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 $ 17,608 $ 17,949 $ 12,095
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 18,349 17,892 17,624
Employee retirement benefits 1,025 (52) 1,206
Deferred income taxes 2,340 815 2,388
Provision for expected credit losses 2,349 2,338 2,214
Equity in losses of unconsolidated businesses, inclusive of dividends received 42 75 84
Verizon Business Group goodwill impairment 0 0 5,841
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses:      
Accounts receivable (2,513) (2,565) (2,198)
Inventories (232) (196) 287
Prepaid expenses and other (1,394) (626) (435)
Accounts payable and accrued liabilities and Other current liabilities 1,819 1,109 2,079
Other, net (2,256) 173 (3,710)
Net cash provided by operating activities 37,137 36,912 37,475
Cash Flows from Investing Activities      
Capital expenditures (including capitalized software) (17,011) (17,090) (18,767)
Cash paid related to acquisitions of businesses, net of cash acquired 0 0 (30)
Acquisitions of wireless licenses (450) (900) (5,796)
Other, net 801 (684) 1,161
Net cash used in investing activities (16,660) (18,674) (23,432)
Cash Flows from Financing Activities      
Proceeds from long-term borrowings 18,268 3,146 2,018
Proceeds from asset-backed long-term borrowings 9,338 12,422 6,594
Repayments of long-term borrowings and finance lease obligations (11,352) (11,854) (6,181)
Repayments of asset-backed long-term borrowings (8,437) (8,490) (4,443)
Dividends paid (11,481) (11,249) (11,025)
Other, net (1,949) (1,075) (1,620)
Net cash used in financing activities (5,613) (17,100) (14,657)
Increase (decrease) in cash, cash equivalents and restricted cash 14,864 1,138 (614)
Cash, cash equivalents and restricted cash, beginning of period 4,635 3,497 4,111
Cash, cash equivalents and restricted cash, end of period $ 19,499 $ 4,635 $ 3,497