including contingent consideration) 0 331
Repurchase of ordinary shares with accrued expense 0 11
Non-cash issuance of common stock upon exercise of options 12 29
Non-cash transaction costs on issuance of long-term debt $ 0 $ 17