Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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 (loss) $ 805 $ (2,075) $ 988
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 547 578 624
Non-cash impairment and restructuring costs 228 3,355 26
Non-cash interest expense, net of amortization of premium 18 24 14
Unrealized gains on intergroup interests, net 0 0 (68)
Realized and unrealized gains on financial instruments, net (25) (115) 126
Gain on extinguishment of debt 0 (12) 0
Share of losses of equity method investments, net 124 116 19
Share-based payment expense 179 200 203
Deferred income tax expense (benefit) 29 (161) (40)
Amortization of right-of-use assets 42 44 45
Other charges, net 40 46 61
Changes in operating assets and liabilities:      
Receivables and other assets (84) (128) (148)
Deferred revenue (64) (150) (119)
Payables and other liabilities 59 19 98
Net cash provided by operating activities 1,898 1,741 1,829
Cash flows from investing activities:      
Additions to property and equipment (653) (728) (650)
Other investing activities, net (94) (242) (46)
Net cash used in investing activities (747) (970) (696)
Cash flows from financing activities:      
Taxes paid from net share settlements for stock-based compensation (33) (44) (64)
Revolving credit facility borrowings 1,462 2,105 1,670
Revolving credit facility repayments (1,442) (2,105) (1,750)
Proceeds from long-term borrowings, net of costs 0 1,100 1,011
Repayments of long-term borrowings (699) (1,809) (2,032)
Settlement of intergroup interests 0 0 273
Common stock repurchased and retired (136) (6) (274)
Dividends paid (365) (143) (65)
Other financing activities, net (6) (14) 43
Net cash used in financing activities (1,219) (916) (1,188)
Net decrease in cash, cash equivalents and restricted cash (68) (145) (55)
Cash, cash equivalents and restricted cash at beginning of period [1] 170 315 370
Cash, cash equivalents and restricted cash at end of period [1] 102 170 315
Cash paid during the period for:      
Interest, net of amounts capitalized 439 473 507
Income taxes paid 156 218 165
Non-cash investing and financing activities:      
Finance lease obligations incurred to acquire assets 0 0 8
Settlement of debt obligations incurred to acquire assets 0 0 61
Tax equity investments $ 22 $ 722 $ 0
[1] The following table reconciles cash, cash equivalents and restricted cash per the statement of cash flows to the balance sheet. The restricted cash balances are primarily due to letters of credit which have been issued to the landlords of leased office space. The terms of the letters of credit primarily extend beyond one year.
As of December 31,
(in millions) 2025 2024 2023
Cash and cash equivalents $ 94  $ 162  $ 306 
Restricted cash included in Other long-term assets 8  8  9
Total cash, cash equivalents and restricted cash at end of period $ 102  $ 170  $ 315