v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income $ 1,432 $ 1,726
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 527 336
Amortization of intangibles 286 101
Amortization of inventory step-up 361 15
Other amortization expense 125 117
Provision for sales returns 132 42
Deferred income taxes (177) (39)
Employee stock-based compensation expense 95 70
Amortization of Debt Issuance Costs 115 15
Equity Method Investment, Realized Gain (Loss) on Disposal 400 0
Loss (gain) on disposal of property, plant, and equipment 69 (3)
Unrealized (gain) loss on foreign currency 9 (7)
Unrealized gain on derivatives (165) (127)
Settlements of interest rate contracts 70 0
Earnings of equity method investments 58 62
Earned equity from distribution arrangements 16 21
Other, net 63 (12)
Changes in assets and liabilities, excluding the effects of business acquisitions:    
Trade accounts receivable (131) (16)
Inventories 160 (533)
Income taxes receivable and payable, net 119 (27)
Other current and non-current assets (138) (183)
Accounts payable and accrued expenses (41) (140)
Other current and non-current liabilities (199) 13
Net change in operating assets and liabilities (230) (886)
Net cash provided by operating activities 2,220 1,279
Investing activities:    
Acquisitions of businesses, net of cash acquired 16,633 114
Proceeds from Sale of Equity Method Investment 400 0
Purchases of property, plant, and equipment (457) (338)
Proceeds from sales of property, plant, and equipment 145 14
Purchases of intangibles (4) (16)
Other, net (2) 64
Net cash used in investing activities (16,551) (390)
Financing activities:    
Proceeds from Issuance of Senior Long-Term Debt 6,108 2,000
Repayments of Senior Debt 400 529
Net repayment of commercial paper (968) (225)
Proceeds from delayed draw term loan 3,626 0
Repayment of term loans (405) (990)
Proceeds from Issuance of Convertible Preferred Stock 4,395 0
Proceeds from Noncontrolling Interests 3,899 0
Proceeds from structured payables 650 23
Repayments of structured payables (696) (34)
Payments of Ordinary Dividends, Common Stock 938 937
Payments of Ordinary Dividends, Preferred Stock and Preference Stock (107) 0
Payments to Noncontrolling Interests (64) 0
Payments for Repurchase of Common Stock 0 9
Tax withholdings related to net share settlements (34) (29)
Payments on finance leases (146) (96)
Deferred financing charges paid (44) (103)
Other, net (5) (5)
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation, Total 14,871 (934)
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Excluding Exchange Rate Effect, Including Discontinued Operation, Total 540 (45)
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation (278) 6
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Beginning Balance 1,044 608
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Ending Balance 1,306 569
Accrued consideration to untendered shareholders in the JDE Peet's Acquisition 399 0
Note receivable for sale of equity method investment 400 [1] 0
Capital Expenditures Incurred but Not yet Paid 194 151
Interest Paid, Excluding Capitalized Interest, Operating Activity 602 377
Common Stock Issued    
Dividends Payable 313 313
Redeemable Convertible Preferred Stock    
Dividends Payable $ 28 $ 0
[1] Refer to Note 13 for additional information regarding the note receivable due from Chobani.