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 $ 7,138 $ 6,747 $ 6,379
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 2,465 2,398 2,318
Deferred and other income taxes 241 28 117
Other operating activities, net (193) (13) (132)
Changes in current assets and liabilities:      
Accounts receivable, net 34 179 (177)
Materials and supplies (18) (26) (2)
Other current assets 25 (69) (38)
Accounts payable and other current liabilities (196) 189 (215)
Income and other taxes (206) (87) 129
Cash provided by operating activities 9,290 9,346 8,379
Investing activities      
Capital investments (3,791) (3,452) (3,606)
Other investing activities, net 29 127 (61)
Cash used in investing activities (3,762) (3,325) (3,667)
Financing activities      
Dividends paid (3,236) (3,213) (3,173)
Share repurchase programs (Note 18) (2,679) (1,505) (705)
Debt issued (Note 14) 1,995 800 1,599
Debt repaid (1,428) (2,226) (2,190)
Other financing activities, net 72 77 (156)
Cash used in financing activities (5,276) (6,067) (4,625)
Net change in cash, cash equivalents, and restricted cash 252 (46) 87
Cash, cash equivalents, and restricted cash at beginning of year 1,028 1,074 987
Cash, cash equivalents, and restricted cash at end of year 1,280 1,028 1,074
Non-cash investing and financing activities:      
Capital investments accrued but not yet paid 131 165 137
Cash paid during the year for:      
Federal income taxes, net of refunds (543) (986) (1,185)
Total state income taxes, net of refunds (321) (350) (295)
Foreign income taxes, net of refunds (13) (4) (6)
Interest, net of amounts capitalized (1,311) (1,260) (1,268)
California      
Cash paid during the year for:      
Total state income taxes, net of refunds (64)    
Other      
Cash paid during the year for:      
Total state income taxes, net of refunds $ (257) $ (350) $ (295)