v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities    
Net Income $ 3,821 $ 3,529
Adjustments:    
Depreciation and amortization 1,415 1,265
Net deferred income tax (benefit) expense (5) 15
Loss (Gain) on derivative instruments not designated as hedges 4 (45)
Share-based compensation expense 94 136
Equity investment income (328) (313)
Amortization of debt issuance costs, discounts and premiums 16 72
Loss on extinguishment of debt and inducement expense 105 10
Changes in operating assets and liabilities:    
Increase in trade and other receivables, net (109) (34)
Increase in inventories (40) (4)
Increase in prepaid expenses and other assets (112) (42)
Decrease in accounts payable (60) (100)
(Decrease) increase in accrued expenses and other liabilities (220) 19
Increase in customer deposits 295 108
Dividends received from unconsolidated affiliates 309 263
Other, net 89 (37)
Net cash provided by operating activities 5,274 4,842
Investing Activities    
Purchases of property and equipment (3,880) (3,722)
Cash received on settlement of derivative financial instruments 122 144
Cash paid on settlement of derivative financial instruments (27) (12)
Investments in and loans to unconsolidated affiliates (49) (94)
Cash received on loans from unconsolidated affiliates 0 126
Other, net 2 25
Net cash used in investing activities (3,832) (3,533)
Financing Activities    
Debt proceeds 7,227 3,162
Debt issuance costs (124) (100)
Repayments of debt (6,236) (3,075)
Repurchase of common stock (1,035) (655)
Dividends paid (1,075) (552)
Payments of withholding tax on stock awards (191) (63)
Other, net 19 11
Net cash used in financing activities (1,415) (1,272)
Effect of exchange rate changes on cash and cash equivalents (1) 7
Net increase in cash and cash equivalents 26 44
Cash and cash equivalents at beginning of period 825 388
Cash and cash equivalents at end of period 851 432
Cash paid during the period for:    
Interest, net of amount capitalized 739 709
Non-cash Investing Activities    
Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities $ 137 $ 83