v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net earnings (loss) $ 2,561 $ (5,577)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities    
Depreciation and amortization 899 946
Stock compensation expense 178 146
Impairment 0 6,798
(Gain) loss on debt extinguishment (2) 0
Deferred income taxes 35 13
(Gain) loss on divestitures, net 15 10
Changes in assets and liabilities    
Premium and trade receivables (2,262) (3,338)
Other assets 403 (245)
Medical claims liabilities 1,024 3,176
Unearned revenue (56) (5)
Accounts payable and accrued expenses 1,178 2,681
Other long-term liabilities 163 38
Other operating activities, net 151 8
Net cash provided by operating activities 4,287 4,651
Cash flows from investing activities:    
Capital expenditures (568) (554)
Purchases of investments (3,511) (3,765)
Sales and maturities of investments 4,728 4,131
Divestiture proceeds, net of divested cash 3 0
Net cash provided by (used in) investing activities 652 (188)
Cash flows from financing activities:    
Proceeds from long-term debt 0 750
Payments and repurchases of long-term debt (1,872) (1,708)
Common stock repurchases (57) (473)
Proceeds from common stock issuances 26 29
Purchase of noncontrolling interest 0 (19)
Other financing activities, net (3) (13)
Net cash (used in) financing activities (1,906) (1,434)
Net increase in cash, cash equivalents and restricted cash and cash equivalents 3,033 3,029
Cash and cash equivalents reclassified (to) held for sale (103) 0
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period 17,957 14,156
Cash, cash equivalents and restricted cash and cash equivalents, end of period 20,887 17,185
Supplemental disclosures of cash flow information:    
Interest paid 438 458
Income taxes paid, net 15 540
The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported within the Consolidated Balance Sheets to the totals above:    
Cash and cash equivalents 20,700 17,058
Restricted cash and cash equivalents, included in restricted deposits 187 127
Total cash, cash equivalents and restricted cash and cash equivalents $ 20,887 $ 17,185