v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 5,950 $ 3,838
Adjustments to net income:    
Depreciation 1,643 1,381
Amortization of capitalized software 63 61
Stock compensation 331 338
Gains on sales of assets (13) 0
Deferred taxes (92) (134)
Increase (decrease) from changes in:    
Accounts receivable (657) (343)
Inventories 132 (302)
Prepaid expenses and other current assets 9 2
Accounts payable and accrued expenses 51 57
Accrued compensation (170) (134)
Income taxes payable 435 168
Changes in funded status of retirement plans 1 (14)
Other (41) (19)
Cash flows from operating activities 7,642 4,899
Cash flows from investing activities    
Capital expenditures (1,653) (3,625)
Proceeds from U.S. CHIPS and Science Act (CHIPS Act) incentives 1,104 335
Proceeds from asset sales 37 1
Purchases of short-term investments (5,311) (2,644)
Proceeds from short-term investments 3,078 5,198
Other 9 (28)
Cash flows from investing activities (2,736) (763)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 0 1,199
Repayment of debt (500) (750)
Dividends paid (3,884) (3,709)
Stock repurchases (233) (1,074)
Proceeds from common stock transactions 770 358
Other (73) (49)
Cash flows from financing activities (3,920) (4,025)
Net change in cash and cash equivalents 986 111
Cash and cash equivalents at beginning of period 3,225 3,200
Cash and cash equivalents at end of period 4,211 3,311
Supplemental cash flow information    
Investment tax credit (ITC) used to reduce income taxes payable 380 246
Proceeds from CHIPS Act incentives 1,104 335
Total cash benefit related to the CHIPS Act $ 1,484 $ 581