Annual report [Section 13 and 15(d), not S-K Item 405]

STATEMENTS OF CONSOLIDATED CASH FLOWS

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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities:      
Net Income $ 5,572 $ 5,782 $ 6,708
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 3,746 3,609 3,366
Pension and postretirement benefit (income) expense 1,009 1,698 1,330
Pension and postretirement benefit contributions (1,361) (1,524) (1,393)
Self-insurance reserves 236 44 57
Deferred tax (benefit) expense (8) (15) 199
Stock compensation expense 73 24 220
Other (gains) losses 113 262 265
Changes in assets and liabilities, net of effects of business acquisitions:      
Accounts receivable (382) (566) 1,256
Other assets 65 70 87
Accounts payable (190) 262 (1,377)
Accrued wages and withholdings 27 501 (296)
Other liabilities (517) (11) (42)
Other operating activities 67 (14) (142)
Net cash from operating activities 8,450 10,122 10,238
Cash Flows From Investing Activities:      
Capital expenditures (3,685) (3,909) (5,158)
Proceeds from disposal of businesses, property, plant and equipment 700 1,115 193
Purchases of marketable securities (90) (76) (3,521)
Sales and maturities of marketable securities 293 2,748 2,701
Acquisitions, net of cash acquired (1,968) (71) (1,329)
Other investing activities 15 (24) (19)
Net cash used in investing activities (4,735) (217) (7,133)
Cash Flows From Financing Activities:      
Net change in short-term debt 0 (1,272) 1,272
Proceeds from long-term borrowings 4,153 2,785 3,429
Repayments of long-term borrowings (2,069) (2,487) (2,429)
Purchases of common stock (1,000) (500) (2,250)
Issuances of common stock 159 232 248
Dividends (5,398) (5,399) (5,372)
Other financing activities 14 (209) (432)
Net cash used in financing activities (4,141) (6,850) (5,534)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash 201 (149) 33
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash (225) 2,906 (2,396)
Cash, Cash Equivalents and Restricted Cash:      
Beginning of period 6,112 3,206 5,602
End of period $ 5,887 $ 6,112 $ 3,206