Quarterly report [Sections 13 or 15(d)]

Consolidated Statement of Cash Flows

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net income	$ 8,584	$ 7,360
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	1,337	1,480
(Gains) losses on sales of debt securities	(3)	2
Depreciation and amortization	605	565
Net accretion of discount/premium on debt securities	(200)	(85)
Deferred income taxes	101	(40)
Amortization of stock-based compensation	1,032	999
Net change in:
Trading and derivative assets/liabilities	20,230	(10,970)
Loans held-for-sale	(5,763)	2,599
Other assets	1,068	4,198
Accrued expenses and other liabilities	14,541	(8,308)
Other operating activities, net	238	16
Net cash provided by (used in) operating activities	41,770	(2,184)
Investing activities
Time deposits placed and other short-term investments	88	(910)
Federal funds sold and securities borrowed or purchased under agreements to resell	(66,686)	(53,656)
Debt securities carried at fair value:
Proceeds from sales	69,557	26,392
Proceeds from paydowns and maturities	27,061	20,719
Purchases	(82,182)	(72,075)
Held-to-maturity debt securities:
Proceeds from paydowns and maturities	7,652	7,666
Loans and leases:
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities	2,717	2,232
Purchases	(1,666)	(9,379)
Other changes in loans and leases, net	(21,705)	(9,200)
Other investing activities, net	(1,287)	(799)
Net cash used in investing activities	(66,451)	(89,010)
Financing activities
Deposits	18,934	24,097
Federal funds purchased and securities loaned or sold under agreements to repurchase	8,304	44,312
Short-term borrowings	10,551	(1,921)
Long-term debt:
Proceeds from issuance	35,520	33,640
Retirement	(24,777)	(16,333)
Preferred stock:
Redemption	(1,000)	(2,669)
Common stock repurchased	(7,240)	(4,521)
Cash dividends paid	(2,626)	(2,552)
Other financing activities, net	(1,751)	(1,221)
Net cash provided by financing activities	35,915	72,832
Effect of exchange rate changes on cash and cash equivalents	(600)	1,827
Net increase (decrease) in cash and cash equivalents	10,634	(16,535)
Cash and cash equivalents at January 1	231,845	290,114
Cash and cash equivalents at March 31	$ 242,479	$ 273,579