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| 2025 | | 2024 | | 2023 |
| OPERATING ACTIVITIES | | | | | |
Net income | $ | 13,431 | | | $ | 5,773 | | | $ | 3,390 | |
| Depreciation and amortization | 5,326 | | | 4,990 | | | 5,369 | |
| Impairments of goodwill, produced and licensed content and other assets | 871 | | | 3,511 | | | 3,128 | |
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| Deferred income taxes | (2,739) | | | (821) | | | (1,346) | |
| Equity in the income of investees | (295) | | | (575) | | | (782) | |
| Cash distributions received from equity investees | 145 | | | 437 | | | 720 | |
| Net change in produced and licensed content costs and advances | 577 | | | 1,046 | | | (1,908) | |
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| Equity-based compensation | 1,363 | | | 1,366 | | | 1,143 | |
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| Other, net | (148) | | | (143) | | | (25) | |
| Changes in operating assets and liabilities | | | | | |
| Receivables | (283) | | | (565) | | | 358 | |
| Inventories | (114) | | | (42) | | | (183) | |
| Other assets | (42) | | | 265 | | | (201) | |
| Accounts payable and other liabilities | 237 | | | 156 | | | (1,142) | |
| Income taxes | (228) | | | (1,427) | | | 1,345 | |
Cash provided by operations | 18,101 | | | 13,971 | | | 9,866 | |
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| INVESTING ACTIVITIES | | | | | |
| Investments in parks, resorts and other property | (8,024) | | | (5,412) | | | (4,969) | |
Proceeds from sales of investments | 4 | | | 105 | | | 458 | |
Purchase of investments | (98) | | | (1,506) | | | — | |
| Other, net | 75 | | | (68) | | | (130) | |
Cash used in investing activities | (8,043) | | | (6,881) | | | (4,641) | |
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| FINANCING ACTIVITIES | | | | | |
Commercial paper borrowings (payments), net | (943) | | | 1,532 | | | (191) | |
| Borrowings | 1,057 | | | 132 | | | 83 | |
| Reduction of borrowings | (3,735) | | | (3,064) | | | (1,675) | |
| Dividends | (1,803) | | | (1,366) | | | — | |
| Repurchases of common stock | (3,500) | | | (2,992) | | | — | |
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Contributions from noncontrolling interests | 12 | | | 9 | | | 735 | |
| Acquisition of redeemable noncontrolling interests | (439) | | | (8,610) | | | (900) | |
| Other, net | (1,015) | | | (929) | | | (776) | |
Cash used in financing activities | (10,366) | | | (15,288) | | | (2,724) | |
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Impact of exchange rates on cash, cash equivalents and restricted cash | 5 | | | 65 | | | 73 | |
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| Change in cash, cash equivalents and restricted cash | (303) | | | (8,133) | | | 2,574 | |
| Cash, cash equivalents and restricted cash, beginning of year | 6,102 | | | 14,235 | | | 11,661 | |
| Cash, cash equivalents and restricted cash, end of year | $ | 5,799 | | | $ | 6,102 | | | $ | 14,235 | |
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| Supplemental disclosure of cash flow information: | | | | | |
| Interest paid | $ | 2,050 | | | $ | 2,134 | | | $ | 2,110 | |
| Income taxes paid | $ | 1,221 | | | $ | 3,963 | | | $ | 1,193 | |
