v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities    
Net income $ 12,898 $ 10,908
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of customer incentives 2,030 1,526
Depreciation and amortization 934 846
(Gains) losses on equity investments, net 73 (16)
Share-based compensation 525 485
Deferred income taxes (9) 77
Other 141 99
Changes in operating assets and liabilities:    
Accounts receivable (661) (264)
Settlement assets 32 (14)
Prepaid expenses (4,688) (2,939)
Accrued litigation and legal settlements (537) (4)
Restricted security deposits held for customers 126 180
Accounts payable 95 (28)
Settlement obligations (258) 102
Accrued expenses 1,660 658
Net change in other assets and liabilities (502) 1,030
Net cash provided by operating activities 11,859 12,646
Investing Activities    
Purchases of investment securities available-for-sale (265) (385)
Purchases of investments held-to-maturity 0 (28)
Proceeds from sales of investment securities available-for-sale 94 192
Proceeds from maturities of investment securities available-for-sale 139 183
Proceeds from maturities of investments held-to-maturity 13 46
Purchases of property and equipment (667) (377)
Capitalized software (474) (548)
Acquisition of businesses, net of cash acquired (1,372) 0
Other investing activities (71) (24)
Net cash used in investing activities (2,603) (941)
Financing Activities    
Purchases of treasury stock (11,893) (8,169)
Dividends paid (2,311) (2,072)
Proceeds from debt, net of discounts 5,596 1,242
Payment of debt (618) (750)
Tax withholdings related to share-based payments (208) (283)
Cash proceeds from employee stock plans 117 139
Other financing activities (108) (100)
Net cash used in financing activities (9,425) (9,993)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (137) 325
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (306) 2,037
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period 13,248 10,808
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period $ 12,942 $ 12,845