In millions of USD | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (1) | 2,143 | 420 | 1,190 | 1,389 | 856
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and impairment | 1,496 | 1,447 | 1,433 | 1,625 | 1,643
Stock-based compensation | 579 | 573 | 635 | 663 | 954
Deferred income taxes (1) | 6 | (43) | 52 | 225 | (111)
Digital assets (gain) loss, net (1) | (347) | 125 | (284) | (80) | 307
Other | (93) | 188 | 187 | 333 | 378
Changes in operating assets and liabilities | 1030 | (554) | (673) | 2,083 | (214)
Net cash provided by operating activities | 4,814 | 2,156 | 2,540 | 6,238 | 3,813
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (2) | (2,780) | (1,492) | (2,394) | (2,248) | (2,393)
Purchases of investments | (15,158) | (6,015) | (7,485) | (11,402) | (12,207)
Proceeds from maturities of investments | 10,335 | 5,856 | 6,935 | 9,295 | 8,072
Net cash used in investing activities | (7,603) | (1,651) | (2,944) | (4,355) | (6,528)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash flows from other debt activities | (108) | (50) | (23) | 410 | 963
Net borrowings (repayments) under vehicle and energy product financing | 677 | (674) | (400) | 81 | (377)
Net cash flows from noncontrolling interests – Solar | (37) | (22) | (14) | (20) | (22)
Other | 453 | 414 | 215 | 512 | 146
Net cash provided by (used in) financing activities | 985 | (332) | (222) | 983 | 710
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (133) | 40 | 111 | (17) | 37
Net (decrease) increase in cash and cash equivalents and restricted cash | (1,937) | 213 | (515) | 2,849 | (1,968)
Cash and cash equivalents and restricted cash at beginning of period | 18,974 | 17,037 | 17,250 | 16,735 | 19,584
Cash and cash equivalents and restricted cash at end of period | 17,037 | 17,250 | 16,735 | 19,584 | 17,616