v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income $ 505 $ 1,259 $ 2,287
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense excluding depreciation and amortization of assets under operating leases 432 417 377
Depreciation and amortization expense of assets under operating leases 197 188 187
Undistributed income of unconsolidated affiliates 17 (11) (115)
Other non-cash items 647 340 183
Changes in operating assets and liabilities:      
Provisions (336) (204) 911
Deferred income taxes (198) (107) (535)
Trade and financing receivables related to sales, net 708 1,015 (2,268)
Inventories, net 749 787 (259)
Trade payables (198) (1,186) (157)
Other assets and liabilities 15 (530) 296
Net cash provided by operating activities 2,538 1,968 907
Cash Flows from Investing Activities      
Additions to retail receivables (7,554) (8,227) (8,069)
Collections of retail receivables 7,508 6,459 5,824
Expenditures for property, plant and equipment and intangible assets excluding assets under operating leases (543) (536) (644)
Expenditures for assets under operating leases (655) (650) (551)
Other, net (136) 182 (259)
Net cash used in investing activities (1,380) (2,772) (3,699)
Cash Flows from Financing Activities      
Proceeds from long-term debt 12,985 15,111 9,941
Payments of long-term debt (13,006) (13,453) (8,224)
Net increase (decrease) in other financial liabilities (1,566) (416) 2,071
Dividends paid (333) (607) (538)
Purchase of treasury stock (100) (702) (652)
Net cash provided (used) by financing activities (2,020) (67) 2,598
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 225 (308) 110
Net decrease in cash, cash equivalents and restricted cash (637) (1,179) (84)
Cash, cash equivalents and restricted cash, beginning of year 3,866 5,045 5,129
Cash, cash equivalents and restricted cash, end of year 3,229 3,866 5,045
Components of cash, cash equivalents and restricted cash      
Cash and cash equivalents 2,578 3,191 4,322
Restricted cash 651 675 723
Total cash, cash equivalents and restricted cash $ 3,229 $ 3,866 $ 5,045