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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income $ 5,476 $ 5,031 $ 5,087
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,737 2,635 2,625
Deferred income taxes 315 363 99
Other, net (489) (147) (169)
Changes in current assets and liabilities:      
Accounts receivable, net 67 117 (100)
Materials and supplies (3) (55) (46)
Other current assets 372 224 173
Accounts payable and other current liabilities (349) (543) (370)
Net cash provided by operating activities 8,126 7,625 7,299
Investing Activities      
Capital expenditures excluding equipment (3,272) (3,234) (3,497)
Acquisition of equipment (525) (456) (423)
Purchases of investments and investments in time deposits (2) (31) (24)
Other, net (28) (65) (68)
Net cash used for investing activities (3,827) (3,786) (4,012)
Financing Activities      
Proceeds from issuance of long-term debt 1,850 1,300 1,600
Payments on long-term debt and finance leases (1,263) (1,265) (1,562)
Cash distributions (4,400) (4,000) (3,100)
Other, net (27) (18) (15)
Net cash used for financing activities (3,840) (3,983) (3,077)
Increase (decrease) in cash and cash equivalents 459 (144) 210
Cash and cash equivalents:      
Beginning of period 2,004 2,148 1,938
End of period 2,463 2,004 2,148
Supplemental Cash Flow Information      
Interest paid, net of amounts capitalized 1,106 1,051 1,047
Capital investments accrued but not yet paid 255 232 469
Income taxes paid, net of refunds $ 1,368 $ 1,353 $ 1,358