v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 26, 2026
Sep. 27, 2025
Cash flows from operating activities:    
Net income $ 609 $ 492
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 360 345
Deferred tax provision 13 46
Share-based compensation expense 76 64
Provision for doubtful accounts 31 27
Other non-cash activities 21 18
Changes in operating assets and liabilities:    
Increase in receivables (346) (329)
Increase in inventories (19) (56)
Increase (decrease) in prepaid expenses and other assets 47 (9)
Increase in accounts payable and cash overdraft liability 376 407
(Decrease) increase in accrued expenses and other liabilities (8) 71
Net cash provided by operating activities 1,160 1,076
Cash flows from investing activities:    
Proceeds from sales of property and equipment 4 6
Proceeds from divestitures 0 38
Purchases of property and equipment (266) (276)
Cash paid for acquisitions (2) (87)
Net cash used in investing activities (264) (319)
Cash flows from financing activities:    
Principal payments on debt and financing leases (7,637) (7,165)
Proceeds from debt borrowings 7,410 7,015
Repurchase of common stock (635) (602)
Debt financing costs and fees (4) 0
Proceeds from employee stock purchase plan 23 22
Proceeds from exercise of stock options 11 6
Purchase of interest rate caps 0 (1)
Tax withholding payments for net share-settled equity awards (51) (35)
Net cash used in financing activities (883) (760)
Net increase (decrease) in cash, cash equivalents and restricted cash 13 (3)
Cash, cash equivalents and restricted cash—beginning of period 41 59
Cash, cash equivalents and restricted cash—end of period 54 56
Supplemental disclosures of cash flow information:    
Interest paid—net of amounts capitalized 239 240
Income taxes paid - net [1] 143 86
Property and equipment purchases incurred but not yet paid 67 62
Leased assets obtained in exchange for financing lease liabilities 128 172
Leased assets obtained in exchange for operating lease liabilities $ 114 $ 88
[1]
*2026 includes $73 million of cash paid to counterparties to purchase federal transferable tax credits.