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 including non-controlling interests	$ 1,073	$ 1,779	$ 3,466
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	1,181	1,141	1,059
Asset impairment charges	361	519	309
Deferred income taxes	(45)	(130)	(23)
Equity in earnings of unconsolidated affiliates, net of dividends	(224)	(180)	(143)
Stock compensation expense	83	74	112
(Gain) loss on asset sales / investment revaluations, net	285	(12)	38
Other – net	(25)	91	(91)
Changes in operating assets and liabilities, net of acquisitions and dispositions
Segregated investments	(43)	(693)	(194)
Trade receivables	855	447	737
Inventories	1,511	162	2,889
Other current assets	672	665	694
Trade payables	(473)	(719)	(1,544)
Payables to brokerage customers	1,064	(78)	(2,059)
Accrued expenses and other payables	(823)	(276)	(790)
Net cash provided by operating activities	5,452	2,790	4,460
Cash flows from investing activities
Capital expenditures	(1,248)	(1,563)	(1,494)
Net assets of businesses acquired	(108)	(927)	(23)
Proceeds from sales of assets, businesses and investments	111	66	60
Purchases of marketable securities	(43)	(308)	0
Proceeds from sales of marketable securities	277	84	0
Other – net	(6)	(54)	(39)
Net cash used in investing activities	(1,017)	(2,702)	(1,496)
Cash flows from financing activities
Long-term debt borrowings	11	27	501
Long-term debt payments	(772)	(1)	(963)
Net (repayments) borrowings under lines of credit agreements	(1,114)	1,800	(390)
Share repurchases, net of tax	0	(2,327)	(2,673)
Cash dividends	(987)	(985)	(977)
Acquisition of non-controlling interests	(4)	(8)	0
Other – net	(21)	(36)	(102)
Net cash used in financing activities	(2,887)	(1,530)	(4,604)
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents	33	(24)	(3)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	1,581	(1,466)	(1,643)
Cash, cash equivalents, restricted cash, and restricted cash equivalents – beginning of year	3,924	5,390	7,033
Cash, cash equivalents, restricted cash, and restricted cash equivalents – end of year	5,505	3,924	5,390
Cash paid for interest and income taxes were as follows:
Interest	629	710	711
Income taxes	$ 389	$ 658	$ 742