v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
May 31, 2026
May 31, 2025
May 31, 2024
OPERATING ACTIVITIES      
Net income $ 4,433 $ 4,092 $ 4,331
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 4,369 4,264 4,287
Provision for uncollectible accounts 946 521 421
Other noncash items including leases and deferred income taxes 2,937 3,156 2,919
Stock-based compensation 177 154 163
Retirement plans mark-to-market adjustments (647) (515) (561)
Goodwill and other asset impairment charges 23 21 157
Separation and other costs, net of payments 248 15 0
Business optimization and realignment costs, net of payments (48) 43 26
Changes in assets and liabilities:      
Receivables (2,247) (1,780) (270)
Other current assets (121) 90 (43)
Pension and postretirement healthcare assets and liabilities, net (169) (553) (522)
Accounts payable and other liabilities (933) (2,460) (2,553)
Other, net (43) (12) (43)
Cash provided by operating activities 8,925 7,036 8,312
INVESTING ACTIVITIES      
Capital expenditures (3,809) (4,055) (5,176)
Purchase of investments (682) (262) (176)
Proceeds from sale of investments 483 110 38
Proceeds from asset dispositions, and other investing activities, net 97 115 114
Cash used in investing activities (3,911) (4,092) (5,200)
FINANCING ACTIVITIES      
Proceeds from debt issuances 5,289 0 0
Short-term borrowings, net 742 0 0
Principal payments on debt (2,049) (157) (147)
Proceeds from stock issuances 992 524 491
Dividends paid (1,374) (1,339) (1,259)
Purchase of common stock (796) (3,017) (2,500)
Other, net (55) (30) (11)
Cash provided by (used in) financing activities 2,749 (4,019) (3,426)
Effect of exchange rate changes on cash 46 76 (41)
Net increase (decrease) in cash and cash equivalents 7,809 (999) (355)
Cash and cash equivalents at beginning of period 5,502 6,501 6,856
Cash and cash equivalents at end of period $ 13,311 $ 5,502 $ 6,501