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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 5,942 $ 6,512 $ 5,676
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:      
Depreciation and amortization 1,126 529 427
Impairment of intangible assets 0 50 0
Noncash lease expense 148 129 140
Stock-based compensation [1] 1,307 753 630
Deferred income tax expense (benefit) (631) (106) 124
Charitable Contribution 109 0 0
Change in fair value of contingent consideration 720 (36) 3
Other investment gains (289) (126) 0
Net (gains) losses within CIPs (480) (269) (380)
Net (purchases) proceeds within CIPs (4,214) (2,672) (1,780)
(Earnings) losses from equity method investees (51) (41) (378)
Distributions of earnings from equity method investees 429 57 49
Other adjustments      
Accounts receivable (619) (443) (586)
Investments, trading 193 58 72
Other assets (722) 317 (326)
Accrued compensation and benefits 659 367 145
Accounts payable and accrued liabilities 75 259 (26)
Other liabilities 225 (382) 375
Net cash provided by/(used in) operating activities 3,927 4,956 4,165
Investing activities      
Purchases of investments (1,384) (818) (846)
Proceeds from sales and maturities of investments 544 766 400
Distributions of capital from equity method investees 390 366 46
Net consolidations (deconsolidations) of sponsored investment funds (97) (127) (26)
Acquisitions, net of cash acquired (3,496) (2,936) (189)
Purchases of property and equipment (375) (255) (344)
Net cash provided by/(used in) investing activities (4,418) (3,004) (959)
Financing activities      
Repayments of long-term borrowings (796) (1,000) 0
Proceeds from long-term borrowings 1,080 5,474 1,238
Dividends/Subco distributions paid (3,347) (3,101) (3,035)
Proceeds from stock options exercised 167 464 95
Shares/Subco Units repurchased (1,951) (1,930) (1,884)
Net proceeds from (repayments of) borrowings by CIPs (112) (58) (59)
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders 3,827 2,405 1,627
Other financing activities 5 (18) 26
Net cash provided by/(used in) financing activities (1,127) 2,236 (1,992)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 329 (162) 106
Net increase/(decrease) in cash, cash equivalents and restricted cash (1,289) 4,026 1,320
Cash, cash equivalents and restricted cash, beginning of year 12,779 8,753 7,433
Cash, cash equivalents and restricted cash, end of year 11,490 12,779 8,753
Supplemental disclosure of cash flow information:      
Interest 482 289 200
Income taxes (net of refunds) 2,298 1,699 1,392
Supplemental schedule of noncash investing and financing transactions:      
Issuance of common shares related to employee stock transactions 151 215 569
Issuance of Subco Units/common shares in connection with acquisitions 8,694 5,904 0
Cancellation of treasury stock, common in connection with the GIP Transaction 0 (12,829) 0
Increase/(decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds (3,086) (2,581) (949)
Established contingent consideration liabilities in connection with acquisitions $ 3,413 $ 4,246 $ 0
[1] Amounts for 2025 and 2023 include $12 million and $14 million, respectively, of compensation expense for accelerated vesting of previously granted stock-based compensation awards recognized as part of restructuring charges. See Note 24, Restructuring Charge for more information.