v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net loss $ (282) $ (50)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation [1] 105 27
Amortization 257 80
Stock-based compensation 68 85
Amortization of debt issuance costs 5 2
Loss on debt extinguishment 0 46
Provision for credit losses 20 3
Non-cash lease expense 72 28
Deferred income taxes (75) 22
Changes in operating assets and liabilities:    
Accounts receivable (441) (226)
Inventories (367) (16)
Vendor rebates receivable (97) (229)
Income tax receivable (4) (202)
Prepaid expenses and other current assets (49) 1
Accounts payable and accrued expenses 712 312
Other assets and liabilities (70) (21)
Net cash used in operating activities (146) (138)
Investing Activities    
Capital expenditures (54) (20)
Acquisition of business, net of cash acquired and common stock issued (1,965) (10,557)
Other 4 1
Net cash used in investing activities (2,015) (10,576)
Financing Activities    
Borrowings under revolving lines of credit 18 423
Payments under revolving lines of credit (7) (223)
Borrowings under term loan 0 2,250
Payments under term loan 0 (1,400)
Borrowings under senior notes 3,000 2,250
Payment of debt issuance costs 0 (114)
Payments under equipment financing facilities and finance leases (26) (7)
Proceeds from issuance of common stock related to equity awards 2 14
Proceeds from issuance of common stock, net of issuance costs 748 4,218
Proceeds from issuance of Mandatory Convertible Preferred Stock, net of issuance costs 0 558
Proceeds from issuance of Convertible Preferred Stock and warrants, net of issuance costs 1,993 0
Payment of taxes related to net share settlement of equity awards (28) 0
Payment of costs to obtain Series C Preferred Stock commitment (47) 0
Payment of dividends on Mandatory Convertible Preferred Stock (16) 0
Net cash provided by financing activities 5,569 7,924
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 0
Net increase (decrease) in cash, cash equivalents and restricted cash 3,408 (2,790)
Cash, cash equivalents and restricted cash, beginning of period 2,366 5,072
Cash, cash equivalents and restricted cash, end of period 5,774 2,282
Cash paid during the period for:    
Interest 106 23
Income taxes, net of refunds 5 35
Supplemental Disclosure of Non-Cash Activities    
Common stock issued as consideration for acquisition 257 0
Convertible Preferred Stock    
Financing Activities    
Payment of dividends on Convertible Preferred Stock (45) (45)
Series C Preferred Stock    
Financing Activities    
Payment of dividends on Convertible Preferred Stock $ (23) $ 0
[1]
(1) Depreciation for the six months ended June 30, 2026 includes $2 million of depreciation expense recognized within cost of products sold on the condensed consolidated statements of operations.