Financials
Financial Statements
As filed with the SEC — statements parsed verbatim from EDGAR (line items, order and subtotals exactly as reported). 10-K filed 2026-01-29 · 10-Q filed 2026-04-23.
03
Cash Flow
Consolidated Statements of Cash Flows — $ in Millions
| Line Item | 12 Months Ended · Dec. 31, 2025 | 12 Months Ended · Dec. 31, 2024 | 12 Months Ended · Dec. 31, 2023 |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Net income | $ 3,855 | $ 7,153 | $ 14,974 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and impairment | 6,148 | 5,368 | 4,667 |
| Stock-based compensation | 2,825 | 1,999 | 1,812 |
| Inventory and purchase commitments write-downs | 362 | 335 | 463 |
| Foreign currency transaction net unrealized loss (gain) | 452 | (73) | (144) |
| Deferred income taxes | 123 | 477 | (6,349) |
| Non-cash interest and other operating activities | 272 | 172 | 81 |
| Digital assets loss (gain), net | 68 | (589) | 0 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (261) | (1,083) | (586) |
| Inventory | (630) | 937 | (1,195) |
| Operating lease vehicles | (25) | (590) | (1,952) |
| Prepaid expenses and other assets | (3,181) | (3,273) | (2,652) |
| Accounts payable, accrued and other liabilities | 4,376 | 3,588 | 2,605 |
| Deferred revenue | 363 | 502 | 1,532 |
| Net cash provided by operating activities | 14,747 | 14,923 | 13,256 |
| Cash Flows from Investing Activities | |||
| Purchases of property and equipment excluding finance leases, net of sales | (8,527) | (11,342) | (8,899) |
| Purchases of investments | (37,109) | (35,955) | (19,112) |
| Proceeds from maturities of investments | 30,158 | 28,310 | 12,353 |
| Proceeds from sales of investments | 0 | 200 | 138 |
| Business combinations, net of cash acquired | 0 | 0 | (64) |
| Net cash used in investing activities | (15,478) | (18,787) | (15,584) |
| Cash Flows from Financing Activities | |||
| Proceeds from issuances of debt | 5,586 | 5,744 | 3,931 |
| Repayments of debt | (5,546) | (2,500) | (1,351) |
| Proceeds from exercises of stock options and other stock issuances, net of issuance costs | 1,186 | 1,241 | 700 |
| Principal payments on finance leases | (104) | (381) | (464) |
| Proceeds received from directors in shareholder settlement | 277 | 0 | 0 |
| Payment of legal fees associated with shareholder settlement | (176) | 0 | 0 |
| Debt issuance costs | (6) | (14) | (29) |
| Distributions paid to noncontrolling interests in subsidiaries | (78) | (104) | (144) |
| Payments for buy-outs of noncontrolling interests in subsidiaries | 0 | (133) | (54) |
| Net cash provided by financing activities | 1,139 | 3,853 | 2,589 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 171 | (141) | 4 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 579 | (152) | 265 |
| Cash and cash equivalents and restricted cash, beginning of period | 17,037 | 17,189 | 16,924 |
| Cash and cash equivalents and restricted cash, end of period | 17,616 | 17,037 | 17,189 |
| Supplemental Non-Cash Investing and Financing Activities | |||
| Acquisitions of property and equipment included in liabilities | 1,913 | 1,410 | 2,272 |
| Supplemental Disclosures | |||
| Cash paid during the period for interest | $ 292 | $ 277 | $ 126 |
Consolidated Statements of Cash Flows — $ in Millions
| Line Item | 3 Months Ended · Mar. 31, 2026 | 9 Months Ended · Sep. 30, 2025 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net income | $ 491 | $ 2,999 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, amortization and impairment | 1,590 | 4,505 |
| Stock-based compensation | 1,030 | 1,871 |
| Inventory write-downs | 77 | — |
| Foreign currency transaction net unrealized loss | 287 | 160 |
| Deferred income taxes | (136) | 234 |
| Digital assets loss, net | 222 | — |
| Non-cash interest and other operating activities | 1 | 235 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 561 | (306) |
| Inventory | (2,255) | (416) |
| Operating lease vehicles | 174 | 54 |
| Prepaid expenses and other assets | 231 | (2,280) |
| Accounts payable, accrued and other liabilities | 1,401 | 2,979 |
| Deferred revenue | 263 | 825 |
| Net cash provided by operating activities | 3,937 | 10,934 |
| Cash Flows from Investing Activities | ||
| Purchases of property and equipment excluding finance leases, net of sales | (2,493) | (6,134) |
| Purchase of SpaceX equity investment | (2,002) | — |
| Purchases of short-term investments | (8,318) | — |
| Proceeds from maturities of short-term investments | 7,790 | — |
| Net cash used in investing activities | (5,023) | (8,950) |
| Cash Flows from Financing Activities | ||
| Proceeds from issuances of debt | 4,331 | 4,232 |
| Repayments of debt | (3,530) | (4,798) |
| Proceeds from exercises of stock options and other stock issuances | 361 | 1,040 |
| Principal payments on finance leases | (18) | (85) |
| Proceeds received from directors in shareholder settlement | 0 | 277 |
| Recovery (payment) of legal fees associated with shareholder settlement | 98 | — |
| Distributions paid to noncontrolling interests in subsidiaries | (70) | (56) |
| Net cash provided by (used in) financing activities | 1,172 | — |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (47) | 134 |
| Net increase in cash and cash equivalents and restricted cash | 39 | 2,547 |
| Cash and cash equivalents and restricted cash, beginning of period | 17,616 | 17,037 |
| Cash and cash equivalents and restricted cash, end of period | 17,655 | 19,584 |
| Supplemental Non-Cash Investing and Financing Activities | ||
| Acquisitions of property and equipment included in liabilities | 2,814 | 1,631 |
| Leased assets obtained in exchange for finance lease liabilities | 6 | 0 |
| Leased assets obtained in exchange for operating lease liabilities | $ 565 | $ 1,171 |