v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:      
Net income $ 8,510 $ 480 $ 5,613
Adjustments to reconcile Net income to Net cash provided by operating activities:      
Depreciation expense 370 381 354
Amortization expense 2,390 2,386 2,339
Stock-based compensation expense 894 835 766
Deferred income taxes 160 (1,844) (962)
Net (gain) loss from equity securities (451) 274 167
Acquired in-process research and development expenses 1,024 4,663 1,155
In-process research and development impairments 590 4,180 50
Other, net 480 353 826
Changes in operating assets and liabilities:      
Accounts receivable, net (367) 139 157
Inventories (1,036) (426) (842)
Prepaid expenses and other (311) (259) 39
Accounts payable (132) 290 (347)
Income tax assets and liabilities, net (2,108) (732) (1,768)
Accrued and other liabilities 6 108 458
Net cash provided by operating activities 10,019 10,828 8,006
Investing Activities:      
Purchases of marketable debt securities (3,939) (244) (1,930)
Proceeds from sales of marketable debt securities 854 2,265 510
Proceeds from maturities of marketable debt securities 55 327 1,334
Acquisitions, including in-process research and development, net of cash acquired (1,070) (4,840) (1,152)
Purchases of equity securities (133) (492) (442)
Purchases of property, plant and equipment (563) (523) (585)
Other investing activities, net 2 58 (1)
Net cash used in investing activities (4,793) (3,449) (2,265)
Financing Activities:      
Proceeds from debt financing, net of issuance costs 0 3,464 1,980
Proceeds from issuances of common stock 408 422 232
Repurchases of common stock under repurchase programs (1,922) (1,150) (1,000)
Repayments of debt and other obligations (1,788) (1,970) (2,250)
Payments of dividends (4,003) (3,918) (3,809)
Other financing activities, net (440) (281) (279)
Net cash used in financing activities (7,745) (3,433) (5,125)
Effect of exchange rate changes on cash and cash equivalents 92 (40) 57
Net change in cash and cash equivalents (2,428) 3,906 673
Cash and cash equivalents at beginning of period 9,991 6,085 5,412
Cash and cash equivalents at end of period $ 7,564 $ 9,991 $ 6,085