Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income before income taxes and the income tax provision consisted of the following (in millions):

	Year Ended December 31,
	2025		2024		2023
Income before income taxes
Domestic	$	1,746	$	1,291	$	1,016
Foreign	2,600		2,337		1,878
Total	$	4,346	$	3,628	$	2,894
Income tax provision
Current tax expense:
Federal	$	185	$	212	$	287
State	39		158		27
Foreign	670		598		471
Total	$	894	$	968	$	785
Deferred tax expense/(benefit):
Federal	$	30	$	(47)	$	(124)
State	63		(86)		(197)
Foreign	(11)		(9)		(8)
Total	$	82	$	(142)	$	(329)
Total income tax expense	$	976	$	826	$	456

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate for the year ended December 31, 2025 is presented accordingly as follows (dollar amounts in millions):

	Year Ended December 31, 2025
	Amount		Percent
Statutory federal income tax rate	$	913	21	%
State and local income taxes, net of federal benefit	119		3
Effect of cross border tax laws:
Foreign-derived intangible income	(58)		(1)
Other	(3)		—
Tax credits	(24)		(1)
Changes in valuation allowance	(19)		(1)
Nontaxable or nondeductible items	—		—
Other reconciling items	(6)		—
Unrecognized tax benefits	(61)		(1)
Foreign tax effects:
United Kingdom:
Statutory tax rate difference	95		2
Other	1		—
Other jurisdictions	19		—
Total provision for income taxes	$	976	22	%

The following table reconciles the U.S. federal statutory income tax rate to our effective income tax rates for the years ended December 31, 2024 and 2023 based on the required disclosure prior to our adoption of ASU 2023-09:

	Year Ended December 31,
	2024		2023
Statutory federal income tax rate	21	%	21	%
State and local income taxes, net of federal benefit	3		2
Foreign tax rate differential	3		2
Current year tax benefit from foreign derived intangible income	(2)		(2)
Unrecognized tax benefits	—		(1)
State apportionment changes	(1)		(6)
Federal research tax credits	(1)		(1)
Other	—		1
Total provision for income taxes	23	%	16	%

Schedule Of Deferred Tax Assets And Liabilities

The following table summarizes the significant components of our deferred tax assets and liabilities as of December 31, 2025 and 2024 (in millions):

	As of December 31,
	2025		2024
Deferred tax assets:
Deferred and stock-based compensation	$	93	$	93
Liability reserve	59		74
Tax credits	12		10
Loss carryforward	141		207
Deferred revenue	23		23
Lease liability	134		66
Property and equipment	—		178
Other	—		6
Total	462		657
Valuation allowance	(140)		(200)
Total deferred tax assets, net of valuation allowance	$	322	$	457
Deferred tax liabilities:
Property and equipment	$	(26)	$	—
Intangible assets	(4,064)		(4,239)
Right of use assets	(112)		(46)
Equity investments	(85)		(76)
Other	(33)		—
Total deferred tax liabilities	$	(4,320)	$	(4,361)
Net deferred tax liabilities	$	(3,998)	$	(3,904)
Reported as:
Net non-current deferred tax liabilities	$	(3,998)	$	(3,904)

Reconciliation of Deferred Income Tax Valuation Allowance

A reconciliation of the beginning and ending amount of deferred income tax valuation allowance is as follows (in millions):

	Year Ended December 31,
	2025		2024		2023
Beginning balance of deferred income tax valuation allowance	$	200	$	166	$	92
Charges against goodwill	—		(27)		102
Increases/(decreases)	(60)		61		(28)
Ending balance of deferred income tax valuation allowance	$	140	$	200	$	166

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

	Year Ended December 31,
	2025		2024		2023
Beginning balance of unrecognized tax benefits	$	274	$	268	$	247
Additions related to acquisitions	—		9		25
Additions based on tax positions taken in current year	20		32		31
Additions based on tax positions taken in prior years	2		1		33
Reductions based on tax positions taken in prior years	(58)		(9)		(18)
Reductions resulting from statutes of limitations lapses	(32)		(27)		(7)
Reductions related to settlements with taxing authorities	—		—		(43)
Ending balance of unrecognized tax benefits	$	206	$	274	$	268

Open Tax Years and Examinations by Jurisdiction

The following table summarizes open tax years by major jurisdiction:

Jurisdiction	Open Tax Years
U.S. Federal	2021 - 2025
U.S. States	2015 - 2025
U.K.	2023 - 2025