v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net earnings $ 5,630 $ 4,738
Adjustments to reconcile net earnings to net cash used for operating activities:    
Depreciation and amortization 495 506
Deferred income taxes (47) 154
Share-based compensation 2,530 2,417
Provision for credit losses 315 287
Changes in operating assets and liabilities:    
Customer and other receivables and payables, net 36,161 (907)
Collateralized transactions (excluding other secured financings), net (14,041) (48,685)
Trading assets (104,035) (21,266)
Trading liabilities 48,637 29,640
Loans held for sale, net (2,008) (501)
Other, net (5,505) (3,613)
Net cash used for operating activities (31,868) (37,230)
Cash flows from investing activities    
Purchase of property, leasehold improvements and equipment (565) (499)
Proceeds from sales of property, leasehold improvements and equipment 63 145
Net cash used for business acquisitions (359) 0
Available-for-sale securities:    
Purchases (62,327) (32,532)
Proceeds from sales 24,194 22,889
Proceeds from paydowns and maturities 90 0
Held-to-maturity securities:    
Purchases (9,289) (4,595)
Proceeds from paydowns and maturities 4,613 4,572
Other investments:    
Purchases (2,605) (2,280)
Proceeds from sales, paydowns and maturities 2,885 2,523
Loans (excluding loans held for sale), net (13,007) (12,970)
Net cash used for investing activities (56,307) (22,747)
Cash flows from financing activities    
Unsecured short-term borrowings, net 7,232 2,932
Other secured financings (short-term), net 7,234 (3,821)
Proceeds from issuance of other secured financings (long-term) 651 460
Repayment of other secured financings (long-term), including the current portion (73) (600)
Proceeds from issuance of unsecured long-term borrowings 58,244 28,594
Repayment of unsecured long-term borrowings, including the current portion (20,402) (16,540)
Derivative contracts with a financing element, net 1,239 906
Deposits, net 60,819 36,332
Preferred stock redemption (1,450) 0
Common stock repurchased (5,000) (4,360)
Settlement of share-based awards in satisfaction of withholding tax requirements (2,605) (1,851)
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards (1,588) (1,115)
Proceeds from issuance of preferred stock, net of issuance costs 0 1,895
Other financing, net (7) (6)
Net cash provided by financing activities 104,294 42,826
Effect of exchange rate changes on cash and cash equivalents (848) 2,467
Net increase/(decrease) in cash and cash equivalents 15,271 (14,684)
Cash and cash equivalents, beginning balance 164,259 182,092
Cash and cash equivalents, ending balance 179,530 167,408
Supplemental disclosures:    
Cash payments for interest, net of capitalized interest $ 18,027 $ 15,954