v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net income $ 2,479 $ 1,909
Adjustments to reconcile net income to net cash provided by (used for) operating activities:    
Share-based compensation 138 126
Depreciation and amortization 201 217
Amortization of acquired intangible assets 132 130
Provision (benefit) for deferred income taxes (10) (35)
Premium amortization, net, on available for sale and held to maturity securities 174 178
Other 183 144
Net change in:    
Investments segregated and on deposit for regulatory purposes 7,827 3,354
Receivables from brokers, dealers, and clearing organizations (4,618) (488)
Receivables from brokerage clients (1,571) 910
Other assets (584) (83)
Payables to brokers, dealers, and clearing organizations 2,418 2,408
Payables to brokerage clients 1,645 (980)
Accrued expenses and other liabilities (1,072) (1,431)
Net cash provided by (used for) operating activities 7,342 6,359
Cash Flows from Investing Activities    
Purchases of available for sale securities (2,199) (1,067)
Proceeds from sales of available for sale securities 1,541 1,621
Principal payments on available for sale securities 1,838 8,772
Purchases of held to maturity securities (635) (381)
Principal payments on held to maturity securities 3,319 3,432
Net change in bank loans (3,021) (1,928)
Cash paid for acquisition, net of cash acquired (577) 0
Purchases of equipment, office facilities, and property (140) (117)
Purchases of FHLB stock 0 (194)
Proceeds from sales of FHLB stock 80 419
Purchases of Federal Reserve stock 0 (4)
Proceeds from sales of Federal Reserve stock 13 4
Other investing activities (229) (87)
Net cash provided by (used for) investing activities (10) 10,470
Cash Flows from Financing Activities    
Net change in bank deposits (2,706) (12,961)
Proceeds from FHLB borrowings 0 5,000
Repayments of FHLB borrowings (1,850) (10,200)
Proceeds from other short-term borrowings 17,137 8,498
Repayments of other short-term borrowings (11,594) (7,574)
Repayments of long-term debt (1,608) (981)
Repurchases of common stock and nonvoting common stock (2,378) (1,500)
Dividends paid (632) (595)
Proceeds from stock options exercised 47 39
Other financing activities (129) (88)
Net cash provided by (used for) financing activities (3,713) (20,362)
Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted 3,619 (3,533)
Cash and Cash Equivalents, including Amounts Restricted at Beginning of Year 69,661 65,514
Cash and Cash Equivalents, including Amounts Restricted at End of Period [1] 73,280 61,981
Non-cash investing activity:    
Changes in accrued equipment, office facilities, and property purchases 33 39
Cash paid during the year for:    
Interest 778 1,193
Income taxes, net 92 41
Amounts included in the measurement of lease liabilities 64 63
Leased assets obtained in exchange for new operating lease liabilities $ 46 $ 15
[1] For more information on the nature of restrictions on restricted cash and cash equivalents, see Note 18.