Gilead Sciences (GILD) financial statements
Gilead Sciences reported revenue of $29.4B in fiscal 2025, down 0.4% a year over 9 years.
Net income was $8.5B and the operating margin 34.0%, against 58.0% in 2016.
Free cash flow was $9.5B, and the company returned $4.0B in dividends and $1.9B in net buybacks.
The diluted share count fell 8% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Gilead Sciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.4B | $26.1B | $22.1B | $22.4B | $24.7B | $27.3B | $27.3B | $27.1B | $28.8B | $29.4B |
| Cost of revenue | $4.3B | $4.4B | $4.9B | $4.7B | $4.6B | $6.6B | $5.7B | $6.5B | $6.3B | $6.2B |
| Gross profit | $26.1B | $21.7B | $17.3B | $17.8B | $20.1B | $20.7B | $21.6B | $20.6B | $22.5B | $23.2B |
| Research and development | $5.1B | $3.7B | $5.0B | $9.1B | $4.9B | $4.6B | $5.0B | $5.7B | $5.9B | $5.8B |
| Selling, general and admin | $3.4B | $3.9B | $4.1B | $4.4B | $5.2B | $5.2B | $5.7B | $6.1B | $6.1B | $5.8B |
| Operating income | $17.6B | $14.1B | $8.2B | $4.3B | $4.1B | $9.9B | $7.3B | $7.6B | $1.7B | $10.0B |
| Interest expense | $964M | $1.1B | $1.1B | $995M | $984M | $1.0B | $935M | $944M | $977M | $1.0B |
| Pre-tax income | $17.1B | $13.5B | $7.8B | $5.2B | $1.7B | $8.3B | $5.8B | $6.9B | $690M | $9.8B |
| Income tax | $3.6B | $8.9B | $2.3B | -$204M | $1.6B | $2.1B | $1.2B | $1.2B | $211M | $1.3B |
| Net income | $13.5B | $4.6B | $5.5B | $5.4B | $123M | $6.2B | $4.6B | $5.7B | $480M | $8.5B |
| EPS (diluted) | $9.94 | $3.51 | $4.17 | $4.22 | $0.10 | $4.93 | $3.64 | $4.50 | $0.38 | $6.78 |
| Diluted shares | 1.36B | 1.32B | 1.31B | 1.28B | 1.26B | 1.26B | 1.26B | 1.26B | 1.25B | 1.25B |
| Gross margin | 86.0% | 83.3% | 78.1% | 79.2% | 81.5% | 75.8% | 79.3% | 76.0% | 78.3% | 78.8% |
| Operating margin | 58.0% | 54.1% | 37.1% | 19.1% | 16.5% | 36.3% | 26.9% | 28.0% | 5.8% | 34.0% |
| Net margin | 44.4% | 17.7% | 24.7% | 24.0% | 0.5% | 22.8% | 16.8% | 20.9% | 1.7% | 28.9% |
Balance sheet
Fiscal years, from Gilead Sciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11.9B | $25.5B | $30.1B | $24.4B | $7.4B | $6.5B | $6.4B | $7.3B | $10.0B | $7.6B |
| Receivables | $4.5B | $3.9B | $3.3B | $3.6B | $4.9B | $4.5B | $4.8B | $4.7B | $4.4B | $4.9B |
| Inventory | $1.6B | $801M | $814M | $922M | $1.7B | $1.6B | $1.5B | $1.8B | $1.7B | $1.8B |
| Total current assets | $19.6B | $31.8B | $35.8B | $30.3B | $16.0B | $14.8B | $14.4B | $16.1B | $19.2B | $18.3B |
| Property, plant and equipment | $2.9B | $3.3B | $4.0B | $4.5B | $5.0B | $5.1B | $5.5B | $5.3B | $5.4B | $5.6B |
| Goodwill | $1.2B | $4.2B | $4.1B | $4.1B | $8.1B | $8.3B | $8.3B | $8.3B | $8.3B | $8.3B |
| Total assets | $57.0B | $70.3B | $63.7B | $61.6B | $68.4B | $68.0B | $63.2B | $62.1B | $59.0B | $59.0B |
| Total current liabilities | $9.2B | $11.6B | $10.6B | $9.8B | $11.4B | $11.6B | $11.2B | $11.3B | $12.0B | $11.8B |
| Long-term debt | $26.3B | $30.8B | $24.6B | $22.1B | $28.6B | $25.2B | $23.0B | $23.2B | $24.9B | $22.1B |
| Total liabilities | $37.6B | $49.8B | $42.1B | $39.0B | $50.2B | $46.9B | $42.0B | $39.4B | $39.7B | $36.4B |
| Shareholders' equity | $18.9B | $20.4B | $21.4B | $22.5B | $18.2B | $21.1B | $21.2B | $22.8B | $19.3B | $22.7B |
| Net debt | $18.1B | $26.0B | $9.4B | $13.0B | $25.4B | $21.4B | $19.8B | $18.9B | $16.7B | $17.4B |
Cash flow
Fiscal years, from Gilead Sciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $17.0B | $11.9B | $8.4B | $9.1B | $8.2B | $11.4B | $9.1B | $8.0B | $10.8B | $10.0B |
| Capital spending | $748M | $590M | $924M | $825M | $650M | $579M | $728M | $585M | $523M | $563M |
| Free cash flow | $16.3B | $11.3B | $7.5B | $8.3B | $7.5B | $10.8B | $8.3B | $7.4B | $10.3B | $9.5B |
| Stock-based compensation | $380M | $638M | $845M | $636M | $643M | $635M | $637M | $766M | $835M | $894M |
| Dividends paid | $2.5B | $2.7B | $3.0B | $3.2B | $3.4B | $3.6B | $3.7B | $3.8B | $3.9B | $4.0B |
| Share buybacks (net) | -$11.0B | -$954M | -$2.9B | -$1.7B | -$1.6B | -$546M | -$1.4B | -$1.0B | -$1.1B | -$1.9B |
| Net borrowing | -$2.0B | -$1.8B | -$6.2B | -$2.8B | -$2.5B | -$4.8B | -$1.5B | -$2.2B | -$2.0B | -$1.8B |
| Free cash flow margin | 53.6% | 43.3% | 33.8% | 37.1% | 30.5% | 39.6% | 30.6% | 27.4% | 35.8% | 32.1% |
| Dividends per share | $1.81 | $2.07 | $2.27 | $2.52 | $2.73 | $2.86 | $2.94 | $3.03 | $3.12 | $3.19 |
Questions
What was Gilead Sciences's revenue in 2025?
$29.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Gilead Sciences generate?
$9.5B in fiscal 2025 (operating cash flow minus capital spending).
From Gilead Sciences's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.