v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating activities        
Net income $ 3,222 $ 2,925 $ 6,175 $ 5,299
Adjustments to reconcile net income to net cash provided by operating activities        
Depreciation and amortization 3,146 3,248 6,344 6,619
Stock-based compensation expense 200 164 386 304
Deferred income tax expense 937 747 1,708 1,462
Bad debt expense 265 255 588 537
Losses from sales of receivables 19 25 41 46
Changes in operating assets and liabilities        
Accounts receivable (338) (1,286) (431) (1,702)
Equipment installment plan receivables 65 155 89 432
Inventory 264 221 (54) 391
Operating lease right-of-use assets 883 872 1,738 1,728
Other current and long-term assets (671) (416) (661) (256)
Accounts payable and accrued liabilities 107 38 (161) (1,696)
Short- and long-term operating lease liabilities (886) (1,148) (1,784) (2,165)
Other current and long-term liabilities (82) (360) (170) (532)
Other, net (139) 81 31 138
Net cash provided by operating activities 6,992 5,521 13,839 10,605
Investing activities        
Purchases of property and equipment, including capitalized interest of $(10) $(8), $(20) and $(17) (2,396) (2,040) (4,847) (4,667)
Purchases of spectrum licenses and other intangible assets, including deposits (842) (156) (915) (217)
Proceeds from the sale of property, equipment and intangible assets 2,066 7 2,073 23
Proceeds related to beneficial interests in securitization transactions 0 958 0 1,848
Acquisition of companies, net of cash acquired 1 (390) (726) (390)
Investments in unconsolidated affiliates, net (908) 0 (983) 0
Other, net 520 (57) 430 (62)
Net cash used in investing activities (1,559) (1,678) (4,968) (3,465)
Financing activities        
Proceeds from issuance of long-term debt, net (6) 2,136 7,768 5,609
Repayments of financing lease obligations (331) (351) (646) (678)
Repayments of long-term debt (3,257) (2,723) (3,736) (2,946)
Repurchases of common stock (2,555) (2,387) (5,049) (5,981)
Dividends on common stock (996) (759) (1,999) (1,528)
Tax withholdings on share-based awards (30) (16) (302) (208)
Other, net (30) (34) (48) (68)
Net cash used in financing activities (7,205) (4,134) (4,012) (5,800)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash 13 0 13 0
Change in cash and cash equivalents, including restricted cash and cash held for sale (1,759) (291) 4,872 1,340
Cash and cash equivalents, including restricted cash        
Beginning of period 12,344 6,938 5,713 5,307
End of period $ 10,585 $ 6,647 $ 10,585 $ 6,647