We have agreements with various third-party financial institutions pertaining to the sales of certain types of our accounts receivable. The most significant of these programs are discussed in detail below and generally consist of (1) receivables arising from equipment installment plans, which are sold for cash and beneficial interests, such as deferred purchase price, when applicable, and (2) revolving trade receivables, which are sold for cash. Under the terms of our agreements for these programs, we continue to service the transferred receivables on behalf of the financial institutions.


	Three months ended
	March 31,
		2026		2025
Net cash received (paid) from equipment installment receivables program1		$	268	$	859
Net cash received (paid) from revolving receivables program		(34)		133

Total net cash impact to cash flows from operating activities2		$	234	$	992
1Cash from initial sales of $3,483 and $3,798 for the three months ended March 31, 2026 and 2025, respectively.
2Net of facility fees.

The sales of receivables did not have a material impact on our consolidated statements of income or to “Total Assets” reported on our consolidated balance sheets. We reflect cash receipts on sold receivables as cash flows from operations in our consolidated statements of cash flows. In the event cash is received on the beneficial interests, those receipts are classified as cash flows from investing activities, when applicable.


	March 31, 2026				December 31, 2025
	Equipment				Equipment
	Installment		Revolving		Installment		Revolving
Gross receivables:	$	2,961	$	377	$	3,725	$	425
Balance sheet classification
Accounts receivable
Notes receivable	1,532		—		1,886		—
Trade receivables	282		377		304		425
Other Assets
Noncurrent notes and trade receivables	1,147		—		1,535		—

Outstanding portfolio of receivables derecognized from our consolidated balance sheets	$	12,585	$	2,940	$	11,987	$	2,940
Cash proceeds received, net of remittances1	9,838		2,940		9,617		2,940
1Represents amounts to which financial institutions remain entitled, excluding the beneficial interests.

We offer our customers the option to purchase certain wireless devices in installments over a specified period of time and, in many cases, once certain conditions are met, they may be eligible to trade in the original equipment for a new device and have the remaining unpaid balance paid or settled.

We maintain a program under which we transfer a portion of these receivables through our bankruptcy-remote subsidiary in exchange for cash and beneficial interests. In the event a customer trades in a device prior to the end of the installment contract period, we agree to make a payment to the financial institutions equal to any outstanding remaining installment receivable balance. Accordingly, we record a guarantee obligation for this estimated amount at the time the receivables are transferred.


	Three months ended
	March 31,
		2026		2025
Gross receivables sold1		$	3,516	$	3,835
Net receivables sold2		3,355		3,688
Cash proceeds received		3,483		3,798

Guarantee obligation recorded		279		280
1Receivables net of promotion credits.
2Receivables net of allowance and other reserves.

Beneficial interests, when applicable, and guarantee obligations are initially recorded at estimated fair value and subsequently adjusted for changes in present value of expected cash flows. The estimation of their fair values is based on remaining installment payments expected to be collected and the expected timing and value of device trade-ins. The estimated value of the device trade-ins considers prices offered to us by independent third parties and contemplates changes in value after the launch of a device model. The fair value measurements used for the beneficial interests and the guarantee obligation are considered Level 3 under the Fair Value Measurement and Disclosure framework (see Note 7).


	Three months ended
	March 31,
		2026		2025
Fair value of repurchased receivables		$	725	$	1,937
Carrying value of beneficial interests		726		1,933
Gain (loss) on repurchases1		$	(1)	$	4
1These gains (losses) are included in “Selling, general and administrative” expense in the consolidated statements of income.

At March 31, 2026 and December 31, 2025, our beneficial interests were $2,463 and $2,067, respectively, of which $1,737 and $1,338 are included in “Prepaid and other current assets” on our consolidated balance sheets, with the remainder in “Other Assets.” The guarantee obligation at March 31, 2026 and December 31, 2025 was $447 and $410, respectively, of which $227 and $216 are included in “Accounts payable and accrued liabilities” on our consolidated balance sheets, with the remainder in “Other noncurrent liabilities.” Our maximum exposure to loss as a result of selling these equipment installment receivables is limited to the total amount of our beneficial interests and guarantee obligation.

During 2025, we expanded our revolving agreement to transfer up to $2,940 of certain receivables through our bankruptcy-remote subsidiaries to various financial institutions on a recurring basis in exchange for cash equal to the gross receivables transferred. This agreement is subject to renewal on an annual basis and the transfer limit may be expanded or reduced from time to time. As customers pay their balances, we transfer additional receivables into the program, resulting in our gross receivables sold exceeding net cash flow impacts (e.g., collect and reinvest). The transferred receivables are fully guaranteed by our bankruptcy-remote subsidiaries, which hold additional receivables in the amount of $377 that are pledged as collateral under this agreement. The transfers are recorded at fair value of the proceeds received and obligations assumed less derecognized receivables. Our maximum exposure to loss related to these receivables transferred is limited to the derecognized amount outstanding.


	Three months ended
	March 31,
		2026		2025
Gross receivables sold/cash proceeds received1		$	7,501	$	7,343
Total collections under revolving agreement		7,501		7,173

Net cash proceeds received		$	—	$	170

Net receivables sold2		$	7,294	$	7,142

1Includes initial sales of receivables of $0 and $170 for the three months ended March 31, 2026 and 2025, respectively.

2Receivables net of allowance and other reserves.