v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income $ 1,361 $ 1,373 $ 1,358
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 1,144 1,114 1,125
Amortization of debt issuance costs and discount 23 21 18
Stock-based compensation 247 206 217
Earnings from unconsolidated affiliates (22) (5) 0
Gain on investments, net (44) (22) (20)
Benefit from deferred income taxes (180) (129) (269)
Changes in operating assets and liabilities:      
Accounts receivable and unbilled services 60 182 (388)
Prepaid expenses and other assets 218 7 34
Accounts payable and accrued expenses (96) 115 267
Unearned income 242 9 (29)
Income taxes payable and other liabilities (299) (155) (164)
Net cash provided by operating activities 2,654 2,716 2,149
Investing activities:      
Acquisition of property, equipment and software (603) (602) (649)
Acquisition of businesses, net of cash acquired (1,714) (735) (876)
Sales (purchases) of marketable securities, net 2 0 (6)
Investments in unconsolidated affiliates, net of payments received (44) (132) (39)
Investments in debt and equity securities (20) (2) (38)
Proceeds from Sale of Property, Plant, and Equipment 75 25 0
Other (1) 2 5
Net cash used in investing activities (2,305) (1,444) (1,603)
Financing activities:      
Proceeds from issuance of debt 6,465 0 4,000
Payment of debt issuance costs (42) (1) (50)
Repayment of debt and principal payments on finance leases (5,193) (172) (2,873)
Proceeds from revolving credit facility 3,375 1,685 2,384
Repayment of revolving credit facility (3,400) (960) (2,709)
Payments related to employee stock incentive plans, net (67) (64) (61)
Repurchase of common stock (1,244) (1,350) (992)
Contingent consideration and deferred purchase price payments (33) (16) (81)
Other (11) 0 0
Net cash used in financing activities (150) (878) (382)
Effect of foreign currency exchange rate changes on cash 79 (68) (4)
Increase in cash and cash equivalents 278 326 160
Cash and cash equivalents at beginning of period 1,702 1,376 1,216
Cash and cash equivalents at end of period $ 1,980 $ 1,702 $ 1,376