v3.25.4
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income $ 962 $ 876
Adjustments to reconcile net income to net cash provided by operating activities:    
Debt and derivative instrument valuation adjustments (118) 43
Provision for credit losses 315 228
Early termination loss on operating leases 265 95
Depreciation on leased vehicles 3,551 3,221
Accretion of unearned subsidy income (1,011) (819)
Amortization of deferred dealer participation and other deferred costs 340 308
Gain on disposition of leased vehicles (46) (66)
Deferred income taxes 517 (23)
Changes in operating assets and liabilities:    
Income taxes receivable/payable (728) 174
Other assets (8) (48)
Accrued interest/discounts on debt 46 117
Other liabilities (137) 18
Due to/from Parent and affiliated companies 8 24
Net cash provided by operating activities 3,956 4,148
Cash flows from investing activities:    
Finance receivables acquired (21,437) (21,779)
Principal collected on finance receivables 19,234 16,484
Net change in wholesale loans 38 (387)
Purchase of operating lease vehicles (11,923) (14,139)
Disposal of operating lease vehicles 6,300 7,737
Cash received for unearned subsidy income 865 1,303
Other investing activities, net (6) (4)
Net cash used in investing activities (6,929) (10,785)
Cash flows from financing activities:    
Proceeds from issuance of commercial paper 20,847 24,222
Paydown of commercial paper (22,571) (22,761)
Proceeds from issuance of short-term debt 600 1,099
Paydown of short-term debt (1,850) (600)
Proceeds from issuance of related party debt 1,000 0
Paydown of related party debt (2,800) 0
Proceeds from issuance of medium-term notes and other debt 11,720 9,585
Paydown of medium-term notes and other debt (6,656) (6,056)
Proceeds from issuance of secured debt 8,247 6,353
Paydown of secured debt (6,236) (4,665)
Dividends paid (630) (604)
Net cash provided by financing activities 1,671 6,573
Effect of exchange rate changes on cash and cash equivalents 13 (10)
Net decrease in cash and cash equivalents (1,289) (74)
Cash and cash equivalents and restricted cash at beginning of period 4,767 2,385
Cash and cash equivalents and restricted cash at end of period 3,478 2,311
Supplemental disclosures of cash flow information:    
Interest paid 1,890 1,636
Income taxes paid 537 169
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 2,808 1,591
Restricted cash included in other assets [1] 670 720
Total $ 3,478 $ 2,311
[1] Restricted cash balances relate to securitization arrangements (Note 9).