v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,069 $ 827
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 556 432
Amortization of other assets 149 152
Net non-cash mortgage servicing rights and premiums on loan sales 12 (18)
Deferred income taxes (36) (69)
Stock-based compensation expense 158 110
Equity income from investments (99) (50)
Gain on sale of real estate assets (490) (55)
Other non-cash adjustments 120 43
Sale of mortgage loans 10,747 9,984
Origination of mortgage loans (10,045) (11,041)
Changes in:    
Warehouse lines of credit (673) 1,072
Receivables, prepaid expenses and other assets (1,039) (419)
Accounts payable, accrued liabilities and other liabilities 285 5
Accrued compensation expenses (312) (431)
Income taxes, net (220) (204)
Net cash provided by operating activities 182 338
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (321) (222)
Payments for business acquired, net of cash acquired (6) (331)
Capital contributions related to investments (125) (93)
Acquisition and development of real estate assets (432) (240)
Proceeds from disposition of real estate assets 436 104
Other investing activities, net 84 118
Net cash used in investing activities (364) (664)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of revolving credit facility 0 (132)
Proceeds from commercial paper, net 343 910
Proceeds from long-term debt 742 1,668
Repayment of long-term debt (53) (651)
Repurchase of common stock (1,158) (680)
Other financing activities, net 104 (283)
Net cash (used in) provided by financing activities (22) 832
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash 10 82
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (194) 588
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD 2,014 1,221
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD 1,820 1,809
Cash paid during the period for:    
Interest 351 326
Income tax payments, net 549 457
Non-cash investing and financing activities:    
Deferred and/or contingent consideration $ (2) $ 37