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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 503 $ 438
Loss from discontinued operations, net of income taxes 2 1
Adjustments:    
Provision for transaction losses 81 91
Depreciation and amortization 79 76
Stock-based compensation 136 146
Deferred income taxes 31 40
Change in fair value of warrant 0 (149)
Change in fair value of equity investment in Adevinta 0 234
Loss on investments and other, net 2 11
Changes in assets and liabilities, net of acquisition effects (47) (273)
Net cash provided by continuing operating activities 787 615
Cash flows from investing activities:    
Purchases of property and equipment (143) (143)
Purchases of investments (3,043) (3,312)
Maturities of investments 4,587 3,703
Acquisitions and other (89) 2
Net cash provided by investing activities 1,312 250
Cash flows from financing activities:    
Repurchases of common stock (615) (453)
Payments for taxes related to net share settlements of restricted stock units and awards (69) (51)
Payments for dividends (134) (139)
Repayment of senior notes (800) 0
Proceeds from issuance of commercial paper 568 0
Repayment of commercial paper (441) 0
Net funds receivable and payable activity 243 (28)
Other 0 (15)
Net cash used in financing activities (1,248) (686)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 19 (11)
Net increase in cash, cash equivalents and restricted cash 870 168
Cash, cash equivalents and restricted cash at beginning of period 3,286 2,493
Cash, cash equivalents and restricted cash at end of period 4,156 2,661
Cash paid for:    
Interest 45 48
Income taxes 26 30
Cash and cash equivalents 3,031 2,130
Customer accounts (including restricted cash of $— and $75, respectively) [1] 967 448
Restricted cash included in other current assets 156 79
Restricted cash included in other assets 2 4
Cash, cash equivalents and restricted cash $ 4,156 $ 2,661
[1] As of March 31, 2025, “Customer accounts and funds receivable” in our condensed consolidated balance sheet includes $30 million of fixed-income investments with original maturities greater than three months when purchased that are excluded from “Cash, cash equivalents and restricted cash.”