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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Cash flows from operating activities:    
Net income $ 1,139 $ 668
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 88 86
Amortization of acquired intangible assets 330 314
Non-cash operating lease cost 49 37
Share-based compensation expense 1,064 1,009
Deferred income taxes 137 (227)
Provision for credit losses 105 65
Other (82) 34
Total adjustments 1,691 1,318
Changes in operating assets and liabilities:    
Accounts receivable (645) (560)
Income taxes receivable (33) (13)
Prepaid expenses and other assets (204) (208)
Accounts payable 131 319
Accrued compensation and related liabilities (165) (300)
Deferred revenue 119 154
Income taxes payable 79 22
Operating lease liabilities (39) (46)
Other liabilities 134 77
Total changes in operating assets and liabilities (623) (555)
Net cash provided by operating activities 2,207 1,431
Cash flows from investing activities:    
Purchases of corporate and customer fund investments (115) (321)
Sales of corporate and customer fund investments 119 133
Maturities of corporate and customer fund investments 1,641 637
Purchases of property and equipment (84) (64)
Originations and purchases of notes receivable held for investment (2,885) (1,825)
Sales of notes receivable originally classified as held for investment 595 246
Principal repayments of notes receivable held for investment 1,812 924
Other (585) (407)
Net cash provided by (used in) investing activities 498 (677)
Cash flows from financing activities:    
Proceeds from borrowings under secured revolving credit facilities 186 219
Proceeds from issuance of stock under employee stock plans 91 175
Payments for employee taxes withheld upon vesting of restricted stock units (454) (436)
Cash paid for purchases of treasury stock (1,787) (1,274)
Dividends and dividend rights paid (682) (596)
Net change in funds receivable and funds payable and amounts due to customers (2,756) (583)
Other (7) (4)
Net cash used in financing activities (5,409) (2,499)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents 6 (12)
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents (2,698) (1,757)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 9,481 7,099
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 6,783 5,342
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheets to the total amounts reported on the condensed consolidated statements of cash flows    
Cash and cash equivalents 2,942 2,435
Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers 3,841 2,907
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 6,783 5,342
Supplemental schedule of non-cash investing activities:    
Transfers of notes receivable originated or purchased as held for investment to held for sale $ 693 $ 248

Source

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