v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net income $ 201,239 $ 97,715
Adjustments:    
Depreciation of property and equipment 21,955 15,096
Stock-based compensation expense 23,338 17,882
Deferred income taxes 33,077 7,130
Loss (gain) on debt and equity securities, net (126,755) (22,266)
Other 4,825 843
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable, net (10,821) (3,582)
Inventory (10,959) (1,154)
Income taxes, net 4,602 (3,292)
Other assets (17,757) (2,906)
Accounts payable 1,925 (771)
Accrued expenses and other liabilities (860) 6,299
Deferred revenue 3,340 1,317
Net cash provided by operating activities 127,149 112,311
Investing activities    
Purchases of property and equipment (131,953) (63,596)
Purchases of marketable securities (116,467) (60,834)
Maturities and sales of marketable securities 88,516 61,301
Purchases of non-marketable securities (24,160) (3,312)
Maturities and sales of non-marketable securities 1,875 1,196
Acquisitions, net of cash acquired, and purchases of intangible assets (34,103) (1,425)
Other investing activities (879) (1,845)
Net cash used in investing activities (217,171) (68,515)
Financing activities    
Net payments related to stock-based award activities (17,424) (9,001)
Repurchases of stock 0 (39,810)
Dividend payments on preferred and common stock (8,167) (7,513)
Proceeds from issuance of common stock, net of costs 42,870 0
Proceeds from issuance of mandatory convertible preferred stock, net of costs 19,063 0
Proceeds from issuance of debt, net of costs 85,222 38,002
Repayments of debt (8,879) (26,094)
Proceeds from sale of interest in consolidated entities, net 3,758 400
Other financing activities (686) (400)
Net cash provided by (used in) financing activities 115,757 (44,416)
Effect of exchange rate changes on cash and cash equivalents (109) 244
Net increase (decrease) in cash and cash equivalents 25,626 (376)
Cash and cash equivalents at beginning of period 30,708 23,466
Cash and cash equivalents at end of period 56,334 23,090
Supplemental disclosures of non-cash investing activities:    
Property and equipment included in accrued liabilities and accounts payable $ 35,921 $ 14,574