v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net income $ 491 $ 420
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and impairment 1,590 1,447
Stock-based compensation 1,030 573
Inventory write-downs 77 112
Foreign currency transaction net unrealized loss 287 30
Deferred income taxes (136) (43)
Digital assets loss, net 222 125
Non-cash interest and other operating activities 1 46
Changes in operating assets and liabilities:    
Accounts receivable 561 630
Inventory (2,255) (1,704)
Operating lease vehicles 174 (76)
Prepaid expenses and other assets 231 (419)
Accounts payable, accrued and other liabilities 1,401 706
Deferred revenue 263 309
Net cash provided by operating activities 3,937 2,156
Cash Flows from Investing Activities    
Purchases of property and equipment excluding finance leases, net of sales (2,493) (1,492)
Purchase of SpaceX equity investment (2,002) 0
Purchases of short-term investments (8,318) (6,015)
Proceeds from maturities of short-term investments 7,790 5,856
Net cash used in investing activities (5,023) (1,651)
Cash Flows from Financing Activities    
Proceeds from issuances of debt 4,331 625
Repayments of debt (3,530) (1,301)
Proceeds from exercises of stock options and other stock issuances 361 313
Principal payments on finance leases (18) (48)
Proceeds received from directors in shareholder settlement 0 277
Recovery (payment) of legal fees associated with shareholder settlement 98 (176)
Distributions paid to noncontrolling interests in subsidiaries (70) (22)
Net cash provided by (used in) financing activities 1,172 (332)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (47) 40
Net increase in cash and cash equivalents and restricted cash 39 213
Cash and cash equivalents and restricted cash, beginning of period 17,616 17,037
Cash and cash equivalents and restricted cash, end of period 17,655 17,250
Supplemental Non-Cash Investing and Financing Activities    
Acquisitions of property and equipment included in liabilities 2,814 1,581
Leased assets obtained in exchange for finance lease liabilities 6 0
Leased assets obtained in exchange for operating lease liabilities $ 565 $ 342