Performance and Strategy - Atlas Copco Group aims for 8% average revenue growth per year over a business cycle[18, 109] - The company targets a sustained high return on capital employed (ROCE)[18, 109] - Aims to distribute 50% of net profit in annual dividends[18, 109] - The average FX adjusted revenue growth from 2015 to 2024 was 9%[114] Business Focus - The company focuses on defined profitable niches and leading positions in selected end markets[27, 43] - Service revenues account for 39% of total revenues as of September 2025 (12M)[44] - The company has made approximately 160 acquisitions in the last 10 years, representing around 23 billion SEK in acquired revenues[86] Operational Excellence - The company emphasizes a resilient and asset-light business model[27] - Atlas Copco has a decentralized organization with more than 650 company P&L and balance sheets and more than 5000 business line P&L and balance sheets[27, 56] Innovation and Technology - The company reinvests in R&D to secure continued profitable growth[67] - The company integrates digitalization and AI into its business strategy[63, 66] - Innovation efforts have led to tangible customer value, such as a 50% reduction in process time and a 70% reduction in material usage in some applications[75]

Financial Data and Key Metrics Changes - Non-GAAP net income increased by over 50% year on year, reaching RMB229 million in Q3 2025, with a margin of 36.2% [7][19] - Total net revenues for Q3 2025 were RMB633 million, reflecting a slight year-on-year decline but marking the second consecutive quarter of sequential growth [8][20] - Year-to-date non-GAAP net income totaled RMB587 million, a 40.5% increase from the same period last year [19] Business Line Data and Key Metrics Changes - Investment products accounted for approximately 28% of new revenue, showing accelerated growth [8] - Net revenues from overseas wealth management business (ARC) were RMB146 million, down 22.7% year on year, but up 13% sequentially [10] - Domestic public securities business (Noah Upright) saw net revenues of RMB116 million, up 8.7% year on year [12] Market Data and Key Metrics Changes - Total transaction value remained high at RMB17 billion, rising 19.1% year on year [22] - Overseas assets under management (AUM) reached USD5.9 billion, up 5.3% year on year [27] - Active clients increased by 13.1% year on year, reaching 3,561 by the end of Q3 2025 [27] Company Strategy and Development Direction - The company is focusing on three core strategies: enhancing investment product capabilities, leveraging AI for operational efficiency, and expanding global service platforms through overseas booking centers [16][17] - AI is viewed as a strategic growth driver, with plans to integrate AI tools across various operational areas [15][16] - The establishment of four overseas booking centers is aimed at providing a coordinated service platform for global Chinese clients [14][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing revenue pressure but expressed confidence in profitability and margin improvements due to prudent investment strategies and cost controls [7][19] - The company anticipates a moderation in performance in Q4 2025 as market conditions evolve [26] - Management emphasized the importance of transitioning to an AUM-driven revenue model to enhance growth prospects [41][42] Other Important Information - The company remains debt-free with cash and short-term investments totaling RMB5.0 billion as of September 30, 2025 [28] - The company is committed to maintaining a strong balance sheet while investing in global growth and technology [29] Q&A Session Summary Question: Can you elaborate on the potential financial impact of the AI strategy? - Management indicated that AI investments are expected to enhance client acquisition and operational efficiency, with a focus on increasing the proportion of revenue from investment-related products [33][39] Question: What measures are being taken to sustain investment product sales growth? - The company is focusing on products that combat inflation and technology-related investments, including AI and crypto [54][55] Question: How will AI support client acquisition in overseas markets? - AI is expected to enhance service delivery and client engagement, allowing for quicker client onboarding and better relationship management [78][79]

Financial Data and Key Metrics Changes - The company reported Q2 revenue of $1.71 billion, representing a 3% year-over-year increase. Excluding the divested Spot business, total revenue increased by 4% [4][15] - Non-GAAP earnings per share (EPS) was $2.05, reflecting a 10% year-over-year growth [17] - Gross margin for Q2 was 72.6%, exceeding guidance and up 1.5 percentage points sequentially [16][17] - Operating income was $530 million, up 12% compared to Q2 2025, with an operating margin of 31.1%, an increase of 2.4 percentage points year-over-year [17] Business Line Data and Key Metrics Changes - Hybrid cloud revenue reached $1.53 billion, up 3% year-over-year, driven by product, support, and Keystone services, which grew 76% year-over-year [15] - Public cloud revenue was $171 million, a 2% increase year-over-year, and up 18% excluding the Spot business [15][16] - All-flash array revenue grew 9% year-over-year to $1 billion, with an annualized run rate of $4.1 billion [12] Market Data and Key Metrics Changes - The company closed approximately 200 AI infrastructure and data lake modernization deals across various geographies and industries in Q2 [8] - The first-party and marketplace cloud storage services revenue increased approximately 32% year-over-year [10] Company Strategy and Development Direction - The company is focused on growing markets, particularly in all-flash, public cloud, and AI, which are expected to drive top-line growth [14] - Innovations such as AFX and AIDE are aimed at enhancing AI workload capabilities and improving data management [6][8] - The company is committed to leveraging its competitive advantages and aligning with customer data initiatives to capture additional market share [14][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the uncertain macro environment and expected growth in non-U.S. public sector segments [14][33] - The company anticipates a slight decline in U.S. public sector revenue due to recent shutdowns but expects recovery in the long term [31][34] - Management raised guidance for gross margin, operating margin, and EPS for the fiscal year based on strong Q2 performance [19][20] Other Important Information - Cash flow from operations was $127 million, and free cash flow was $78 million [18] - The company returned $353 million to shareholders through share repurchases and dividends [18] Q&A Session Summary Question: Component environment and pricing dynamics - Management indicated they have locked in prices for components and have visibility for a couple more quarters [21] - They expect product gross margin to remain stable through the rest of the year despite potential volatility in component pricing [22][24] Question: Drivers of product gross margin expansion - Product gross margin expansion is driven by a combination of mix and pricing, with a focus on maintaining operational discipline [27][28] Question: Trends in AI-related transactions - The company reported a stable mix of AI transactions, with a significant increase in the number of deals closed [29][30] Question: Seasonal growth expectations - Management noted that the U.S. public sector business is expected to be slightly below seasonal trends due to recent shutdowns, but they view this as temporary [31] Question: Demand drivers for the second half of the year - Despite U.S. public sector headwinds, management sees acceleration in non-U.S. public sector segments and strong demand for AI projects [33] Question: AI deal sizes and customer feedback - Deal sizes vary widely, and while there is strong interest in the AFX platform, it is still early to assess its impact on results [36] Question: Cash flow and seasonality - Q2 cash flow is typically lower due to seasonality and tax payments, but management expects improvement in the second half [55]

Financial Data and Key Metrics Changes - Net revenues for Q3 2025 reached RMB 633 million, down slightly year-on-year but up sequentially, marking the second consecutive quarter of sequential growth [6][18] - Non-GAAP net income for Q3 increased by over 50% year-on-year to RMB 229 million, reflecting the effectiveness of the company's investment strategy and cost controls [7][20] - Total transaction value remained high at RMB 17 billion, rising 19.1% year-on-year [18] Business Line Data and Key Metrics Changes - Investment products accounted for approximately 28% of new revenue in Q3, up from 18% a year ago, indicating a significant shift in revenue mix [6] - Net revenues from overseas wealth management business ARK were RMB 146 million, a year-on-year decrease of 22.7%, but sequentially up 13% [8] - Domestic public securities business saw net revenues of RMB 116 million in Q3, up 8.7% year-on-year, benefiting from a rebound in the A-share market [10] Market Data and Key Metrics Changes - By the end of Q3, overseas AUA reached $9.3 billion, up 6.8% year-on-year, indicating strong growth in overseas operations [8][22] - Domestic insurance business revenues fell to RMB 5 million, down 44.8% year-on-year, aligning with the planned consolidation and transformation [10] Company Strategy and Development Direction - The company is focused on three core strategies: enhancing investment product capabilities, leveraging AI as a growth driver, and utilizing overseas booking centers for global service coordination [14][15] - AI is seen as a disruptive force in wealth management, with ongoing implementation of AI-related projects to improve client engagement and operational efficiency [12][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing revenue pressure but expressed confidence in profitability and margin improvements due to prudent investment strategies [5][20] - The company anticipates a moderation in performance in Q4 as market conditions evolve, but remains committed to sustainable growth and long-term value creation [23] Other Important Information - The establishment of four overseas booking centers is aimed at enhancing global operational capabilities and client service [11] - The company maintains a strong balance sheet with zero interest-bearing liabilities, providing significant liquidity for growth and technology investments [23] Q&A Session Summary Question: Financial impact of AI and booking centers - Management indicated that AI adoption is expected to enhance client acquisition and operational efficiency, while the U.S. booking center will involve moderate upfront investment [28][30][33] Question: Changes in overseas relationship manager accounts - The reduction in overseas relationship managers is seen as an internal adjustment rather than a strategic shift, with a focus on enhancing efficiency through AI [36][37] Question: Investment product sales strategy - The company is focusing on products that combat inflation and technology-related investments, with a strong emphasis on overseas investment products [49][52] Question: Investment income and active clients - Investment income growth is attributed to successful past investments, while the increase in active clients is linked to a stronger focus on investment products [61][62] Question: AI's role in client acquisition - AI is expected to significantly enhance client service efficiency, allowing for quicker client onboarding and better service delivery [68][71][73]

Financial Data and Key Metrics Changes - Net revenues for Q3 2025 reached RMB 633 million, down slightly year-on-year but up sequentially, marking the second consecutive quarter of sequential growth [5][17] - Non-GAAP net income for Q3 2025 increased by over 50% year-on-year to RMB 229 million, reflecting improved profitability and margins [4][19] - For the first three quarters of 2025, non-GAAP net income totaled RMB 587 million, a 40.5% increase from the same period last year [6][16] - Operating profit for Q3 was RMB 172 million, with a margin of 27.2% [19] Business Line Data and Key Metrics Changes - Investment products accounted for approximately 28% of new revenue in Q3 2025, up from 18% a year ago, indicating a significant shift in revenue mix [5][10] - Net revenues from overseas wealth management business ARK were RMB 146 million, a year-on-year decrease of 22.7% but up 13% sequentially [7] - Domestic public securities business NOAH Upright saw net revenues of RMB 116 million, up 8.7% year-on-year [10] - Domestic insurance business GLORY reported net revenues of RMB 5 million, down 44.8% year-on-year, aligning with the planned consolidation and transformation [10] Market Data and Key Metrics Changes - By the end of Q3 2025, overseas assets under management (AUM) reached $5.9 billion, up 5.3% year-on-year [20] - Total assets under management stood at RMB 143.5 billion as of September 30, 2025 [21] - The number of registered overseas clients increased by 13.1% year-on-year, with active clients reaching 3,561 [20] Company Strategy and Development Direction - The company is focused on three core strategies: enhancing investment product capabilities, embedding AI into operations, and leveraging overseas booking centers for global service [13][14] - AI is viewed as a strategic growth driver, with ongoing implementation of AI-related projects to improve client engagement and operational efficiency [12][13] - The establishment of four overseas booking centers is aimed at providing a coordinated service platform for global Chinese clients [11][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing revenue pressure but expressed confidence in the transformation strategy and profitability improvements [4][19] - The company anticipates potential moderation in the fourth quarter due to evolving market conditions [20] - Management emphasized the importance of maintaining prudent operations and driving quality growth to enhance shareholder returns [14][21] Other Important Information - The company has established a U.S. broker-dealer license and is building its business in compliance with local regulations [11] - Cash and short-term investments totaled RMB 5.0 billion, with zero interest-bearing liabilities, indicating strong liquidity [21] Q&A Session Summary Question: What is the potential financial impact from the company's strategies on AI and booking centers? - Management indicated that the adoption of AI is expected to enhance client acquisition and operational efficiency, while the U.S. booking center will involve necessary infrastructure investments but not significantly impact operating expenses [27][32] Question: What measures are being taken to sustain investment product sales growth? - The company is focusing on products that combat inflation and technology-related investments, including AI and crypto, to meet client needs [50][51] Question: How will AI support client acquisition in overseas markets? - AI is expected to enhance service delivery and client engagement, allowing for quicker client onboarding and better relationship management [74][75]

Financial Data and Key Metrics Changes - The company reported Q2 revenue of $1.71 billion, an increase of 3% year-over-year, and 4% excluding the divested Spot business [5][18] - Non-GAAP earnings per share (EPS) was $2.05, reflecting a 10% year-over-year growth [20][23] - Gross margin reached a record 72.6%, exceeding guidance, with operating margin at 31.1%, up 2.4 percentage points year-over-year [20][23] - Cash flow from operations was $127 million, and free cash flow was $78 million [21] Business Line Data and Key Metrics Changes - Hybrid cloud revenue was $1.53 billion, up 3% year-over-year, with Keystone showing significant growth of 76% year-over-year [18][20] - Public cloud revenue increased by 2% year-over-year to $171 million, and 18% excluding the Spot business [18] - All-flash array revenue grew 9% year-over-year to $1 billion, with an annualized run rate of $4.1 billion [14] Market Data and Key Metrics Changes - The company experienced strong demand for AI solutions and cloud storage services, with approximately 200 AI infrastructure and data lake modernization deals closed in Q2 [9][19] - Revenue from first-party and marketplace cloud storage services increased by approximately 32% year-over-year [11][68] Company Strategy and Development Direction - The company is focused on expanding its presence in AI, hybrid cloud, and all-flash markets, aiming to leverage its unified data platform for operational efficiencies [7][16] - Innovations such as AFX and AIDE are designed to enhance AI workload capabilities and simplify data management [8][9] - The company is committed to maintaining operational discipline while driving growth in key areas [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the uncertain macro environment and capture market share despite near-term headwinds in the U.S. public sector [16][58] - The company anticipates a strong second half of the fiscal year, driven by growth in non-U.S. public sector segments and AI-related spending [57][58] Other Important Information - The company raised its fiscal year 2026 revenue guidance to between $6.625 billion and $6.875 billion, reflecting a 3% year-over-year growth [22][23] - Deferred revenue balance was $4.45 billion, up 8% year-over-year, indicating strong future revenue visibility [19] Q&A Session Summary Question: Component environment and pricing dynamics - Management indicated they have locked in prices for components and have visibility for a couple more quarters, expecting product margins to remain stable [26][28] Question: Drivers of product gross margin expansion - Product gross margin is driven by a combination of mix and pricing, with expectations to maintain current levels [36][40] Question: Trends in AI-related transactions - The company reported a stable mix of AI transactions, with significant interest in the AFX platform, although it is too early to quantify its impact [44][47] Question: Seasonal revenue guidance - Management noted that U.S. public sector headwinds are expected to impact seasonal growth, but they view this as temporary [50] Question: Demand drivers and inventory management - The company is optimistic about demand in the second half of the year and is prepared to secure supply as needed [56][59] Question: Opportunities with Sovereign clouds - The company is actively participating in Sovereign cloud initiatives and sees potential for growth in AI workloads [89][92] Question: AI's impact on storage revenue - Management believes that as AI adoption increases, particularly in inferencing, storage consumption will also rise [114]

Business Highlights - EHang's Q3 2025 saw sales and deliveries of 42 eVTOL aircraft, including 41 EH216 series units and one VT35 unit[12] - The company unveiled VT35 for intercity advanced air mobility with initial delivery[12, 15] - EHang launched Thailand AAM Sandbox Initiative, paving way for commercial operations overseas[12, 24] - The company expanded global footprints in Qatar, Japan, Kazakhstan and Rwanda[12, 29, 30, 31, 32, 33] - VT35 has a fully loaded design range of approximately 200 km, enabling one-hour intercity air mobility[18] - VT35 received purchase orders at a unit price of RMB65 million from customers in Anhui, Zhejiang, and Hainan, and has started delivery in Q3[18] - EHang has conducted over 1,700 safe operational flights by the first two OC operators[19] Financial Performance - Total revenues for Q3 2025 were RMB92472 million, a decrease of 278% year-over-year and 372% quarter-over-quarter[12, 49] - Gross profit for Q3 2025 was RMB56209 million, a decrease of 283% year-over-year and 390% quarter-over-quarter[49] - The company maintained full-year revenue guidance of RMB500 million[12]

Financial Data and Key Metrics Changes - The company reported Q2 revenue of $1.71 billion, up 3% year-over-year, and 4% excluding the divested Spot business [5][18] - Non-GAAP earnings per share (EPS) was $2.05, growing 10% year-over-year [20] - Gross margin for Q2 was 72.6%, above guidance, with operating margin at 31.1%, up 2.4 percentage points year-over-year [20][21] - Cash flow from operations was $127 million, and free cash flow was $78 million [21] Business Line Data and Key Metrics Changes - Hybrid cloud revenue was $1.53 billion, up 3% year-over-year, with Keystone showing 76% growth [18] - Public cloud revenue was $171 million, increasing by 2% year-over-year, and 18% excluding the Spot business [18] - All-flash array revenue grew 9% year-over-year to $1 billion, with an annualized run rate of $4.1 billion [14] Market Data and Key Metrics Changes - The company experienced strong demand for AI solutions and cloud storage services, with first-party and marketplace cloud storage services revenue increasing approximately 32% year-over-year [11][68] - Deferred revenue balance was $4.45 billion, up 8% year-over-year, indicating strong future revenue potential [19] Company Strategy and Development Direction - The company is focused on expanding its presence in AI, cloud, and all-flash markets, leveraging innovations like AFX and AIDE to enhance its offerings [7][9] - The strategy includes enhancing partnerships with hyperscalers and expanding capabilities in public cloud environments [10][11] - The company aims to capture market share by aligning with customer spending on AI and data infrastructure modernization [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and expects a recovery in the U.S. public sector business [16][50] - The company anticipates continued growth in the second half of the fiscal year, driven by strong demand in non-U.S. public sector segments and AI projects [57][58] - Management highlighted the importance of operational discipline and innovation in maintaining competitive advantages [16][20] Other Important Information - The company launched the NetApp Ransomware Resilience Service to enhance cyber resilience capabilities [14] - The company is committed to maintaining a strong balance sheet and securing supply commitments to mitigate potential risks [59][75] Q&A Session Summary Question: Component environment and pricing dynamics - Management indicated they have locked in prices for components and have visibility for a couple more quarters [27][28] Question: Drivers of product gross margin expansion - Management noted that product gross margin is driven by a mix of factors including pricing and product mix, with expectations for stability [39][41] Question: Trends in AI-related transactions - Management reported closing approximately 200 AI infrastructure deals, with a stable mix of transaction types [46][47] Question: Seasonal revenue guidance for Q3 - Management acknowledged potential headwinds in the U.S. public sector but views them as temporary [50] Question: Demand drivers and inventory management - Management expressed confidence in demand despite public sector challenges and indicated a proactive approach to securing supply [57][59] Question: Opportunities with Sovereign clouds - Management highlighted ongoing participation in Sovereign clouds and the introduction of AFX to enhance offerings [89][92] Question: Cash flow and pricing flexibility - Management noted seasonality in cash flow and emphasized the ability to adjust pricing based on commodity costs [125]

E-commerce Trend - TikTok Shop is transitioning from a low-cost online retailer to a high-end shopping destination [1] - TikTok Shop is offering pre-owned luxury items that sell for thousands of dollars [1] Luxury Goods Market - Birkin bags and Rolex watches are now available for purchase on TikTok [1] - Luxury items are often sold through TikTok Live [1]

Financial Performance - Deere & Company reported net income of $1.065 billion for Q4 2025, a decrease of 14% from $1.245 billion in Q4 2024, with earnings per share of $3.93 compared to $4.55[1][6] - Total net sales and revenues for Q4 2025 increased by 11% to $12.394 billion, while full-year revenues decreased by 12% to $45.684 billion[2][6] - The company forecasts net income for fiscal 2026 to be between $4.00 billion and $4.75 billion[4][5] - Deere's operating profit for the full year 2025 was $6.020 billion, a decline of 33% from $9.039 billion in 2024[22] - Total net income attributable to Deere & Company for the year ended November 2, 2025, was $5,027 million, down 29.9% from $7,100 million in 2024[25] - The total income after income taxes for the three months ended November 2, 2025, was $1,070 million, compared to $1,270 million in the same period of 2024[45] - The company reported a net income attributable to Deere & Company of $1,065 million for the three months ended November 2, 2025, down from $1,245 million in the same period of 2024[45] - Net sales for Deere & Company decreased to $38,917 million in 2025 from $44,759 million in 2024, representing a decline of approximately 13.2%[47] - Total income after income taxes fell to $4,998 million in 2025, down from $7,112 million in 2024, a decrease of about 29.6%[47] - The net income attributable to Deere & Company was $5,027 million in 2025, down from $7,100 million in 2024, a decrease of about 29.2%[47] - The company reported a net income of $4,998 million in 2025, down from $7,088 million in 2024, representing a decrease of approximately 29.4%[52] Sales and Revenue Breakdown - Production & Precision Agriculture net sales increased by 10% to $4.740 billion in Q4 2025, but operating profit decreased by 8% to $604 million[7][22] - Small Agriculture & Turf net sales rose by 7% to $2.457 billion, but operating profit plummeted by 89% to $25 million due to higher tariffs and production costs[9][22] - Construction & Forestry net sales surged by 27% to $3.382 billion, with operating profit increasing by 6% to $348 million[12][22] - Net sales for the three months ended November 2, 2025, were $10,579 million, a 14.0% increase from $9,275 million in the same period of 2024[25] - Research and development expenses increased to $681 million for the three months ended November 2, 2025, compared to $626 million in the same period of 2024, reflecting a 8.8% rise[25] Assets and Liabilities - Total assets as of November 2, 2025, were $105,996 million, a decrease from $107,320 million as of October 27, 2024[27] - The company reported a total liabilities figure of $79,989 million as of November 2, 2025, down from $84,395 million in the previous year[27] - Total assets decreased to $105,996 million in 2025 from $107,320 million in 2024, a reduction of approximately 1.2%[50] - Total liabilities decreased to $79,989 million in 2025 from $84,395 million in 2024, reflecting a decline of about 5.2%[50] Cash Flow and Investments - Cash flows from operating activities for the year ended November 2, 2025, were $7,459 million, a decrease from $9,231 million in 2024[29] - Cash and cash equivalents increased to $8,276 million in 2025 from $7,324 million in 2024, an increase of approximately 13.0%[50] - Net cash provided by operating activities decreased to $7,459 million in 2025 from $9,231 million in 2024, a decline of approximately 19.2%[52] - Total cash flows from investing activities showed a net outflow of $2,057 million in 2025 compared to an outflow of $6,464 million in 2024, indicating an improvement in cash management[52] - Cash, cash equivalents, and restricted cash at the end of 2025 totaled $8,533 million, up from $7,633 million at the end of 2024, reflecting a year-over-year increase of 11.8%[52] Operational Challenges and Strategic Moves - The company faces ongoing margin pressures from tariffs and challenges in the large agriculture sector, but remains committed to inventory management and cost control[5][19] - The company anticipates a recovery in small agriculture and construction sectors, while large agriculture remains subdued[5][16] - The company acquired several small-scale businesses in 2025 for a total consideration of $115 million, aimed at enhancing technology offerings in various segments[31] - Employee-separation programs implemented in Q3 2024 resulted in pretax expenses of $152 million for the fiscal year, with significant costs across various segments[40] Other Financial Metrics - Basic earnings per share for the three months ended November 2, 2025, were $3.94, compared to $4.57 in the same period of 2024, reflecting a 13.8% decline[25] - Dividends declared for the year ended November 2, 2025, were $6.48 per share, an increase from $5.88 in 2024[25] - Interest expense decreased to $3,170 million in 2025 from $3,348 million in 2024, a reduction of approximately 5.3%[47] - The company reported a total of $1,809 million in other receivables in 2025, down from $2,193 million in 2024, a decrease of about 17.5%[50] - The equity in income of unconsolidated affiliates improved to $17 million in 2025 from a loss of $24 million in 2024[47] - The provision for credit losses increased to $1,368 million in 2025 from $250 million in 2024, a significant rise of 447.2%[52] - Depreciation and amortization expenses were $1,082 million in 2025, compared to $1,040 million in 2024, reflecting a slight increase of 4.0%[52] - The company experienced a decrease in accounts payable and accrued expenses, which fell to $(1,040) million in 2025 from $(617) million in 2024[52] - The total proceeds from borrowings issued (original maturities greater than three months) were $10,792 million in 2025, a decrease from $17,937 million in 2024, indicating a reduction of 39.5%[52] - The company repurchased common stock amounting to $1,138 million in 2025, down from $4,007 million in 2024, a decrease of 71.6%[52] - The effect of exchange rate changes on cash and cash equivalents resulted in a positive adjustment of $77 million in 2025, compared to a negative adjustment of $(37) million in 2024[52]