v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income including non-controlling interests $ 10,093 $ 9,845 $ 2,156
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 747 737 823
Stock-based compensation 1,826 1,796 1,935
Deferred income taxes (4,779) (6,027) 26
Accretion of discounts on marketable debt securities, net (158) (251) (154)
Unrealized (gain) loss on debt and equity securities, net 97 (1,832) (1,610)
Unrealized foreign currency transactions (120) 308 138
Other 166 187 106
Change in assets and liabilities, net of impact of business acquisitions and disposals:      
Accounts receivable (466) (142) (758)
Prepaid expenses and other assets (1,028) (694) (1,462)
Operating lease right-of-use assets 177 196 191
Accounts payable 126 86 64
Accrued insurance reserves 2,660 2,819 2,230
Accrued expenses and other liabilities 967 330 80
Operating lease liabilities (209) (221) (180)
Net cash provided by operating activities 10,099 7,137 3,585
Cash flows from investing activities      
Purchases of property and equipment (336) (242) (223)
Purchases of non-marketable equity securities (676) (289) (52)
Purchases of marketable securities (21,447) (12,765) (8,774)
Proceeds from maturities and sales of marketable securities 20,046 10,204 5,069
Proceeds from sale of equity method investments 0 17 721
Acquisition of businesses, net of cash acquired (815) 0 0
Other investing activities (336) (102) 33
Net cash used in investing activities (3,564) (3,177) (3,226)
Cash flows from financing activities      
Issuance of term loan and notes, net of issuance costs 3,359 3,972 2,824
Principal repayment on term loan and notes (2,350) (3,986) (2,675)
Principal payments on finance leases (157) (172) (171)
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 183 156 130
Repurchases of common stock (6,523) (1,252) 0
Redemption of non-controlling interests (109) (851) 0
Other financing activities (116) 46 (203)
Net cash used in financing activities (5,713) (2,087) (95)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents 215 (267) 63
Net increase in cash and cash equivalents, and restricted cash and cash equivalents 1,037 1,606 327
Cash and cash equivalents, and restricted cash and cash equivalents      
Beginning of period 8,610 7,004 6,677
End of period 9,647 8,610 7,004
Cash paid for:      
Interest, net of amount capitalized 386 475 629
Income taxes, net of refunds 345 324 234
Non-cash investing and financing activities:      
Ownership interest received in exchange for divestitures $ 0 $ 0 $ 300