Bristol-Myers Squibb (BMY) financial statements
Bristol-Myers Squibb reported revenue of $48.2B in fiscal 2025, up 10.6% a year over 9 years.
Net income was $7.1B and the operating margin 19.4%, against 30.4% in 2016.
Free cash flow was $12.8B, and the company returned $5.0B in dividends.
The diluted share count rose 21% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bristol-Myers Squibb's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.4B | $20.8B | $22.6B | $26.1B | $42.5B | $46.4B | $46.2B | $45.0B | $48.3B | $48.2B |
| Cost of revenue | $5.0B | $6.0B | $6.5B | $8.1B | $11.8B | $9.9B | $10.1B | $10.7B | $14.0B | $13.9B |
| Gross profit | $14.5B | $14.7B | $16.1B | $18.1B | $30.7B | $36.4B | $36.0B | $34.3B | $34.3B | $34.3B |
| Research and development | $5.0B | $6.5B | $6.3B | $6.1B | $10.0B | $10.2B | $9.5B | $9.3B | $11.2B | $10.0B |
| Selling, general and admin | $5.0B | $4.8B | $4.6B | $4.9B | $7.7B | $7.7B | $7.8B | $7.8B | $8.4B | $7.3B |
| Operating income | $5.9B | $5.1B | $6.0B | $5.0B | -$6.9B | $8.1B | $7.7B | $8.4B | -$8.4B | $9.3B |
| Interest expense | $167M | $196M | $183M | $656M | $1.4B | $1.3B | $1.2B | $1.2B | $1.9B | $1.9B |
| Pre-tax income | $5.9B | $5.1B | $6.0B | $5.0B | -$6.9B | $8.1B | $7.7B | $8.4B | -$8.4B | $9.3B |
| Income tax | $1.4B | $4.2B | $1.0B | $1.5B | $2.1B | $1.1B | $1.4B | $400M | $554M | $2.3B |
| Net income | $4.5B | $1.0B | $4.9B | $3.4B | -$9.0B | $7.0B | $6.3B | $8.0B | -$8.9B | $7.1B |
| EPS (diluted) | $2.65 | $0.61 | $3.01 | $2.01 | -$3.99 | $3.12 | $2.95 | $3.86 | -$4.41 | $3.46 |
| Diluted shares | 1.68B | 1.65B | 1.64B | 1.71B | 2.26B | 2.25B | 2.15B | 2.08B | 2.03B | 2.04B |
| Gross margin | 74.5% | 70.7% | 71.3% | 69.1% | 72.3% | 78.6% | 78.0% | 76.2% | 71.1% | 71.1% |
| Operating margin | 30.4% | 24.7% | 26.5% | 19.0% | -16.2% | 17.5% | 16.7% | 18.8% | -17.3% | 19.4% |
| Net margin | 22.9% | 4.8% | 21.8% | 13.2% | -21.2% | 15.1% | 13.7% | 17.8% | -18.5% | 14.6% |
Balance sheet
Fiscal years, from Bristol-Myers Squibb's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6.3B | $6.8B | $8.8B | $15.4B | $15.8B | $17.0B | $9.3B | $12.3B | $10.9B | $10.7B |
| Receivables | $5.5B | $6.3B | $5.7B | $7.7B | $8.5B | $9.4B | $9.9B | $10.9B | $10.7B | $11.4B |
| Inventory | $1.2B | $1.2B | $1.2B | $4.3B | $2.1B | $2.1B | $2.3B | $2.7B | $2.6B | $2.7B |
| Total current assets | $13.7B | $14.9B | $17.7B | $29.4B | $30.2B | $33.3B | $27.3B | $31.8B | $29.8B | $29.4B |
| Property, plant and equipment | $5.0B | $5.0B | $5.0B | $6.3B | $5.9B | $6.0B | $6.3B | $6.6B | $7.1B | $7.5B |
| Goodwill | $6.9B | $6.9B | $6.5B | $22.5B | $20.5B | $20.5B | $21.1B | $21.2B | $21.7B | $21.8B |
| Total assets | $33.7B | $33.6B | $35.0B | $129.9B | $118.5B | $109.3B | $96.8B | $95.2B | $92.6B | $90.0B |
| Total current liabilities | $8.8B | $9.6B | $10.7B | $18.3B | $19.1B | $21.9B | $21.9B | $22.3B | $23.8B | $23.4B |
| Long-term debt | $5.7B | $7.0B | $5.6B | $43.4B | $48.3B | $39.6B | $35.1B | $36.7B | $47.6B | $42.9B |
| Total liabilities | $17.4B | $21.7B | $20.9B | $78.2B | $80.6B | $73.3B | $65.7B | $65.7B | $76.2B | $71.5B |
| Shareholders' equity | $16.2B | $11.7B | $14.0B | $51.6B | $37.8B | $35.9B | $31.1B | $29.4B | $16.3B | $18.5B |
| Net debt | $2.5B | $2.5B | $438M | $34.4B | $36.1B | $30.6B | $30.2B | $28.3B | $39.3B | $34.9B |
Cash flow
Fiscal years, from Bristol-Myers Squibb's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.1B | $5.3B | $7.1B | $8.2B | $14.1B | $16.2B | $13.1B | $13.9B | $15.2B | $14.2B |
| Capital spending | $1.2B | $1.1B | $951M | $836M | $753M | $973M | $1.1B | $1.2B | $1.2B | $1.3B |
| Free cash flow | $1.8B | $4.2B | $6.1B | $7.4B | $13.3B | $15.2B | $11.9B | $12.7B | $13.9B | $12.8B |
| Stock-based compensation | $205M | $199M | $221M | $441M | $779M | $583M | $457M | $518M | $507M | $553M |
| Dividends paid | $2.5B | $2.6B | $2.6B | $2.7B | $4.1B | $4.4B | $4.6B | $4.7B | $4.9B | $5.0B |
| Share buybacks (net) | -$231M | -$2.5B | -$320M | -$7.3B | -$1.5B | -$6.3B | -$8.0B | -$5.2B | $0 | $0 |
| Net borrowing | $110M | $991M | -$548M | $17.7B | $3.9B | -$6.2B | -$5.3B | $456M | $10.0B | -$5.2B |
| Free cash flow margin | 9.5% | 20.3% | 27.1% | 28.2% | 31.3% | 32.8% | 25.9% | 28.1% | 28.9% | 26.7% |
| Dividends per share | $1.52 | $1.56 | $1.60 | $1.56 | $1.80 | $1.96 | $2.16 | $2.28 | $2.40 | $2.47 |
Questions
What was Bristol-Myers Squibb's revenue in 2025?
$48.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Bristol-Myers Squibb generate?
$12.8B in fiscal 2025 (operating cash flow minus capital spending).
From Bristol-Myers Squibb's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.