v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Statement of Cash Flows [Abstract]    
Net earnings $ 4,313 $ 2,230
Adjustments to reconcile net earnings to net cash from operating activities:    
Depreciation 382 367
Amortization of intangible assets 3,437 3,722
Deferred income taxes (58) (300)
Change in fair value of contingent consideration liabilities 3,905 4,313
Payments of contingent consideration liabilities (1,784) (1,408)
Stock-based compensation 610 589
Acquired IPR&D and milestones 1,035 1,071
Non-cash litigation reserve adjustments, net of cash payments 86 (750)
Other, net (18) 96
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (1,282) (1,496)
Inventories (327) (211)
Prepaid expenses and other assets (338) (257)
Accounts payable and other liabilities (392) (181)
Income tax assets and liabilities, net (2,304) (997)
Cash flows from operating activities 7,265 6,788
Cash flows from investing activities    
Acquisitions of businesses, net of cash acquired 0 (204)
Other acquisitions and investments, net of cash acquired (1,090) (1,274)
Acquisitions of property and equipment (587) (504)
Other, net (94) 66
Cash flows from investing activities (1,771) (1,916)
Cash flows from financing activities    
Net change in commercial paper borrowings with original maturities of three months or less (499) 1,549
Proceeds from issuance of other short-term borrowings 0 4,007
Repayments of other short-term borrowings (2,000) 0
Proceeds from issuance of long-term debt 7,991 3,994
Repayments of long-term debt (2,000) (6,780)
Dividends paid (6,156) (5,835)
Purchases of treasury stock (1,498) (973)
Other, net 27 70
Cash flows from financing activities (4,135) (3,968)
Effect of exchange rate changes on cash and equivalents (19) 39
Net change in cash and equivalents 1,340 943
Cash and equivalents, beginning of period 5,229 5,524
Cash and equivalents, end of period $ 6,569 $ 6,467