XML 28 R9.htm IDEA: XBRL DOCUMENT v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net earnings (loss) $ (6,677) $ 3,294 $ 2,699
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities      
Depreciation and amortization 1,275 1,241 1,293
Stock compensation expense 204 212 216
Impairment 7,311 13 529
(Gain) on debt extinguishment (1) 0 0
Deferred income taxes (60) 13 (78)
(Gain) loss on divestitures, net (2) (120) (152)
Changes in assets and liabilities      
Premium and trade receivables 1,480 (4,333) (2,380)
Other assets (230) 46 5
Medical claims liabilities 2,336 368 1,261
Unearned revenue 80 (54) 238
Accounts payable and accrued expenses (657) (528) 3,398
Other long-term liabilities (46) (70) 856
Other operating activities, net 75 72 168
Net cash provided by operating activities 5,088 154 8,053
Cash flows from investing activities:      
Capital expenditures (767) (644) (799)
Purchases of investments (4,541) (7,183) (6,622)
Sales and maturities of investments 5,780 5,785 5,523
Divestiture proceeds, net of divested cash 0 990 707
Net cash provided by (used in) investing activities 472 (1,052) (1,191)
Cash flows from financing activities:      
Proceeds from long-term debt 750 1,300 2,335
Payments and repurchases of long-term debt (1,895) (622) (2,316)
Common stock repurchases (475) (3,124) (1,633)
Proceeds from common stock issuances 37 46 44
Purchase of noncontrolling interest (19) 0 (88)
Other financing activities, net (19) (6) 0
Net cash used in financing activities (1,621) (2,406) (1,658)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 8 (32)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 3,939 (3,296) 5,172
Cash and cash equivalents reclassified (to) from held for sale (138) 0 (50)
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period 14,156 17,452 12,330
Cash, cash equivalents and restricted cash and cash equivalents, end of period 17,957 14,156 17,452
Supplemental disclosures of cash flow information:      
Interest paid 647 688 688
Income taxes paid, net 448 1,002 887
The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported within the Consolidated Balance Sheets to the totals above:      
Cash and cash equivalents 17,888 14,063 17,193
Restricted cash and cash equivalents, included in restricted deposits 69 93 259
Total cash, cash equivalents, and restricted cash and cash equivalents $ 17,957 $ 14,156 $ 17,452