v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating activities        
Net income $ 2,714 $ 3,059 $ 8,889 $ 8,358
Adjustments to reconcile net income to net cash provided by operating activities        
Depreciation and amortization 3,408 3,151 9,752 9,770
Stock-based compensation expense 227 170 613 474
Deferred income tax expense 797 817 2,505 2,279
Bad debt expense 337 299 925 836
Losses from sales of receivables 17 23 58 69
Impairment expense 278 0 278 0
Changes in operating assets and liabilities        
Accounts receivable (366) (734) (797) (2,436)
Equipment installment plan receivables 44 (72) 133 360
Inventory (537) (448) (591) (57)
Operating lease right-of-use assets 929 877 2,667 2,605
Other current and long-term assets (322) (19) (983) (275)
Accounts payable and accrued liabilities 890 (165) 729 (1,861)
Short- and long-term operating lease liabilities (936) (805) (2,720) (2,970)
Other current and long-term liabilities (239) (125) (409) (657)
Other, net 216 111 247 249
Net cash provided by operating activities 7,457 6,139 21,296 16,744
Investing activities        
Purchases of property and equipment, including capitalized interest of $(13), $(9), $(33) and $(26) (2,639) (1,961) (7,486) (6,628)
Purchases of spectrum licenses and other intangible assets, including deposits (1,590) (2,419) (2,505) (2,636)
Proceeds from the sale of property, equipment and intangible assets 18 15 2,091 38
Proceeds related to beneficial interests in securitization transactions 0 984 0 2,832
Acquisition of companies, net of cash acquired (2,797) 0 (3,523) (390)
Investments in unconsolidated affiliates, net (3,072) 0 (4,055) 0
Other, net (59) 74 371 12
Net cash used in investing activities (10,139) (3,307) (15,107) (6,772)
Financing activities        
Proceeds from issuance of long-term debt, net 498 2,480 8,266 8,089
Repayments of financing lease obligations (318) (347) (964) (1,025)
Repayments of long-term debt (828) (223) (4,564) (3,169)
Repurchases of common stock (2,479) (560) (7,528) (6,541)
Dividends on common stock (987) (758) (2,986) (2,286)
Tax withholdings on share-based awards (92) (36) (394) (244)
Other, net (32) (49) (80) (117)
Net cash (used in) provided by financing activities (4,238) 507 (8,250) (5,293)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash 0 0 13 0
Change in cash and cash equivalents, including restricted cash (6,920) 3,339 (2,048) 4,679
Cash and cash equivalents, including restricted cash        
Beginning of period 10,585 6,647 5,713 5,307
End of period $ 3,665 $ 9,986 $ 3,665 $ 9,986