v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income $ 3,363 $ 2,508
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,172 1,171
Stock-based compensation 216 169
Deferred taxes 143 88
Gain on investments (452) (35)
Net income from unconsolidated investees (59) (75)
Other 41 41
Changes in assets and liabilities:    
Customer accounts receivable (334) (52)
Other current and non-current assets (129) 20
Section 31 fees payable 94 (316)
Deferred revenue 206 112
Other current and non-current liabilities 225 (244)
Total adjustments 1,123 879
Net cash provided by operating activities 4,486 3,387
Investing activities:    
Capital expenditures (318) (207)
Capitalized software development costs (346) (318)
Purchases of invested margin deposits (4,148) (4,317)
Proceeds from invested margin deposits 4,888 3,490
Cash paid for acquisitions, net of cash acquired (65) (19)
Purchases of equity and equity method investments (868) (15)
Purchases of restricted investments (2,218) (693)
Proceeds from restricted investments 1,855 912
Other investing activities 24 0
Net cash used in investing activities (1,196) (1,167)
Financing activities:    
Proceeds from debt facilities, net 3,711 0
Repayments of debt 0 (1,250)
Redemption of commercial paper, net (73) (112)
Repurchases of common stock (1,602) (894)
Dividends paid to stockholders (884) (831)
Change in cash and cash equivalent margin deposits and guaranty fund liability 35,746 2,284
Shares withheld for taxes on employee equity awards (97) (103)
Other financing activities 6 (26)
Net cash provided by/(used in) financing activities 36,807 (932)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds (15) 30
Net increase in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds 40,082 1,318
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period 78,614 84,503
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period 118,696 85,821
Supplemental cash flow disclosures:    
Cash paid for interest 595 583
Cash paid for income taxes 748 869
Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the consolidated balance sheets:    
Cash and cash equivalents 936 850
Short-term restricted cash and cash equivalents 4,226 1,123
Long-term restricted cash and cash equivalents 260 241
Cash and cash equivalent margin deposits and guaranty funds 113,274 83,607
Total $ 118,696 $ 85,821