CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	[1]	$ 4,993	$ 3,109
Adjustments to reconcile net income to cash provided by operating activities:
Pension settlement charge		0	2,725
Depreciation	[2]	1,698	1,644
Amortization of capitalized software and acquired intangible assets		2,027	1,910
Stock-based compensation		1,285	966
Net (gain)/loss on divestitures, asset sales and other		(46)	(632)
Changes in operating assets and liabilities, net of acquisitions/divestitures	[3]	(804)	(607)
Net cash provided by operating activities		9,153	9,115
Cash flows from investing activities:
Payments for property, plant and equipment		(709)	(745)
Proceeds from disposition of property, plant and equipment/other		118	536
Investment in software		(476)	(496)
Purchases of marketable securities and other investments		(8,910)	(6,501)
Proceeds from disposition of marketable securities and other investments		6,162	5,691
Acquisition of businesses, net of cash acquired		(7,903)	(2,748)
Divestiture of businesses, net of cash transferred		(1)	705
Net cash provided by/(used in) investing activities		(11,719)	(3,558)
Cash flows from financing activities:
Proceeds from new debt		8,391	5,705
Payments to settle debt		(3,679)	(6,491)
Short-term borrowings/(repayments) less than 90 days — net		(29)	9
Common stock repurchases for tax withholdings		(851)	(539)
Proceeds from issuance of shares	[4]	535	637
Financing — other	[4]	(109)	(124)
Cash dividends paid		(4,681)	(4,601)
Net cash provided by/(used in) financing activities		(423)	(5,403)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		429	(29)
Net change in cash, cash equivalents and restricted cash		(2,561)	125
Cash, cash equivalents and restricted cash at January 1		14,160	13,089
Cash, cash equivalents and restricted cash at September 30		$ 11,600	$ 13,214

[1] 2024 includes the impact of a pension settlement charge. Refer to note U, "Retirement-Related Benefits," in the company's 2024 Annual Report for additional information.

[2] Includes operating lease right-of-use assets amortization expense of $0.6 billion in 2025 and $0.7 billion in 2024.

[3] Refer to note 1, "Basis of Presentation" for additional information.

[4] Prior-year amounts have been reclassified to conform to the change in 2025 presentation.