XML 19 R7.htm IDEA: XBRL DOCUMENT v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities    
Net income (loss) $ 996 $ (10,842)
Adjustments to reconcile net income to cash provided by operating activities:    
Content rights amortization and impairment 9,093 10,879
Depreciation and amortization 4,369 5,394
Deferred income taxes (272) (1,351)
Share-based compensation expense 540 419
Equity in losses of equity method investee companies and cash distributions 26 130
Gain on sale of investments (4) (204)
Gain on extinguishment of debt (2,953) (590)
Impairments and loss on dispositions 162 9,412
Other, net (75) 55
Changes in operating assets and liabilities, net of acquisitions and dispositions:    
Receivables, net (200) 517
Film and television content rights, games, and production payables, net (9,096) (9,506)
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities (402) (1,493)
Foreign currency, prepaid expenses and other assets, net 331 (160)
Cash provided by operating activities 2,515 2,660
Investing Activities    
Purchases of property and equipment (810) (662)
Proceeds from sales of investments 54 324
Investments in and advances to equity investments (97) (104)
Other investing activities, net 92 87
Cash used in investing activities (761) (355)
Financing Activities    
Principal repayments of debt, including premiums and discounts to par value (21,663) (4,550)
Borrowings from debt, net of discount and issuance costs 18,306 1,617
Distributions to noncontrolling interests and redeemable noncontrolling interests (188) (172)
Proceeds for noncontrolling interest in joint venture 633 0
Securitization receivables collected but not remitted 51 13
Borrowings under commercial paper program and revolving credit facility 3,551 14,203
Repayments under commercial paper program and revolving credit facility (3,551) (14,203)
Other financing activities, net (262) (57)
Cash used in financing activities (3,123) (3,149)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 251 15
Net change in cash, cash equivalents, and restricted cash (1,118) (829)
Cash, cash equivalents, and restricted cash, beginning of period 5,416 4,319
Cash, cash equivalents, and restricted cash, end of period $ 4,298 $ 3,490