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