v3.25.4
Consolidated Statement of Cash Flow for the Years Ended December 31 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities:      
Profit of consolidated and affiliated companies $ 8,882 $ 10,788 $ 10,332
Adjustments to reconcile profit to net cash provided by operating activities:      
Depreciation and amortization 2,262 2,153 2,144
Actuarial (gain) loss on pension and postretirement benefits (294) (154) (97)
Provision (benefit) for deferred income taxes 465 (621) (592)
(Gain) loss on divestiture 30 164 572
Other 742 564 375
Changes in assets and liabilities, net of acquisitions and divestitures:      
Receivables – trade and other (2,138) (160) (437)
Inventories (1,477) (414) (364)
Accounts payable 1,179 (282) (754)
Accrued expenses 438 191 796
Accrued wages, salaries and employee benefits 187 (363) 486
Customer advances 1,933 370 80
Other assets – net (176) (97) (95)
Other liabilities – net (294) (104) 439
Net cash provided by (used for) operating activities 11,739 12,035 12,885
Cash flow from investing activities:      
Capital expenditures – excluding equipment leased to others (2,821) (1,988) (1,597)
Expenditures for equipment leased to others (1,465) (1,227) (1,495)
Proceeds from disposals of leased assets and property, plant and equipment 708 722 781
Additions to finance receivables (15,329) (15,409) (15,161)
Collections of finance receivables 13,515 13,608 14,034
Proceeds from sale of finance receivables 71 83 63
Investments and acquisitions (net of cash acquired) (47) (34) (75)
Proceeds from sale of businesses and investments (net of cash sold) 22 (61) (4)
Proceeds from maturities and sale of securities 2,494 3,155 1,891
Investments in securities (1,930) (1,495) (4,405)
Other – net 75 193 97
Net cash provided by (used for) investing activities (4,707) (2,453) (5,871)
Cash flow from financing activities:      
Dividends paid (2,749) (2,646) (2,563)
Common stock issued, and other stock compensation transactions, net (16) 20 12
Payments to purchase common stock (5,190) (7,697) (4,975)
Excise tax paid on purchases of common stock (73) (40) 0
Short-term borrowings – net (original maturities three months or less) 1,106 (168) (1,345)
Other – net (1) (1) 0
Net cash provided by (used for) financing activities (3,899) (9,565) (6,932)
Effect of exchange rate changes on cash (43) (106) (110)
Increase (decrease) in cash, cash equivalents and restricted cash 3,090 (89) (28)
Cash, cash equivalents and restricted cash at beginning of period 6,896 6,985 7,013
Cash, cash equivalents and restricted cash at end of period 9,986 6,896 6,985
Machinery, Power & Energy      
Cash flow from financing activities:      
Proceeds from debt issued (original maturities greater than three months): 1,976 0 0
Payments on debt (original maturities greater than three months): (51) (1,032) (106)
Financial Products      
Cash flow from financing activities:      
Proceeds from debt issued (original maturities greater than three months): 9,129 10,283 8,257
Payments on debt (original maturities greater than three months): $ (8,030) $ (8,284) $ (6,212)