v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 2,504 $ 2,953
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 3,817 3,198
Stock-based compensation expense 209 186
Deferred income tax expense 682 771
Bad debt expense 426 323
Losses from sales of receivables 20 22
Changes in operating assets and liabilities    
Accounts receivable (162) (93)
Equipment installment plan receivables (55) 24
Inventory 86 (318)
Operating lease right-of-use assets 1,196 855
Other current and long-term assets 33 10
Accounts payable and accrued liabilities (408) (268)
Short- and long-term operating lease liabilities (1,218) (898)
Other current and long-term liabilities (109) (88)
Other, net 201 170
Net cash provided by operating activities 7,222 6,847
Investing activities    
Purchases of property and equipment, including capitalized interest of $(7) and $(10) (2,623) (2,451)
Purchases of spectrum licenses and other intangible assets, including deposits (26) (73)
Proceeds from the sale of property, equipment and intangible assets 95 7
Acquisition of companies, net of cash acquired (1) (727)
Investments in unconsolidated affiliates, net 0 (75)
Other, net (294) (90)
Net cash used in investing activities (2,849) (3,409)
Financing activities    
Proceeds from issuance of long-term debt, net 6,398 7,774
Repayments of financing lease obligations (304) (315)
Repayments of long-term debt (6,435) (479)
Repurchases of common stock (4,826) (2,494)
Dividends on common stock (1,120) (1,003)
Tax withholdings on share-based awards (154) (272)
Other, net 1 (18)
Net cash (used in) provided by financing activities (6,440) 3,193
Change in cash and cash equivalents, including restricted cash (2,067) 6,631
Cash and cash equivalents, including restricted cash    
Beginning of period 5,976 5,713
End of period $ 3,909 $ 12,344