Consolidated Statement of Cash Flow for the Years Ended December 31 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$ 8,882	$ 10,788	$ 10,332
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	2,262	2,153	2,144
Actuarial (gain) loss on pension and postretirement benefits	(294)	(154)	(97)
Provision (benefit) for deferred income taxes	465	(621)	(592)
(Gain) loss on divestiture	30	164	572
Other	742	564	375
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(2,138)	(160)	(437)
Inventories	(1,477)	(414)	(364)
Accounts payable	1,179	(282)	(754)
Accrued expenses	438	191	796
Accrued wages, salaries and employee benefits	187	(363)	486
Customer advances	1,933	370	80
Other assets – net	(176)	(97)	(95)
Other liabilities – net	(294)	(104)	439
Net cash provided by (used for) operating activities	11,739	12,035	12,885
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(2,821)	(1,988)	(1,597)
Expenditures for equipment leased to others	(1,465)	(1,227)	(1,495)
Proceeds from disposals of leased assets and property, plant and equipment	708	722	781
Additions to finance receivables	(15,329)	(15,409)	(15,161)
Collections of finance receivables	13,515	13,608	14,034
Proceeds from sale of finance receivables	71	83	63
Investments and acquisitions (net of cash acquired)	(47)	(34)	(75)
Proceeds from sale of businesses and investments (net of cash sold)	22	(61)	(4)
Proceeds from maturities and sale of securities	2,494	3,155	1,891
Investments in securities	(1,930)	(1,495)	(4,405)
Other – net	75	193	97
Net cash provided by (used for) investing activities	(4,707)	(2,453)	(5,871)
Cash flow from financing activities:
Dividends paid	(2,749)	(2,646)	(2,563)
Common stock issued, and other stock compensation transactions, net	(16)	20	12
Payments to purchase common stock	(5,190)	(7,697)	(4,975)
Excise tax paid on purchases of common stock	(73)	(40)	0
Short-term borrowings – net (original maturities three months or less)	1,106	(168)	(1,345)
Other – net	(1)	(1)	0
Net cash provided by (used for) financing activities	(3,899)	(9,565)	(6,932)
Effect of exchange rate changes on cash	(43)	(106)	(110)
Increase (decrease) in cash, cash equivalents and restricted cash	3,090	(89)	(28)
Cash, cash equivalents and restricted cash at beginning of period	6,896	6,985	7,013
Cash, cash equivalents and restricted cash at end of period	9,986	6,896	6,985
Machinery, Power & Energy
Cash flow from financing activities:
Proceeds from debt issued (original maturities greater than three months):	1,976	0	0
Payments on debt (original maturities greater than three months):	(51)	(1,032)	(106)
Financial Products
Cash flow from financing activities:
Proceeds from debt issued (original maturities greater than three months):	9,129	10,283	8,257
Payments on debt (original maturities greater than three months):	$ (8,030)	$ (8,284)	$ (6,212)

Consolidated Financial Position at December 31 - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 9,980	$ 6,889
Receivables – trade and other	10,920	9,282
Receivables – finance	10,649	9,565
Prepaid expenses and other current assets	2,801	3,119
Inventories	18,135	16,827
Total current assets	52,485	45,682
Property, plant and equipment - net	15,140	13,361
Long-term receivables – trade and other	2,142	1,225
Long-term receivables – finance	14,272	13,242
Noncurrent deferred and refundable income taxes	2,882	3,312
Intangible assets	241	399
Goodwill	5,321	5,241
Other assets	6,102	5,302
Total assets	98,585	87,764
Short-term borrowings:
Short-term borrowings	5,514	4,393
Accounts payable	8,968	7,675
Accrued expenses	5,587	5,243
Accrued wages, salaries and employee benefits	2,554	2,391
Customer advances	3,314	2,322
Dividends payable	703	674
Other current liabilities	2,798	2,909
Long-term debt due within one year:
Total current liabilities	36,558	32,272
Long-term debt due after one year:
Liability for postemployment benefits	3,838	3,757
Other liabilities	6,175	4,890
Total liabilities	77,267	68,270
Commitments and contingencies
Shareholders’ equity
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Authorized shares: 2,000,000,000 Issued shares: (2025 and 2024 – 814,894,624 shares) at paid-in amount	$ 7,181	$ 6,941
Treasury stock: (2025 - 349,607,292 shares; and 2024 - 336,962,600 shares) at cost	(49,539)	(44,331)
Profit employed in the business	65,448	59,352
Accumulated other comprehensive income (loss)	(1,772)	(2,471)
Noncontrolling interests	0	3
Total shareholders’ equity	21,318	19,494
Total liabilities and shareholders’ equity	98,585	87,764
Machinery, Power & Energy
Short-term borrowings:
Short-term borrowings	0	0
Long-term debt due within one year:
Long-term debt due within one year	35	46
Long-term debt due after one year:
Long-term debt due after one year	10,678	8,564
Financial Products
Short-term borrowings:
Short-term borrowings	5,514	4,393
Long-term debt due within one year:
Long-term debt due within one year	7,085	6,619
Long-term debt due after one year:
Long-term debt due after one year	$ 20,018	$ 18,787