v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 892 $ 710
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 1,101 982
Stock-based compensation 273 240
Impairment charges 19 1
(Gain) loss on asset sales (17) 0
Other operating activities 31 23
Changes in operating assets and liabilities:    
Accounts receivable (258) (169)
Income taxes, net (24) (45)
Operating lease right-of-use assets 79 79
Operating lease liabilities (77) (71)
Accounts payable and accrued expenses (80) (149)
Other assets and liabilities (155) 152
Net cash provided by operating activities 1,784 1,753
Cash flows from investing activities:    
Purchases of equity investments (264) (48)
Distributions from equity investments 33 4
Purchases of short-term investments (789) (795)
Maturities and sales of short-term investments 1,054 450
Business acquisitions, net of cash acquired 0 (182)
Real estate acquisitions (224) (99)
Purchases of other property, plant and equipment (2,834) (1,739)
Proceeds from sale of assets, net of cash transferred 348 0
Settlement of foreign currency hedges 101 50
Investment in loan receivable 0 (45)
Net cash used in investing activities (2,575) (2,404)
Cash flows from financing activities:    
Proceeds from employee equity programs 49 50
Payment of dividends (1,029) (928)
Proceeds from public offering of common stock, net of issuance costs 0 99
Proceeds from senior notes, net of debt discounts 2,419 2,066
Repayment of finance lease liabilities (89) (72)
Repayment of other debt (682) (1)
Repayment of senior notes (700) 0
Other financing activities 26 (8)
Net cash provided by (used in) financing activities (6) 1,206
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash (11) 53
Net increase (decrease) in cash, cash equivalents and restricted cash (808) 608
Cash, cash equivalents and restricted cash at beginning of period 1,824 3,082
Cash, cash equivalents and restricted cash at end of period 1,016 3,690
Cash and cash equivalents 979 3,660
Current portion of restricted cash included in other current assets 1 5
Non-current portion of restricted cash included in other assets 36 25
Total cash, cash equivalents and restricted cash at end of period $ 1,016 $ 3,690

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