Operating ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Dec '22Sep '22Jun '22

Net Income

885

1,042

1,121

1,049

1,046

1,151

Depreciation & Amortization

315

355

356

426

433

396

Share-Based Compensation Expense

651

651

642

628

616

597

Other Adjustments

-24

-68

-41

-95

-76

162

Changes in Trade Receivables

-66

-102

-115

124

39

84

Changes in Inventories

—

—

—

—

—

—

Changes in Accounts Payable

269

92

190

-50

-49

-266

Changes in Accrued Expenses

—

—

—

—

—

—

Changes in Unearned Revenue

-150

-79

-114

-113

-23

-168

Changes in Other Operating Activities

-8

-73

40

-17

54

110

Cash from Operating Activities

1,872

1,976

2,079

2,110

2,198

2,076

Investing ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Dec '22Sep '22Jun '22

Capital Expenditure

-219

-226

-221

-218

-220

-221

Purchases of Investments

-297

-349

-437

-556

-564

-620

Proceeds from Sale of Investments

528

609

695

548

569

609

Payments for Business Acquisitions

—

—

—

—

—

—

Cash from Investing Activities

-5

17

37

-226

-215

-232

Financing ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Dec '22Sep '22Jun '22

Issuance of Long-Term Debt

—

—

—

—

—

—

Repayments of Long-Term Debt

—

—

—

—

—

—

Net Issuance / (Repayments) of Long-Term Debt

—

—

—

—

—

—

Issuance of Common Shares

—

—

78

—

—

—

Repurchases of Common Shares

-2,799

-2,766

-2,742

-1,687

-1,615

-1,562

Net Issuance / (Repurchases) of Common Shares

-2,799

-2,766

-2,664

-1,687

-1,615

-1,562

Common Share Dividends Paid

-194

-197

-199

-202

-203

-203

Other Financing Activities

—

—

—

—

—

—

Cash from Financing Activities

-2,912

-2,885

-2,863

-1,812

-1,739

-1,688

Free Cash FlowSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Dec '22Sep '22Jun '22

Free Cash Flow

1,653

1,750

1,858

1,892

1,978

1,855

NOPAT

858.1

1,002

1,061.6

977.8

981.9

1,080.8

Levered Free Cash Flow

1,092

1,111

1,372

1,077

1,241

1,002

Unlevered Free Cash Flow

1,065.1

1,071

1,312.6

1,005.8

1,176.9

931.8

Net Change in Cash

-1,045

-892

-747

72

244

156