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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Cash provided (used) by operations:      
Net income $ 3,219 $ 5,700 $ 5,070
Adjustments to reconcile net income to net cash provided (used) by operations:      
Depreciation and amortization 775 796 703
Deferred income taxes (288) (497) (117)
Stock-based compensation 709 804 755
Impairment and other 33 48 156
Net foreign currency adjustments 37 (138) (213)
Changes in certain working capital components and other assets and liabilities:      
(Increase) decrease in accounts receivable (257) (329) 489
(Increase) decrease in inventories 120 908 (133)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets (224) (260) (644)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities (426) 397 (225)
Cash provided (used) by operations 3,698 7,429 5,841
Cash provided (used) by investing activities:      
Purchases of short-term investments (3,234) (4,767) (6,059)
Maturities of short-term investments 319 2,269 3,356
Sales of short-term investments 3,062 4,219 4,184
Additions to property, plant and equipment (430) (812) (969)
Other investing activities 8 (15) 52
Cash provided (used) by investing activities (275) 894 564
Cash provided (used) by financing activities:      
Increase (decrease) in notes payable, net (1) 0 (4)
Repayment of borrowings (1,000) 0 (500)
Proceeds from exercise of stock options and other stock issuances 551 667 651
Repurchase of common stock (2,985) (4,250) (5,480)
Dividends — common and preferred (2,300) (2,169) (2,012)
Other financing activities (85) (136) (102)
Cash provided (used) by financing activities (5,820) (5,888) (7,447)
Effect of exchange rate changes on cash and equivalents 1 (16) (91)
Net increase (decrease) in cash and equivalents (2,396) 2,419 (1,133)
Cash and equivalents, beginning of year 9,860 7,441 8,574
CASH AND EQUIVALENTS, END OF YEAR 7,464 9,860 7,441
Cash paid during the year for:      
Interest, net of capitalized interest 389 381 347
Income taxes 1,226 1,299 1,517
Non-cash additions to property, plant and equipment 184 160 211
Dividends declared and not paid $ 593 $ 558 $ 524