v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income $ 863 $ 125
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property and equipment, including internal-use software and website development 438 420
Amortization of intangible assets 18 22
Amortization of stock-based compensation 217 203
Deferred income taxes 83 1
Foreign exchange (gain) loss on cash, restricted cash and short-term investments, net 31 (137)
Realized (gain) loss on foreign currency forwards, net 185 (160)
(Gain) loss on minority equity investments, net (125) 258
Other, net 32 43
Changes in operating assets and liabilities:    
Accounts receivable (1,654) (1,759)
Prepaid expenses and other assets (230) (250)
Accounts payable, merchant 283 119
Accounts payable, other, accrued expenses and other liabilities 282 296
Tax payable/receivable, net (12) (6)
Deferred merchant bookings 4,998 4,898
Net cash provided by operating activities 5,409 4,073
Investing activities:    
Capital expenditures, including internal-use software and website development (383) (396)
Purchases of investments (760) (428)
Sales and maturities of investments 335 441
Proceeds from exchange of cross-currency interest rate swaps 692 0
Payments for exchange of cross-currency interest rate swaps (692) 0
Acquisitions and other, net (400) 163
Net cash used in investing activities (1,208) (220)
Financing activities:    
Proceeds from issuance of long-term debt, net of issuance costs 986 985
Payments related to long-term debt (1,828) (1,044)
Purchases of treasury stock (1,058) (1,072)
Payment of dividends to stockholders (116) (102)
Proceeds from exercise of equity awards and employee stock purchase plan 25 25
Other, net (66) 28
Net cash used in financing activities (2,057) (1,180)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents (36) 208
Net increase in cash, cash equivalents and restricted cash and cash equivalents 2,108 2,881
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 6,976 5,574
Cash, cash equivalents and restricted cash and cash equivalents at end of period 9,084 8,455
Supplemental cash flow information    
Cash paid for interest 112 100
Income tax payments, net $ 113 $ 86