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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income [1] $ 10,593 $ 6,023 $ 7,502
Adjustments to reconcile net income to cash provided by operating activities      
Pension settlement charges 0 3,113 0
Depreciation [2] 2,284 2,168 2,109
Amortization of capitalized software and acquired intangible assets 2,737 2,499 2,287
Stock-based compensation 1,715 1,311 1,133
Deferred taxes [3] (957) (2,330) (1,114)
Net (gain)/loss on divestitures, asset sales and other (39) (652) (170)
Change in operating assets and liabilities, net of acquisitions/divestitures      
Receivables (including financing receivables) (4,278) (374) 725
Retirement related (50) 265 (462)
Inventory 70 (166) 390
Other assets/other liabilities [3] 495 1,601 1,466
Accounts payable 624 (13) 65
Net cash provided by operating activities 13,193 13,445 13,931
Cash flows from investing activities      
Payments for property, plant and equipment (1,091) (1,048) (1,245)
Proceeds from disposition of property, plant and equipment/other 121 557 321
Investment in software (647) (637) (565)
Purchases of marketable securities and other investments (10,095) (7,762) (11,143)
Proceeds from disposition of marketable securities and other investments 9,704 6,544 10,647
Acquisition of businesses, net of cash acquired (8,294) (3,289) (5,082)
Divestiture of businesses, net of cash transferred (1) 698 (4)
Net cash provided by/(used in) investing activities (10,302) (4,937) (7,070)
Cash flows from financing activities      
Proceeds from new debt 8,391 5,705 9,586
Payments to settle debt (5,489) (6,615) (5,082)
Short-term borrowings/(repayments) less than 90 days—net (29) 30 (7)
Common stock repurchases for tax withholdings (1,018) (651) (402)
Proceeds from issuance of shares 710 745 414
Financing—other (139) (145) (239)
Cash dividends paid (6,255) (6,147) (6,040)
Net cash provided by/(used in) financing activities (3,829) (7,079) (1,769)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 418 (359) 9
Net change in cash, cash equivalents and restricted cash (520) 1,071 5,101
Cash, cash equivalents and restricted cash at January 1 14,160 13,089 7,988
Cash, cash equivalents and restricted cash at December 31 13,640 14,160 13,089
Supplemental data      
Income taxes paid—net of refunds received 1,948 1,723 1,564
Interest paid on debt $ 2,042 $ 1,978 $ 1,668
[1] Refer to "Basis of Presentation" in note A, "Significant Accounting Policies," for additional information.
[2] Includes operating lease right-of-use assets amortization expense of $0.9 billion in 2025, 2024 and 2023.
[3] Refer to "Basis of Presentation" in note A, "Significant Accounting Policies," for additional information.