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    
Net earnings $ 12,258 $ 8,461
Adjustments to reconcile net earnings to net cash used for operating activities:    
Depreciation and amortization 1,004 1,124
Deferred income taxes (488) (202)
Share-based compensation 2,969 2,950
Provision for credit losses 417 671
Changes in operating assets and liabilities:    
Customer and other receivables and payables, net 23,911 (11,708)
Collateralized transactions (excluding other secured financings), net 13,697 (34,073)
Trading assets (132,577) (47,625)
Trading liabilities 56,360 49,794
Loans held for sale, net (2,344) (1,261)
Other, net (970) 311
Net cash used for operating activities (25,763) (31,558)
Cash flows from investing activities    
Purchase of property, leasehold improvements and equipment (1,067) (975)
Proceeds from sales of property, leasehold improvements and equipment 209 392
Net cash used for business acquisitions (1,783) 0
Available-for-sale securities:    
Purchases (84,175) (53,101)
Proceeds from sales 25,987 32,088
Proceeds from paydowns and maturities 209 1
Held-to-maturity securities:    
Purchases (13,636) (5,819)
Proceeds from paydowns and maturities 8,634 12,438
Other investments:    
Purchases (5,189) (4,419)
Proceeds from sales, paydowns and maturities 6,226 4,466
Loans (excluding loans held for sale), net (20,294) (19,152)
Net cash used for investing activities (84,879) (34,081)
Cash flows from financing activities    
Unsecured short-term borrowings, net 12,077 3,927
Other secured financings (short-term), net 10,852 (7,026)
Proceeds from issuance of other secured financings (long-term) 5,127 1,206
Repayment of other secured financings (long-term), including the current portion (3,304) (1,275)
Proceeds from issuance of unsecured long-term borrowings 108,489 51,067
Repayment of unsecured long-term borrowings, including the current portion (40,809) (36,197)
Derivative contracts with a financing element, net 2,484 634
Deposits, net 57,580 27,244
Preferred stock redemption (2,125) 0
Common stock repurchased (9,000) (7,360)
Settlement of share-based awards in satisfaction of withholding tax requirements (2,864) (2,146)
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards (3,191) (2,338)
Proceeds from issuance of preferred stock, net of issuance costs 0 1,895
Other financing, net (106) (67)
Net cash provided by financing activities 135,210 29,564
Effect of exchange rate changes on cash and cash equivalents (1,561) 6,950
Net increase/(decrease) in cash and cash equivalents 23,007 (29,125)
Cash and cash equivalents, beginning balance 164,259 182,092
Cash and cash equivalents, ending balance 187,266 152,967
Supplemental disclosures:    
Cash payments for interest, net of capitalized interest $ 34,478 $ 32,958