Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income	$ 1,432	$ 812
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	384	389
Stock-based compensation	78	57
Deferred taxes	140	(60)
Gain on investments	(389)	0
Net income from unconsolidated investees	(26)	(29)
Other	12	14
Changes in assets and liabilities:
Customer accounts receivable	(833)	(387)
Other current and non-current assets	(110)	(38)
Section 31 fees payable	0	(56)
Deferred revenue	435	370
Other current and non-current liabilities	203	(106)
Total adjustments	(106)	154
Net cash provided by operating activities	1,326	966
Investing activities:
Capital expenditures	(64)	(85)
Capitalized software development costs	(112)	(104)
Purchases of invested margin deposits	(1,724)	(2,344)
Proceeds from invested margin deposits	1,424	481
Cash paid for acquisitions, net of cash acquired	0	(11)
Purchases of equity and equity method investments	(802)	0
Purchases of restricted investments	(748)	(183)
Proceeds from restricted investments	572	100
Other investing activities	34	(7)
Net cash used in investing activities	(1,420)	(2,153)
Financing activities:
Proceeds from/(Redemption of) commercial paper, net	716	(96)
Repurchases of common stock	(551)	(241)
Dividends paid to stockholders	(297)	(278)
Change in cash and cash equivalent margin deposits and guaranty funds liability	41,121	2,999
Shares withheld for taxes on employee equity awards	(95)	(95)
Other financing activities	24	(6)
Net cash provided by financing activities	40,918	2,283
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	(8)	10
Net increase in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	40,816	1,106
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period	78,614	84,503
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period	119,430	85,609
Supplemental cash flow disclosure:
Cash paid for interest	209	194
Cash paid for income taxes	66	166
Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the consolidated balance sheets:
Cash and cash equivalents	863	783
Short-term restricted cash and cash equivalents	631	1,235
Long-term restricted cash and cash equivalents	326	305
Cash and cash equivalent margin deposits and guaranty funds	117,610	83,286
Total	$ 119,430	$ 85,609