v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 62,578 $ 34,540
Adjustments:    
Depreciation of property and equipment 6,482 4,487
Stock-based compensation expense 6,751 5,516
Deferred income taxes 6,920 (1,152)
Loss (gain) on debt and equity securities, net (36,804) (9,960)
Other 1,265 481
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable, net (363) 1,638
Income taxes, net 8,101 7,197
Other assets (3,403) (1,288)
Accounts payable (240) (880)
Accrued expenses and other liabilities (6,002) (4,929)
Deferred revenue 505 500
Net cash provided by operating activities 45,790 36,150
Investing activities    
Purchases of property and equipment (35,674) (17,197)
Purchases of marketable securities (31,041) (18,453)
Maturities and sales of marketable securities 38,001 20,345
Purchases of non-marketable securities (906) (958)
Maturities and sales of non-marketable securities 848 259
Acquisitions, net of cash acquired, and purchases of intangible assets (33,621) (340)
Other investing activities (996) 150
Net cash used in investing activities (63,389) (16,194)
Financing activities    
Net payments related to stock-based award activities (5,483) (3,110)
Repurchases of stock 0 (15,068)
Dividend payments (2,542) (2,434)
Proceeds from issuance of debt, net of costs 31,379 4,532
Repayments of debt (1,477) (4,521)
Proceeds from sale of interest in consolidated entities, net 3,200 400
Net cash provided by (used in) financing activities 25,077 (20,201)
Effect of exchange rate changes on cash and cash equivalents (123) 43
Net increase (decrease) in cash and cash equivalents 7,355 (202)
Cash and cash equivalents at beginning of period 30,708 23,466
Cash and cash equivalents at end of period 38,063 23,264
Supplemental disclosures of non-cash investing activities:    
Property and equipment included in accrued liabilities and accounts payable $ 24,131 $ 11,388