v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income (loss) $ 1,883 $ 1,411 $ (541)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 86 77 71
Provision for credit losses 114 76 43
Deferred income taxes 181 (369) 0
Share-based compensation 305 304 871
Other 3 0 8
Changes in operating assets and liabilities:      
Securities segregated under federal and other regulations 197 (397) 0
Receivables from brokers, dealers, and clearing organizations 62 (382) (13)
Receivables from users, net (9,106) (4,592) (298)
Securities borrowed 828 (1,634) (1,085)
Deposits with clearing organizations (213) (151) (152)
Current and non-current prepaid expenses (28) (25) 37
Current and non-current deferred customer match incentives (318) (265) (30)
Other current and non-current assets (152) (415) (18)
Accounts payable and accrued expenses (18) (35) 134
Payables to users 3,423 2,351 396
Securities loaned 4,163 3,916 1,713
Other current and non-current liabilities 228 (27) 45
Net cash provided by (used in) operating activities 1,638 (157) 1,181
Investing activities:      
Purchases of property, software, and equipment (15) (13) (2)
Capitalization of internally developed software (39) (37) (19)
Consideration transferred for business acquisitions and asset acquisitions (399) (134) (107)
Cash, cash equivalents, and segregated cash acquired in business acquisitions and asset acquisitions 1,193 125 14
Purchases of non-marketable securities (244) (1) (1)
Purchases of held-to-maturity investments 0 (556) (759)
Proceeds from maturities of held-to-maturity investments 400 658 282
Purchases of credit card receivables by Credit Card Funding Trust (5,195) (748) 0
Collections of purchased credit card receivables 4,440 556 0
Other 0 2 10
Net cash provided by (used in) investing activities 141 (148) (582)
Financing activities:      
Proceeds from exercise of stock options 16 18 5
Proceeds from issuance of common stock under the Employee Share Purchase Plan 22 16 14
Taxes paid related to net share settlement of equity awards (437) (244) (12)
Repurchase of Class A common stock (653) (257) (608)
Draws on credit facilities 4,752 22 20
Repayments on credit facilities (4,752) (22) (20)
Borrowings by the Credit Card Funding Trust 468 132 0
Repayments on borrowings by the Credit Card Funding Trust 0 (1) 0
Change in principal collected from customers due to Coastal Bank 0 6 1
Payments of debt issuance costs (17) (15) (10)
Contributions from noncontrolling interests 11 0 0
Net cash used in financing activities (590) (345) (610)
Effect of foreign exchange rate changes on cash and cash equivalents 9 (1) 0
Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash 1,198 (651) (11)
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Beginning Balance 8,695 9,346 9,357
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Ending Balance 9,893 8,695 9,346
Reconciliation of cash, cash equivalents, segregated cash, and restricted cash, end of the period:      
Cash and cash equivalents, end of the period 4,261 4,332 4,835
Segregated cash and cash equivalents, end of the period 5,549 4,327 4,448
Restricted cash in other current assets, end of the period 66 18 46
Restricted cash in other non-current assets, end of the period 17 18 17
Cash, cash equivalents, segregated cash and restricted cash, end of the period 9,893 8,695 9,346
Supplemental disclosures:      
Cash paid for interest 31 16 12
Cash paid for income taxes, net of refund received $ 95 $ 18 $ 9