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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 1,216 $ 1,055
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation [1] 555 536
Amortization of capitalized software and acquired intangible assets 719 641
Stock-based compensation 506 401
Net (gain)/loss on divestitures, asset sales and other (11) (22)
Changes in operating assets and liabilities, net of acquisitions/divestitures 2,185 1,759
Net cash provided by operating activities 5,169 4,370
Cash flows from investing activities:    
Payments for property, plant and equipment (232) (244)
Proceeds from disposition of property, plant and equipment/other 8 74
Investment in software (159) (151)
Purchases of marketable securities and other investments (1,612) (6,486)
Proceeds from disposition of marketable securities and other investments 1,971 927
Acquisition of businesses, net of cash acquired (10,465) (7,098)
Divestiture of businesses, net of cash transferred 1 (1)
Net cash provided by/(used in) investing activities (10,489) (12,979)
Cash flows from financing activities:    
Proceeds from new debt 7,437 8,378
Payments to settle debt (2,928) (1,257)
Short-term borrowings/(repayments) less than 90 days — net 0 (29)
Common stock repurchases for tax withholdings (350) (284)
Proceeds from issuance of shares 178 216
Financing — other (42) (32)
Cash dividends paid (1,576) (1,549)
Net cash provided by/(used in) financing activities 2,719 5,443
Effect of exchange rate changes on cash, cash equivalents and restricted cash (177) 167
Net change in cash, cash equivalents and restricted cash (2,777) (2,999)
Cash, cash equivalents and restricted cash at January 1 13,640 14,160
Cash, cash equivalents and restricted cash at March 31 $ 10,864 $ 11,161
[1] Includes operating lease right-of-use assets amortization expense of $0.2 billion in 2026 and 2025.