Gilead Sciences
GILD · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
Gilead Sciences reported revenue of $29.4B in the fiscal year ended Dec 2025, up 2.4% from the year before. Operating income was $10B, an operating margin of 34.0%, and net income was $8.5B. Operating cash flow of $10B less capital expenditure of $563M left free cash flow of $9.5B. Net debt was $17.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $27.3B | $27.3B | $27.1B | $28.8B | $29.4B |
| Cost of revenue | $6.6B | $5.7B | $6.5B | $6.3B | $6.2B |
| Gross profit | $20.7B | $21.6B | $20.6B | $22.5B | $23.2B |
| Selling, general & admin | $5.2B | $5.7B | $6.1B | $6.1B | $5.8B |
| Operating income | $9.9B | $7.3B | $7.6B | $1.7B | $10B |
| Interest expense | $1B | $935M | $944M | $977M | $1B |
| Pre-tax income | $8.3B | $5.8B | $6.9B | $690M | $9.8B |
| Income tax | $2.1B | $1.2B | $1.2B | $211M | $1.3B |
| Net income | $6.2B | $4.6B | $5.7B | $480M | $8.5B |
| Diluted EPS | 4.93 | 3.64 | 4.50 | 0.38 | 6.78 |
| Diluted shares | 1,262M | 1,262M | 1,258M | 1,255M | 1,255M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $5.3B | $5.4B | $6.1B | $10B | $7.6B |
| Receivables | $4.5B | $4.8B | $4.7B | $4.4B | $4.9B |
| Inventory | $1.6B | $1.5B | $1.8B | $1.7B | $1.8B |
| Current assets | $14.8B | $14.4B | $16.1B | $19.2B | $18.3B |
| Net PP&E | $5.1B | $5.5B | $5.3B | $5.4B | $5.6B |
| Goodwill | $8.3B | $8.3B | $8.3B | $8.3B | $8.3B |
| Total assets | $68B | $63.2B | $62.1B | $59B | $59B |
| Payables | $705M | $905M | $550M | $833M | $715M |
| Deferred revenue | $79M | $102M | $109M | $58M | $48M |
| Current liabilities | $11.6B | $11.2B | $11.3B | $12B | $11.8B |
| Short-term debt | $1.5B | $2.3B | $1.8B | $1.8B | $2.8B |
| Long-term debt | $25.2B | $23B | $23.2B | $24.9B | $22.1B |
| Shareholders' equity | $21.1B | $21.2B | $22.8B | $19.3B | $22.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $11.4B | $9.1B | $8B | $10.8B | $10B |
| Capital expenditure | $579M | $728M | $585M | $523M | $563M |
| Free cash flow | $10.8B | $8.3B | $7.4B | $10.3B | $9.5B |
| Depreciation & amortisation | $329M | $323M | $354M | $381M | $370M |
| Stock-based compensation | $635M | $637M | $766M | $835M | $894M |
| Acquisitions | $1.6B | $1.8B | $1.2B | $4.8B | $1.1B |
| Share buybacks | $546M | $1.4B | $1B | $1.2B | $1.9B |
| Dividends paid | $3.6B | $3.7B | $3.8B | $3.9B | $4B |
| Dividend per share | 2.84 | 2.92 | 3.00 | 3.08 | 3.16 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.1% | −0.6% | 6.0% | 2.4% |
| Operating income growth (YoY) | – | −26.1% | 3.8% | −78.1% | 503.0% |
| EPS growth (YoY) | – | −26.2% | 23.6% | −91.6% | 1684.2% |
| Gross margin | 75.8% | 79.3% | 76.0% | 78.3% | 78.8% |
| Operating margin | 36.3% | 26.9% | 28.0% | 5.8% | 34.0% |
| Net margin | 22.8% | 16.8% | 20.9% | 1.7% | 28.9% |
| Return on equityBlank when equity is negative | 29.5% | 21.6% | 24.8% | 2.5% | 37.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.6% | 14.1% | 15.0% | 3.5% | 21.2% |
| Free cash flow margin | 39.6% | 30.6% | 27.4% | 35.8% | 32.1% |
| Cash conversion (CFO ÷ net income) | 1.83x | 1.98x | 1.41x | 22.6x | 1.18x |
| Receivable days | 60 | 64 | 63 | 56 | 61 |
| Inventory days | 89 | 97 | 100 | 100 | 104 |
| Payable days | 39 | 58 | 31 | 49 | 42 |
| Interest cover | 9.91x | 7.84x | 8.06x | 1.70x | 9.79x |
| Debt ÷ equity | 1.27x | 1.19x | 1.09x | 1.38x | 1.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $21.4B | $19.8B | $18.9B | $16.7B | $17.4B |
| Current ratio | 1.27x | 1.29x | 1.43x | 1.60x | 1.55x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
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.