v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income $ 8,852 $ 5,942 $ 5,067
Adjustments to reconcile net income to net cash provided by (used for) operating activities:      
Share-based compensation 317 337 320
Depreciation and amortization 850 916 804
Amortization of acquired intangible assets 512 519 534
Provision (benefit) for deferred income taxes 361 (191) (478)
Premium amortization, net, on available for sale and held to maturity securities 695 806 830
Other 729 552 702
Net change in:      
Investments segregated and on deposit for regulatory purposes (4,510) (14,090) 23,759
Receivables from brokers, dealers, and clearing organizations (4,750) 887 (451)
Receivables from brokerage clients (19,390) (16,779) (2,135)
Other assets (1,298) 92 (1,569)
Payables to brokers, dealers, and clearing organizations 12,353 6,688 1,808
Payables to brokerage clients 14,782 16,773 (12,652)
Accrued expenses and other liabilities (192) 218 3,048
Net cash provided by (used for) operating activities 9,311 2,670 19,587
Cash Flows from Investing Activities      
Purchases of available for sale securities (8,496) (2,986) (1,487)
Proceeds from sales of available for sale securities 8,987 3,532 8,465
Principal payments on available for sale securities 22,958 25,589 36,508
Purchases of held to maturity securities (1,083) 0 0
Principal payments on held to maturity securities 15,262 14,721 15,461
Net change in bank loans (12,807) (4,787) 99
Purchases of equipment, office facilities, and property (548) (620) (700)
Purchases of FHLB stock (1,023) (895) (1,869)
Proceeds from sales of FHLB stock 1,656 1,388 1,344
Purchases of Federal Reserve stock (9) (189) (221)
Proceeds from sales of Federal Reserve stock 11 0 98
Other investing activities (370) (322) (287)
Net cash provided by (used for) investing activities 24,538 35,431 57,411
Cash Flows from Financing Activities      
Net change in bank deposits (3,374) (30,832) (76,771)
Proceeds from FHLB borrowings 28,360 23,001 49,200
Repayments of FHLB borrowings (43,210) (32,701) (35,200)
Proceeds from other short-term borrowings 37,046 27,017 17,000
Repayments of other short-term borrowings (36,184) (27,571) (15,104)
Issuances of long-term debt 1,986 0 6,097
Repayments of long-term debt (2,248) (3,682) (831)
Repurchases of common stock and nonvoting common stock (7,346) 0 (2,842)
Redemption and repurchase of preferred stock (2,458) 0 (467)
Dividends paid (2,329) (2,275) (2,276)
Proceeds from stock options exercised 156 84 49
Other financing activities (101) (101) (100)
Net cash provided by (used for) financing activities (29,702) (47,060) (61,245)
Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted 4,147 (8,959) 15,753
Cash and Cash Equivalents, including Amounts Restricted at Beginning of Year 65,514 [1] 74,473 [1] 58,720
Cash and Cash Equivalents, including Amounts Restricted at End of Year [1] 69,661 65,514 74,473
Non-cash investing activity:      
Changes in accrued equipment, office facilities, and property purchases 54 (13) 104
Cash paid during the year for:      
Interest 4,557 6,655 5,623
Amounts included in the measurement of lease liabilities 246 260 255
Leased assets obtained in exchange for new operating lease liabilities 322 153 118
Leased assets obtained in exchange for new finance lease liabilities $ 11 $ 0 $ 48
[1] For more information on the nature of restrictions on restricted cash and cash equivalents, see Note 23.