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 $ 7,711 $ 4,090 $ 6,717
Noncash adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and other 5,167 5,592 4,071
Impairment of intangible assets 1,200 159 851
Stock-based compensation expense 494 530 431
Deferred income taxes (721) (1,228) (1,273)
(Gains) losses on equity securities (2,064) 159 (1,565)
Other items, net 149 (177) (277)
Changes in operating assets and liabilities, net of acquisitions:      
Trade receivables, net (2,676) 441 (1,015)
Inventories 886 2,532 491
Other assets (1,267) (652) (564)
Accounts payable 428 312 (402)
Accrued income taxes, net (2,068) (1,011) (1,031)
Long-term tax liabilities 311 (492) 371
Accrued liabilities 499 92 953
Accrued sales incentives and allowance 2,065 1,194 935
Other liabilities (156) (51) (222)
Net cash provided by operating activities 9,958 11,490 8,471
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash acquired (53) 0 (26,989)
Proceeds from sales of marketable securities 0 0 1,123
Proceeds from maturities of marketable securities 0 0 550
Purchases of property, plant and equipment (1,858) (1,096) (1,112)
Other (32) 50 224
Net cash used in investing activities (1,943) (1,046) (26,204)
Cash flows from financing activities:      
Net proceeds from issuance of debt 0 0 27,777
Extinguishment of debt (683) (659) (647)
Repayment of debt (5,000) (3,600) (1,454)
Repurchases of common stock 0 (200) 0
Dividends paid (5,124) (4,832) (4,556)
Other (52) (124) (72)
Net cash (used in) provided by financing activities (10,859) (9,415) 21,048
(Decrease) increase in cash and cash equivalents (2,844) 1,029 3,315
Cash and cash equivalents at beginning of year 11,973 10,944 7,629
Cash and cash equivalents at end of year $ 9,129 $ 11,973 $ 10,944