v3.25.4
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 $ 2,175 $ 1,256 $ 1,324
Provision for credit losses 528 417 278
Depreciation and amortization 3,228 3,112 2,900
Amortization of upfront interest supplements (2,579) (2,395) (1,795)
Net change in deferred income taxes 249 276 (617)
Net change in other assets (40) (219) (146)
Net change in other liabilities 181 327 343
All other operating activities 104 375 43
Net cash provided by/(used in) operating activities 3,846 3,149 2,330
Cash flows from investing activities      
Purchases of finance receivables (38,995) (43,536) (41,765)
Principal collections of finance receivables 40,220 38,370 36,343
Purchases of operating lease vehicles (14,047) (11,731) (9,577)
Proceeds from termination of operating lease vehicles 6,704 7,365 8,700
Net change in wholesale receivables and other short-duration receivables 5,166 (4,577) (4,794)
Purchases of marketable securities and other investments (407) (274) (2,039)
Proceeds from sales and maturities of marketable securities and other investments 360 356 2,805
Settlements of derivatives (497) (443) (145)
All other investing activities (119) (91) (84)
Net cash provided by/(used in) investing activities (1,615) (14,561) (10,556)
Cash flows from financing activities      
Proceeds from issuances of long-term debt 48,316 57,202 51,659
Payments of long-term debt (49,108) (45,528) (41,753)
Net change in short-term debt 44 (795) (1,424)
Cash distributions to parent (1,650) (500) 0
All other financing activities (97) (135) (139)
Net cash provided by/(used in) financing activities (2,495) 10,244 8,343
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 281 (267) 158
Net increase/(decrease) in cash, cash equivalents, and restricted cash 17 (1,435) 275
Cash, cash equivalents, and restricted cash at beginning of period (Note 3) 9,360 10,795 10,520
Net increase/(decrease) in cash, cash equivalents, and restricted cash 17 (1,435) 275
Cash, cash equivalents, and restricted cash at end of period (Note 3) $ 9,377 $ 9,360 $ 10,795