v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2025
Dec. 29, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net earnings $ 26,804 $ 14,066 $ 35,153
Adjustments to reconcile net earnings to cash flows from operating activities:      
Depreciation and amortization of property and intangibles 7,503 7,339 7,486
Stock based compensation 1,354 1,176 1,162
Asset write-downs 204 405 1,295
Charges for acquired in-process research and development 109 1,841 483
(Gain) on separation of Kenvue 0 0 (20,984)
Net gain on sale of assets/businesses (263) (226) (117)
Deferred tax provision 1,538 (2,183) (4,194)
Credit losses and accounts receivable allowances (1) 11 0
Changes in assets and liabilities, net of effects from acquisitions and divestitures:      
Increase in accounts receivable (1,781) (406) (624)
Increase in inventories (1,450) (1,128) (1,323)
Increase in accounts payable and accrued liabilities 2,377 1,621 2,346
(Increase)/Decrease in other current and non-current assets (6,167) 1,717 (3,480)
(Decrease)/Increase in other current and non-current liabilities (5,697) 33 5,588
Net cash flows from operating activities 24,530 24,266 22,791
Cash flows (used by) from investing activities      
Additions to property, plant and equipment (4,832) (4,424) (4,543)
Proceeds from the disposal of assets/businesses, net 720 675 358
Acquisitions, net of cash acquired (17,541) (15,146) 0
Acquired in-process research and development/related milestones (Note 18) (385) (1,783) (470)
Purchases of investments (920) (1,726) (10,906)
Sales of investments 1,661 2,462 19,390
Credit support agreements activity, net (2,129) 1,517 (2,963)
Other (including capitalized licenses and milestones) (162) (174) 12
Net cash (used by)/from investing activities (23,588) (18,599) 878
Cash flows (used by) from financing activities      
Dividends to shareholders (12,381) (11,823) (11,770)
Repurchase of common stock (5,953) (2,432) (5,054)
Proceeds from short-term debt 14,586 15,277 13,743
Repayment of short-term debt (12,330) (9,463) (22,973)
Proceeds from long-term debt, net of issuance costs 9,138 6,660 0
Repayment of long-term debt (1,757) (1,453) (1,551)
Proceeds from the exercise of stock options/employee withholding tax on stock awards, net 3,418 838 1,094
Credit support agreements activity, net (226) 272 (219)
Settlement of convertible debt acquired from Shockwave 0 (970) 0
Proceeds of short and long-term debt, net of issuance cost, related to the debt that transferred to Kenvue at separation 0 0 8,047
Proceeds from Kenvue initial public offering 0 0 4,241
Cash transferred to Kenvue at separation 0 0 (1,114)
Other (34) (38) (269)
Net cash used by financing activities (5,539) (3,132) (15,825)
Effect of exchange rate changes on cash and cash equivalents 201 (289) (112)
(Decrease)/Increase in cash and cash equivalents (4,396) 2,246 7,732
Cash and cash equivalents from continuing operations, beginning of period 24,105 21,859 12,889
Cash and cash equivalents from discontinued operations, beginning of period 0 0 1,238
Cash and cash equivalents, beginning of year 24,105 21,859 14,127
Cash and cash equivalents from continuing operations, end of period 19,709 24,105 21,859
Cash and cash equivalents from discontinued operations, end of period 0 0 0
Cash and cash equivalents, end of year 19,709 24,105 21,859
Cash paid during the year for:      
Interest 1,977 1,990 1,836
Interest, net of amount capitalized 1,863 1,911 1,766
Income taxes, inclusive of discontinued operations 6,539 6,714 8,574
Supplemental schedule of non-cash investing and financing activities      
Treasury stock issued for employee compensation and stock option plans, net of cash proceeds/ employee withholding tax on stock awards $ 2,591 $ 1,551 $ 1,435