Bristol Myers Squibb
BMY · NYSEPharmaceutical Preparations · Fiscal year ends Dec 31
Bristol Myers Squibb reported revenue of $48.2B in the fiscal year ended Dec 2025, down 0.2% from the year before. Net income was $7.1B. Operating cash flow of $14.2B less capital expenditure of $1.3B left free cash flow of $12.8B. Net debt was $34.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $46.4B | $46.2B | $45B | $48.3B | $48.2B |
| Cost of revenue | $9.9B | $10.1B | $10.7B | $14B | $13.9B |
| Gross profit | $36.4B | $36B | $34.3B | $34.3B | $34.3B |
| Research & development | $10.2B | $9.5B | $9.3B | $11.2B | $10B |
| Selling, general & admin | $7.7B | $7.8B | $7.8B | $8.4B | $7.3B |
| Interest expense | $1.3B | $1.2B | $1.2B | $1.9B | $1.9B |
| Pre-tax income | $8.1B | $7.7B | $8.4B | −$8.4B | $9.3B |
| Income tax | $1.1B | $1.4B | $400M | $554M | $2.3B |
| Net income | $7B | $6.3B | $8B | −$8.9B | $7.1B |
| Diluted EPS | 3.12 | 2.95 | 3.86 | −4.41 | 3.46 |
| Diluted shares | 2,245M | 2,146M | 2,078M | 2,027M | 2,039M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $14B | $9.1B | $11.5B | $10.3B | $10.2B |
| Receivables | $8B | $8.2B | $8.9B | $9B | $9.6B |
| Inventory | $2.1B | $2.3B | $2.7B | $2.6B | $2.7B |
| Current assets | $33.3B | $27.3B | $31.8B | $29.8B | $29.4B |
| Net PP&E | $6B | $6.3B | $6.6B | $7.1B | $7.5B |
| Goodwill | $20.5B | $21.1B | $21.2B | $21.7B | $21.8B |
| Total assets | $109B | $96.8B | $95.2B | $92.6B | $90B |
| Payables | $2.9B | $3B | $3.3B | $3.6B | $3.6B |
| Current liabilities | $21.9B | $21.9B | $22.3B | $23.8B | $23.4B |
| Short-term debt | $4.8B | $3.9B | $2.9B | $1.8B | $2B |
| Long-term debt | $39.6B | $35.1B | $36.7B | $47.6B | $42.9B |
| Total liabilities | $73.3B | $65.7B | $65.7B | $76.2B | $71.5B |
| Shareholders' equity | $35.9B | $31.1B | $29.4B | $16.3B | $18.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $16.2B | $13.1B | $13.9B | $15.2B | $14.2B |
| Capital expenditure | $973M | $1.1B | $1.2B | $1.2B | $1.3B |
| Free cash flow | $15.2B | $11.9B | $12.7B | $13.9B | $12.8B |
| Depreciation & amortisation | $10.7B | $10.3B | $9.8B | $9.6B | $4B |
| Stock-based compensation | $583M | $457M | $518M | $507M | $553M |
| Acquisitions | $1.6B | $4.3B | $1.2B | $21.8B | $3.9B |
| Share buybacks | $6.3B | $8B | $5.2B | $0 | $0 |
| Dividends paid | $4.4B | $4.6B | $4.7B | $4.9B | $5B |
| Dividend per share | 2.01 | 2.19 | 2.31 | 2.42 | 2.49 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.5% | −2.5% | 7.3% | −0.2% |
| EPS growth (YoY) | – | −5.4% | 30.8% | −214.2% | – |
| Gross margin | 78.6% | 78.0% | 76.2% | 71.1% | 71.1% |
| Net margin | 15.1% | 13.7% | 17.8% | −18.5% | 14.6% |
| Return on equityBlank when equity is negative | 19.5% | 20.4% | 27.3% | −54.8% | 38.2% |
| Free cash flow margin | 32.8% | 25.9% | 28.1% | 28.9% | 26.7% |
| Cash conversion (CFO ÷ net income) | 2.32x | 2.07x | 1.73x | −1.70x | 2.01x |
| Receivable days | 63 | 64 | 72 | 68 | 73 |
| Inventory days | 77 | 84 | 91 | 67 | 70 |
| Payable days | 108 | 109 | 111 | 94 | 94 |
| Debt ÷ equity | 1.23x | 1.25x | 1.34x | 3.03x | 2.43x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $30.4B | $29.8B | $28.1B | $39.1B | $34.6B |
| Current ratio | 1.52x | 1.25x | 1.43x | 1.25x | 1.26x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.