v3.26.1
CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 29, 2024
Cash flows from operating activities:      
Net earnings $ 1,757 $ 1,828 $ 1,955
Adjustments to reconcile net earnings to cash provided by operating activities:      
Share-based compensation expense 118 93 104
Depreciation and amortization 976 945 873
Operating lease asset amortization 153 141 124
Amortization of debt issuance and other debt-related costs 46 15 19
Deferred income taxes 10 (13) 27
Provision for losses on receivables 73 85 57
Goodwill impairment 0 92 0
Other non-cash items (40) (100) (12)
Additional changes in certain assets and liabilities, net of effect of businesses acquired:      
Increase in receivables (469) (206) (110)
Increase in inventories (293) (330) (70)
Increase in prepaid expenses and other current assets (25) (22) (2)
Increase in accounts payable 354 143 104
Increase (decrease) in accrued expenses 214 (14) (12)
Decrease in operating lease liabilities (215) (177) (144)
(Decrease) increase in accrued income taxes (7) (62) 13
(Increase) decrease in other assets (29) 18 38
Increase in other long-term liabilities 15 74 25
Net cash provided by operating activities 2,638 2,510 2,989
Cash flows from investing activities:      
Additions to plant and equipment (700) (906) (832)
Proceeds from sales of plant and equipment 176 214 79
Acquisition of businesses, net of cash acquired (189) (40) (1,210)
Purchase of marketable securities (61) (32) (33)
Proceeds from sales of marketable securities 54 29 29
Other investing activities 24 18 5
Net cash used for investing activities (696) (717) (1,962)
Cash flows from financing activities:      
Bank and commercial paper borrowings, net (263) 45 200
Other debt borrowings including senior notes 1,252 1,254 1,362
Other debt repayments including senior notes (908) (549) (447)
Proceeds from stock option exercises 137 110 120
Stock repurchases (200) (1,250) (1,232)
Dividends paid (1,037) (1,000) (1,008)
Debt issuance costs (108) (10) (13)
Other financing activities (32) (12) (20)
Net cash used for financing activities (1,159) (1,412) (1,038)
Effect of exchange rates on cash, cash equivalents and restricted cash (14) 22 (10)
Net increase (decrease) in cash, cash equivalents and restricted cash 769 403 (21)
Cash, cash equivalents and restricted cash at beginning of period 1,348 945 966
Cash, cash equivalents and restricted cash at end of period 2,117 1,348 945
Cash paid during the period for:      
Interest 670 629 557
Income taxes, net of refunds [1] $ 477 $ 640 $ 564
[1]
Cash paid for income taxes, net for fiscal year 2026 and 2025 includes $227 million and $190 million, respectively, of cash paid for the purchase of federal tax credits.