v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net income $ 3,882 $ 3,280
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of customer incentives 620 476
Depreciation and amortization 299 275
(Gains) losses on equity investments, net 66 29
Share-based compensation 136 129
Deferred income taxes 193 37
Other 17 38
Changes in operating assets and liabilities:    
Accounts receivable (110) (118)
Settlement assets (437) (296)
Prepaid expenses (2,061) (1,458)
Accrued litigation and legal settlements (461) 119
Restricted security deposits held for customers 199 26
Accounts payable 14 80
Settlement obligations 135 124
Accrued expenses 39 (784)
Net change in other assets and liabilities 468 423
Net cash provided by operating activities 2,999 2,380
Investing Activities    
Purchases of investment securities available-for-sale (68) (119)
Purchases of investments held-to-maturity 0 (8)
Proceeds from sales of investment securities available-for-sale 24 49
Proceeds from maturities of investment securities available-for-sale 44 76
Proceeds from maturities of investments held-to-maturity 13 16
Purchases of property and equipment (154) (159)
Capitalized software (181) (198)
Other investing activities (40) 3
Net cash used in investing activities (362) (340)
Financing Activities    
Purchases of treasury stock (4,035) (2,549)
Dividends paid (777) (694)
Proceeds from debt, net 0 1,242
Payment of debt 0 (750)
Tax withholdings related to share-based payments (204) (277)
Cash proceeds from employee stock plans 11 41
Net cash used in financing activities (5,005) (2,987)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (116) 121
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (2,484) (826)
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 $ 10,764 $ 9,982