Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 801 $ 706
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 482 406
Non-cash impairment and restructuring costs 0 109
Non-cash interest expense, net of amortization of premium 13 13
Realized and unrealized loss (gains) on financial instruments, net 33 (7)
Share of losses of equity method investments, net 100 85
Share-based payment expense 140 140
Deferred income tax expense 76 56
Amortization of right-of-use assets 31 32
Other charges, net 33 28
Changes in operating assets and liabilities:    
Receivables and other assets 11 (69)
Deferred revenue (39) (38)
Payables and other liabilities (231) (243)
Net cash provided by operating activities 1,450 1,218
Cash flows from investing activities:    
Additions to property and equipment (401) (509)
Other investing activities, net (108) (79)
Net cash used in investing activities (509) (588)
Cash flows from financing activities:    
Taxes paid from net share settlements for stock-based compensation (50) (27)
Revolving credit facility borrowings 997 1,282
Revolving credit facility repayments (1,017) (1,252)
Proceeds from long-term borrowings, net of costs 1,232 0
Repayments of long-term borrowings (1,653) (345)
Common stock repurchased and retired (61) (91)
Dividends paid (273) (274)
Other financing activities, net 0 (6)
Net cash used in financing activities (825) (713)
Net increase (decrease) in cash, cash equivalents and restricted cash 116 (83)
Cash, cash equivalents and restricted cash at beginning of period [1] 102 170
Cash, cash equivalents and restricted cash at end of period [1] 218 87
Cash paid during the period for:    
Interest, net of amounts capitalized 378 433
Income taxes paid 52 119
Non-cash investing and financing activities:    
Tax equity investments $ 7 $ 14
[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 September 30,
(in millions) 2026 2025
Cash and cash equivalents $ 210  $ 79 
Restricted cash included in Other long-term assets 8  8 
Total cash, cash equivalents and restricted cash at end of period $ 218  $ 87