v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Nov. 28, 2025
Nov. 29, 2024
Dec. 01, 2023
Cash flows from operating activities:      
Net income $ 7,130 $ 5,560 $ 5,428
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and accretion 818 857 872
Stock-based compensation 1,942 1,833 1,718
Lease-related asset impairments 0 78 0
Deferred income taxes (512) (468) (426)
Other non-cash items 48 52 65
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities:      
Trade receivables, net (275) 143 (159)
Prepaid expenses and other assets (90) (616) (818)
Trade payables 64 44 (49)
Accrued expenses and other liabilities 180 196 146
Income taxes payable (45) 68 (11)
Deferred revenue 771 309 536
Net cash provided by operating activities 10,031 8,056 7,302
Cash flows from investing activities:      
Purchases of short-term investments (2,034) (59) 0
Maturities of short-term investments 1,168 486 965
Proceeds from sales of short-term investments 6 11 223
Acquisitions, net of cash acquired (17) 0 0
Purchases of property and equipment (179) (183) (360)
Purchases of long-term investments, intangibles and other assets (134) (108) (53)
Other investing activities, net 3 2 1
Net cash provided by (used for) investing activities (1,187) 149 776
Cash flows from financing activities:      
Repurchases of common stock (11,281) (9,500) (4,400)
Proceeds from re-issuance of treasury stock 348 361 314
Taxes paid related to net share settlement of equity awards (475) (677) (589)
Proceeds from issuance of debt 1,997 1,997 0
Repayment of debt (1,500) 0 (500)
Other financing activities, net (149) 95 (7)
Net cash used for financing activities (11,060) (7,724) (5,182)
Effect of foreign currency exchange rates on cash and cash equivalents 34 (9) 9
Net change in cash and cash equivalents (2,182) 472 2,905
Cash and cash equivalents at beginning of year 7,613 7,141 4,236
Cash and cash equivalents at end of year 5,431 7,613 7,141
Supplemental disclosures:      
Cash paid for income taxes, net of refunds 2,219 1,727 1,854
Cash paid for interest $ 246 $ 143 $ 106