v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 2,677 $ 2,232
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 1,365 1,248
Amortization of acquisition-related intangible assets 993 1,089
Amortization of financing costs and debt discounts 34 33
Share-based compensation 302 273
Deferred income taxes (589) (539)
Net gain on sales and distribution of other assets (117) 0
Loss from investments in unconsolidated affiliates 16 642
Distributions from unconsolidated affiliates 34 29
Non-cash foreign currency exchange losses 118 112
Other operating activities (5) (19)
Changes in assets and liabilities, net of effects from acquisitions:    
Trade accounts receivable (111) (136)
Prepaid expenses and other assets (561) (503)
Contract costs (179) (189)
Accounts payable and other liabilities 117 134
Contract liabilities 24 4
Net cash provided by operating activities 4,118 4,410
Cash flows from investing activities    
Capital expenditures, including capitalized software and other intangibles (1,321) (1,170)
Payments for acquisition of businesses, net of cash acquired (369) 0
Merchant cash advances, net (614) (645)
Distributions from unconsolidated affiliates 17 59
Purchases of investments (78) (37)
Proceeds from sale of investments 486 53
Other investing activities (18) 0
Net cash used in investing activities (1,897) (1,740)
Cash flows from financing activities    
Debt proceeds 5,753 6,141
Debt repayments (3,352) (4,665)
Net borrowings from commercial paper and short-term borrowings 1,169 345
Payments of debt financing costs (20) (28)
Proceeds from issuance of treasury stock 53 79
Purchases of treasury stock, including employee shares withheld for tax obligations (5,695) (4,491)
Settlement activity, net (74) 487
Distributions paid to noncontrolling interests and redeemable noncontrolling interest (2) (48)
Payments to acquire noncontrolling interests of consolidated subsidiaries (436) 0
Payments of acquisition-related contingent consideration 0 (3)
Settlement of derivative contracts 65 0
Other financing activities 4 (2)
Net cash used in financing activities (2,535) (2,185)
Effect of exchange rate changes on cash and cash equivalents 86 25
Net change in cash and cash equivalents (228) 510
Cash and cash equivalents, beginning balance 2,993 2,963
Cash and cash equivalents, ending balance $ 2,765 $ 3,473

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