v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating activities        
Net income $ 3,239 $ 3,222 $ 5,743 $ 6,175
Adjustments to reconcile net income to net cash provided by operating activities        
Depreciation and amortization 3,434 3,146 7,251 6,344
Stock-based compensation expense 214 200 423 386
Deferred income tax expense 893 937 1,575 1,708
Bad debt expense 398 265 824 588
Losses from sales of receivables 17 19 37 41
Changes in operating assets and liabilities        
Accounts receivable (498) (338) (660) (431)
Equipment installment plan receivables 103 65 48 89
Inventory 142 264 228 (54)
Operating lease right-of-use assets 965 883 2,161 1,738
Other current and long-term assets (354) (671) (321) (661)
Accounts payable and accrued liabilities (265) 107 (673) (161)
Short- and long-term operating lease liabilities (976) (886) (2,194) (1,784)
Other current and long-term liabilities (3) (82) (112) (170)
Other, net 191 (139) 392 31
Net cash provided by operating activities 7,500 6,992 14,722 13,839
Investing activities        
Purchases of property and equipment, including capitalized interest of $(6), $(10), $(13) and $(20) (2,703) (2,396) (5,326) (4,847)
Purchases of spectrum licenses and other intangible assets, including deposits (484) (842) (510) (915)
Proceeds from the sale of property, equipment and intangible assets 16 2,066 111 2,073
Acquisition of companies, net of cash acquired 0 1 (1) (726)
Investments in unconsolidated affiliates, net (3) (908) (3) (983)
Other, net 122 520 (172) 430
Net cash used in investing activities (3,052) (1,559) (5,901) (4,968)
Financing activities        
Proceeds from issuance of long-term debt, net (5) (6) 6,393 7,768
Repayments of financing lease obligations (360) (331) (664) (646)
Repayments of long-term debt (1,336) (3,257) (7,771) (3,736)
Repurchases of common stock (2,320) (2,555) (7,146) (5,049)
Dividends on common stock (1,101) (996) (2,221) (1,999)
Tax withholdings on share-based awards (31) (30) (185) (302)
Other, net (29) (30) (28) (48)
Net cash used in financing activities (5,182) (7,205) (11,622) (4,012)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash 0 13 0 13
Change in cash and cash equivalents, including restricted cash (734) (1,759) (2,801) 4,872
Cash and cash equivalents, including restricted cash        
Beginning of period 3,909 12,344 5,976 5,713
End of period $ 3,175 $ 10,585 $ 3,175 $ 10,585