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 $ 5,146 $ 4,983
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 4,892 4,577
Employee retirement benefits (117) 143
Deferred income taxes 703 132
Provision for expected credit losses 581 587
Equity in losses of unconsolidated businesses, inclusive of dividends received 3 20
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses (3,082) (2,618)
Other, net (142) (42)
Net cash provided by operating activities 7,984 7,782
Cash Flows from Investing Activities    
Capital expenditures (including capitalized software) (4,201) (4,145)
Cash paid related to acquisitions of businesses, net of cash acquired (9,480) 0
Acquisitions of wireless licenses (83) (122)
Other, net 191 515
Net cash used in investing activities (13,573) (3,752)
Cash Flows from Financing Activities    
Proceeds from long-term borrowings 5,975 0
Proceeds from asset-backed long-term borrowings 6,154 2,781
Repayments of long-term borrowings and finance lease obligations (4,258) (2,446)
Repayments of asset-backed long-term borrowings (6,828) (2,589)
Dividends paid (2,910) (2,856)
Purchase of common stock for treasury (2,500) 0
Other, net (911) (783)
Net cash used in financing activities (5,278) (5,893)
Decrease in cash, cash equivalents and restricted cash (10,867) (1,863)
Cash, cash equivalents and restricted cash, beginning of period 19,499 4,635
Cash, cash equivalents and restricted cash, end of period $ 8,632 $ 2,772