v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 2,398 $ 2,108 $ 2,137
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Noncash Item [Abstract]      
Other expenses, net 229 69 54
Other income, net of consolidated funds (47) 0 0
Share of income from equity method investments, net of cash distributions (7) (122) 21
Depreciation and amortization 40 14 14
Deferred income taxes 151 274 92
Stock-based equity awards 123 103 33
Unrealized carried interest allocation, net (301) 33 (288)
Investments of consolidated funds (467) (251) 0
Changes in other working capital and non-cash operating items (18) (616) (624)
Cash provided by (used in) operating activities 2,101 1,612 1,439
Investing activities      
Investments (962) (1,909) (286)
Acquisition of subsidiaries, net of cash acquired 6 0 0
Other assets (9) (8) (17)
Investments 307 385 84
Disposition of subsidiaries, net of cash 52 0 0
Investments held for sale 267 (249) 0
Repayments from (advances to) related parties 0 37 (256)
Cash provided by (used in) investing activities (339) (1,744) (475)
Financing activities      
Distributions to common stockholders (2,818) (2,478) (2,101)
Borrowings of consolidated funds 256 251 0
Distributions to non-controlling and redeemable non-controlling interests (216) (52) (42)
Redemption of preferred shares redeemable non-controlling interest (94) 0 0
Purchase of treasury shares (412) 0 0
Corporate borrowings issuance, net 2,500 0 0
Deferred financing fees (22) 0 0
Contributions from parent 12 56 0
Capital raised from non-controlling interests 179 0 0
Preferred equity issuances 25 0 63
Issuance of related party loans 0 67 197
Issuance of tracking option 0 37 41
Cash provided by (used in) financing activities (590) (2,119) (1,842)
Cash and cash equivalents      
Change in cash and cash equivalents 1,172 (2,251) (878)
Effect of exchange rate changes on cash and cash equivalents 7 (12) 0
Balance, beginning of year 404 2,667 3,545
Balance, end of year 1,583 404 2,667
Accounts receivable and other, net 32 (51) (200)
Accounts payable and other, net (56) (426) (26)
Due from affiliates 200 (89) (559)
Due to affiliates (171) (76) 372
Other non-cash operating items (23) 26 18
Total Supplemental Cash Flow Disclosures (18) (616) (395)
Supplemental disclosure of cash flow information      
Canada 128 0 0
Total income taxes paid 426 449 171
Interest paid 87 22 11
Supplemental disclosure of non-cash investing and financing activities      
Non-cash investing and financing activities related to 2025 Arrangement 27 0 0
Non-cash issuance of preferred shares redeemable non-controlling interest 94 195 0
Non-cash acquisition of investments 0 68 0
Non-cash contributions from non-controlling interests 0 10 0
Non-cash contribution 0 0 42
Non-cash distribution 0 0 229
United States      
Supplemental disclosure of cash flow information      
Foreign taxes paid 190 0 0
United Kingdom      
Supplemental disclosure of cash flow information      
Foreign taxes paid 98 0 0
Other jurisdictions      
Supplemental disclosure of cash flow information      
Foreign taxes paid $ 10 $ 0 $ 0