v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income from Continuing Operations Before Income Taxes
Income from continuing operations before income taxes consisted of the following (in millions):
Year Ended December 31,
 202320242025
Domestic operations$73,600 $108,076 $143,591 
Foreign operations12,117 11,739 15,235 
Total$85,717 $119,815 $158,826 
Schedule of Components of Income Tax Expense (Benefit)
Provision for income taxes consisted of the following (in millions):
Year Ended December 31,
 202320242025
Current:
Federal and state$15,716 $21,101 $13,378 
Foreign3,935 3,852 5,028 
Total19,651 24,953 18,406 
Deferred:
Federal and state(7,482)(5,350)8,243 
Foreign(247)94 7 
Total(7,729)(5,256)8,250 
Provision for income taxes$11,922 $19,697 $26,656 
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation of federal statutory income tax rate to our effective income tax rate was as follows:
Year Ended December 31,
 202320242025
US federal statutory rate18,001 21.0 %25,161 21.0 %33,353 21.0 %
State and local income taxes, net of federal income tax effect(1)
823 1.0 %1,199 1.0 %1,606 1.0 %
Foreign tax effects:
Brazil:
Withholding taxes1,064 1.2 %1,041 0.9 %1,384 0.9 %
Other62 0.1 %12 0.0 %23 0.0 %
Other foreign jurisdictions(74)(0.1)%353 0.3 %396 0.2 %
Effect of change in tax laws or rates enacted in the current period(829)(1.0)%0 0.0 %0 0.0 %
Effect of cross-border tax laws:
Foreign-derived intangible income deduction(3,980)(4.6)%(4,568)(3.8)%(3,931)(2.5)%
Other215 0.2 %321 0.3 %295 0.2 %
Tax credits:
Federal research credit(1,575)(1.8)%(1,792)(1.5)%(2,088)(1.3)%
Foreign tax credits(1,396)(1.6)%(1,373)(1.1)%(1,684)(1.1)%
Other(498)(0.6)%(198)(0.2)%(98)(0.1)%
Changes in valuation allowances513 0.6 %603 0.5 %1,170 0.7 %
Nontaxable or nondeductible items:
Stock-based compensation expense(602)(0.7)%(1,743)(1.5)%(2,601)(1.6)%
Other169 0.2 %203 0.2 %955 0.6 %
Changes in unrecognized tax benefits432 0.5 %689 0.6 %(1,123)(0.7)%
Other adjustments(403)(0.5)%(211)(0.2)%(1,002)(0.6)%
Total$11,922 13.9 %$19,697 16.4 %$26,656 16.8 %
(1)    The tax effect in this category primarily reflects state and local taxes in New York state, New York city, Pennsylvania, Minnesota, Illinois, New Jersey and Wisconsin.
Schedule of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets and liabilities were as follows (in millions):
As of December 31,
20242025
Deferred tax assets:
Accrued employee benefits$1,834 $1,951 
Accruals and reserves not currently deductible2,552 3,570 
Tax credits6,384 7,314 
Net operating losses3,472 4,953 
Operating leases3,336 3,337 
Capitalized research and development
25,903 24,758 
Other1,376 2,143 
Total deferred tax assets44,857 48,026 
Valuation allowance(11,493)(13,942)
Total deferred tax assets net of valuation allowance33,364 34,084 
Deferred tax liabilities:
Property and equipment, net(9,932)(13,256)
Net investment gains(2,978)(8,242)
Operating leases(2,986)(3,103)
Other(1,008)(1,289)
Total deferred tax liabilities(16,904)(25,890)
Net deferred tax assets (liabilities)$16,460 $8,194 
Schedule of Income Taxes Paid, Net of Refunds
Cash paid for income taxes, net of refunds, were as follows (in millions):
Year Ended December 31,
202320242025
US federal$13,689 $19,921 $13,658 
US state and local1,224 2,697 2,919 
Foreign:
Brazil
1,264 1,101 1,368 
Other2,987 3,634 3,581 
Total foreign4,251 4,735 4,949 
Total cash paid for income taxes, net of refunds$19,164 $27,353 $21,526 
Schedule of Unrecognized Tax Benefits
The following table summarizes the activity related to our gross unrecognized tax benefits (in millions):
Year Ended December 31,
 202320242025
Beginning gross unrecognized tax benefits$7,055 $9,438 $12,619 
Increases related to prior year tax positions740 896 278 
Decreases related to prior year tax positions(682)(83)(1,301)
Decreases related to settlement with tax authorities(21)(311)(2,183)
Increases related to current year tax positions2,346 2,679 2,099 
Ending gross unrecognized tax benefits$9,438 $12,619 $11,512