v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income before allocation to noncontrolling interests $ 7,812 $ 8,062 $ 2,158
Discontinued operations––net of tax 25 11 (15)
Net income from continuing operations before allocation to noncontrolling interests 7,787 8,051 2,172
Adjustments to reconcile net income from continuing operations before allocation to noncontrolling interests to net cash provided by/(used in) operating activities:      
Depreciation and amortization [1] 6,592 7,013 6,290
Asset write-offs and impairments 5,270 4,242 3,408
Deferred taxes (2,133) (2,102) (3,442)
Share-based compensation expense 799 877 525
Benefit plan contributions in excess of expense/income (786) (12) (787)
Inventory write-offs and related charges associated with COVID-19 products [2] 0 0 6,199
Other adjustments, net (470) (2,260) (3,492)
Other changes in assets and liabilities, net of acquisitions and divestitures:      
Trade accounts receivable (263) (109) 347
Inventories [2] 561 (854) (1,169)
Other assets 1,289 3,380 (663)
Trade accounts payable (469) (1,023) (300)
Other liabilities [3] (3,667) (3,115) 595
Other tax accounts, net (2,805) (1,345) (982)
Net cash provided by/(used in) operating activities 11,704 12,744 8,700
Investing Activities      
Purchases of property, plant and equipment (2,629) (2,909) (3,907)
Purchases of short-term investments (14,356) (10,133) (30,974)
Proceeds from redemptions/sales of short-term investments 17,959 4,128 39,264
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less (2,675) 3,136 5,174
Purchases of long-term investments (294) (180) (204)
Proceeds from redemptions/sales of long-term investments 1,095 1,570 1,979
Proceeds from partial sales of investment in Haleon [4] 6,311 7,040 0
Acquisitions of businesses, net of cash acquired (6,927) 0 (43,430)
Other investing activities, net 165 2 (179)
Net cash provided by/(used in) investing activities (1,351) 2,652 (32,278)
Financing Activities      
Proceeds from short-term borrowings 0 8,907 4,525
Payments on short-term borrowings (2,199) (11,226) (3)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less (796) (2,590) 3,161
Proceeds from issuance of long-term debt 9,678 0 30,831
Payments on long-term debt (6,757) (2,250) (2,569)
Cash dividends paid (9,771) (9,512) (9,247)
Other financing activities, net (458) (469) (631)
Net cash provided by/(used in) financing activities (10,304) (17,140) 26,066
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents 41 (66) (40)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents 91 (1,810) 2,448
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period 1,107 2,917 468
Cash and cash equivalents and restricted cash and cash equivalents, at end of period 1,197 1,107 2,917
Cash paid/(received) during the period for:      
Income taxes 4,688 3,605 3,147
Interest paid 2,739 3,227 2,215
Interest rate hedges 140 178 134
Non-cash transaction:      
Right-of-use assets obtained in exchange for lease liabilities $ 288 $ 283 $ 614
[1] Certain production facilities are shared. Depreciation is allocated based on estimates of physical production.
[2] See Note 17A.
[3] See Note 17C.
[4] See Note 2C.