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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net income $ 9,696 $ 9,553
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Client incentives 7,531 6,605
Share-based compensation 483 451
Depreciation and amortization 587 496
Deferred income taxes (86) (68)
VE territory covered losses (24) (60)
(Gains) losses on equity investments, net 98 26
Other 65 58
Change in operating assets and liabilities:    
Settlement receivable 132 (1,335)
Accounts receivable (156) 34
Client incentives (7,190) (7,088)
Other assets (400) (258)
Accounts payable (45) (25)
Settlement payable (155) 1,143
Accrued and other liabilities (796) (1,479)
Accrued litigation 351 99
Net cash provided by (used in) operating activities 10,091 8,152
Investing Activities    
Purchases of property, equipment and technology (672) (548)
Purchases of investment securities 0 (3,686)
Proceeds from maturities and sales of investment securities 2,268 2,145
Acquisitions, net of cash and restricted cash acquired (887) (915)
Purchases of other investments (24) (14)
Other investing activities (25) (47)
Net cash provided by (used in) investing activities 660 (3,065)
Financing Activities    
Repurchases of class A common stock (8,607) (6,338)
Dividends paid (2,334) (2,120)
Proceeds from stock issued under equity plans 246 183
Taxes paid related to stock issued under equity plans (242) (181)
Other financing activities (198) 203
Net cash provided by (used in) financing activities (11,135) (8,253)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (243) 124
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (627) (3,042)
Cash, cash equivalents, restricted cash and restricted cash equivalents as of beginning of period 19,763 21,990
Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period 19,136 18,948
Supplemental Disclosure    
Cash paid for income taxes, net [1] 3,055 3,658
Interest payments on debt 261 261
Accruals related to purchases of property, equipment and technology $ 60 $ 99
[1] For the six months ended March 31, 2025, the amount includes $1.3 billion of cash paid for federal transferable tax credits.