v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net earnings $ 4,233 $ 4,286 $ 4,873
Adjustments to reconcile net earnings to net cash from operating activities:      
Depreciation 762 764 752
Amortization of intangible assets 7,377 7,622 7,946
Deferred income taxes (492) (1,449) (2,889)
Change in fair value of contingent consideration liabilities 6,495 3,771 5,128
Payments of contingent consideration liabilities (2,865) (1,995) (870)
Stock-based compensation 955 911 747
Acquired IPR&D and milestones 5,016 2,757 778
Non-cash litigation reserve adjustments, net of cash payments (933) 508 (443)
Impairment of intangible assets 847 4,476 4,229
Other, net (3) (63) (225)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (1,490) 207 66
Inventories (234) (319) (417)
Prepaid expenses and other assets (827) 361 (188)
Accounts payable and other liabilities 951 177 3,840
Income tax assets and liabilities, net (762) (3,208) (488)
Cash flows from operating activities 19,030 18,806 22,839
Cash flows from investing activities      
Acquisition of businesses, net of cash acquired (204) (17,493) 0
Other acquisitions and investments, net of cash acquired (5,237) (3,024) (1,223)
Acquisitions of property and equipment (1,214) (974) (777)
Purchases of investment securities (35) (73) (77)
Sales and maturities of investment securities 76 555 55
Other, net (29) 189 13
Cash flows from investing activities (6,643) (20,820) (2,009)
Cash flows from financing activities      
Net change in commercial paper borrowings with original maturities of three months or less 499 0 0
Proceeds from Short-Term Debt 4,798 5,008 0
Repayments of Other Short-Term Debt (2,798) (5,008) 0
Proceeds from issuance of long-term debt 3,994 16,963  
Repayments of long-term debt and finance lease obligations (6,797) (9,613) (4,149)
Debt issuance costs (23) (99) (38)
Dividends paid (11,657) (11,025) (10,539)
Purchases of treasury stock (980) (1,708) (1,972)
Proceeds from the exercise of stock options 172 214 180
Payments of contingent consideration liabilities 0 0 (752)
Other, net 68 57 48
Cash flows from financing activities (12,724) (5,211) (17,222)
Effect of exchange rate changes on cash and equivalents 42 (65) 5
Net change in cash and equivalents (295) (7,290) 3,613
Cash and equivalents, beginning of year 5,524 12,814 9,201
Cash and equivalents, end of year 5,229 5,524 12,814
Other supplemental information      
Interest paid, net of portion capitalized $ 3,002 $ 2,811 $ 2,469