v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income $ 1,363 $ 1,409
Adjustments to reconcile consolidated net income to net cash flows from operating activities:    
Depreciation and amortization 2,211 2,181
Stock compensation expense 203 222
Noncash interest, net 6 8
Deferred income taxes 214 (27)
Other, net 126 233
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:    
Accounts receivable 5 (48)
Prepaid expenses and other assets 7 (235)
Accounts payable, accrued liabilities and other 169 493
Net cash flows from operating activities 4,304 4,236
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (2,855) (2,399)
Change in accrued expenses related to capital expenditures (77) (273)
Other, net (42) (132)
Net cash flows from investing activities (2,974) (2,804)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings of long-term debt 7,216 1,393
Borrowings of equipment installment plan financing facility 148 121
Repayments of long-term debt (7,499) (1,609)
Payments for debt issuance costs (30) 0
Purchase of treasury stock (1,026) (802)
Proceeds from exercise of stock options 2 17
Purchase of noncontrolling interest 0 (20)
Distributions to noncontrolling interest (2) (3)
Other, net (115) (169)
Net cash flows from financing activities (1,306) (1,072)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 24 360
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 598 506
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 622 866
CASH PAID FOR INTEREST 1,067 995
Restricted cash $ 105 $ 70