FY26 Q1 - Cash Flows - Investor Relations

Earnings Release FY26 Q1

Cash Flows Statements
(In millions) (Unaudited)		Three Months Ended September 30,
(In millions) (Unaudited)		2025	2024
	Operations
	Net income	$ 27,747	$ 24,667
	Adjustments to reconcile net income to net cash from operations:
	Depreciation, amortization, and other	13,061	7,383
	Stock-based compensation expense	2,983	2,832
	Net recognized gains on investments and derivatives	(1,007)	(125)
	Deferred income taxes	2,491	(1,433)
	Changes in operating assets and liabilities:
	Accounts receivable	16,490	14,037
	Inventories	(192)	(373)
	Other current assets	(1,162)	(82)
	Other long-term assets	(394)	(1,761)
	Accounts payable	(614)	(916)
	Unearned revenue	(5,418)	(5,553)
	Income taxes	(2,944)	1,016
	Other current liabilities	(5,507)	(5,479)
	Other long-term liabilities	(477)	(33)
	Net cash from operations	45,057	34,180
	Financing
	Repayments of debt, maturities of 90 days or less	0	(5,746)
	Repayments of debt	0	(966)
	Common stock issued	689	706
	Common stock repurchased	(5,650)	(4,107)
	Common stock cash dividends paid	(6,169)	(5,574)
	Other, net	(669)	(889)
	Net cash used in financing	(11,799)	(16,576)
	Investing
	Additions to property and equipment	(19,394)	(14,923)
	Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets	(578)	(1,849)
	Purchases of investments	(17,671)	(1,620)
	Maturities of investments	6,031	2,136
	Sales of investments	3,262	1,968
	Other, net	(6,209)	(913)
	Net cash used in investing	(34,559)	(15,201)
	Effect of foreign exchange rates on cash and cash equivalents	(92)	122
	Net change in cash and cash equivalents	(1,393)	2,525
	Cash and cash equivalents, beginning of period	30,242	18,315
	Cash and cash equivalents, end of period	$ 28,849	$ 20,840

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