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/(loss) $ (8,162) $ 5,894 $ 4,329
Depreciation and tooling amortization (Note 12 and Note 13) 7,834 7,567 7,690
Other amortization (1,839) (1,700) (1,167)
EV asset impairment/program cancellation asset write-downs (including depreciation of $8,140) (Note 13) 9,435 0 0
Provision for credit and insurance losses 616 575 438
Pension and other postretirement employee benefits (“OPEB”) expense/(income) (Note 16) 1,062 149 3,052
Equity method investment (earnings)/losses and impairments in excess of dividends received (Note 14 and Note 23) 3,572 (287) (33)
Foreign currency adjustments (87) 227 (234)
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 5) (346) 42 205
Stock compensation (Note 6) 510 511 460
Provision for/(Benefit from) deferred income taxes (4,536) 350 (1,649)
Decrease/(Increase) in finance receivables (wholesale and other) 4,992 (4,299) (4,827)
Decrease/(Increase) in accounts receivable and other assets (2,791) (2,497) (2,620)
Decrease/(Increase) in inventory 539 27 (1,219)
Increase/(Decrease) in accounts payable and accrued and other liabilities 10,103 8,425 9,829
Other 380 439 664
Net cash provided by/(used in) operating activities 21,282 15,423 14,918
Cash flows from investing activities      
Capital spending (8,815) (8,684) (8,236)
Acquisitions of finance receivables and operating leases (55,747) (59,720) (54,505)
Collections of finance receivables and operating leases 45,710 45,159 44,561
Purchases of marketable securities and other investments (9,457) (12,300) (8,590)
Sales and maturities of marketable securities and other investments 10,063 12,346 12,700
Settlements of derivatives (443) (268) (138)
Capital contributions to equity method investments (Note 23) (1,172) (2,323) (2,733)
Returns of capital from equity method investments (Note 23) 1,702 1,465 1
Other 110 (45) (688)
Net cash provided by/(used in) investing activities (18,049) (24,370) (17,628)
Cash flows from financing activities      
Cash payments for dividends and dividend equivalents (2,989) (3,118) (4,995)
Purchases of common stock 0 (426) (335)
Net changes in short-term debt 654 (276) (1,539)
Proceeds from issuance of long-term debt 49,688 57,312 51,659
Payments of long-term debt (50,303) (45,680) (41,965)
Other (255) (327) (241)
Net cash provided by/(used in) financing activities (3,205) 7,485 2,584
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 532 (458) (104)
Net increase/(decrease) in cash, cash equivalents, and restricted cash 560 (1,920) (230)
Cash, cash equivalents, and restricted cash at beginning of period (Note 9) 23,190 25,110 25,340
Net increase/(decrease) in cash, cash equivalents, and restricted cash 560 (1,920) (230)
Cash, cash equivalents, and restricted cash at end of period (Note 9) $ 23,750 $ 23,190 $ 25,110