v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 10,992 $ 11,339 $ 8,317
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 13,508 12,919 12,818
Stock-based compensation expense 829 649 667
Deferred income tax expense 2,864 3,120 2,600
Bad debt expense 1,370 1,192 898
Losses from sales of receivables 58 62 165
Impairment expense 278 0 0
Loss on remeasurement of disposal group held for sale 0 0 9
Changes in operating assets and liabilities      
Accounts receivable (755) (3,088) (5,038)
Equipment installment plan receivables (877) (523) 170
Inventory (615) 131 197
Operating lease right-of-use assets 3,635 3,480 3,721
Other current and long-term assets (1,488) (411) (358)
Accounts payable and accrued liabilities 1,542 (2,041) (1,126)
Short- and long-term operating lease liabilities (3,457) (3,879) (3,785)
Other current and long-term liabilities (379) (678) (839)
Other, net 445 21 143
Net cash provided by operating activities 27,950 22,293 18,559
Investing activities      
Purchases of property and equipment, including capitalized interest of $(43), $(34) and $(104) (9,955) (8,840) (9,801)
Purchases of spectrum licenses and other intangible assets, including deposits (2,568) (3,471) (1,010)
Proceeds from the sale of property, equipment and intangible assets 2,168 99 153
Proceeds from sales of tower sites 0 0 12
Proceeds related to beneficial interests in securitization transactions 0 3,579 4,816
Acquisition of companies, net of cash acquired (3,523) (373) 0
Investments in unconsolidated affiliates, net (4,056) (18) (7)
Other, net 327 (48) 8
Net cash used in investing activities (17,607) (9,072) (5,829)
Financing activities      
Proceeds from issuance of long-term debt, net 12,010 8,587 8,446
Repayments of financing lease obligations (1,252) (1,367) (1,227)
Repayments of long-term debt (6,199) (5,073) (5,051)
Repurchases of common stock (9,974) (11,228) (13,074)
Dividends on common stock (4,121) (3,300) (747)
Tax withholdings on share-based awards (434) (269) (297)
Other, net (111) (165) (147)
Net cash used in financing activities (10,081) (12,815) (12,097)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash 1 0 0
Change in cash and cash equivalents, including restricted cash 263 406 633
Cash and cash equivalents, including restricted cash      
Beginning of period 5,713 5,307 4,674
End of period $ 5,976 $ 5,713 $ 5,307