v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income $ 480 $ 1,064
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 322 217
Amortization of intangibles 161 68
Amortization of inventory step-up 314 15
Other amortization expense 82 63
Provision for sales returns 67 24
Deferred income taxes (22) 4
Employee stock-based compensation expense 62 45
Amortization of Debt Issuance Costs 109 6
Loss (gain) on disposal of property, plant, and equipment 10 (6)
Unrealized gain on foreign currency (48) 6
Unrealized gain on derivatives (171) (56)
Settlements of interest rate contracts 70 0
Earnings of equity method investments 40 27
Earned equity from distribution arrangements 8 10
Other, net 10 (11)
Changes in assets and liabilities, excluding the effects of business acquisitions:    
Trade accounts receivable 50 3
Inventories 133 (431)
Income taxes receivable and payable, net 15 (86)
Other current and non-current assets (324) (136)
Accounts payable and accrued expenses (88) (93)
Other current and non-current liabilities (104) (7)
Net change in operating assets and liabilities (318) (750)
Net cash provided by operating activities 1,176 640
Investing activities:    
Acquisitions of businesses, net of cash acquired 16,615 111
Purchases of property, plant, and equipment (297) (226)
Proceeds from sales of property, plant, and equipment 19 13
Purchases of intangibles (4) (16)
Other, net (2) 62
Net cash used in investing activities (16,899) (278)
Financing activities:    
Proceeds from Issuance of Senior Long-Term Debt 6,108 2,000
Repayments of Senior Debt 0 529
Net repayment of commercial paper (232) (139)
Proceeds from delayed draw term loan 3,626 0
Repayment of term loan (405) (990)
Proceeds from Issuance of Convertible Preferred Stock 4,395 0
Proceeds from Noncontrolling Interests 3,899 0
Proceeds from structured payables 333 16
Repayments of structured payables (343) (26)
Payments of Ordinary Dividends, Common Stock 624 625
Payments of Ordinary Dividends, Preferred Stock and Preference Stock (54) 0
Payments for Repurchase of Common Stock 0 9
Tax withholdings related to net share settlements (31) (28)
Payments on finance leases (77) (63)
Deferred financing charges paid (44) (12)
Other, net (5) (4)
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation, Total 16,546 (409)
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Excluding Exchange Rate Effect, Including Discontinued Operation, Total 823 (47)
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation (314) 4
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Beginning Balance 1,044 608
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Ending Balance 1,553 565
Accrued consideration to untendered shareholders in the JDE Peet's Acquisition 402 0
Capital Expenditures Incurred but Not yet Paid 207 155
Interest Paid, Excluding Capitalized Interest, Operating Activity 349 277
Common Stock Issued    
Dividends Payable 314 312
Redeemable Convertible Preferred Stock    
Dividends Payable $ 28 $ 0