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

Consolidated Statement of Cash Flows

v3.25.4
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 30,509 $ 26,973 $ 26,305
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 5,675 5,821 4,394
Losses on sales of debt securities 20 29 405
Depreciation and amortization 2,314 2,189 2,057
Net accretion of discount/premium on debt securities (859) (330) (397)
Deferred income taxes 295 (1,127) (1,012)
Amortization of stock-based compensation 4,001 3,433 2,942
Net change in:      
Trading and derivative assets/liabilities (35,027) (45,504) 44,391
Loans held-for-sale 4,215 (4,321) 641
Other assets (19,584) (4,515) (24,304)
Accrued expenses and other liabilities 17,315 1,025 (18,148)
Other operating activities, net 3,739 7,522 7,708
Net cash provided by (used in) operating activities 12,613 (8,805) 44,982
Investing activities      
Time deposits placed and other short-term investments (1,102) 1,974 (1,087)
Federal funds sold and securities borrowed or purchased under agreements to resell (45,856) 8,415 (13,050)
Debt securities carried at fair value:      
Proceeds from sales 129,779 69,925 101,165
Proceeds from paydowns and maturities 100,313 237,939 148,699
Purchases (263,483) (390,911) (290,959)
Held-to-maturity debt securities:      
Proceeds from paydowns and maturities 34,794 34,591 36,955
Purchases 0 0 (98)
Loans and leases:      
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities 9,592 9,565 11,081
Purchases (14,315) (5,470) (5,351)
Other changes in loans and leases, net (90,548) (52,576) (17,484)
Other investing activities, net (4,331) (4,145) (5,258)
Net cash used in investing activities (145,157) (90,693) (35,387)
Financing activities      
Deposits 53,262 41,640 (6,514)
Federal funds purchased and securities loaned or sold under agreements to repurchase 16,945 47,871 88,252
Short-term borrowings 4,690 12,574 5,162
Long-term debt:      
Proceeds from issuance 99,867 56,683 65,396
Retirement (76,031) (70,411) (44,571)
Preferred stock:      
Proceeds from issuance 5,493 0 0
Redemption (2,669) (5,254) 0
Common stock repurchased (21,433) (13,104) (4,576)
Cash dividends paid (9,563) (9,503) (9,087)
Other financing activities, net (613) (127) (717)
Net cash provided by financing activities 69,948 60,369 93,345
Effect of exchange rate changes on cash and cash equivalents 4,327 (3,830) (70)
Net increase (decrease) in cash and cash equivalents (58,269) (42,959) 102,870
Cash and cash equivalents at January 1 290,114 333,073 230,203
Cash and cash equivalents at December 31 231,845 290,114 333,073
Supplemental cash flow disclosures      
Interest paid $ 79,065 $ 89,687 $ 69,604