v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 27, 2026
Sep. 28, 2025
Operating Activities    
Net income before allocation to noncontrolling interests $ 5,710 $ 9,452
Discontinued operations––net of tax (5) 25
Income from continuing operations 5,714 9,427
Adjustments to reconcile net income from continuing operations before allocation to noncontrolling interests to net cash provided by/(used in) operating activities:    
Depreciation and amortization [1] 4,812 4,905
Asset write-offs and impairments 4,487 864
Deferred taxes (2,192) (1,700)
Share-based compensation expense 883 574
Benefit plan contributions in excess of expense/income (398) (418)
Net gain from the sale of investment in ViiV [2] (1,870) 0
Other adjustments, net (408) (353)
Other changes in assets and liabilities, net of acquisitions and divestitures (2,203) (6,944)
Net cash provided by/(used in) operating activities 8,825 6,356
Investing Activities    
Purchases of property, plant and equipment (1,542) (1,784)
Purchases of short-term investments (9,488) (10,308)
Proceeds from redemptions/sales of short-term investments 8,977 13,236
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less 726 (3,251)
Purchases of long-term investments (121) (215)
Proceeds from redemptions/sales of long-term investments 338 504
Other investing activities, net 100 302
Net cash provided by/(used in) investing activities 865 4,795
Financing Activities    
Payments on short-term borrowings 0 (2,199)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less (87) (897)
Proceeds from issuance of long-term debt 0 3,687
Payments on long-term debt (1,250) (3,750)
Cash dividends paid (7,347) (7,326)
Other financing activities, net (341) (415)
Net cash provided by/(used in) financing activities (9,025) (10,900)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents 16 36
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents 681 287
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period 1,197 1,107
Cash and cash equivalents and restricted cash and cash equivalents, at end of period 1,878 1,394
Cash paid during the period for:    
Income taxes 3,965 3,671
Interest paid 1,824 1,758
Interest rate hedges 58 95
ViiV [Member]    
Investing Activities    
Proceeds from sale of investment 1,875 0
Haleon [Member]    
Investing Activities    
Proceeds from sale of investment $ 0 $ 6,311
[1] Certain production facilities are shared. Depreciation is allocated based on estimates of physical production.
[2] See Note 2C.