v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table summarizes our Income tax expense:
Three Months Ended
March 31,
(in millions, except percentages)20262025
Income before income taxes$2,580 $1,649 
Income tax expense$559 $334 
Effective tax rate21.7 %20.2 %
Our effective income tax rate of 21.7% for the three months ended March 31, 2026 was generally consistent with the U.S. federal statutory rate of 21%.
Our effective income tax rate of 20.2% for the three months ended March 31, 2025 differed from the U.S. federal statutory rate of 21% primarily due to tax benefits from stock-based compensation and provision to return adjustments, partially offset by fair value losses on our equity investments that are non-deductible for income tax purposes.