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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net income $ 9,514 $ 10,228
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization 1,198 1,087
Depreciation 1,020 1,029
Income from investments in equity securities, net (189) (200)
Charge for research and development asset acquisition 0 656
Deferred income taxes (634) (232)
Share-based compensation 411 379
Other 444 174
Net changes in assets and liabilities (5,971) (4,394)
Net Cash Provided by Operating Activities 5,793 8,727
Cash Flows from Investing Activities    
Capital expenditures (2,092) (1,652)
Purchases of securities and other investments (1,207) (64)
Proceeds from sales of securities and other investments 1,057 320
Acquisition of Harpoon Therapeutics, Inc., net of cash acquired 0 (746)
Other (15) (303)
Net Cash Used in Investing Activities (2,257) (2,445)
Cash Flows from Financing Activities    
Net change in short-term borrowings 48 0
Proceeds from issuance of debt 0 3,600
Payments on debt (2,500) (751)
Dividends paid to stockholders (4,127) (3,936)
Purchases of treasury stock (2,509) (373)
Proceeds from exercise of stock options 31 160
Other (254) (298)
Net Cash Used in Financing Activities (9,311) (1,598)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash 530 (220)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (5,245) 4,464
Cash, Cash Equivalents and Restricted Cash at Beginning of Year (includes restricted cash of $76 and $68 at January 1, 2025 and 2024, respectively, included in Other current assets) 13,318 6,909
Cash, Cash Equivalents and Restricted Cash at End of Period (includes restricted cash of $66 and $69 at June 30, 2025 and 2024, respectively, included in Other current assets) $ 8,073 $ 11,373