v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net Income $ 9,095 $ 10,104
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 9,900 9,212
Employee retirement benefits 35 331
Deferred income taxes 1,433 95
Provision for expected credit losses 1,043 1,135
Equity in (earnings) losses of unconsolidated businesses, net of dividends received (35) 29
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses (3,418) (3,318)
Other, net 366 (831)
Net cash provided by operating activities 18,419 16,757
Cash Flows from Investing Activities    
Capital expenditures (including capitalized software) (8,210) (7,953)
Cash paid related to acquisitions of businesses, net of cash acquired (9,480) 0
Acquisitions of wireless licenses (1,155) (234)
Other, net 345 997
Net cash used in investing activities (18,500) (7,190)
Cash Flows from Financing Activities    
Proceeds from long-term borrowings 9,940 1,676
Proceeds from asset-backed long-term borrowings 12,028 4,962
Repayments of long-term borrowings and finance lease obligations (14,426) (5,530)
Repayments of asset-backed long-term borrowings (13,912) (4,512)
Dividends paid (5,864) (5,712)
Purchase of common stock for treasury (3,500) 0
Other, net (1,380) (1,155)
Net cash used in financing activities (17,114) (10,271)
Decrease in cash, cash equivalents and restricted cash (17,195) (704)
Cash, cash equivalents and restricted cash, beginning of period 19,499 4,635
Cash, cash equivalents and restricted cash, end of period $ 2,304 $ 3,931