Analysis of Debt
Total Debt (Carrying Amount)
Gilead Sciences Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The carrying amount of total debt exhibited a generally stable pattern over the five-year period, with some fluctuations. Initial observation reveals a slight decrease followed by an increase, and then a final decrease in the most recent year presented.
- Overall Trend
- Total debt began at US$26,695 million in 2021, decreased to US$25,230 million in 2022, and continued to decline modestly to US$24,987 million in 2023. An increase was then observed in 2024, reaching US$26,711 million, before decreasing again to US$24,936 million in 2025. This suggests a cyclical pattern, though the magnitude of change is relatively contained.
- Current Portion of Long-Term Debt
- The current portion of long-term debt demonstrated volatility. It increased from US$1,516 million in 2021 to US$2,273 million in 2022, then decreased to US$1,798 million in 2023 and remained relatively stable at US$1,815 million in 2024. A significant increase to US$2,807 million was noted in 2025, indicating a larger proportion of debt maturing within the next year.
- Long-Term Debt (Excluding Current Portion)
- Long-term debt, excluding the current portion, showed a more consistent trend. It decreased from US$25,179 million in 2021 to US$22,957 million in 2022, then increased to US$23,189 million in 2023 and further to US$24,896 million in 2024. A decrease to US$22,129 million was observed in 2025. This component represents the majority of the total debt and exhibits a moderate level of fluctuation.
The interplay between the current and long-term portions of debt suggests active debt management. The increase in the current portion in 2025, coupled with the decrease in long-term debt, could indicate a planned refinancing or repayment strategy. The overall stability in total debt suggests a controlled approach to leverage.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Senior unsecured notes | 22,342) |
| Liability related to future royalties | 800) |
| Total debt, net (fair value) | 23,142) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.93 |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 4.15%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.65% | 2,750) | 100) | |
| 2.95% | 1,249) | 37) | |
| 1.20% | 749) | 9) | |
| 4.80% | 747) | 36) | |
| 1.65% | 996) | 16) | |
| 5.25% | 994) | 52) | |
| 5.10% | 992) | 51) | |
| 4.60% | 994) | 46) | |
| 4.00% | 744) | 30) | |
| 2.60% | 990) | 26) | |
| 5.65% | 997) | 56) | |
| 4.80% | 1,738) | 83) | |
| 4.50% | 1,736) | 78) | |
| 4.75% | 2,225) | 106) | |
| 4.15% | 1,731) | 72) | |
| 2.80% | 1,480) | 41) | |
| 5.55% | 989) | 55) | |
| 5.50% | 989) | 54) | |
| 5.60% | 739) | 41) | |
| Total | 23,829) | 990) | |
| 4.15% | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 990 ÷ 23,829 = 4.15%