v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 1,456,047 $ 1,644,153 $ 1,028,823
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of property and equipment 418,837 493,003 458,157
Amortization of acquired intangibles 996,540 1,369,328 1,318,535
Amortization of capitalized contract costs 127,730 138,051 123,405
Share-based compensation expense 153,647 164,244 208,994
Provision for operating losses and credit losses 78,773 81,018 97,103
Noncash lease expense 45,466 58,728 65,307
Deferred income taxes (82,040) (346,228) (499,974)
Paid-in-kind interest capitalized to principal of notes receivable (59,356) (74,139) (46,524)
Equity in income of equity method investments, net of tax (120,013) (70,499) (67,896)
Distributions received on investments 35,831 32,849 18,267
Impairment of goodwill 33,218 0 0
Technology asset charge 0 55,808 0
Net (gain) loss on business dispositions (155,527) (273,134) 136,744
Other, net 74,096 45,787 71,063
Changes in operating assets and liabilities, net of the effects of business combinations and dispositions:      
Accounts receivable (33,274) (10,443) (78,647)
Prepaid expenses and other assets (173,369) (221,447) (289,826)
Accounts payable and other liabilities (140,014) (29,496) 6,274
Net cash provided by operating activities 2,656,592 3,057,583 2,549,805
Cash flows from investing activities:      
Business combinations and other acquisitions, net of cash and restricted cash acquired (352,090) (487,056) (4,225,610)
Capital expenditures (617,769) (674,917) (658,142)
Issuance of notes receivable 0 0 (50,000)
Payments received on notes receivable 17,500 0 50,000
Net cash from sales of businesses 713,136 962,435 479,067
Proceeds from sales of investments 8,926 19,008 42,135
Other, net 0 6,639 1,438
Net cash used in investing activities (230,297) (173,891) (4,361,112)
Cash flows from financing activities:      
Changes in funds held for customers (50,983) 136,759 44,834
Changes in settlement processing assets and obligations, net 432,122 338,341 (345,898)
Net (repayments) borrowings from settlement lines of credit (201,874) (442,713) 220,682
Net (repayments) borrowings from commercial paper notes 0 (1,367,859) 1,367,859
Proceeds from long-term debt 12,300,948 9,635,049 10,336,850
Repayments of long-term debt (7,207,564) (8,334,846) (9,099,938)
Payments of debt issuance costs (88,110) (33,056) (12,735)
Repurchases of common stock (1,191,020) (1,551,950) (418,272)
Proceeds from stock issued under share-based compensation plans 30,773 43,009 60,345
Common stock repurchased - share-based compensation plans (39,635) (56,229) (41,225)
Purchase of subsidiary shares from noncontrolling interest 0 (108,770) 0
Distributions to noncontrolling interests (58,459) (38,086) (32,997)
Contributions from noncontrolling interests 44,841 4,044 26,205
Payment of deferred and contingent consideration in business combination 0 (6,390) (5,222)
Purchase of capped calls related to issuance of convertible notes 0 (256,250) 0
Dividends paid (238,521) (252,811) (260,431)
Net cash provided by (used in) financing activities 3,732,518 (2,291,758) 1,840,057
Effect of exchange rate changes on cash, cash equivalents and restricted cash 221,626 (112,834) 12,519
Increase in cash, cash equivalents and restricted cash 6,380,439 479,100 41,269
Cash, cash equivalents and restricted cash, beginning of the period 2,735,975 2,256,875 2,215,606
Cash, cash equivalents and restricted cash, end of the period $ 9,116,414 $ 2,735,975 $ 2,256,875

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