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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Provided by (Used in) Operating Activities      
Net earnings (losses) $ 6,947 $ 11,264 $ 8,130
Adjustments to reconcile net earnings to operating cash flows:      
Depreciation and amortization 266 286 272
Deferred income tax provision (benefit) (316) 951 (230)
Unrecognized tax benefit [1] 303 (1,128) 1,111
Fair value adjustment for NJOY Transaction contingent payments, net of cash paid 25 0 0
(Income) losses from investments in equity securities (510) (652) (243)
Gain on the sale of IQOS System commercialization rights 0 (2,700) 0
Dividends from ABI 208 139 163
Impairment of goodwill 1,158 0 0
Asset impairment and exit costs, net of cash paid 960 389 0
Cash effects of changes:      
Receivables [2] (86) (106) 6
Inventories [2] (27) 102 (15)
Accounts payable [2] 34 116 38
Income taxes [2] 690 798 6
Accrued liabilities and other current assets [2] (359) (550) 280
Accrued settlement charges [2] (176) (209) (362)
Pension plan contributions (16) (18) (20)
Pension and postretirement, net (78) (107) (136)
Other, net 267 178 287
Net cash provided by (used in) operating activities 9,290 8,753 9,287
Cash Provided by (Used in) Investing Activities      
Capital expenditures (216) (142) (196)
Proceeds from the ABI Transaction [3] 0 2,353 0
Proceeds from the sale of IQOS System commercialization rights 0 0 1,700
Acquisition of NJOY, net of cash acquired 0 0 (2,751)
Other, net (125) (36) (36)
Net cash provided by (used in) investing activities (341) 2,175 (1,283)
Cash Provided by (Used in) Financing Activities      
Proceeds from short-term borrowings 0 0 2,000
Repayment of short-term borrowings 0 0 (2,000)
Long-term debt issued 1,992 0 998
Long-term debt repaid (1,607) (1,121) (1,566)
Repurchases of common stock (1,000) (3,400) (1,000)
Dividends paid on common stock (6,960) (6,845) (6,779)
Other, net (40) (125) (27)
Net cash provided by (used in) financing activities (7,615) (11,491) (8,374)
Cash, cash equivalents and restricted cash:      
Increase (decrease) 1,334 (563) (370)
Balance at beginning of year 3,158 3,721 4,091
Balance at end of year 4,492 3,158 3,721
Supplemental cash flow information:      
Cash paid: Interest 1,114 1,113 1,116
Cash Paid: Income taxes 1,695 [4] 1,709 [4] 1,874
Cash and cash equivalents 4,474 3,127 3,686
Restricted cash included in other current assets [5] 7 8 5
Restricted cash included in other assets [5] 11 23 30
Cash, cash equivalents and restricted cash $ 4,492 $ 3,158 $ 3,721
[1] Substantially all of the 2025 amount relates to unrecognized tax benefits from the change in the application of foreign attribution rules relevant to our investment in ABI. Substantially all of the 2024 and 2023 amounts relate to an unrecognized tax benefit from the ordinary loss for cash tax purposes with respect to a portion of our tax basis associated with our former investment in JUUL, partially offset by our estimated corporate alternative minimum tax credit carryforward. See Note 14. Income Taxes.
[2] 2023 amounts are net of the effects from the NJOY Transaction. See Note 3. Acquisition of NJOY.
[3] See Note 6. Investments in Equity Securities.
[4] As discussed in Note 1. Background and Basis of Presentation, we adopted ASU No. 2023-09. As a result, 2024 and 2023 amounts are now presented net of refunds. Additionally, for the years ended December 31, 2025, 2024 and 2023, income taxes paid, net of refunds were reduced by the impact of transferable income tax credits. At December 31, 2025, 2024 and 2023, transferable income tax credits totaled $419 million, $445 million and $335 million, respectively, and are included in other accrued liabilities on our consolidated balance sheets.
[5] Restricted cash consisted of cash deposits collateralizing appeal bonds posted by PM USA to obtain stays of judgments pending appeals. See Note 18. Contingencies.