v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income $ 2,887 $ 2,904
Adjustments to reconcile consolidated net income to net cash flows from operating activities:    
Depreciation and amortization 4,408 4,357
Stock compensation expense 341 379
Noncash interest, net 12 15
Deferred income taxes 417 (80)
Other, net (86) 350
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:    
Accounts receivable (136) (286)
Prepaid expenses and other assets 4 (169)
Accounts payable, accrued liabilities and other 382 366
Net cash flows from operating activities 8,229 7,836
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (5,726) (5,273)
Change in accrued expenses related to capital expenditures (162) 47
Other, net (285) (199)
Net cash flows from investing activities (6,173) (5,425)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings of long-term debt 11,610 5,116
Borrowings of equipment installment plan financing facility 148 233
Repayments of long-term debt (12,108) (4,793)
Payments for debt issuance costs (30) (1)
Purchase of treasury stock (1,878) (2,253)
Proceeds from exercise of stock options 13 19
Purchase of noncontrolling interest 0 (252)
Distributions to noncontrolling interest (22) (124)
Other, net 212 (213)
Net cash flows from financing activities (2,055) (2,268)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1 143
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 598 506
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 599 649
CASH PAID FOR INTEREST 2,506 2,439
Restricted cash $ 90 $ 43