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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 214 $ 66 $ 1,360
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 517 433 275
Provision for severance benefits 246 187 159
Equity-based compensation 475 433 326
Non-cash operating lease expense 507 432 338
Deferred income taxes 37 225 (884)
Fulfillment center fire insurance gain 0 (175) 0
Other 209 250 140
Change in operating assets and liabilities, net of acquisition:      
Accounts receivable, net 37 209 (133)
Inventories (233) (376) (44)
Other assets (517) (152) (153)
Accounts payable 515 507 1,514
Accrued expenses 49 60 43
Other liabilities (283) (213) (289)
Net cash provided by operating activities 1,773 1,886 2,652
Investing activities      
Purchases of property and equipment (1,251) (879) (896)
Proceeds from sale of property and equipment 5 9 19
Net cash acquired in acquisition 0 68 0
Other investing activities (8) (17) (50)
Net cash used in investing activities (1,254) (819) (927)
Financing activities      
Proceeds from issuance of common stock, equity-based compensation plan 5 4 9
Repurchase of Class A common stock (243) (178) 0
Proceeds from short-term borrowings and long-term debt 2,900 857 572
Repayment of short-term borrowings and long-term debt (2,881) (794) (392)
Other financing activities (28) 42 10
Net cash (used in) provided by financing activities (247) (69) 199
Effect of exchange rate changes on cash and cash equivalents and restricted cash 109 (564) (14)
Net increase in cash and cash equivalents and restricted cash 381 434 1,910
Cash and cash equivalents and restricted cash, as of beginning of period 6,031 5,597 3,687
Cash and cash equivalents and restricted cash, as of end of period $ 6,412 $ 6,031 $ 5,597