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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 flows from operating activities      
Net income $ 5,001 $ 4,799 $ 6,510
Adjustments to net income:      
Depreciation 1,918 1,508 1,175
Amortization of capitalized software 81 72 63
Stock compensation 419 387 362
(Gains) losses on sales of assets 2 (127) 0
Deferred taxes (19) (210) (299)
Increase (decrease) from changes in:      
Accounts receivable (244) 68 108
Inventories (277) (528) (1,242)
Prepaid expenses and other current assets 10 7 46
Accounts payable and accrued expenses 77 125 (33)
Accrued compensation (28) (12) 29
Income taxes payable 191 597 (7)
Changes in funded status of retirement plans (7) 33 45
Other 29 (401) (337)
Cash flows from operating activities 7,153 6,318 6,420
Cash flows from investing activities      
Capital expenditures (4,550) (4,820) (5,071)
Proceeds from U.S. CHIPS and Science Act (CHIPS Act) incentives 335 0 0
Proceeds from asset sales 1 195 3
Purchases of short-term investments (3,524) (9,716) (12,705)
Proceeds from short-term investments 6,308 11,187 13,387
Other (9) (48) 24
Cash flows from investing activities (1,439) (3,202) (4,362)
Cash flows from financing activities      
Proceeds from issuance of long-term debt 1,199 2,980 3,000
Repayment of debt (750) (600) (500)
Dividends paid (4,999) (4,795) (4,557)
Stock repurchases (1,477) (929) (293)
Proceeds from common stock transactions [1] 400 517 263
Other (62) (53) (57)
Cash flows from financing activities (5,689) (2,880) (2,144)
Net change in cash and cash equivalents 25 236 (86)
Cash and cash equivalents at beginning of period 3,200 2,964 3,050
Cash and cash equivalents at end of period 3,225 3,200 2,964
Supplemental cash flow information      
Investment tax credit (ITC) used to reduce income taxes payable 335 588 0
Proceeds from CHIPS Act incentives 335 0 0
Total cash benefit related to the CHIPS Act $ 670 $ 588 $ 0
[1] Net of taxes paid for employee shares withheld of $34 million, $39 million and $46 million in 2025, 2024 and 2023, respectively.