v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Operating activities:        
Net income ¥ 5,115 $ 731 ¥ 3,102 ¥ 4,131
Adjustments to reconcile net income to net cash provided by operating activities:        
Share-based compensation 420 60 322 143
Depreciation and amortization 1,257 180 1,332 1,414
Amortization of issuance cost of convertible senior notes and upfront fee on bank borrowings     5 34
Deferred income taxes 147 21 113 29
Credit loss (18) (3) 3 89
Impairment loss 242 35 537 516
Loss from equity method investments, net of dividends 81 12 97 72
Foreign currency exchange (gain) loss (566) (81) 263 (119)
Investment income (98) (14) (13) (806)
Noncash lease expense 2,233 319 2,300 2,163
Others (131) (18) 23 48
Changes in operating assets and liabilities, net of effect of acquisitions:        
Accounts receivable 117 17 (95) 296
Salary and welfare payables (38) (5) 121 402
Deferred revenue 231 33 467 576
Accrued expenses and other current liabilities 936 134 752 1,133
Operating lease liabilities (2,383) (341) (2,453) (2,548)
Income tax payable 378 53 251 62
Other long-term liabilities 435 62 382 84
Others, net 21 3 9 (45)
Net cash provided by operating activities 8,379 1,198 7,518 7,674
Investing activities:        
Purchases of property and equipment (828) (119) (883) (894)
Purchases of intangible asset (10) (1) (15) (7)
Purchases of investments (8,134) (1,163) (4,017) (3,509)
Proceeds from maturity/sale and return of investments 7,777 1,112 2,563 2,972
Origination of loan receivables (69) (10) (178) (226)
Collection of loan receivables 153 22 217 137
Other investing activities 69 10 74 50
Net cash used in investing activities (1,042) (149) (2,239) (1,477)
Financing activities:        
Proceeds from issuance of ordinary shares       1,973
Net proceeds from issuance of ordinary shares upon exercise of options 38 5    
Payment of repurchases of ordinary shares (783) (112) (1,172) (848)
Proceeds from short-term debt 3,595 514 77 745
Repayment of short-term debt (2,272) (325) (367) (3,436)
Proceeds from long-term debt     490 350
Repayment of long-term debt (850) (122) (140) (2,336)
Proceeds from long-term finance liabilities 28 4 72 74
Repayment of long-term finance liabilities (66) (9) (73) (66)
Dividends paid (3,907) (559) (3,480)  
Principal payments of finance lease (57) (8) (65) (82)
Purchase of prepaid put option     (710)  
Other financing activities (32) (4) (136) (94)
Net cash used in financing activities (4,306) (616) (5,504) (3,720)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash (30) (4) 30 164
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash and cash equivalents classified within assets held for sale 3,001 429 (195) 2,641
Less: net increase (decrease) in cash and cash equivalents classified within assets held for sale (7) (1) (9) 17
Cash, cash equivalents and restricted cash at the beginning of the year 7,524 1,076 7,710 5,086
Cash, cash equivalents and restricted cash at the end of the year 10,532 1,506 7,524 7,710
Cash and cash equivalents 10,386   7,474 6,946
Restricted cash 146   50 764
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 10,532   7,524 7,710
Supplemental disclosure of cash flow information:        
Interest paid, net of amounts capitalized 169 24 166 263
Income taxes paid 1,632 233 1,310 1,127
Supplemental schedule of non-cash investing and financing activities:        
Purchases of property and equipment included in payables ¥ 336 $ 48 ¥ 437 ¥ 477