v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities:    
Net income $ 2,021 $ 1,315
Adjustments to reconcile Net income to Net cash provided by operating activities:    
Depreciation expense 93 97
Amortization expense 596 599
Stock-based compensation expense 218 209
Deferred income taxes 179 (199)
Net (gain) loss from equity securities (142) 426
Acquired in-process research and development expenses 107 253
Other, net 183 91
Changes in operating assets and liabilities:    
Accounts receivable, net 134 79
Inventories (52) (223)
Prepaid expenses and other 5 12
Accounts payable (67) (105)
Income tax assets and liabilities, net (29) (552)
Accrued and other liabilities (702) (244)
Net cash provided by operating activities 2,544 1,757
Investing Activities:    
Purchases of marketable debt securities (525) 0
Proceeds from sales of marketable debt securities 2,520 0
Proceeds from maturities of marketable debt securities 36 0
Acquisitions, including in-process research and development, net of cash acquired (109) (273)
Purchases of equity securities (19) (16)
Purchases of property, plant and equipment (117) (104)
Other investing activities, net (17) (23)
Net cash provided by (used in) investing activities 1,770 (415)
Financing Activities:    
Proceeds from issuances of common stock 166 252
Repurchases of common stock under repurchase programs (419) (730)
Repayments of debt and other obligations (2,766) (1,762)
Payments of dividends (1,040) (1,010)
Other financing activities, net (179) (176)
Net cash used in financing activities (4,239) (3,426)
Effect of exchange rate changes on cash and cash equivalents (11) 19
Net change in cash and cash equivalents 65 (2,065)
Cash and cash equivalents at beginning of period 7,564 9,991
Cash and cash equivalents at end of period $ 7,628 $ 7,926