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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 3,838 $ 3,594
Adjustments to net income:    
Depreciation 1,381 1,092
Amortization of capitalized software 61 53
Stock compensation 338 309
Gains on sales of assets 0 (126)
Deferred taxes (134) (189)
Increase (decrease) from changes in:    
Accounts receivable (343) (75)
Inventories (302) (297)
Prepaid expenses and other current assets 2 (69)
Accounts payable and accrued expenses 57 38
Accrued compensation (134) (127)
Income taxes payable 168 487
Changes in funded status of retirement plans (14) 2
Other (19) (372)
Cash flows from operating activities 4,899 4,320
Cash flows from investing activities    
Capital expenditures (3,625) (3,628)
Proceeds from U.S. CHIPS and Science Act (CHIPS Act) incentives 335 0
Proceeds from asset sales 1 194
Purchases of short-term investments (2,644) (8,807)
Proceeds from short-term investments 5,198 8,461
Other (28) (36)
Cash flows from investing activities (763) (3,816)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 1,199 2,980
Repayment of debt (750) (300)
Dividends paid (3,709) (3,555)
Stock repurchases (1,074) (392)
Proceeds from common stock transactions 358 430
Other (49) (42)
Cash flows from financing activities (4,025) (879)
Net change in cash and cash equivalents 111 (375)
Cash and cash equivalents at beginning of period 3,200 2,964
Cash and cash equivalents at end of period 3,311 2,589
Supplemental cash flow information    
Investment tax credit (ITC) used to reduce income taxes payable 246 532
Proceeds from CHIPS Act incentives 335 0
Total cash benefit related to the CHIPS Act $ 581 $ 532